东鹏饮料于港交所主板挂牌上市 2月3日，东鹏饮料于港交所主板挂牌上市。据东鹏饮料2025年年度业绩预增公告，公司预计2025年实现 营业收入207.6亿元至211.2亿元，同比增长31.07%至33.34%；预计归母净利润43.4亿元至45.9亿元，同 比增长30.46%至37.97%；此外，预计扣非归母净利润同比提升26.29%至33.34%。 2月4日，百胜中国发布2025 财年第四季度及全年未经审核的财务业绩。当中披露，2025年Q4总收入同 比增长 9%至 28 亿美元。系统销售额同比增长 7%，同店销售额同比增长 3%，连续第三个季度实现增 长。同店交易量同比增长4%，连续第十二个季度实现增长。 公司2025年全年总收入同比增长 4%至118 亿美元。系统销售额同比增长 4%，不计及外币换算影响。同店销售额同比增长 1%。净新增门店 1706 家，其中净新增加盟店占比为 31%。截至去年年底，门店总数达到 18,101 家。另据财报发布后的分析 师会议，2025年肯德基净新增1,349家门店，门店总数增至近13,000家。系统销售额增长5%，餐厅利润 率扩大50个基点至17.4%。同店销售额连续三季 ...

公司2025年全年总收入同比增长 4%至 118 亿美元。系统销售额同比增长 4%，不计及外币换算影响。同店销售额同比增长 1%。净新增门店 1706 家，其中净新增加盟店占比为 31%。截至去年年底，门店总数达到 18,101 家。 经营利润同比增长 11%至13 亿美元。核心经营利润同样增长 11%。经营利润率为 10.9%，同比增长 60 个基点。餐厅利润率为 16.3%，同比增长 60 个基点。 外卖销售同比增长 25%。外卖销售约占公司餐厅收入的 48%，较去年的 39%有所提升。肯德基及必胜客的会员数合计超过 5.90亿，同比增长 13%。活跃会员数，即过去 12个月 内在肯德基或必胜客有过交易的会员数量，超过 2.65 亿，同比增长 13%。 百胜中国首席执行官屈翠容表示："我们第四季度的业绩表现为 2025 年画上了圆满句号。衷心感谢团队的付出与努力，公司同店销售额连续第三个季度实现增长，同店交易量也 连续第十二个季度实现增长。第四季度系统销售额进一步提升至 7%，经营利润同比增长 25%。肯德基通过肯悦咖啡和 KPRO 肩并肩模式，解锁了新消费场景。必胜客也增强了 其性价比，并通过 WOW ...

在消费者对"性价比"极致追求，以及外送占比不断拉升的2025年，餐饮巨头们的每一个动作都被置于显 微镜下。 2月4日，百胜中国发布的2025年第四季度及全年财报显示，这家中国最大连锁餐饮企业依然保持着整体 规模、同店销售与盈利能力的同步增长。 外卖的"反客为主" 过去一年，来自外卖平台的补贴战争，不可避免地成为连锁餐饮品牌最大的利润干扰项。 外卖占比的提升往往意味着更高的平台佣金、骑手配送费以及对自有渠道订单的不可避免分流。 2025年，百胜中国外卖销售同比增长25%，占公司餐厅收入的比例升至48%，较去年同期提升9个百分 点。 第四季度，肯德基与必胜客的外卖占比分别达到了53%和54%，呈全年不断走高的态势。 为对冲成本压力，自1月26日起，肯德基对外送产品价格进行了约0.8元的小幅上调。 四季度，百胜中国系统销售额同比增长7%；同店销售额同比增长3%，为连续第三个季度取得正增长。 从规模看，公司全年门店净新增1706家，总门店数达到18101家，覆盖超过2500个城镇。 更令市场关注的是利润率的扩张：全年经营利润率达到10.9%，同比增60个基点，在剔除特殊项目后， 创下公司美国上市以来的最高水平。 百胜 ...

新京报讯（记者王萍）2月4日晚，百胜中国发布2025年四季报及全年财务业绩。第四季度，百胜中国经 营利润同比提升25%，同店销售额连续第三个季度增长。全年来看，公司总收入同比增长4%至118亿美 元，实现经营利润13亿美元，同比增长11%。 百胜中国首席执行官屈翠容在财报电话会上表示，未来，百胜中国将通过自营与加盟相结合的经营模 式，稳步迈向2026年门店总数超2万家的目标，并计划在2030年门店数量超3万家。在深入布局低线城市 的同时，百胜中国也通过前端分层，后端聚合，有效扩大了可覆盖的潜在市场。 编辑 王琳 校对 赵琳 必胜客2025年净新增444家门店，创历史新高。第四季度，必胜客系统销售额同比增长6%，同店销售额 连续第三个季度为正；同店交易量同比增长13%，连续第四个季度实现双位数增长。 过去一年，必胜 客进入200多个新城市，其中约一半采用WOW模式。百胜中国方面认为，通过更低的资本支出、精简 营运与简化菜单，WOW模式帮助公司进入此前未覆盖的区域，尤其是低线城市。 2025年，百胜中国加盟业务拓展提速，以把握低线城市、偏远地区和战略渠道的增量机会。肯德基及必 胜客净新增门店中的加盟占比从2024 ...

