Core Insights - The article highlights the successful annual meeting of Yum China, where nearly 11,000 restaurant managers gathered to review the company's achievements and strengthen consensus for future growth [1][3] Company Performance - Yum China's CEO, Qu Cuirong, announced that the company added 1,119 new stores in the first three quarters of 2025, bringing the total to over 17,000 stores, with system sales increasing by 4% and operating profit rising by 9% [3][5] - KFC continues to expand robustly, with over 12,000 stores as of Q3 2025, driven by multi-format collaboration, improved store operations, and enhanced delivery efficiency [5][7] - Pizza Hut reported a 17% year-on-year increase in same-store sales, marking the eleventh consecutive quarter of growth, with its store count surpassing 4,000 [7] Strategic Initiatives - Yum China is implementing the RGM 3.0 strategy, focusing on resilience, growth, and strategic moat, with a dual approach of innovation and efficiency [15] - The company aims to reach 20,000 stores by 2026, 25,000 by 2028, and 30,000 by 2030, with specific targets for KFC and Pizza Hut regarding store expansion and profit growth [15] Employee Development - The company emphasizes employee development and engagement, launching various incentive programs and recognition awards to enhance team cohesion and morale [17][18] - Yum China's commitment to employee satisfaction has been recognized internationally, as it was listed in Time magazine's "World's Best Companies" and has been honored as a "Top Employer" in China for seven consecutive years [18] Market Positioning - The company is diversifying its brand portfolio with new ventures like Lavazza and KPRO, which are expanding rapidly and contributing to overall growth [9][11]

会上，百胜中国首席执行官屈翠容发布了公司最新发展成绩单：2025年前三季度净新增门店1119家，总 门店数突破17000多家，系统销售额增长4%，经营利润增长9%。 11月24日的海南三亚湾畔，暖阳洒落，椰风拂面，洋溢着蓬勃生机与昂扬活力。中国知名餐饮巨头百胜 中国在此隆重举办2025年餐厅经理年会——近11,000名来自全国各地的餐厅经理齐聚于此，全面回顾公 司过往一年的发展成果，为持续领跑中国餐饮市场凝聚强大共识、汇聚奋进力量。 本届年会以"蓄势新生 '竹'梦前行"为主题。"蓄势新生"象征百胜中国在行业变革中积淀成长动能，修炼 内功；"'竹'梦前行"喻指企业如竹子般扎根市场、坚韧生长。这一主题精准契合了百胜中国当前的发展 阶段与战略诉求。 肯德基必胜客领衔扩张，扩容餐饮赛道 2025年，肯德基延续了强势发展态势，凭借多业态协同布局、门店运营效率及外送效率提升等核心举 措，交出了亮眼的业绩答卷：截至2025年第三季度，门店总数已达12000多家。此外，肯德基通过推进 数字化转型、会员体系建设，聚焦产品与场景创新，持续升级用户的消费体验，精进企业运营效能，巩 固其在快餐赛道的领先地位。 在此基础上，百胜中国通 ...

智通财经APP获悉，招银国际发布研报称，维持百胜中国(09987)"买入"评级，并上调目标价至457.48港 元，门店扩张快过预期，必胜客营运利润优于预期。 报告指，尽管宏观环境严峻，但该行认为集团韧性十足。根据该行测算，肯德基与必胜客在2025年首10 个月的同店销售恢复率高达88%，远优于行业平均的70%。该行认为超额表现主要归功于公司坚持提 供"优质美味且物超所值"的产品。就公司指引(2026–28财年目标)而言，该行认为主要的超预期来自必 胜客；此外，百胜中国提高股息以及承诺自2027财年起将100%自由现金流用于回馈股东，该行对此计 划感到满意。 展望未来，百胜中国不仅将持续强化性价比，更会聚焦核心、开发市场空白、吸纳新客群并捕捉不同场 合的新需求。在此之上，通过执行RGM3.0策略，其效率将进一步优化。因此，尽管该行对内地餐饮行 业在2026财年与2027财年的前景仍持高度审慎态度，但相信百胜中国能跑赢同业，并在未来2–3年为股 东带来合理回报。 ...

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 ...

