Group 1 - The core viewpoint of the article highlights Yum China’s financial performance for the fourth quarter and full year of 2025, showing a total revenue growth of 4% to $11.8 billion and an operating profit of $1.3 billion, which is an 11% increase year-on-year [1] - Store expansion is identified as a key driver of Yum China's revenue growth, with a net addition of 1,706 stores in 2025, bringing the total to 18,101 stores by year-end [1] - The two main brands, KFC and Pizza Hut, experienced a store growth rate of approximately 12% in 2025, with KFC increasing from 11,648 to 12,997 stores and Pizza Hut from 3,724 to 4,168 stores [1] Group 2 - The article notes that the total number of new stores for the two main brands in the previous year was 1,793, which exceeds Yum China's total new store count of 1,706 for 2025, indicating a reduction in the number of secondary brands [3] - Yum China aims to accelerate its store expansion, targeting 20,000 stores by 2026 and 30,000 by 2030, requiring a net addition of approximately 1,900 stores in 2026, averaging over 5 new stores per day [3] - The franchise model is crucial for scaling growth, with the proportion of franchise stores increasing for both KFC and Pizza Hut from 15% to 37% and 2% to 31% respectively from 2023 to 2025 [3] Group 3 - The takeaway business has significantly impacted Yum China's performance, with a 25% year-on-year growth in delivery sales, which now account for 48% of restaurant revenue, up from 39% in 2024 [5] - In the fourth quarter, the delivery sales proportion for KFC and Pizza Hut reached 53% and 54% respectively, indicating a growing reliance on delivery services [5] - To address rising costs associated with delivery, Yum China announced a price increase for delivery products by an average of 0.8 yuan, while maintaining dine-in prices [5]
外卖占比近五成、副牌收缩，百胜中国要剑指2万家店