以下文章来源于创业最前线 ，作者付艳翠 创业最前线 . 创业有道·创新中国｜长期关注中国科技创新经济市场，提供更有价值的创投科技报道。 进入中国38年的肯德基，正在不断扩大它的"绿色"版图。 8月中旬，在位于北京海淀区学院路38号一楼，又一家肯德基、KPRO和肯悦咖啡三合一门店正 式"肩并肩"开业。 该门店沿用了肯德基经典的红白LOGO配色与红色装饰设计外，旁边是以绿色为主色调，结合极 简的设计风格，营造出现代感和清新感的KPRO，在拐角处则是红白配色的肯悦咖啡静静伫立。 图 / 肯德基KPRO门店 在低调试水了8年健康轻食后，肯德基近期正在加大KPRO的投入力度。 仅今年7月以来，KPRO 在江苏、青岛、佛山、东莞、山西等多个城市频繁开出新店。 肯德基透露，未来，KPRO将持续 推进门店拓展计划，进入更多的城市。 视频 / 肯德基KPRO厦门首店视频 KPRO全称KPRO肯律轻食，是肯德基旗下的能量轻食品牌。 据肯德基中国总经理汪涛表示，它 的品牌名之所以叫"肯律"，源于它传承自"肯"家好滋味与好品质，以新鲜美味唤醒满满能量，期 待与消费者共同探索"律"动生活的无限可能。 在全民减脂的风潮下，低调的KPRO ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next six months [11][17]. Core Insights - The company reported a revenue of $2.787 billion in Q2 2025, a year-on-year increase of 4%, with operating profit reaching $304 million, up 14% year-on-year. The net profit attributable to shareholders was $215 million, with an operating profit margin of 10.9%, an increase of 1 percentage point year-on-year [5][11]. Company Overview - The latest closing price is HKD 349.20, with a total market capitalization of HKD 1,289.24 billion. The company has a total share capital of 3.69 billion shares and a debt-to-asset ratio of 42.21% [4][11]. Sales Performance - Same-store sales turned positive for the first time, with a 1% year-on-year increase. The company opened 336 new stores in Q2 2025, contributing 4% to revenue growth. The total number of stores reached 16,978 by the end of H1 2025 [6][10]. - The company’s takeout sales grew by 22% year-on-year, accounting for 45% of total restaurant revenue [7][9]. Profitability - The restaurant profit margin improved to 16.1%, a year-on-year increase of 60 basis points, while the operating profit margin reached a new high of 10.9%, up 100 basis points year-on-year. This improvement is attributed to lower raw material costs and enhanced operational efficiency [7][9]. Future Outlook - The company plans to open 1,600 to 1,800 new stores in 2025, with capital expenditures estimated at $600 to $700 million. The goal is to reach 20,000 stores by 2026, with an increasing proportion of franchise stores [10][11]. - The company is committed to innovation, including menu updates and new business models, to expand market share [10][11]. Financial Projections - Revenue growth is projected at 4.6%, 6.3%, and 5.7% for 2025, 2026, and 2027, respectively. Net profit growth is expected to be 2.2%, 11.1%, and 12.4% over the same period. The earnings per share (EPS) are forecasted to be $2.52, $2.80, and $3.15 for 2025, 2026, and 2027, respectively [11][13].