Core Viewpoint - Recent news indicates that Luckin Coffee's major shareholder, Dazhong Capital, is considering a bid for Costa Coffee, which is reportedly up for sale by Coca-Cola, with discussions still in preliminary stages [1][2] Group 1: Company Developments - Luckin Coffee has successfully turned around its business, surpassing Starbucks to become the largest coffee company in China in 2023, following a period of losses and significant compensation [1] - In Q3 2023, Luckin Coffee reported total net revenue of 15.287 billion yuan, a year-on-year increase of 50.2%, with a GAAP operating profit of 1.777 billion yuan and an operating profit margin of 11.6% [1] - The CEO of Luckin Coffee, Guo Jinyi, stated there is no clear timetable for the company's return to the main board for listing [2] Group 2: Industry Trends - The coffee and fast-food sectors are experiencing a wave of mergers and acquisitions, with significant investments such as CPE Yuanfeng's $350 million injection into Burger King China, aiming to expand its stores from 1,250 to over 4,000 by 2035 [1][2] - Costa Coffee currently has 341 stores in China, but its expansion has been slow due to a conservative strategy, leading to a perception of high prices among consumers [2] - The current M&A landscape in the restaurant industry shows three notable trends: controlling acquisitions becoming mainstream, increasingly complex transaction structures, and a diverse range of acquisition entities including private equity and industry capital [3]

Core Viewpoint - Yum China launched its "RGM 3.0" strategy on November 17, 2023, focusing on resilience, growth, and competitive advantage, driven by innovation and efficiency [1] Group 1: Growth Targets - The company aims for same-store sales index growth of 100-102 from 2026 to 2028, with system sales achieving mid to high single-digit CAGR [1] - Operating profit is targeted to achieve high single-digit CAGR, with KFC aiming for over 10 billion yuan in operating profit by 2028 and Pizza Hut planning to double its operating profit by 2029 compared to 2024 [1] - Diluted earnings per share and free cash flow per share are expected to achieve double-digit CAGR [1] - Capital expenditure is projected at an average of 600-700 million USD per year from 2026 to 2028, based on a cautious assumption of the macro consumption environment [1] Group 2: Store Expansion - The company plans to exceed 30,000 total stores by 2030, with specific targets of 20,000 by 2026 and over 25,000 by 2028 [2] - KFC aims to surpass 17,000 stores by 2028, while Pizza Hut plans to exceed 6,000 stores by the same year [2] Group 3: Franchise Model - The company plans to open over 3,000 new franchise stores from 2026 to 2028, with franchise stores accounting for 40%-50% of net new KFC and Pizza Hut stores [3] - The share of system sales from franchise operations is expected to rise from 9%-10% in 2025 to mid-double digits by 2028 [3] - Operating profit margin is projected to increase to at least 11.5% by 2028, with restaurant profit margins expected to be no less than 16.7% [3] Group 4: New Business Development - New businesses like KFC Coffee and KPRO are growing rapidly, with KFC Coffee expected to exceed 5,000 stores by 2029 [4] - Lavazza Coffee aims to reach 1,000 stores and achieve 60 million USD in retail sales by 2029 [4] - The company plans to return approximately 100% of free cash flow to shareholders starting in 2027, with expected annual shareholder returns of about 900-1,000 million USD in 2027 and 2028 [4] Group 5: Financial Projections - Revenue projections for 2025-2027 are 11.63 billion, 12.16 billion, and 12.76 billion USD, with year-on-year growth rates of 2.9%, 4.6%, and 4.9% respectively [4] - Adjusted net profit estimates for the same period are 910 million, 1.03 billion, and 1.13 billion USD, with growth rates of 0.0%, 12.8%, and 10.2% respectively [4] - The company maintains a target price of 423.2 HKD per share, corresponding to a 22x PE ratio for 2025, with a reasonable market capitalization target of 155.7 billion HKD [4]

$\left(\frac{\mathrm{U}_{\mathrm{max}}}{\mathrm{U}_{\mathrm{max}}\mathrm{U}_{\mathrm{min}}}\right)$ |  | 行业研究·行业快评 |  | 社会服务·酒店餐饮 | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 曾光 | 0755-82150809 | zengguang@guosen.com.cn | 执证编码：S0980511040003 | | 证券分析师： | 张鲁 | 010-88005377 | zhanglu5@guosen.com.cn | 执证编码：S0980521120002 | | 联系人： | 周瑛皓 | | zhouyinghao@guosen.com.cn | | 事项： 证券研究报告 | 2025年11月19日 餐饮行业动态点评 从瑞幸和百胜中国看外卖补贴大战的得与失 2025 年 11 月 17 日，瑞幸咖啡披露 2025Q3 经营业绩数据；百胜中国举办线下投资者交流日。 国信社服观点： 1）外卖大战下 ...

