Core Viewpoint - The company reported a solid performance in Q4 2025, with revenue and net profit growth, alongside a strategic expansion plan targeting over 30,000 stores by 2030 [1][2]. Financial Performance - In Q4 2025, the company achieved revenue of $2.82 billion, a year-on-year increase of 9% - The net profit attributable to shareholders was $140 million, reflecting a 24% year-on-year growth - The operating profit margin and net profit margin for Q4 were 6.6% and 5.0%, respectively, with increases of 0.8 percentage points and 0.5 percentage points year-on-year [1]. Same-store Sales - The company experienced positive same-store sales growth for three consecutive quarters, with a 3% increase in Q4 2025 - KFC's same-store sales grew by 3%, with transaction volume also increasing by 3%, while average ticket size remained flat compared to the same period in 2024 - Pizza Hut's same-store sales rose by 1%, with a 13% increase in transaction volume, although the average ticket size decreased by 11%, aligning with the company's mass-market strategy [1]. Store Expansion Strategy - The company aims to exceed 30,000 stores by 2030, having reached 18,101 stores by the end of 2025, with a net addition of 1,706 stores for the year - In Q4 2025, 587 new stores were opened, with an accelerated opening pace in the second half of the year - The "shoulder-to-shoulder" model and the Gemini store format are key to rapid expansion, with plans to open 2,200 KFC coffee locations and pilot Gemini stores in low-tier cities [2]. Shareholder Returns - The company plans to complete $1.5 billion in share buybacks and dividends in 2026, with average annual shareholder returns of approximately $900 million to over $1 billion from 2027 to 2028 - From 2027, the company intends to return about 100% of free cash flow to shareholders, excluding dividends paid to minority shareholders [3]. Profit Forecast - The projected net profits for 2026, 2027, and 2028 are $1.071 billion, $1.156 billion, and $1.242 billion, respectively, with year-on-year growth rates of 15%, 8%, and 8% - The current price-to-earnings ratios are expected to be 19, 17, and 16 for the years 2026, 2027, and 2028 [3].
百胜中国(09987.HK)：2025年第四季度同店销售表现优异 股东回报源远流长