Yum China Holdings Inc (YUMC) 2025 Q2 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to Yum China's second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加百勝中國2025年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to your first speaker today, Ms. Florence Lip, Senior Director Investor Relations of Yum China. Please go ahead.

現在，我想將會議交給今天的第一位演講者，百勝中國投資者關係高級總監 Florence Lip 女士。請繼續。

Thank you, operator.

謝謝您，接線生。

Hello, everyone. Thank you for joining Yum China's second-quarter 2025 earnings conference call. On today's call are our CEO, Ms. Joey Wat; and our CFO, Mr. Adrian Ding.

大家好。感謝您參加百勝中國2025年第二季財報電話會議。參加今天電話會議的有我們的執行長 Joey Wat 女士和財務長 Adrian Ding 先生。

I'd like to remind everyone that our earnings call and investor materials contain forward-looking statements, which are subject to future events and uncertainties. Actual results may differ materially from these forward-looking statements. All forward-looking statements should be considered in conjunction with the cautionary statement in our earnings release and the risk factors included in our filings with the SEC.

我想提醒大家，我們的收益電話會議和投資者資料包含前瞻性陳述，這些陳述受未來事件和不確定性的影響。實際結果可能與這些前瞻性陳述有重大差異。所有前瞻性陳述都應與我們收益報告中的警示聲明以及我們向美國證券交易委員會提交的文件中包含的風險因素一起考慮。

This call also includes certain non-GAAP financial measures. You should carefully consider the comparable GAAP measures. Reconciliation of non-GAAP and GAAP measures is included in our earnings release, which is available to the public through our Investor Relations website located at ir.yumchina.com. You can also find the webcast of this call and a PowerPoint presentation on our IR website.

本次電話會議也包括某些非公認會計準則財務指標。您應該仔細考慮可比較的 GAAP 指標。非公認會計準則 (Non-GAAP) 和公認會計準則 (GAAP) 指標的對帳表已包含在我們的收益報告中，您可以透過我們的投資者關係網站 ir.yumchina.com 取得。您也可以在我們的投資者關係網站上觀看本次電話會議的網路直播和 PowerPoint 簡報。

Please note that during today's call, all year-over-year growth results exclude the impact of foreign currency unless otherwise noted. Now, I would like to turn the call over to Joey Watt, CEO of Yum China.

請注意，在今天的電話會議中，除非另有說明，所有同比增長結果均不包括外幣的影響。現在，我想把電話轉給百勝中國執行長喬伊·瓦特 (Joey Watt)。

Joey.

喬伊。

Hello, everyone, and thank you for joining us.

大家好，感謝大家的參與。

I'm excited to share that we delivered solid results once again in quarter two, thanks to the dedication of the entire Yum China team. We achieved second-quarter record highs in revenue, operating profit, and OP margin.

我很高興地告訴大家，由於百勝中國全體團隊的奉獻，我們在第二季再次取得了穩健的表現。我們第二季的營收、營業利潤和營業利潤率均創下歷史新高。

Our dual focus strategies have played a crucial role. First, our emphasis on both same-store sales and system sales growth is bearing fruit. Quarter two same-store sales growth turned positive at 1%. Same-store transactions grew for the 10th consecutive quarter. We achieved this while opening 336 net new stores in the quarter.

我們的雙重重點策略發揮了至關重要的作用。首先，我們對同店銷售額和系統銷售成長的重視正在發揮成效。第二季同店銷售額成長轉為正值1%。同店交易額連續第10季成長。我們在本季新開了 336 家門市，實現了這一目標。

Systems of growth reached 4%, showing a sequential improvement of 2 percentage points. This aligns with the mid-single-digit range we targeted for the full year. At the same time, our margins and profit increased significantly despite our large scale. Restaurant margin improved by 60 basis points and OP margin by 100 basis points year over year. Operating profit grew 14% to USD304 million.

增速達4%，季增2個百分點。這與我們全年設定的中位數個位數成長目標一致。同時，儘管我們的規模很大，但我們的利潤率和利潤卻大幅成長。餐廳利潤率年增了 60 個基點，營業利潤率較去年同期提高了 100 個基點。營業利潤成長14%至3.04億美元。

By brand, KFC remained resilient, achieving 5% system sales growth and a very healthy restaurant margin in quarter two. The brand now operates over 12,000 stores in more than 2,400 cities, having entered around 300 new cities during the past year. We are rolling out innovative modules such as KCOFFEE Cafes, leveraging KFC store space, various in-store resources, and membership to drive incremental sales and profit, both online and offline.

從品牌來看，肯德基保持了強勁成長，第二季實現了 5% 的系統銷售成長和非常健康的餐廳利潤率。該品牌目前在 2,400 多個城市經營 12,000 多家門市，並於去年進入了約 300 個新城市。我們正在推出 KCOFFEE 咖啡館等創新模組，利用肯德基店面空間、各種店內資源和會員資格來推動線上和線下的增量銷售和利潤。

Pizza Hut sustained its momentum, achieving 2% same-store sales growth in quarter two. Our new menu resonated with consumers, contributing to a 17% increase in same-store transactions. The brand now comprises over 3,800 stores and 900 cities having entered around 150 new cities during the past year.

必勝客維持了成長勢頭，第二季同店銷售額成長 2%。我們的新菜單引起了消費者的共鳴，促使同店交易量增加了 17%。該品牌目前擁有超過 3,800 家門市，業務遍及 900 個城市，並在過去一年中進入了約 150 個新城市。

Pizza Hut's margins also improved in the first half through our efforts to streamline and automate operations and enhanced supply chain efficiency. These results were driven by our due focus on innovation and operational efficiency. I'm excited about how well positioned KFC and Pizza Hut are to capture the growth potential in China.

