连锁餐饮的规模化竞赛正在持续。 在近期举办的投资者日上，百胜中国首次喊出了2030年开出3万店的规模目标，标志着这家中国规模最 大的连锁餐饮集团正式进入前所未有的加速扩张周期。 百胜中国为3万店的目标给出了明确的任务分配。 到2026年完成此前既有的2万家目标，到2028年门店总数增加至超过2.5万家，其中肯德基增长三分之一 至超过1.7万家，必胜客突破6千家。 首席执行官屈翠容表示："从1987年到2020年，我们用了33年时间开设第一家门店，接下来力争在2026 年实现门店数量翻倍，并在之后四年内突破3万家。" 同一时间，百胜中国还给出了更高的利润及股东回报承诺。 肯德基目标在2028年成为中国首家经营利润超100亿人民币的餐饮连锁品牌。必胜客2029年的经营利润 将较2024年翻一倍。 过去一段时间的价格竞争背景下，百胜中国成功实现了系统销售、同店及经营利润的共同扩张。 当门店规模再上新台阶，它能否继续维持这种精妙的平衡，将成为对其运营能力的真正考验，市场将拭 目以待。 增量从何来 结构上，大部分增量将由肯德基贡献，小部分来自必胜客，未来三年的合计开店量预估在6千家以上； Lavazza及其他品牌也在同 ...

11月17日，中国餐饮龙头百胜中国（YUMC.US/9987.HK）在深圳举办了2025年投资者日活动，在当前 复杂环境下向市场传递了积极的长期增长信号。 活动上，百胜中国首席执行官屈翠容宣布将未来战略升级至"RGM 3.0"，继续聚焦韧性（Resilience）、 增长（Growth）、护城河（Moat）三大核心维度，秉持"创新＋提效"的双轮驱动策略，通过"前端分 层、后端聚合"的发展理念强化门店、区域与品牌间的协同效应，进一步夯实公司的综合竞争力。 自2021年RGM战略启动以来，百胜中国在行业周期波动中依旧实现了高质量稳健发展。无论是门店扩 张提速的同时维持同店销售正增长，还是在促销高度内卷的环境下依旧推动利润率稳步提升，均充分验 证了RGM战略的经营成效。 随着公司迈入3.0阶段，战略节奏也从"稳增长"推进至"快增长+提效益"，管理层对未来三年在门店扩 张、销售增长和盈利提升方面均展现出强烈信心和进取姿态。 根据公司披露的2026年至2028年财务目标，系统销售额预计实现中至高单位数复合增长、经营利润实现 高单位数复合增长；2028年门店总数增加至超过2.5万家，到2030年门店总数力争突破3万家。 ...

研究报告 Research Report 18 Nov 2025 百胜中国-S Yum China Holdings (9987 HK) 2025 投资者日：创新与提效双轮驱动，目标 2030 年门店超 3 万家 2025 Investor Day: Driving Growth Through Innovation and Efficiency, Targeting Over 30000 Stores by 2030 [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$361.00 目标价 HK$423.20 HTI ESG 4.7-4.6-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$129.69bn / US$16.69bn 日交易额 (3 个月均值) US$29.51mn 发行股票数目 361.42mn 自由流通股 (%) 96% 1 年股价最高最低值 HK$ ...

Core Insights - Yum China Holdings, Inc. has set ambitious growth targets, aiming to reach 20,000 stores by 2026, over 25,000 by 2028, and over 30,000 by 2030 [1][3] - The company is focusing on expanding its store network, driving sales growth, and enhancing profitability through various strategic initiatives [1][3] Store Expansion Goals - The company plans to double its store count from 10,000 to 20,000 within six years, a significant acceleration compared to the previous 33 years to reach the first 10,000 [1] - KFC aims to increase its store count to over 17,000 by 2028, with a target operating profit exceeding RMB 10 billion [1] - Pizza Hut plans to add over 600 new stores annually for the next three years, targeting over 6,000 stores by 2028 [1] Emerging Business Models - New business models like KFC Coffee and KPRO are expected to exceed growth expectations, with KFC Coffee projected to surpass 5,000 locations by 2029 [2] - Pizza Hut's WOW model focuses on "everyday low prices," reducing single-store investment by nearly 50% and expanding into lower-tier cities [2] - Lavazza Coffee is set to expand significantly, aiming for over 1,000 stores and $60 million in retail sales by 2029 [2] Market Opportunities - The company sees significant opportunities in the Chinese market, currently serving about one-third of consumers, with a goal to increase this to about half [3] - The penetration rate of chain restaurants in China is only about 20%, compared to over 50% in developed countries like the U.S. [3] Strategic Framework - Yum China has introduced the RGM 3.0 strategy, focusing on resilience, growth, and competitive advantage, with an emphasis on innovation and efficiency [3][4] - The company is leveraging resource sharing and integration across its brands to create stronger synergies [4] Commitment to Shareholders - The company plans to return approximately 100% of its free cash flow to shareholders starting in 2027, after paying dividends to minority shareholders [4][5] - Yum China expresses confidence in achieving its growth targets and continuing to create value for shareholders [5]