经济观察网麦当劳2025财年第四季度及全年业绩超预期，全球同店销售额增长稳健，门店扩张计划加 速，并推出新策略应对行业挑战。 业绩经营情况 根据麦当劳于2026年2月11日公布的2025财年第四季度及全年业绩，其最新财报的主要亮点如下： 第四季度营业收入达70.09亿美元，同比增长6%(固定汇率)，超出市场预期。 行业状况 国际市场表现分化但稳健 国际运营市场(如英国、德国、澳大利亚)同店销售额增长5.2%，德国市场连续四个季度份额提升。 净利润为21.64亿美元，同比增长4%；调整后每股收益为3.12美元，高于分析师预期。 全球同店销售额增长5.7%，所有区域均实现正增长，其中美国市场同店销售额大幅增长6.8%，创两年 新高。 2025财年全年营业收入为268.85亿美元，净利润达85.63亿美元，同比增长3%。 营业利润率为46.10%，净利率为31.85%，体现出较强的成本控制和盈利韧性。 经营状况 美国市场低价策略见效 通过McValue超值套餐(如5美元套餐)和2.99美元单品策略，有效吸引价格敏感型消费者，推动客流量和 客单价双升。 管理层指出，低收入群体市场份额在2025年12月已实现增长，20 ...

麦当劳去年四季度业绩超预期，全球同店客流量和所有业务板块的同店销售额均实现强劲增长。 当地时间2月11日，全球连锁快餐巨头麦当劳（MCD:US）公布了截至2025年12月31日的第四季度及2025年年度业绩。财报显示，麦当劳去年第四 季度实现营业收入70.09亿美元，同比增长（以下均为不考虑汇率影响下的同比数据）6%，超出市场预期；实现净利润21.64亿美元，同比增长 4%。去年全年实现营业收入268.85亿美元，同比增长2%；实现净利润85.63亿美元，同比增长3%。 | | | | Quarters Ended December 31, | | | | Years Ended December 31, | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | Inc/ (Dec) Excluding | | | | Inc/ (Dec) Excluding | | | | | | Currency | | | | Currency | | | 2025 | 2024 | Inc/ (Dec) | Translation | ...

Core Viewpoint - The article discusses the benefits of GLP-1 receptor agonists, such as semaglutide and tirzepatide, in weight loss without significant muscle mass loss, highlighting their positive impact on body composition and energy levels [4][6][10]. Group 1: Research Findings - A study published in JAMA indicates that patients using GLP-1 receptor agonists do not need to worry about excessive muscle loss during rapid weight loss [4]. - Semaglutide has been shown to increase the proportion of lean body mass relative to total weight, leading to higher muscle quality and potential energy expenditure at lower body weights [4][6]. - The relationship between fat-free mass (FFM) and skeletal muscle mass (SMM) ratios and overall weight loss is explored, suggesting that maintaining or slightly increasing muscle mass can enhance basal metabolic rate [6][7]. Group 2: Clinical Perspectives - Concerns regarding muscle loss from GLP-1 agonists are described as hypothetical, with no substantial evidence supporting these fears [9][10]. - Medical professionals report that patients generally do not express concerns about muscle loss, focusing instead on weight loss and overall health improvements [10]. - Recommendations for patients include engaging in strength training and increasing protein intake to preserve muscle mass during weight loss [10]. Group 3: Cautionary Notes - Caution is advised for elderly patients and those losing more than 25% of their body weight, as they may face risks related to muscle loss and bone density [11]. - Additional monitoring, such as body composition scans and blood tests, is suggested for patients experiencing significant weight loss to ensure safety and health [11].