透過努力簡化和自動化營運以及提高供應鏈效率，必勝客的利潤率在上半年也提高了。這些成果源自於我們對創新和營運效率的重視。我很高興看到肯德基和必勝客在中國市場佔據如此有利的地位，能夠抓住成長潛力。

Our sales initiatives were instrumental in driving our results. By offering innovative and good food at great value, we achieved over 1 billion total transactions in the first half, setting a new record. At KFC, we added creative twists to our well-loved classic products like Zinger [XiangLaJiTuiBao] (added by the company after the call).

我們的銷售措施對推動我們的業績發揮了重要作用。透過提供創新、優質且超值的食品，我們上半年的總交易額超過 10 億，創下了新紀錄。在肯德基，我們為深受喜愛的經典產品（例如 Zinger）添加了創意元素[辣雞退包]（公司來電後加）。

In quarter two, for a limited time, we launched a new flavor Crazy Spicy Zinger [FengLaJiTuiBao] (added by the company after the call). The extra spicy chicken and eye-catching red tint drove excitement. Total Zinger sales soared by over 30% during the promotion period. In spicy-loving provinces like Jiangxi and Sichuan, Crazy Spicy Zinger sales were especially high.

在第二季度，我們限時推出了新口味 Crazy Spicy Zinger【封拉吉退包】（公司來電後新增）。格外辛辣的雞肉和醒目的紅色色調讓人興奮不已。促銷期間，Zinger 總銷量飆升 30% 以上。在江西、四川等喜愛吃辣的省份，「瘋狂辣子」的銷售量尤其高。

At Pizza Hut, we took our thin crust pizza to a new level and showcased our expertise. This new thin crust pizza [ShouZuoBaoDiPiSa] (added by the company after the call), handcrafted with lighter dough, features a 10-inch size that allows for more cheese and toppings. This pizza is perfectly crispy and satisfying. Customers love it.

在必勝客，我們將薄皮披薩提升到一個新的水平並展示了我們的專業知識。這款新推出的薄皮披薩[手工包底披薩]（公司在通話後添加）採用更輕的麵團手工製作，尺寸為 10 英寸，可以容納更多的奶酪和配料。這個披薩非常酥脆，令人滿意。顧客們很喜歡它。

Pizza has also brought back our popular All-You-Can-Eat campaign. For limited periods each year, we offer our customers an indulgent meal at an excellent value. This time, the menu featured juicy tomahawk steaks [ZhanFuNiuPai] (added by the company after the call), flavor-packed seafood, exotic durian pizza, and more. The campaign generated genuine excitement and drew in a wave of new and customers, eager to savor diverse and abundant choices.

披薩也恢復了我們廣受歡迎的「無限暢吃」活動。每年的有限時間內，我們都會提供顧客超值豐盛的餐點。這次的菜單上有鮮嫩多汁的戰斧牛排（公司在電話會議後添加）、風味十足的海鮮、異國風味的榴蓮披薩等等。這項活動引起了真正的興奮，並吸引了一群渴望品嚐多樣化和豐富選擇的新的顧客。

Emotional value is equally important to our customers. On Children's Day, we achieved the highest daily sales yet in 2025 by partnering with beloved classics IPs like Hello Kitty and Pokemon. We sold over 4 million new sets with delightful toys during the promotion.

情感價值對我們的客戶同樣重要。兒童節當天，我們與Hello Kitty、Pokemon等深受喜愛的經典IP合作，創下了2025年以來單日銷售額的最高紀錄。促銷期間，我們售出了超過 400 萬套新玩具。

These collaborations sparked social buzz and attracted a wide audience, both children and adults. The star of the show was a Hello Kitty-shaped camera toy, which became an instant hit.

這些合作引起了社會熱議，吸引了包括兒童和成人在內的廣大觀眾。展覽的主角是一款 Hello Kitty 造型的相機玩具，一推出就大受歡迎。

In quarter two, delivery sales were around 45% of the total sales mix, up from 38% in quarter two last year. The growth was driven mainly by deals on our own channels and increased promotions on delivery platforms.

第二季度，外送銷售額約佔總銷售額的 45%，高於去年第二季的 38%。成長主要得益於我們自有通路的交易和配送平台的促銷增加。

We are open to working with all platforms but at our own pace. Our goal is to serve customers where they are. By June, all our brands were listed on major third-party delivery platforms. Leveraging platform's traffic, we increased exposure for our emerging businesses such as KCOFFEE Cafes and attracted new customers to our core brands.

我們願意與所有平台合作，但要按照自己的步調。我們的目標是為客戶提供當地服務。截至6月份，本公司所有品牌已進駐各大第三方配送平台。利用平台流量，我們增加了KCOFFEE咖啡廳等新興業務的曝光度，並為我們的核心品牌吸引了新客戶。

We use a balanced approach, driving top line while protecting margins. In addition to capturing sales opportunities in a disciplined manner, we carefully manage price perception and pursue other long-term benefits.

我們採用平衡的方法，在保護利潤率的同時推動營收成長。除了以嚴謹的方式抓住銷售機會外，我們還精心管理價格認知並追求其他長期利益。

As a reminder, sales outside the delivery aggregators account for around 70% of our total sales. Our own channels, including Super App and Mini programs, all the exciting, exclusive deals and membership privileges continuing to enhance member stickiness.

提醒一下，配送聚合商以外的銷售額約占我們總銷售額的 70%。我們自己的管道，包括超級應用程式和小程序，所有令人興奮的獨家優惠和會員特權不斷增強會員黏性。

Let me now turn the call over to Adrian to discuss our results in detail. Afterwards, I will share additional color on our technology initiatives.