Investment Rating - The investment rating for Yum China (09987.HK) is "Buy" [5] Core Views - The company reported a revenue of $2.787 billion in Q2 2025, a year-on-year increase of 4%, and a net profit of $215 million, also up by 1%. The core operating profit reached $303 million, reflecting a 14% increase year-on-year [1] - The company has successfully expanded its store network, achieving a total of 16,978 stores by Q2 2025, with KFC and Pizza Hut stores numbering 12,238 and 3,864 respectively. The net addition of 336 stores in Q2 2025 included 295 KFC stores, of which 119 were franchised [1][2] - Same-store sales showed positive growth, with overall same-store sales increasing by 1%, KFC same-store sales up by 1%, and Pizza Hut same-store sales rising by 2% [2] Summary by Sections Financial Performance - In Q2 2025, the restaurant profit margin was 16.1%, an increase of 0.6 percentage points year-on-year. KFC's profit margin was 16.9%, up by 0.7 percentage points, while Pizza Hut's profit margin was 13.3%, up by 0.1 percentage points [2] - The operating profit margin reached a new high of 10.9%, reflecting a year-on-year increase of 1 percentage point, driven by improved restaurant profit margins and reduced management expenses [2] Sales and Growth - The company experienced a significant increase in delivery sales, which rose by 22% year-on-year, accounting for 45% of restaurant revenue. KFC and Pizza Hut's delivery sales increased by 25% and 15% respectively [3] - Digital orders contributed $2.4 billion, representing 94% of restaurant revenue, with a year-on-year increase of 4 percentage points [3] Store Expansion and Innovation - The company has innovated its store formats, with over 1,300 KFC Coffee locations opened, and the annual opening target for KFC Coffee increased from 1,500 to 1,700. Pizza Hut's new WOW store format has expanded to over 200 locations since its launch in May 2024 [4] - Capital expenditure targets have been adjusted downwards, with the 2025 target reduced from $700-800 million to $600-700 million due to lower investment costs per store [4] Shareholder Returns - In H1 2025, the company returned $536 million to shareholders, including $356 million in stock buybacks and $180 million in cash dividends. The total expected shareholder return for 2025 is at least $1.2 billion [4]

Investment Rating - The report maintains a "Buy" rating for Yum China, with a target price raised from 440 HKD to 450 HKD [2][9]. Core Insights - Yum China reported Q2 2025 revenue of 2.8 billion USD, a year-on-year increase of 4%, and core operating profit of 300 million USD, up 14% year-on-year, exceeding expectations due to better-than-expected restaurant profit margins [2][9]. - The company added 336 new stores in Q2, bringing the total to 16,978, with KFC and Pizza Hut contributing 12,238 and 3,864 stores respectively [2][9]. - Capital expenditure per store for KFC and Pizza Hut decreased to 1.4 million and 1.1-1.2 million respectively, attributed to optimization of investment per square meter and an increase in mini store formats [2][9]. - Same-store sales for KFC increased by 1% year-on-year, while Pizza Hut saw a 2% increase, with KFC's average transaction value rising by 1% to 38 CNY [2][9]. Summary by Sections 1. Yum China Q2 2025 Performance - Revenue reached 2.8 billion USD, a 4% increase year-on-year [2][9]. - Core operating profit was 300 million USD, reflecting a 14% year-on-year growth [2][9]. - The company opened 336 new stores, totaling 16,978, with KFC and Pizza Hut having 12,238 and 3,864 stores respectively [2][9]. 2. Store Expansion and Investment - KFC and Pizza Hut's capital expenditure per store decreased to 1.4 million and 1.1-1.2 million respectively [2][9]. - The company entered approximately 300 new cities in the past 12 months, with KFC and Pizza Hut reaching over 2,400 and 900 cities respectively [2][9]. 3. Same-Store Sales Performance - KFC's same-store sales increased by 1%, with average transaction value up by 1% to 38 CNY [2][9]. - Pizza Hut's same-store sales rose by 2%, with average transaction value down by 13% to 76 CNY, but transaction volume increased by 17% [2][9].

Core Viewpoint - The company is expected to maintain a strong growth trajectory with increasing profitability driven by operational efficiency improvements and a favorable market position in the food and beverage industry [1][2]. Financial Performance - For Q2 2025, the company reported revenue of $2.787 billion, a year-on-year increase of 4% (excluding currency effects) [1]. - Operating profit for Q2 2025 was $304 million, up 14% year-on-year, with an operating profit margin of 10.9%, reflecting a 1.0 percentage point increase [1]. - The net profit attributable to shareholders for Q2 2025 was $215 million, a 1% increase year-on-year (excluding currency effects), with EPS rising by 5% [1]. Same-store Sales and Store Expansion - Same-store sales for Q2 2025 increased by 1% year-on-year, with KFC same-store sales also up by 1% and Pizza Hut by 2% [2]. - As of Q2 2025, the total number of stores reached 16,978, a 10% year-on-year increase, with a net addition of 336 stores in Q2 [2]. - KFC had 12,238 stores, a 12% increase year-on-year, while Pizza Hut had 3,864 stores, also a 10% increase year-on-year [2]. Profitability and Operational Efficiency - The restaurant profit margin for Q2 2025 was 16.1%, up 0.6 percentage points year-on-year, with KFC's margin at 16.9% and Pizza Hut's at 13.3% [2]. - Profitability improvements were attributed to favorable raw material prices and operational streamlining, although increased delivery costs and rising wages partially offset these gains [2].

