Investment Rating - The report maintains a "Buy" rating for Yum China (09987.HK) [1] Core Insights - Yum China's total system sales and revenue for 2025 increased by 4% year-on-year, with Q4 showing a stronger performance of 7% and 9% respectively [7] - The adjusted net profit for 2025 increased by 2% for the year and 24% for Q4, exceeding previous expectations due to automation, lean operations, and improved raw material costs [7] - The company plans to exceed 20,000 stores by 2026, with a capital expenditure of $600-700 million and a shareholder return of $1.5 billion [7] Financial Performance Summary - Total revenue forecast for 2024 is $11,303 million, with a projected growth of 2.96% [1] - Net profit for 2025 is expected to be $929 million, reflecting a 1.98% increase [1] - The earnings per share (EPS) for 2025 is projected at $2.62, with a price-to-earnings (P/E) ratio of 21.67 [1] - The company’s restaurant profit margins improved, with KFC and Pizza Hut showing significant growth in operating profit and restaurant profit margins [7] - The total number of stores reached 18,100 by the end of 2025, with a net addition of 1,706 stores during the year [7]
百胜中国 2025Q4 及全年业绩公告点评：质地稳健的高股息龙头，维持推荐