現在，讓我將電話轉給 Adrian，詳細討論我們的結果。之後，我將分享更多有關我們技術計劃的資訊。

Adrian.

阿德里安。

Thank you, Joey.

謝謝你，喬伊。

Let me start with KFC. In quarter two, KFC system sales increased 5% year over year. Same-store sales grew 1%. Our same-store transaction index remained even with last year.

讓我先從肯德基說起。第二季度，肯德基系統銷售額較去年同期成長5%。同店銷售額成長1%。我們的同店交易指數與去年持平。

The ticket average increased by 1% to RMB38. Strong growth in smaller orders caused a downward trend in the ticket averages for both delivery and dine-in. This was offset by the higher delivery mix, which carries a higher ticket average, resulting in a slight increase in overall ticket average.

平均票價上漲1%，至38元。小額訂單的強勁成長導致外送和堂食的平均票價呈下降趨勢。但這一變化被更高的配送組合所抵消，配送組合帶來了更高的平均票價，導致整體平均票價略有上漲。

KFC expanded its restaurant margin by 70 basis points through favorable commodity prices driven by supply chain efficiency gains and through streamlined operations. Operating profit grew 10% year over year to $292 million. We added 295 new stores in quarter two, bringing our total to 12,238 stores.

肯德基透過供應鏈效率提高和精簡營運帶來的優惠商品價格，將其餐廳利潤率提高了 70 個基點。營業利潤年增10%至2.92億美元。我們在第二季新增了 295 家門市，門市總數達到 12,238 家。

New store payback remained healthy at two years. New stores bring us closer to our customers. And our side-by-side module KCOFFEE Cafes increases the number of occasions we can serve them. This quarter, we opened 300 KCOFFEE Cafes, bringing our total to 1,300 locations nationwide. Average cups sold at KCOFFEE Cafes continued to increase in the quarter, bolstered by our menu innovations and growth in delivery.

新店回報在兩年內保持健康。新店使我們更貼近顧客。我們的並排模組 KCOFFEE Cafes 增加了我們為他們提供服務的場合數量。本季度，我們開設了 300 家 KCOFFEE 咖啡館，使我們在全國的門市總數達到 1,300 家。受菜單創新和外賣業務成長的推動，本季 KCOFFEE 咖啡館的平均咖啡銷售量持續增加。

This summer, our Ice Sparkling Americano became increasingly popular, representing over half of beverage sales in June. We offered a wide range of sparkling flavors, from our signature Apple flavor to our new LT brandy flavor. KCOFFEE Cafes have been effective in driving incremental traffic, sales and profit. Given the progress we have achieved in the first half of the year, we're raising our 2025 target from the previous 1,500 to 1,700 locations.

今年夏天，我們的冰氣泡美式咖啡越來越受歡迎，佔 6 月飲料銷量的一半以上。我們提供各種各樣的起泡酒口味，從我們的標誌性蘋果口味到我們的新 LT 白蘭地口味。KCOFFEE 咖啡館在推動客流量、銷售和利潤成長方面非常有效。鑑於我們在今年上半年的進展，我們將 2025 年的目標從之前的 1,500 個地點提高到 1,700 個地點。

Let's now turn to Pizza Hut. Pizza Hut has sustained its growth trajectory since reaching an inflection point in 2024. Same-store sales growth turned positive to 2%. Same-store transactions grew significantly by 17%. The ticket average was RMB76, 13% lower year over year.

現在我們來談談必勝客。必勝客自2024年達到轉折點以來一直保持成長軌跡。同店銷售額成長轉為正值2%。同店交易額大幅成長17%。平均票價為76元，較去年同期下降13%。

These results align with our strategic focus on mass market positioning and are supported by healthy margin expansion. System sales in quarter two grew by 3%. Pizza Hut's moderate system in sales growth relative to its same-store sales growth was due primarily to the strategic optimization of the brand store portfolio. We closed some larger underperforming stores and open new smaller stores. The total store operating weeks were also affected by the timing of the closures and openings.

這些結果符合我們對大眾市場定位的策略重點，並受到健康利潤率擴張的支持。第二季系統銷售額成長了3%。必勝客的銷售成長相對於同店銷售額成長的溫和系統性主要得益於品牌門市組合的策略優化。我們關閉了一些業績不佳的大型商店，並開設了一些較小的新商店。商店總營業週數也受到關閉和開業時間的影響。

Store closures came earlier while through openings for later. We expect both factors to normalize in the second half of the year. Quarter two marks the fifth consecutive quarter of year-over-year margin expansion for Pizza Hut.

商店關閉得較早，但開業得較晚。我們預計這兩個因素將在下半年恢復正常。第二季是必勝客利潤率連續第五個季度年增。

Our enhanced operational efficiency offset the impact of all UKE campaign. Restaurant margin expanded slightly to 13.3% and operating profit grew by 15% year over year. Pizza Hut reached 3,864 stores with the addition of 95 net new openings in the second quarter.

我們提高的營運效率抵消了所有 UKE 活動的影響。餐廳利潤率小幅擴大至13.3%，營業利潤較去年同期成長15%。必勝客第二季新增門市 95 家，門市總數達 3,864 家。

New store payback remained healthy at two to three years. We remain confident in achieving double-digit percentage net new store growth for Pizza Hut in 2025. Pizza Hut WOW stores are making progress.

