规模、效率、灵活，百胜中国的 3 万店增长计划

Core Viewpoint - Yum China is experiencing high-quality growth in the restaurant industry, with a projected total revenue increase of 4% to $11.8 billion in 2025 and an operating profit of $1.3 billion, reflecting an 11% year-over-year growth [2] Group 1: Financial Performance - In 2025, Yum China's operating profit margin increased by 60 basis points to 10.9%, marking a new high since its U.S. listing in 2016 [2] - The company's system sales and same-store sales have shown growth for three consecutive quarters, maintaining profitability in various economic cycles [2] Group 2: Market Expansion Strategy - Yum China aims to exceed 30,000 stores by the end of 2030, with a dual strategy of "outward expansion" and "internal efficiency improvement" already underway [2] - The company is focusing on increasing store density in lower-tier cities, where the current density is significantly lower than in first and second-tier cities [2][4] Group 3: Store Model Innovation - The company is iterating on store models to enhance adaptability and reduce costs, utilizing AI technology to improve overall efficiency [3] - The shift towards smaller store formats and the "shoulder-to-shoulder" modular approach allows for better resource allocation and coverage of diverse consumer scenarios [5][6] Group 4: Delivery and Takeout Growth - By 2025, delivery sales accounted for 48% of restaurant revenue, up from 39% in 2024, indicating a shift in consumer preferences [4] - New store formats like the compact KFC and satellite Pizza Hut are designed to cater to delivery and takeout demands [4] Group 5: Supply Chain Efficiency - Yum China is implementing a "full utilization" strategy in its supply chain, optimizing the use of chicken parts across different brands [12] - The company is also adjusting procurement strategies for seasonal ingredients to stabilize cost fluctuations [14] Group 6: Innovation and Product Development - Over the past three years, Yum China has launched more than 1,600 new products, averaging 1.5 new or upgraded items daily [16] - The focus on core products allows for reduced risk in new product development while enhancing customer loyalty [16] Group 7: Financial Discipline and Shareholder Returns - Yum China has committed to returning approximately $4.5 billion to shareholders between 2024 and 2026, with a specific annual plan of about $1.5 billion [20] - The balance between flexibility in operations and strategic stability supports predictable financial performance [20]