Investment Rating - The report maintains a "Buy" rating for Yum China [5] Core Insights - The company achieved revenue of $2.8 billion in Q4 2025, a year-over-year increase of 9%, exceeding expectations. For the full year 2025, revenue reached $11.8 billion, up 4% year-over-year [1] - The company plans to return $1.5 billion to shareholders in 2026, corresponding to a dividend yield of approximately 8% based on the current market capitalization [1] - The company is expected to continue expanding its store network, with over 1,900 new stores planned for 2026, increasing the proportion of franchise stores from 37% to a target of 40-50% [3] Financial Performance - In Q4 2025, the operating profit was $187 million, a 25% increase year-over-year, and the net profit attributable to shareholders was $140 million, up 22% year-over-year [1] - For the full year 2025, the operating profit was $1.29 billion, an 11% increase year-over-year, and the net profit attributable to shareholders was $929 million, a 2% increase year-over-year [1] - The company expects revenues for 2026-2028 to be $12.36 billion, $13.15 billion, and $13.97 billion respectively, with corresponding net profits of $1.003 billion, $1.096 billion, and $1.188 billion [4] Operational Efficiency - The profit margins for KFC and Pizza Hut improved in Q4 2025, with KFC at 14.0% and Pizza Hut at 9.9%, reflecting a year-over-year increase of 0.7 and 0.6 percentage points respectively [2] - The company has been focusing on cost reduction and efficiency improvements, with a management expense ratio of 4.9% for the full year 2025, an improvement of 0.1 percentage points year-over-year [2]
百胜中国25Q4及25全年业绩点评：经营持续稳健，2026-2027年股东回报可观