新店回報在兩到三年內保持健康。我們仍有信心在 2025 年實現必勝客新店淨成長兩位數百分比。必勝客WOW店正在取得進展。

We saw a meaningful improvement in profitability for the converted WOW stores. We also opened new WOW stores in over 10 new cities where Pizza Hut has no existing presence. The latest CapEx per store ranged from RMB650,000 to RMB850,000 with streamlined operations and lower entry price points, our WOW model broadens Pizza Hut's addressable market, enabling it to enter low-tier cities more effectively.

我們看到轉型後的WOW商店的獲利能力有了顯著的提升。我們還在必勝客尚未進駐的 10 多個新城市開設了新的 WOW 店。每家店的最新資本支出在人民幣 650,000 元至人民幣 850,000 元之間，透過精簡的營運和較低的入門價格點，我們的 WOW 模式拓寬了必勝客的目標市場，使其能夠更有效地進入低線城市。

Let me now go through our quarter two P&L. System sales grew 4% year over year, within the range of our full year target. Same-store sales grew 1%, turning positive. Our restaurant margin was 16.1%, 60 basis points higher year over year. Savings in cost of sales and occupancy and other costs offset increases in cost of labor. Cost of sales was 31.0%, 50 basis points lower year over year.

現在讓我來介紹一下我們第二季的損益表。系統銷售額年增 4%，在我們的全年目標範圍內。同店銷售額成長1%，轉為正值。我們的餐廳利潤率為 16.1%，比去年同期高出 60 個基點。銷售成本、佔用成本和其他成本的節省抵消了勞動成本的增加。銷售成本為31.0%，較去年同期下降50個基點。

Ongoing benefits from Project Red Eye along with favorable commodity prices contributed to the improvement. We passed some of the savings on to customers, offering great value for money. Cost of labor was 27.2%, 90 basis points higher year over year due to higher rider costs as a percentage of sales.

紅眼計劃的持續效益以及有利的商品價格促進了這一改善。我們將部分省下的錢轉嫁給客戶，從而提供物超所值的服務。勞動成本為 27.2%，較上年同期高出 90 個基點，原因是附加成本佔銷售額的比例較高。

While we continued to lower rider cost per delivery order, the higher delivery mix led to higher rider costs overall. Nonrider cost as a percent of sales remained stable year over year, and our efforts to optimize operations offset low single-digit wage inflation. Occupancy in other was 25.7%, 100 basis points lower year over year.

雖然我們繼續降低每單配送的騎士成本，但配送組合的增加導致整體騎士成本上升。非騎士成本佔銷售額的百分比比去年同期保持穩定，我們優化營運的努力抵消了低個位數的薪資通膨。其他飯店的入住率為 25.7%，較去年同期下降 100 個基點。

As a result of cost optimization in a number of areas, notably utilities and streamlined operations, G&A expenses were 4.7% of revenue and 30 basis points lower compared to 5.0% in the prior year. Project Fresh Eye generated incremental benefits year over year.

由於在多個領域（特別是公用事業和精簡營運）進行了成本優化，一般及行政費用佔收入的 4.7%，與去年的 5.0% 相比降低了 30 個基點。「新鮮眼光」計畫所產生的效益逐年遞增。

Our OP margin was 10.9%, 100 basis points higher year over year, driven by improved restaurant margin and G&A. Operating profit was $304 million, growing 14% year over year. Core OP also grew 14% year over year.

我們的營業利潤率為 10.9%，比去年同期高出 100 個基點，這得益於餐廳利潤率和一般及行政費用的提高。營業利潤為3.04億美元，年增14%。核心營業利潤也較去年同期成長14%。

Effective tax rate was 25.8%, 60 basis points higher year over year, primarily due to the increased cash repatriation resulting in higher withholding tax. Net income was $215 million, growing 1% year-over-year. As a reminder, we recognized $6 million less in interest income in quarter two this year due to a lower cash balance resulting from the cash we returned to shareholders.

有效稅率為25.8%，較去年同期增加60個基點，主要由於現金匯回增加導致預扣稅增加。淨收入為2.15億美元，年增1%。提醒一下，由於我們向股東返還的現金導致現金餘額減少，我們今年第二季的利息收入減少了 600 萬美元。

Our mark-to-market equity investments also had a negative impact of $14 million in quarter two compared to a positive impact of $6 million in quarter two last year. Diluted EPS was $0.58, growing 5% year over year or 15% excluding mark-to-market equity investment impact.

我們的以市價計價的股權投資在第二季也產生了 1,400 萬美元的負面影響，而去年第二季則產生了 600 萬美元的正面影響。稀釋每股收益為 0.58 美元，年增 5%，若不計入以市價計價的股權投資影響，則成長 15%。

Let's now move on to capital returns to shareholders. In the first half of the year, we returned a total of $536 million to shareholders, including $356 million in share repurchases and $180 million in dividends. For the second half of 2025, we announced our share repurchase agreements totaling $510 million, a 43% increase from our share repurchases in the first half.

現在讓我們來討論股東資本回報。上半年，我們向股東共返還5.36億美元，其中包括3.56億美元的股票回購和1.8億美元的股利。2025 年下半年，我們宣布的股票回購協議總額為 5.1 億美元，比上半年的股票回購額增加了 43%。

Assuming a quarterly dividend of $0.24 per share, we expect to return at least $1.2 billion in 2025. We remain committed to returning $3 billion to shareholders from 2025 through 2026, on top of the $1.5 billion in cash we returned in 2024. The average annual capital return is around 8% to 9% of our market cap.

