广发证券发布研报称，预计25-27年百胜中国（09987）归母净利润分别为9.2、10.1、10.9亿美元。公司 同店表现稳健，单店UE持续优化，仍有较强扩张预期，维持较高股东回报指引，参考可比公司，给予 公司26年20xPE，对应港股合理价值453.62港元/股，美股合理价值58.33美元/ADS，均给予"买入"评 级。 该行认为肯德基和必胜客仍有较大潜在拓展空间，未来加速开店的底气来自：（1）超越周期、优于行 业的稳健经营；（2）持续优化的单店资本开支、更为灵活的店型；（3）加盟模式跑通、加速贡献新增 门店。 股东回报丰厚，红利属性凸显 25-26年维持每年分红+回购15亿美元，当前市值对应回报率8.8%。公司指引2027年及之后股东回报为集 团当年自由现金流约100%，预计2027-2028年每年股东回报至少9-10亿美元，当前市值对应回报率约 5.3%-5.8%。 风险提示：宏观经济波动，门店扩张不及预期，市场竞争加剧等。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：史丽君 广发证券主要观点如下： 今年以来，公司同店止跌、优于行业大盘，在11月投资者日上，公司指引26- ...

智通财经APP获悉，广发证券发布研报称，预计25-27年百胜中国(09987)归母净利润分别为9.2、10.1、 10.9亿美元。公司同店表现稳健，单店UE持续优化，仍有较强扩张预期，维持较高股东回报指引，参 考可比公司，给予公司26年20xPE，对应港股合理价值453.62港元/股，美股合理价值58.33美元/ADS， 均给予"买入"评级。 广发证券主要观点如下： 该行认为肯德基和必胜客仍有较大潜在拓展空间，未来加速开店的底气来自：(1)超越周期、优于行业 的稳健经营;(2)持续优化的单店资本开支、更为灵活的店型;(3)加盟模式跑通、加速贡献新增门店。 股东回报丰厚，红利属性凸显 今年以来，公司同店止跌、优于行业大盘，在11月投资者日上，公司指引26-28年同店增速维持0-2%， 有望持续彰显较强的抗周期能力 优秀的经营水平、强劲的品牌势能、完善的数字化体系与供应链建设支撑公司快速扩张，公司指引26 年/28年/30年门店总数分别达到2万家/2.5万家/3万家，在单店资本开支优化、灵活店型及加码加盟模式 的助力下向下一个万店里程碑进击。 该行认为同店提升的抓手包括：(1)肯悦、KPRO新模块有望贡献增量;( ...

智通财经APP获悉，财通证券发布研报称，百胜中国(09987)同店保持韧性增长，门店持续扩张，态势保 持向上。该行认为公司具备长期领先的规模、品牌影响力和行业管理能力、数字化能力。该行预计 2025-2027年公司归母净利润分别为9.2/9.91/10.57亿美元，对应PE分别为19X/17X/16X，维持"增持"评 级。 财通证券主要观点如下： 公司公布RGM3.0战略 公司在投资者日上公布RGM3.0战略，继续聚焦韧性、增长、护城河三大核心维度，秉持"创新与提 效"双轮驱动策略，采用"前端分层，后端聚合"的发展理念。即在前端通过多品牌组合与多元化产品 线，覆盖广泛消费场景与客群;于后端通过跨门店、跨地区的资源共享与整合提升效率，构建更强协同 效应。 加速门店网络扩张 截至3Q2025全国门店17514家，较2024年净新增门店1119家。公司公布未来五年门店的增长目标：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。在加盟店上，2025年肯德基与必胜客净新增门店中加盟店的占比分别达到40%-50%和20%-30%，公 司计划未来几年 ...

财通证券发布研报称，百胜中国(09987)同店保持韧性增长，门店持续扩张，态势保持向上。该行认为 公司具备长期领先的规模、品牌影响力和行业管理能力、数字化能力。该行预计2025-2027年公司归母 净利润分别为9.2/9.91/10.57亿美元，对应PE分别为19X/17X/16X，维持"增持"评级。 加速门店网络扩张 肯德基前九个月净新增992家门店，到2028年，公司计划门店总数将增加约三分之一至1.7万多家，并在 经营利润上力争突破人民币100亿元，成为国内首个跨过该里程碑的餐饮品牌。 财通证券主要观点如下： 公司公布RGM3.0战略 公司在投资者日上公布RGM3.0战略，继续聚焦韧性、增长、护城河三大核心维度，秉持"创新与提 效"双轮驱动策略，采用"前端分层，后端聚合"的发展理念。即在前端通过多品牌组合与多元化产品 线，覆盖广泛消费场景与客群;于后端通过跨门店、跨地区的资源共享与整合提升效率，构建更强协同 效应。 截至3Q2025全国门店17514家，较2024年净新增门店1119家。公司公布未来五年门店的增长目标：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 ...