Core Viewpoint - The company reported a revenue of $2.8 billion in Q2 2025, representing a year-on-year increase of 4% [3] - Adjusted net profit reached $215 million, also up by 1% year-on-year [3] - The core operating profit margin improved to 10.9%, an increase of 1.0 percentage points year-on-year [3] Sales Performance - System sales increased by 4% year-on-year in Q2 2025, with KFC and Pizza Hut growing by 5% and 3% respectively [4] - Same-store sales rose by 1% year-on-year, marking the first positive growth since Q1 2024, with KFC and Pizza Hut achieving 1% and 2% growth respectively [4] - KFC's average transaction value increased by 1% while transaction volume remained flat, driven by a higher proportion of high-value delivery sales, which grew by 25% year-on-year [4] - Pizza Hut's average transaction value decreased by 13%, while transaction volume increased by 17%, attributed to the introduction of more cost-effective products [4] Store Expansion - The company added 336 new stores in Q2 2025, with KFC and Pizza Hut contributing 295 and 95 new locations respectively [5] - The total number of restaurants reached 16,978, with KFC and Pizza Hut having 12,238 and 3,864 locations respectively [5] - The company maintains its guidance of adding 1,600 to 1,800 new stores in 2025, with an accelerated opening pace in the second half of the year [5] Operational Efficiency - The proportion of food and packaging costs to restaurant revenue was 31.0%, a decrease of 0.5 percentage points year-on-year, benefiting from lower ingredient costs [6] - Labor costs accounted for 27.2% of restaurant revenue, up by 0.9 percentage points, primarily due to increased delivery business [6] - Overall restaurant profit margin improved to 16.1%, an increase of 0.6 percentage points year-on-year, with KFC and Pizza Hut margins at 16.9% and 13.3% respectively [6][7] New Initiatives - The company opened approximately 300 new KFC Coffee locations, bringing the total to over 1,300, with significant sales growth in new product categories [8] - The target for KFC Coffee store openings by the end of 2025 has been raised from 1,500 to 1,700 due to better-than-expected progress [8] - Pizza Hut's WOW store model has shown significant improvement in profitability, with new openings in over 10 cities and a capital expenditure of 650,000 to 850,000 yuan per store [8]

Core Insights - The company reported a revenue of $2.787 billion in Q2 2025, representing a 4.0% year-over-year increase, with an operating profit of $304 million, up 14.3% [1] - The net profit attributable to shareholders was $215 million, reflecting a 1.4% increase, impacted by an investment loss of approximately $18 million [1] - The company achieved a same-store sales growth of 1% in Q2 2025, marking the first positive growth since 2024 [2] Financial Performance - Q2 2025 operating profit margin was 10.9%, an increase of 1.0 percentage points [1] - KFC's revenue was $2.096 billion, up 4.1%, with an operating profit of $292 million, a 10.6% increase [1] - Pizza Hut's revenue reached $554 million, a 2.6% increase, with an operating profit of $46 million, up 15.0% [1] Store Expansion and Efficiency - The company added a net of 336 new stores in Q2 2025, maintaining a full-year target of 1,600 to 1,800 new stores [2] - The proportion of franchise stores is increasing, with KFC and Pizza Hut franchise ratios at 40% and 22% respectively [2] - The restaurant profit margin improved to 16.2%, up 0.7 percentage points, while management expense ratio decreased to 4.7%, down 0.3 percentage points [2] Shareholder Returns - The company has returned $536 million to shareholders in the first half of 2025, including $356 million in stock buybacks and $180 million in cash dividends [3] - The total expected shareholder return for 2025 is at least $1.2 billion [3] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to $946 million, $993 million, and $1.065 billion, reflecting a decrease of 3.3%, 4.9%, and 4.0% respectively [3] - The expected EPS for 2025-2027 is projected at $2.67, $2.95, and $3.30, with corresponding PE ratios of 17.7, 16.0, and 14.3 [3] - Operating profit is expected to maintain steady growth, with a CAGR of 7.8% from 2024 to 2027 [3]

