Group 1 - The core viewpoint of the report is that based on the performance in Q1-3, the revenue forecasts for Yum China (09987) for 2025-2027 have been adjusted to $11.7 billion, $12.4 billion, and $13.1 billion respectively, with net profit forecasts of $918 million, $989 million, and $1.059 billion for the same period, maintaining a "Buy" rating [1] - In Q3 2025, the system sales increased by 4%, driven by a 4% contribution from net new stores and a 1% same-store sales growth, marking the eleventh consecutive quarter of growth [1] - KFC's system sales, same-store sales, and same-store transaction volume grew by 5%, 2%, and 3% respectively in Q3, with a 33% increase in delivery sales, accounting for 51% of KFC's restaurant revenue [1] Group 2 - As of September 2025, Yum China had a total of 17,514 stores, with KFC and Pizza Hut having 12,640 and 4,022 stores respectively, and a net addition of 1,119 stores in Q1-3, with KFC and Pizza Hut adding 992 and 298 stores respectively [2] - In Q3 2025, there was a net addition of 536 stores, with KFC adding 402 stores and Pizza Hut adding 158 stores, marking a historical high for net new stores in Q3 [2] - The proportion of new franchise stores in the net additions was 29% for Q1-3 and 32% for Q3, indicating a significant acceleration in store openings [2]