编辑｜苗正卿 头图｜百胜中国 "33年开到1万家店，然后用不到10年再开2万家。"当百胜中国在深圳投资者日活动中勾勒出这张蓝图时，时间第一次被折叠得如此鲜明。 这家从1987年就进入中国、坐拥肯德基与必胜客两大王牌的老牌餐饮巨头，正在改写自己的节奏。它计划在2026年实现门店2万家的目标，随后用四年时间 冲击总数3万家的新高峰。这意味着，过去三十年完成的积累，要在未来短短几年内被重新刷新一遍。 出品｜虎嗅商业消费组 作者｜李佳琪 具体来看：肯德基计划2028年门店突破1.7万家，并剑指国内首个经营利润达百亿的餐饮品牌。必胜客则计划在2028年门店总数突破6000家，并在2029年实 现经营利润较2024年翻番，相当于"再造一个自己"。 肯必两棵大树之外，一片"竹林"也悄然生长：肯悦咖啡已突破1800家，预计2029年将超过5000家。主打轻食的KPRO（肯律轻食）一年内已在20多个城市开 出超100家。拉瓦萨咖啡也计划到2029年门店突破1000家。它们共同支撑起百胜中国眼中未来的生态。 这种被百胜称为"竹林效应"的布局，地上枝叶多元、各自迎风，但真正支撑它们向上生长的，却是土下繁茂的根系：近四十年扎根于中国 ...

以下文章来源于商业弧光 ，作者李佳琪 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 头图｜百胜中国 "33年开到1万家店，然后用不到10年再开2万家。"当百胜中国在深圳投资者日活动中勾勒出这张蓝图时，时间 第一次被折叠得如此鲜明。 这家从1987年就进入中国、坐拥肯德基与必胜客两大王牌的老牌餐饮巨头，正在改写自己的节奏。它计划在 2026年实现门店2万家的目标，随后用四年时间冲击总数3万家的新高峰。这意味着，过去三十年完成的积累， 要在未来短短几年内被重新刷新一遍。 具体来看：肯德基计划2028年门店突破1.7万家，并剑指国内首个经营利润达百亿的餐饮品牌。必胜客则计划在 2028年门店总数突破6000家，并在2029年实现经营利润较2024年翻番，相当于"再造一个自己"。 肯必两棵大树之外，一片"竹林"也悄然生长：肯悦咖啡已突破1800家，预计2029年将超过5000家。主打轻食的 KPRO（ 肯律轻食 ）一年内已在20多个城市开出超100家。拉瓦萨咖啡也计划到2029年门店突破1000家。它们 共同支撑起百胜中国眼中未来的生态。 这种被百胜称为"竹林效应"的布局，地上枝叶多元、各自迎 ...