假設季度股息為每股 0.24 美元，我們預計 2025 年的回報至少為 12 億美元。我們仍致力於在 2025 年至 2026 年期間向股東返還 30 億美元，這還不包括 2024 年返還的 15 億美元現金。平均年資本報酬率約為我們市值的 8% 至 9%。

We maintain flexibility regarding the split of the capital returns to shareholders between the two years, taking into account factors such as stock price, market conditions and our cash needs. Our cash position remains healthy with $2.8 billion in net cash as of the end of the quarter.

我們會彈性分配兩年內對股東的資本回報，同時考慮股價、市場狀況和現金需求等因素。我們的現金狀況依然健康，截至本季末，淨現金為 28 億美元。

Finally, turning to our 2025 outlook; Despite the complex and fluid market conditions, we are reiterating our full year target for the net new store openings and system sales growth. We are revising our full year outlook on restaurant margin and core OP margin to reflect our first half performance and our latest expectations for the second half.

最後，談談我們對 2025 年的展望；儘管市場條件複雜多變，我們仍重申全年淨新店開設和系統銷售成長的目標。我們正在修改全年餐廳利潤率和核心營業利潤率的展望，以反映我們上半年的業績和對下半年的最新預期。

Let me provide additional color. In terms of store openings, overall, we anticipate the ramp-up in net new store openings in the second half of the year with more gross openings and fewer store closures. We have a solid pipeline and remain confident in achieving our target of 600 to 1,800 net new stores in 2025.

讓我提供更多顏色。在開店方面，整體而言，我們預計下半年新店淨開店數量將會增加，總開店數量會增加，而關閉的門市數量將會減少。我們擁有強大的管道，有信心在 2025 年實現新增 600 至 1,800 家門市的目標。

We expect the franchise store mix of the net new openings for the full year 2025 to be similar to the first half, which was 41% for KFC and 26% for Pizza Hut. That means we'll meet our guidance of 40% to 50% for KFC and 20% to 30% for Pizza Hut ahead of schedule.

我們預計 2025 年全年淨新開店的特許經營店結構將與上半年相似，肯德基為 41%，必勝客為 26%。這意味著我們將提前實現肯德基 40% 至 50% 和必勝客 20% 至 30% 的預期目標。

We anticipate the franchise mix of our net new stores to further moderately increase within these ranges over the next few years. With our store expansion plans unchanged, our target of mid-single-digit system sales growth for the full year 2025 remains in place. This range is also applicable to the second half.

我們預計，未來幾年，我們的淨新店特許經營組合將在這些範圍內進一步適度成長。由於我們的門市擴張計畫保持不變，我們 2025 年全年系統銷售額保持中等個位數成長的目標保持不變。此範圍同樣適用於下半場。

Predicting same-store sales growth is more difficult as consumer spending remains rational. For quarter three, we're working hard to achieve 11 consecutive quarters of same-store transaction growth. The ticket averages for both delivery and dine-in continue to show a downward trend due to an increase in smaller orders.

由於消費者支出維持理性，預測同店銷售成長更加困難。第三季度，我們正在努力實現連續11個季度的同店交易額成長。由於小額訂單增加，外帶和堂食的平均票價持續呈下降趨勢。

We aim to achieve steady same-store levels year-over-year in the second half. Regarding delivery, we maintained a disciplined approach to capturing sales. We leverage delivery platforms to enhance visibility and increase traffic, especially for our emerging businesses.

我們的目標是下半年同店銷售額較去年同期保持穩定。關於交付，我們保持了嚴謹的銷售方式。我們利用交付平台來提高知名度並增加流量，特別是對於我們的新興業務。

While sales from smaller ticket beverage orders grew nicely, the overall impact on our business is more limited. Additionally, higher delivery mix results in higher rider costs. Our balanced and nimble approach enables us to drive sales while preserving price integrity and protecting margins.

雖然小額飲料訂單的銷售額成長良好，但對我們業務的整體影響較為有限。此外，配送組合越多，騎士成本就越高。我們平衡而靈活的方法使我們能夠在保持價格完整性和保護利潤率的同時推動銷售。

Let me now go through our margin expectations for the second half. All comparisons are stated on a year-over-year basis. While we continue to enhance operational efficiency, we face tougher comparisons as more meaningful benefits from Project Fresh Eye and Red Eye were already in last year's space in the second half.

現在讓我來介紹一下我們對下半年的利潤預期。所有比較均以同比計算。在我們繼續提高營運效率的同時，我們面臨著更嚴峻的比較，因為「新眼」計畫和「紅眼」計畫帶來的更有意義的效益在下半年已經達到了去年的水平。

Additionally, rider costs driven by higher delivery mix continued to be a headwind. For KFC, our aim is to maintain relatively stable restaurant margins. For Pizza Hut, we expect restaurant margin to slightly improve year-over-year. Considering the impact of streamlining operations, partially offset by higher delivery costs and a higher base versus the first half.

此外，配送組合增加導致的騎士成本持續成為不利因素。對肯德基來說，我們的目標是維持相對穩定的餐廳利潤率。對於必勝客，我們預計餐廳利潤率將比去年同期略有提高。考慮到精簡營運的影響，部分抵消了上半年較高的交付成本和較高的基數。

With G&A percentage improving a bit, we expect Yum China's core OP margin to also slightly improve. As quarter four is traditionally our low season with smaller sales and profits margins may be a bit more volatile. With our outperformance in the first half, for the full year 2025, we expect the restaurant margin for KFC and Pizza Hut as well as the company's core OP margin to moderately improve.

隨著一般及行政開支百分比略有改善，我們預計百勝中國的核心營業利潤率也將略有提高。由於第四季度傳統上是我們的淡季，銷售額較小，利潤率可能會波動較大。鑑於我們上半年的優異表現，對於 2025 年全年而言，我們預計肯德基和必勝客的餐廳利潤率以及公司的核心營業利潤率將適度提高。

On the CapEx side, we are revising our full year CapEx guidance down from around $700 million to $800 million to $600 million to $700 million, mainly due to lower CapEx per store.

