门店经营方面，25Q3系统销售额同比+4%(肯德基/必胜客分别同比+5%/+4%)，25Q3同店销售额同比 +1%(肯德基/必胜客分别同比+2%/+1%)。其中25Q3肯德基同店交易量分别同比+3%，客单价下降主要 由于小额订单的快速增长;外卖业务表现强劲，25Q3外卖销售额同比+33%，占肯德基餐厅收入的51%。 25Q3必胜客同店交易量同比+17%，交易量连续第十一个季度实现增长，客单价同比下降符合公司提供 更具性价比产品的策略。公司目标25Q4同店销售额达到与去年同期水平接近，全年系统销售额增速维 持中个位数增长的目标。 开店方面，25Q3净增536家门店(肯德基/必胜客分别净增402/158家);期末餐厅总数17514家(肯德基/必胜 客分别为12640/4022家)。公司维持25年净新增1600-1800家店的指引，其中25年前三季度肯德基和必胜 客净新增门店中加盟店占比分别达到41%和28%。 经营效率提升，25Q3餐厅利润率同比改善 25Q3食品及包装物占餐厅收入比例为31.3%，主要受益于供应链效率优化及原材料价格下降。25Q3薪 金及雇员福利占餐厅收入比例为26.2%，同比+1.1pcts， ...

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported strong same-store performance in Q2 2025, with operating profit exceeding expectations, showcasing resilience as a market leader [1][2]. - The company aims to open 1,600 to 1,800 new stores in 2025, with a focus on increasing the proportion of franchise stores [4][3]. - The target price is set at HKD 444.80 or USD 56.66, reflecting a slight adjustment in revenue and net profit forecasts for 2025-2027 [5][8]. Financial Performance - Q2 2025 revenue reached USD 2.787 billion, a year-over-year increase of 4%, while the first half of 2025 revenue was USD 5.768 billion, up 2% [1]. - Q2 operating profit was USD 304 million, a 14% increase year-over-year, with an operating margin of 10.9% [2][1]. - The company achieved a net profit of USD 215 million in Q2, with a net profit margin of 7.7% [1]. Store Expansion and Capital Expenditure - As of June 30, 2025, the company had 16,978 stores, with 336 new stores opened in the quarter, achieving the target for new franchise store openings [3][4]. - The capital expenditure per store has been optimized, with KFC and Pizza Hut's CAPEX reduced to USD 140,000 and USD 110,000-120,000 respectively [3][4]. Future Outlook - The company expects to maintain steady same-store sales growth in the second half of 2025, supported by cost structure optimization and ongoing store type iterations [1][4]. - The forecast for operating profit margin is a moderate increase for the full year, with expectations for improved free cash flow starting in 2025 due to reduced capital expenditures [4][5].