Core Viewpoint - Yum China reported a revenue of $2.787 billion for Q2 2025, reflecting a year-over-year increase of 4%, and a total revenue of $5.768 billion for the first half of 2025, up 2% year-over-year [1] Financial Performance - Q2 operating profit reached $304 million, a 14% increase year-over-year, exceeding the consensus estimate of $292 million, with an operating margin of 10.9%, up 1 percentage point year-over-year [1] - The net profit attributable to shareholders for Q2 was $215 million, a 1% increase year-over-year, with a net profit margin of 7.7%, down 0.2 percentage points year-over-year [1] - For the first half of 2025, operating profit was $703 million, a 10% increase year-over-year, and a 11% increase when excluding foreign currency translation effects [1] Store Expansion and Capital Expenditure - As of June 30, 2025, the company operated 16,978 stores, with a net addition of 336 stores in the quarter, of which 89 were franchised, accounting for 26% [2] - The company achieved its target for the proportion of new franchised stores, with KFC and Pizza Hut's new franchised store ratios at 41% and 26%, respectively [2] - The average capital expenditure per KFC and Pizza Hut store was optimized to $1.4 million and $1.1-1.2 million, respectively [2] Future Guidance - The company maintains its guidance for net new store openings of 1,600-1,800 for the year and has increased the KFC store opening target from 1,500 to 1,700 [3] - The company expects a gradual increase in the proportion of new franchised stores and a moderate increase in operating profit margins for 2025 [3] Shareholder Returns - The company maintains a shareholder return guidance of $3 billion for 2025-2026, with expectations of increased free cash flow starting in 2025 due to reduced capital expenditures [4] - The target price is set at HKD 444.80 / USD 56.66, maintaining a "buy" rating, with slight adjustments to revenue and net profit forecasts for 2025-2027 [4]

在当前餐饮消费市场整体承压的大背景下，这份财报呈现出一种复杂的景象：一方面，公司整体营收和利润保持了稳健增长，必胜客通过高性价比策略换 来了显著的客流提升，但另一方面，核心品牌肯德基的同店客流却未有增长。 值得注意的是，不仅仅是必胜客，整个百胜中国也在探索通过调整价格、提升性价比的方式刺激消费需求。 当性价比成为撬动消费的关键词，百胜中国这套"以价换量"的打法，究竟是否是穿越周期的良方？ 1 必胜客"以价换量" 肯德基客流未见增长 昨日晚间，百胜中国控股有限公司（下称"百胜中国"）发布了其2025年第二季度及上半年业绩。 从整体数据看，百胜中国在2025年上半年的业绩还算稳健。 上半年其总收入达到57.68亿美元，同比增长2%；经营利润为7.03亿美元，同比增长10%，净利润为5.07亿美元，同比增长2%。 其中，第二季度总收入同比增长4%至28亿美元，经营利润增长14%至3.04亿美元，创下第二季度历史新高。 拆分到两大核心品牌，则能看到必胜客与肯德基两者明显的业绩分化。 必胜客成为本季财报的最大亮点。其第二季度同店销售额同比增长2%，这一增长完全由同店交易量17%的增长所驱动，但亮眼客流的背后，是客单价同 ...