在資本支出方面，我們將全年資本支出指引從約 7 億至 8 億美元下調至 6 億至 7 億美元，主要原因是每家店的資本支出較低。

With that, let me pass it back to Joey for her closing remarks.

最後，請容許我把發言交還給喬伊，請她作最後發言。

Thank you, Adrian.

謝謝你，艾德里安。

Our end-to-end digitalization initiatives are central to our efforts to drive growth and efficiency. We've been working on this for over a decade. AI, both analytical and generative is simply our latest iteration. In June, we held our first-ever AI Day, which featured our very first Yum China employee Hacathon.

我們的端到端數位化計畫對於我們推動成長和提高效率至關重要。我們為此已經努力了十多年。分析型和生成型人工智慧只是我們最新的迭代。6 月，我們舉辦了第一屆人工智慧日，其中有第一位百勝中國員工 Hacathon。

The enthusiasm for AI day was extraordinary. Participating teams from across the country represented diverse backgrounds in operations, supply chain, finance and more. I was impressed by how they proactively identified frontline needs and tackle problems with innovative solutions. To support promising projects, we set up a RMB100 million Yum China frontline Innovation Fund and committed to making AI day and a new event.

人們對人工智慧日的熱情非同尋常。來自全國各地的參賽團隊擁有營運、供應鏈、金融等不同領域的背景。他們積極主動地發現一線需求並用創新的解決方案解決問題，這給我留下了深刻的印象。為了支持有前景的項目，我們設立了1億元人民幣的百勝中國前沿創新基金，致力於將人工智慧打造成一項新的活動。

Our employees are embracing new technologies like GenAI. And by doing so, they help us further deepen our strategic move. Our end-to-end digitization is just that it starts at our customers, expands to our RGMs and all the way back to our suppliers and touches everything in between.

我們的員工正在擁抱 GenAI 等新技術。透過這樣做，他們幫助我們進一步深化策略舉措。我們的端到端數位化是從我們的客戶開始，擴展到我們的 RGM，一直回到我們的供應商，並涉及其間的一切。

Customer service, our membership programs, store operations, store management, shared service functions, logistics centers, and upstream suppliers. We look forward to sharing more details during our upcoming Investor Day in November.

客戶服務、我們的會員計劃、商店營運、商店管理、共享服務功能、物流中心和上游供應商。我們期待在 11 月即將到來的投資者日期間分享更多細節。

Before we turn to Q&A, let me recap the three key takeaways from today. First, we achieved solid results in quarter two despite navigating a dynamic environment. Same-store sales growth turned positive, System sales growth sequentially improved. Restaurant margin expanded year-over-year.

在我們進入問答環節之前，讓我回顧一下今天的三個關鍵要點。首先，儘管面臨動態環境，我們在第二季仍取得了穩健的表現。同店銷售額成長轉為正值，系統銷售成長較上季改善。餐廳利潤率較去年同期擴大。

Second, we remain confident in achieving our full year targets for 2025, including new store openings, system sales growth and margin expansion. And lastly, our new initiatives are shaping up well, expanding our addressable market for years to come. For example, KCOFFEE Cafes leverages KFC's resources to scale up. Pizza Hut WOW model is making meaningful progress in improving its profitability and helping us penetrate into lower-tier cities.

其次，我們仍有信心實現2025年全年目標，包括新店開設、統合銷售成長和利潤率擴大。最後，我們的新舉措進展順利，將在未來幾年擴大我們的潛在市場。例如，KCOFFEE咖啡館利用肯德基的資源來擴大規模。必勝客WOW模式在提升獲利能力、幫助我們滲透到低線城市方面取得了有意義的進展。

Our business remains resilient in a rapidly changing landscape. Our dual focus on operational efficiency and innovation continues to generate strong results. Looking ahead, we are confident in our ability to grow our brands, enhance our competitive edge and unlock more opportunities in China. With that, I will pass it back to Florence.

在快速變化的環境中，我們的業務依然保持彈性。我們對營運效率和創新的雙重關注繼續產生強勁的成果。展望未來，我們有信心發展我們的品牌，增強我們的競爭優勢，並在中國開拓更多機會。說完，我將把它交還給佛羅倫薩。

Thanks, Joey. Now we will open the call for questions. (Operator Instructions)

謝謝，喬伊。現在我們開始提問。（操作員指示）

Operator, please start the Q&A.

接線員，請開始問答。

(Operator Instructions) Michelle Cheng, Goldman Sachs.

（操作員指示）高盛的 Michelle Cheng。

Hi, Joey, Adrian, Florence. Congrats again for the very strong results.

嗨，喬伊、阿德里安、佛羅倫斯。再次恭喜您取得如此優異的成績。

So my question is about the delivery. So we see our delivery business already grew very strong in second quarter. And this also led to a very solid same-store sales growth in second quarter. But given the elevated -- the delivery platform’s promotion activities into the third quarter.

我的問題是關於交付的。因此，我們看到我們的送貨業務在第二季度已經成長非常強勁。這也導致第二季同店銷售額實現了非常穩健的成長。但考慮到交付平台在第三季的促銷活動的提升。

Can you share with us any thoughts about the upside in the business and same-store sales growth into third quarter?

您能否與我們分享一下對第三季業務成長和同店銷售成長的看法？

And also, aside from the revenue, I think you touched base a little bit regarding the margin and also higher rider costs. But can you elaborate a little bit more on this impact on UE, we also heard that the platforms also want brands to participate in some of the promotion campaign. So this is my question.

