【百胜中国（9987.HK）】25Q2同店销售额同比增速转正，利润率同比改善——25Q2业绩点评（陈彦彤/汪航宇/聂博雅）

Core Viewpoint - The company reported a revenue of $2.8 billion in Q2 2025, representing a year-on-year increase of 4% [3] - Adjusted net profit reached $215 million, also up by 1% year-on-year [3] - The core operating profit margin improved to 10.9%, an increase of 1.0 percentage points year-on-year [3] Sales Performance - System sales increased by 4% year-on-year in Q2 2025, with KFC and Pizza Hut growing by 5% and 3% respectively [4] - Same-store sales rose by 1% year-on-year, marking the first positive growth since Q1 2024, with KFC and Pizza Hut achieving 1% and 2% growth respectively [4] - KFC's average transaction value increased by 1% while transaction volume remained flat, driven by a higher proportion of high-value delivery sales, which grew by 25% year-on-year [4] - Pizza Hut's average transaction value decreased by 13%, while transaction volume increased by 17%, attributed to the introduction of more cost-effective products [4] Store Expansion - The company added 336 new stores in Q2 2025, with KFC and Pizza Hut contributing 295 and 95 new locations respectively [5] - The total number of restaurants reached 16,978, with KFC and Pizza Hut having 12,238 and 3,864 locations respectively [5] - The company maintains its guidance of adding 1,600 to 1,800 new stores in 2025, with an accelerated opening pace in the second half of the year [5] Operational Efficiency - The proportion of food and packaging costs to restaurant revenue was 31.0%, a decrease of 0.5 percentage points year-on-year, benefiting from lower ingredient costs [6] - Labor costs accounted for 27.2% of restaurant revenue, up by 0.9 percentage points, primarily due to increased delivery business [6] - Overall restaurant profit margin improved to 16.1%, an increase of 0.6 percentage points year-on-year, with KFC and Pizza Hut margins at 16.9% and 13.3% respectively [6][7] New Initiatives - The company opened approximately 300 new KFC Coffee locations, bringing the total to over 1,300, with significant sales growth in new product categories [8] - The target for KFC Coffee store openings by the end of 2025 has been raised from 1,500 to 1,700 due to better-than-expected progress [8] - Pizza Hut's WOW store model has shown significant improvement in profitability, with new openings in over 10 cities and a capital expenditure of 650,000 to 850,000 yuan per store [8]