麦当劳去年净利增4%，中国市场调价又扩店

Core Insights - McDonald's reported a 5.7% year-over-year increase in global comparable sales for Q4 2025, with revenue reaching $7.009 billion, a 10% increase, and net profit of $2.164 billion, up 7% [1] - For the full year, global comparable sales grew by 3.1%, with total revenue of $26.885 billion, a 4% increase, and net profit of $8.563 billion, also up 4% [2] Regional Performance - In the U.S. market, comparable sales increased by 6.8% in Q4, driven by promotional offers and strong marketing activities [1] - The international operating market saw a 5.2% growth, while the international franchising market, including China and Japan, grew by 4.5% [1] Store Expansion Plans - By the end of 2025, McDonald's will have over 45,000 locations globally, with plans to open 2,600 new restaurants in 2026 and aim for 50,000 by the end of 2027 [4] - In China, comparable sales increased by 4.6% for the year, with over 7,700 stores by the end of 2025, marking a net increase of 880 stores from the previous year [4] - The company aims to reach 10,000 stores in China by 2028, with about half of the new locations planned for third- and fourth-tier cities [4] Competitive Landscape - McDonald's is not alone in its aggressive expansion in China; other international fast-food brands are also increasing their presence [4] - Yum China plans to reach 20,000 stores by 2026 and over 25,000 by 2028, while Burger King China aims to expand from approximately 1,250 to over 4,000 locations by 2035 [4] Pricing Strategy - McDonald's China has recently implemented a price increase on several menu items, with adjustments ranging from 0.5 to 1 yuan starting December 15, 2025, to address cost pressures [6]