此外，除了收入之外，我認為您還談到了利潤率和更高的乘客成本。但您能否詳細說明這對 UE 的影響，我們也聽到平台也希望品牌參與一些促銷活動。這就是我的問題。

Thank you, Michelle.

謝謝你，米歇爾。

Let me give some context and Adrian can fill in more details. The biggest dynamic for Q2 indeed is the intense delivery platform competition, particularly in the small orders or related to drinks in our industry. What I want to provide a context is such a dynamic or disruption is not new to us. We've been through it.

讓我提供一些背景信息，然後 Adrian 可以補充更多細節。第二季最大的動態確實是激烈的配送平台競爭，特別是在我們產業中的小訂單或與飲料相關的訂單。我想提供的是，這種動態或中斷對我們來說並不新鮮。我們已經經歷過了。

The last time the preform competition was so intense actually was back to 2017. So we might have learned a thing or two for the quarter two. So one thing we really go back and focus on is really focused on building our core competency. So anything from food innovation, supply chain, digital, solid institution and providing value, compelling value to our customer is still the most important thing instead of buying sales.

上一次預製棒競爭如此激烈其實還是在2017年。因此，我們可能已經從第二季學到了一些事情。因此，我們真正回顧並關注的一件事就是真正專注於打造我們的核心競爭力。因此，從食品創新、供應鏈、數位化、穩固的機構到提供價值，為客戶提供引人注目的價值仍然是最重要的，而不是購買銷售。

As I mentioned in my earlier prepared remarks, 70% of our sales are outside the third-party delivery aggregators are still within our control. And for Yum China's approach for quarter two, we have adopted a balanced approach. Balanced approach in the short term to drive the top line, protect the margin and preserve the price integrity of our brands, which is incredibly important, actually.

正如我在之前的準備好的發言中提到的那樣，我們 70% 的銷售額來自第三方配送聚合商之外，但仍在我們的控制範圍內。對於百勝中國第二季的策略，我們採取了平衡的方法。短期內採取平衡的方法來推動營收成長、保護利潤率並維護我們品牌的價格完整性，這實際上非常重要。

But in the long term, we also look at how to build the long-term benefit to ensure sustainable growth throughout the last few months, interesting dynamics. With that, I'll pass it to Adrian to provide more details.

但從長遠來看，我們也在研究如何建立長期利益，以確保過去幾個月的可持續成長，這是一個有趣的動態。有了這些，我會把它交給 Adrian 來提供更多詳細資訊。

Sure.

當然。

Thank you, Joey, and thank you, Michelle. I think Joey summarized pretty well on the delivery dynamics and our philosophy. And I'll briefly comment on the SSG outlook for the second half related to your question, Michelle. And then now -- and later, I'll go through the UE outlook as well.

謝謝你，喬伊，謝謝你，米歇爾。我認為喬伊很好地總結了交付動態和我們的理念。米歇爾，我將針對你的問題簡要評論一下下半年的 SSG 前景。現在——稍後，我還將介紹 UE 展望。

. As I mentioned in the prepared remarks, predicting SSG is more difficult, given the dynamic market and macro. Consumers stay rational and delivery platform dynamics are evolving, as Joey mentioned. And as a reminder, we faced tough comparison from the aggressive promotions and higher same store sale index back in the second half of last year.

。正如我在準備好的演講中提到的那樣，考慮到動態的市場和宏觀因素，預測 SSG 更加困難。正如 Joey 所說，消費者保持理性，配送平台動態也不斷發展。需要提醒的是，去年下半年，我們面臨激進促銷和更高同店銷售指數的嚴峻對比。

With this said, we are working hard to achieve a steady same-store sales levels year-over-year, as I mentioned in the prepared remarks, and 11 consecutive quarters of same-store transaction growth. And then coming to UE, we believe the main impact from delivery aggregators subsidy war is on our COL or rider cost. For COL, we faced continued headwinds from higher rider cost. With higher delivery mix, even with the lower cost per delivery order, the rider cost as a percentage of sales are expected to increase.

話雖如此，正如我在準備好的發言中提到的那樣，我們正在努力實現同店銷售額同比穩定增長，並實現連續 11 個季度的同店交易增長。然後談到 UE，我們認為配送聚合商補貼戰的主要影響是對我們的 COL 或乘客成本。對 COL 來說，我們面臨乘客成本上漲帶來的持續阻力。隨著配送組合的增加，即使每個配送訂單的成本較低，騎士成本佔銷售額的百分比預計也會增加。

We aim to maintain nonrider cost stable offsetting the low single-digit wage inflation through more streamlined operations. Now I'll also briefly comment upon COS and O&O given this is related to UE as well. For COS, we expect it to improve year-over-year for the full year, with the ratio to be between 31% and 32% for YUMC and for KFC as well. For Pizza Hut, as I mentioned in one of the previous Q&A in the earnings call, we expect the full year COS to be 32% to 33%.

我們的目標是透過更精簡的營運來維持非騎士成本穩定，以抵消低個位數的薪資通膨。現在我還將簡要評論 COS 和 O&O，因為這也與 UE 相關。對於顧客滿意度，我們預計全年顧客滿意度將年比改善，百勝中國和肯德基的顧客滿意度比率將在 31% 至 32% 之間。對於必勝客，正如我在先前的收益電話會議問答中提到的那樣，我們預計全年 COS 為 32% 至 33%。

In the second half, we're lacking a more meaningful benefit from Project Red Eye last year. Turning from favorable commodity prices, as you can imagine, will gradually decrease or gradually reduce. We also dynamically adjust our promotional intensity depending on market conditions and competitive dynamics, obviously. And lastly, in terms of O&O occupancy and other costs, that as a percentage of sales is likely to slightly improve year-over-year for the second half as well.

