2026-02-05 10:56:33
From: Cailianshe

Cailianshe, Feb 4 (Reporter: Shen Jiaojiao; Intern Reporter: Lin Jiahao) — This evening, Yum China (09987.HK) released its fourth-quarter and full-year financial results for the period ended December 31, 2025. Amid increasingly fierce competition in the quick-service restaurant sector, the company maintained solid growth momentum during the reporting period.

Specifically, Yum China reported total revenue of $11.797 billion in 2025, representing a 4% year-over-year increase, while operating profit reached $1.29 billion, up 11% year-over-year. In the fourth quarter alone, operating profit surged 25% to $187 million.

For restaurant operators, same-store metrics serve as one of the most critical performance indicators, requiring a dynamic balance between rapid expansion and single-store profitability quality. In 2025, Yum China demonstrated robust same-store performance, with same-store sales growth recorded for three consecutive quarters and same-store transaction volume marking its 12th consecutive quarter of growth.

During the reporting period, Yum China continued its store expansion efforts, with an increasing proportion of franchised locations. The net new store additions for KFC and Pizza Hut saw the franchise ratio rise from 25% in 2024 to 36% in 2025.

During the earnings call, Chief Financial Officer Adrian Ding expressed confidence in surpassing the 20,000-store milestone by 2026. The company plans to further deepen its presence across China, particularly in lower-tier cities and strategic locations, utilizing diverse store formats.

By brand, Pizza Hut pursued expansion into lower-tier markets. The brand achieved 4% system sales growth for the full year, with operating profit climbing 19% to $183 million. This growth was primarily driven by a 13% increase in same-store transaction volume, though average ticket size declined 11% year-over-year. Meanwhile, Pizza Hut opened a net 444 new stores, bringing its total network to 4,168 locations.

KFC reported 5% system sales growth for 2025, with operating profit of $1.29 billion, up 8% year-over-year. The brand added a net 1,349 new stores, expanding its total footprint to 12,997 locations.

Notably, while developing its core business, KFC has expanded consumption scenarios through innovative modules, attempting to capture share in the increasingly competitive “coffee赛道” (coffee segment). According to the earnings report, K-Coffee store count accelerated from approximately 700 to 2,200 locations in 2025. Additionally, responding to consumer demand for healthier dining options, Yum China’s energy bowl-focused “KPRO” light food brand added over 200 new stores during the reporting period.