Group 1: Anta's Acquisition of Puma - Anta has joined the bidding for Puma, competing with Li Ning, Asics, Authentic Brands Group, and CVC [3] - Puma's stock surged 18.91% following the news of Anta's interest, although its market value has decreased to €2.5 billion [3] - Puma has faced significant challenges, with a cumulative decline of over 50% in stock price this year and expected losses in 2023 [3][4] Group 2: Yum China Expansion Plans - Yum China aims to open 30,000 stores by 2030, significantly increasing from its current 17,000+ locations [6] - The company plans to double its store count by 2026, with KFC and Pizza Hut as core growth drivers [6][7] - Yum China's aggressive expansion is a response to increasing competition in the Chinese fast-food market, which is projected to reach ¥1.2 trillion by 2024 [7] Group 3: Recovery in Luxury Goods Market - Several luxury brands, including LVMH and Cartier, have reported positive growth in China for Q3 2025 [8][9] - The recovery is attributed to improved macroeconomic conditions and a resurgence in consumer spending, as indicated by rising stock indices [9] - The luxury sector's performance in Q4 will be crucial to determine if a sustained recovery is underway [9] Group 4: New Retail Strategies - Belle International has opened its first concept store in Shenzhen, focusing on immersive shopping experiences [11] - Dongpeng Beverage is launching a new sugar-free tea product, targeting the 3 yuan ready-to-drink tea market [12] - The multi-category strategy is essential for Dongpeng as it faces declining revenue from energy drinks, with energy drink sales dropping to 74.63% of total revenue [12] Group 5: Marketing Innovations - FamilyMart and Bright Dairy have collaborated on a short drama to enhance customer engagement and drive sales [14] - McDonald's "cat nest" marketing campaign has generated significant social media buzz, leveraging the popularity of pets to enhance brand appeal [15] Group 6: Corporate Developments - Skechers' acquisition negotiations have faced challenges, with a hedge fund seeking a reassessment of the company's valuation [17] - IFBH Limited, the parent company of if coconut water, has seen its stock price drop over 60% since its peak in July [17] - EssilorLuxottica is reportedly looking to acquire 5-10% of Giorgio Armani's shares following the founder's passing [18]

Core Viewpoint - Yum China aims to significantly expand its store count, targeting over 25,000 stores by the end of 2028 and exceeding 30,000 by 2030, representing a growth of over 70% from the current level of 17,514 stores [1][3]. Store Expansion Plans - Yum China plans to increase its store count by over 40% in the next three years, with a target of more than 25,000 stores by the end of 2028 [2]. - The company intends to enhance restaurant profit margins from approximately 16.2%-16.3% this year to at least 16.7% by 2028 [2][6]. - The expansion strategy includes a focus on high-tier cities and deeper penetration into lower-tier markets through flexible store models [3][5]. Financial Performance and Projections - The company projects a compound annual growth rate (CAGR) for system sales in the mid to high single digits over the next three years, with operating profit also expected to grow at a high single-digit CAGR [6]. - Yum China plans to return approximately 100% of its free cash flow to shareholders starting in 2027, with expected annual shareholder returns of about $900 million to over $1 billion during 2027 and 2028 [6]. Brand-Specific Strategies - Pizza Hut's expansion plan is aggressive, aiming to increase its store count from 4,022 to over 6,000 in the next three years, while KFC will adopt a more conservative growth strategy, increasing its stores from 12,640 to over 17,000 by the end of 2028 [7]. - KFC is promoting a "small town model" to accelerate franchise expansion in lower-tier markets, with investment costs significantly lower than traditional stores [8]. Innovation and Technology - The company is implementing AI projects for store management, delivery operations, and customer service to enhance efficiency [11]. - Yum China is also focusing on resource sharing and integration across its brands to create stronger synergies [5][10]. Recent Financial Results - In the latest financial report, Yum China reported a 4% year-over-year increase in total revenue to $3.2 billion, with operating profit rising 8% to $400 million [12].

门店三合一、拼出一只鸡，百胜中国的逆势扩张计划。 文 丨 董慧 编辑 丨 黄俊杰 都说餐饮行业难做，但经营着肯德基、必胜客的百胜中国觉得，现在是大扩张的好时候。 11 月投资者日，百胜中国宣布了一项扩张计划：5 年后总门店数超过 30000 家，开进 4500 个县市。 目前有 17000 多家店的百胜中国，已经是中国营收规模最大的连锁餐饮企业，这意味着它要在 5 年内 再造一个自己。 计划附带一系列财务目标，店要猛开，店还得健康：同店销售额保持在持平到 2% 增长之间；集团利 润率继续提升；投资资本回报率从 16.9% 提升到 20%。 怎样让这个颇有野心的计划落地，并且风险可控，百胜中国 CFO 丁晓和我们一起算了帐。 丁晓早年在摩根大通、UBS 等外资投行以及阿里工作过，2019 年加入百胜中国，最早负责投资业 务，参与投资 LAVAZZA，有近三年时间兼任 LAVAZZA 中国合资公司总经理。去年 10 月，丁晓成 为集团代理 CFO，今年 3 月起担任 CFO。 对话前一天，丁晓刚带投资人们参观了一家 "三合一" 的肯德基门店。门店位于深圳天安，在原有肯德 基基础上，多开了一家肯悦咖啡和一家肯律轻食 ...

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]