Core Viewpoint - The company reported a revenue of $2.787 billion in Q2 2025, reflecting a 4% year-on-year increase, with operating profit at $304 million (+14%) and net profit at $215 million (+1%) [1] Group 1: Financial Performance - In Q2 2025, the company returned $274 million to shareholders, including $184 million in stock buybacks and $90 million in cash dividends [1] - For the first half of 2025, total shareholder returns amounted to $536 million, comprising $356 million in stock buybacks and $180 million in cash dividends [1] Group 2: Sales and Store Expansion - The overall system sales for the company, KFC, and Pizza Hut increased by 4%, 5%, and 3% year-on-year, respectively, with same-store sales growth of 1% for KFC and 2% for Pizza Hut [1] - The company added 336 new stores in Q2 2025, with a franchise ratio of 26%, including 295 new KFC stores (40% franchise) and 95 new Pizza Hut stores (22% franchise) [1] Group 3: Operational Efficiency - The operating profit margin improved to 10.9% (+1.0 percentage points), with restaurant profit margins at 16.1% (+0.6 percentage points) [2] - The increase in labor costs was attributed to a higher proportion of delivery sales, which accounted for 45% of total sales (+7 percentage points) [2] Group 4: Capital Expenditure and Store Opening Plans - The company revised its capital expenditure target down to approximately $600-700 million from the previous $700-800 million due to lower single-store investment costs [2] - The company aims to open 1,600-1,800 new stores in 2025, with KFC's single-store investment decreasing from 1.5 million to approximately 1.44 million [2] - The company increased its annual store opening target for KFC Coffee to 1,700 from 1,500, with 300 new stores added in Q2 2025 [2] Group 5: Earnings Forecast - The revenue forecasts for 2025-2027 are adjusted to $11.792 billion, $12.350 billion, and $13.013 billion, respectively, with net profits projected at $947 million, $983 million, and $1.052 billion [2] - The latest stock price corresponds to a price-to-earnings ratio of 19, 18, and 17 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating for the company [2]

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]

Core Insights - The company achieved revenue of $2.8 billion in Q2 2025, a year-on-year increase of 4% [1] - Adjusted net profit reached $215 million, also up 1% year-on-year [1] - The core operating profit margin was 10.9%, reflecting a 1.0 percentage point increase year-on-year [1] Sales Performance - Same-store sales grew by 1% year-on-year, with KFC and Pizza Hut showing respective increases of 1% and 2% [1] - KFC's average transaction value increased by 1%, while transaction volume remained flat; the growth in average transaction value was driven by a higher proportion of high-value delivery sales, which rose by 25% [1] - Pizza Hut's average transaction value decreased by 13%, but transaction volume increased by 17%, attributed to new menu items and successful marketing campaigns [1] Store Expansion - The company opened a net of 336 new stores in Q2 2025, with KFC and Pizza Hut contributing 295 and 95 new locations, respectively [1] - The total number of restaurants reached 16,978, with KFC and Pizza Hut having 12,238 and 3,864 locations, respectively [1] - The company maintains its guidance of adding 1,600 to 1,800 new stores in 2025, with a faster opening pace expected in the second half of the year [1] Cost Management and Profitability - The restaurant profit margin improved to 16.1%, a year-on-year increase of 0.6 percentage points [2] - Food and packaging costs accounted for 31.0% of restaurant revenue, down 0.5 percentage points, benefiting from lower ingredient prices [2] - Labor costs increased to 27.2% of restaurant revenue, up 0.9 percentage points, primarily due to the growth in delivery services [2] New Initiatives - The company has raised its target for the number of KFC Coffee stores to 1,700 by the end of 2025, up from 1,500, due to better-than-expected progress [3] - The WOW store format for Pizza Hut has shown significant improvement in profitability and has expanded into over 10 new cities [3] - The company aims to enhance product offerings and increase contributions from KFC Coffee to overall performance [3] Financial Forecast - The company has revised its net profit forecasts for 2025-2027 down to $940 million, $1.002 billion, and $1.074 billion, reflecting decreases of 2%, 3%, and 3%, respectively [4] - The projected EPS for 2025-2027 is $2.55, $2.71, and $2.91, with corresponding PE ratios of 19x, 17x, and 16x [4] - The company remains a leading player in the Western fast-food sector, with strong digital and supply chain capabilities [4]