Core Insights - Yum China reported a 25% year-on-year increase in operating profit for Q4 2025, with same-store sales growth for the third consecutive quarter [1] - For the full year, total revenue grew by 4% to $11.8 billion, and operating profit reached $1.3 billion, an 11% increase year-on-year [1] Expansion Strategy - The company aims to exceed 20,000 stores by 2026 and over 30,000 by 2030, focusing on both self-operated and franchised models [1] - As of December 2025, Yum China had a total of 18,101 stores, covering over 2,500 towns, with a net addition of 1,706 stores in 2025 [1] Brand Performance - KFC added 1,349 new stores in 2025, with system sales increasing by 8% in Q4 and same-store sales showing positive growth for three consecutive quarters [2] - Pizza Hut achieved a record high with 444 new stores in 2025, and same-store sales increased by 6% in Q4, with a 13% rise in same-store transaction volume [2] Membership Growth - By the end of 2025, the combined membership for KFC and Pizza Hut surpassed 590 million, reflecting a 13% year-on-year growth [1] New Market Strategies - The introduction of the WOW model has allowed Pizza Hut to enter over 200 new cities, with about half of these using the new model to penetrate previously uncovered areas, particularly in lower-tier cities [2] - The proportion of franchise stores in new openings increased from 25% in 2024 to 36% in 2025, while self-operated stores remain the core of the business, accounting for over 80% of total stores [2]
百胜中国：2025年经营利润同比增11%，今年将突破2万店