永辉中国未来三年的战略重点包括以下几个方面：首先，公司将继续专注于创 新和运营效率，以增强业务的抗风险能力和竞争力，实现可持续的长期增长。 公司通过创新门店模式（如"双子星"门店）拓展低线城市，目标到 2030 年将低线城市门店数量翻倍，这将显著扩大市场覆盖范围，并可 能带来新的增长点。 内华达咖啡在中国市场开设 118 家门店（截至 2025 年 Q3），计划年 底增至 145 家，门店业务月环比增长强劲，轻量化模式新门店毛利率约 5.8%，为单店经济带来积极信号。 百胜中国 20251118 摘要 永辉中国稳居中国最大餐饮公司地位，2016-2020 年系统销售额增长 60%，毛利率扩大 1.6 倍，营业利润增加 80%，显示出强大的市场竞 争力和增长潜力，为股票交易提供积极信号。 未来三年，永辉中国将专注于创新和运营效率，优化店铺模式，拓展下 沉市场，并通过数字化工具提升客户体验，这些战略调整将直接影响公 司未来业绩和市场表现。 肯德基保持价格稳定，必胜客采取积极价格策略，通过新产品实现交易 额增长，肯德基交易量增长 40%，披萨交易量增长近 90%，确保公司 在创造股东价值的同时保持合理价格。 公司重 ...

百胜中国首席执行官屈翠容。 （百胜中国供图） 【深圳商报讯】（首席记者 刘琼）11月17日，百胜中国控股有限公司在深圳举办了2025年投资者日活动。在 活动中，百胜中国公布了新的增长目标：公司正在稳步推进2026年门店总数达2万家的目标；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。 百胜中国在投资者日上公布RGM 3.0战略。百胜中国表示，中国餐饮市场仍有巨大机会：百胜中国目前仅服 务了约1/3的中国消费者，未来希望能将该比例提升至约一半；中国连锁餐厅的渗透率仍然较低，仅约20%， 而在美国等发达国家，该数字超过50%。 在回馈股东方面，屈翠容表示，公司计划自2027年起，将约100%的自由现金流，扣除支付给子公司少数股东 的股息后回馈给股东。面对未来巨大的增长机遇，百胜中国对实现各项目标和为股东持续创造价值充满信 心。 新兴业务中，肯悦咖啡和KPRO通过肩并肩模式，与肯德基共享店内资源与会员计划，增速超出预期：肯悦 咖啡已经超过1800家，预计2029年将超过5000家；主攻轻食市场的KPRO一年内在20多个城市开出超100家， 预计5年内可至千店规模。 "尽管公司规模已经 ...

具体到品牌，到2028年，肯德基门店总数将增加约三分之一至1.7万多家，经营利润力争突破人民币100 亿元，目标是成为国内首个跨过该里程碑的餐饮品牌；未来3年，必胜客计划每年净新增超过600家门 店，到2028年门店总数跨过6000家大关，2029年的经营利润将较2024年翻一番，实现"五年内再造一个 必胜客"的目标。 【深圳商报讯】（首席记者 刘琼）11月17日，百胜中国控股有限公司在深圳举办了2025年投资者日活 动。在活动中，百胜中国公布了新的增长目标：公司正在稳步推进2026年门店总数达2万家的目标； 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。 "尽管公司规模已经相当庞大，门店扩张仍在加速。"百胜中国首席执行官屈翠容表示，"从1987年到 2020年，我们用33年的时间开设了一万家门店。2020年至2026年，力争6年内实现门店数量翻倍，并在 之后4年内，于2030年突破3万家门店。" 新兴业务中，肯悦咖啡和KPRO通过肩并肩模式，与肯德基共享店内资源与会员计划，增速超出预期： 肯悦咖啡已经超过1800家，预计2029年将超过5000家；主攻轻食市场的KPRO一年内在 ...