Core Insights - Yum China plans to rapidly expand its store count from 10,000 to 20,000 in less than a decade, aiming for 30,000 by 2030, significantly accelerating its growth trajectory established over the past 33 years [2] - KFC aims to exceed 17,000 stores by 2028 and become the first restaurant brand in China to achieve an operating profit of 10 billion yuan, while Pizza Hut targets over 6,000 stores by 2028 and aims to double its operating profit by 2029 compared to 2024 [2] - The company is also expanding its coffee and light meal brands, with KFC Coffee projected to surpass 5,000 stores by 2029 and KPRO already opening over 100 locations in just one year [2] Expansion Strategy - The "Bamboo Forest Effect" describes Yum China's diverse brand portfolio, supported by a robust supply chain, digitalization, and membership systems developed over nearly 40 years in the Chinese market [3] - The company faces challenges in balancing scale, innovation, and profitability, especially as competitors adjust their strategies in a saturated market [3][4] - Yum China's CEO emphasizes the importance of focusing on internal strengths and adapting to market conditions rather than solely emphasizing localization [4] Digital Transformation - Yum China is integrating AI technology across its operations, from smart ordering to quality control, although challenges remain in unifying different technological platforms [7][8] - The company acknowledges that employee trust in AI will take time to develop, and human decision-making remains crucial in the restaurant management process [8] Financial Performance - Despite rapid expansion, Yum China maintains a strong investment return cycle, with KFC's return period around two years and Pizza Hut's reduced to 2-3 years [9] - The company has consistently added over 1,000 new stores annually, with same-store sales showing positive growth for two consecutive quarters [9] Business Model Innovation - Yum China is focusing on its main brands while incubating new modules and store formats, leveraging KFC's extensive network and infrastructure [11] - The "Shoulder-to-Shoulder" model allows KFC to share space and resources with new brands like KFC Coffee, optimizing costs and enhancing operational efficiency [13] - The company is adopting flexible rental agreements, with 70% of new store leases based on revenue sharing rather than fixed rents, allowing for better adaptability to market conditions [15] Organizational Adaptability - Yum China is learning to balance the advantages of a large corporation with the agility of smaller businesses, aiming to create a resilient and efficient growth model [16] - The company recognizes the importance of maintaining human elements in decision-making processes, even as it embraces technological advancements [16]

Core Viewpoint - Yum China is aggressively expanding its store network, aiming to reach 30,000 stores by 2030, significantly accelerating its growth compared to the past 33 years when it opened 10,000 stores [4][5]. Expansion Plans - KFC plans to exceed 17,000 stores by 2028 and aims to become the first restaurant brand in China to achieve an operating profit of 10 billion [4]. - Pizza Hut targets over 6,000 stores by 2028 and aims to double its operating profit by 2029 compared to 2024 [4]. - New brands like K Coffee and KPRO are also expanding rapidly, with K Coffee expected to surpass 5,000 stores by 2029 [4][5]. "Bamboo Forest Effect" - The "Bamboo Forest Effect" refers to the diverse growth of various brands under Yum China, supported by a robust supply chain, digitalization, and membership systems developed over nearly 40 years in the Chinese market [5][6]. Challenges and Strategies - The company faces challenges from local brands and market saturation, with management emphasizing the importance of maintaining scale while being agile [6][9]. - Yum China's CEO highlighted the need to "do well" and adapt to market demands without overly focusing on localization [6]. Digital Transformation and AI - Yum China is integrating AI across its operations, from smart ordering to quality control, although challenges remain in unifying different technological platforms [11][12]. - The company acknowledges that while AI can enhance operations, human factors and trust in AI are crucial for successful implementation [12]. Financial Performance - Despite rapid expansion, Yum China has maintained a net new store growth of over 1,000 stores annually, with KFC's investment return period remaining around 2 years and Pizza Hut's reduced to 2-3 years [13][14]. - The company’s growth forecasts do not rely on macroeconomic improvements, indicating resilience in its business model [13]. New Business Models - Yum China is focusing on its main brands while incubating new modules and store types, leveraging KFC's infrastructure for new concepts like K Coffee and KPRO [14][16]. - The company is adopting flexible rental agreements for new stores, with 70% of new leases based on revenue sharing rather than fixed rents [18]. Conclusion - Yum China is navigating a transformative phase, balancing scale with agility, and leveraging technology while maintaining a human-centric approach to management and decision-making [20].

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].