在下半年，我們缺少去年「紅眼計畫」帶來的更有意義的好處。從有利的商品價格來看，正如你可以想像的那樣，將會逐漸下降或逐漸減少。顯然，我們也會根據市場狀況和競爭動態動態調整促銷強度。最後，就 O&O 入住率和其他成本而言，其佔銷售額的百分比在下半年也可能會比去年同期略有提高。

We continue to explore optimization opportunities to offset cost increases. So overall, from a restaurant margin perspective, as I mentioned in the prepared remarks, for KFC, we expect that to be stable, relatively stable year over year for the second half, and we expect Pizza Hut’s restaurant margin to slightly improve for the second half.

我們將繼續探索優化機會來抵消成本增加。因此，總體而言，從餐廳利潤率的角度來看，正如我在準備好的評論中提到的那樣，對於肯德基，我們預計下半年的利潤率將保持穩定，同比相對穩定，我們預計必勝客的餐廳利潤率在下半年將略有提高。

And then as a result, for Yum China as a whole, the restaurant margin, OP margin will slightly improve in the second half as well. So hopefully, that will address your question, Michelle.

因此，對於百勝中國整體而言，下半年餐廳利潤率、營業利潤率也將略有提高。希望這能解答你的問題，米歇爾。

Thank you.

謝謝。

Lillian Lou, Morgan Stanley.

摩根士丹利的 Lillian Lou。

Hey, thank you. Hey, Joey, Adrian, and Florence.

嘿，謝謝你。嘿，喬伊、艾德里安和佛羅倫斯。

I have a question about the new format since Joey mentioned this is very important for driving long-term growth, in particular for Pizza Hut WOW. Do we have store opening targets right now for this year and next year, given that it seems we have more confidence about the Pizza Hut WOW performance.

我對新形式有一個疑問，因為喬伊提到這對於推動長期成長非常重要，特別是對於必勝客 WOW 而言。鑑於我們似乎對必勝客 WOW 表現更有信心，我們現在是否有今年和明年的開店目標。

And also, Joey mentioned there has been meaningful improvement. Can you share a little bit more detail about the operation, i.e., what kind of margin level right now we are achieving or any targets we have on the profitability and also the growth pace?

此外，喬伊還提到，情況已經取得了有意義的改善。您能否分享一些有關營運的更多細節，例如，我們目前的利潤水平如何，或者我們對獲利能力和成長速度有何目標？

Lillian, WOW concept is very exciting and we start our first store, I think May last year, and then by now, we will have over 200 stores now. All the fundamental, the operations, the margin, we like what we see. And the exciting part, the most exciting part is among the over 200 stores, [there are new stores opened in 10 cities] (corrected by company after the call) that did not have stores, so it’s pretty new model in new city.

Lillian，WOW 的概念非常令人興奮，我們開了第一家店，我想應該是去年 5 月，到現在，我們已經有超過 200 家店了。所有基本面、營運、利潤，我們都喜歡我們所看到的。令人興奮的是，最令人興奮的是，在這 200 多家門市中，[在 10 個城市開設了新店]（公司在電話會議後更正）之前沒有門市，所以這在新城市是一種相當新的模式。

And again, we like what we see about the sales, the margin level and the OP level and that is incredibly important for the brand because for [past 12 months] (corrected by company after the call), KFC opened stores in 300 new cities and Pizza Hut opened in 150 cities. This is a much higher number of new cities compared to previous years.

再次，我們對銷售額、利潤率和營業利潤水平感到滿意，這對品牌來說非常重要，因為在過去 12 個月中（電話會議後公司進行了更正），肯德基在 300 個新城市開設了門店，必勝客在 150 個城市開設了門市。與前幾年相比，新城市的數量要多得多。

And WOW, Pizza WOW model will be good to help Pizza Hut penetrate into lower-tier cities, because we talk about -- we know that, and we have very clear understanding internally that between the KFC and Pizza Hut, the delta is 1,500 new cities.

而且 WOW，Pizza WOW 模式將有助於必勝客滲透到低線城市，因為我們知道這一點，而且我們內部非常清楚，肯德基和必勝客之間的差距是 1,500 個新城市。

And historically, the traditional Pizza Hut model is not sharp enough to enter the lower-tier city, and now we have one. So that is incredibly exciting. And on top of many other things, in addition to WOW, that's why we suggest that 2024 with the inflection point and thus, more opportunity. So I'll pause here, Adrian, do you have a bit more?

而且從歷史上看，傳統的必勝客模式不足以進入低線城市，現在我們有了。這真是令人興奮不已。除了 WOW 之外，還有很多其他的事情，這就是為什麼我們認為 2024 年是一個轉捩點，因此會有更多機會。所以我在這裡暫停一下，阿德里安，你還有什麼要說的嗎？

Sure, sure.

當然，當然。

So in terms of the guidance on net new open for WOW store, Lillian, we are not giving guidance for an annual open for this particular model, given it's a new model. And especially given its potential significance within the Pizza Hut brand, we do take time to develop and further iterating evolve the model, and that's why we don't give new net annual open guidance. And you are right that we did meaningfully improve the profitability of the WOW model. Actually sequentially improve in all the line items, right, COS as a result of the Project Red Eye initiative, COL as a result of a more efficient and streamlined operation, labor scheduling and all that.

因此，就 WOW 商店淨新開業指引而言，Lillian，考慮到這是一個新型號，我們不會為該特定型號提供年度開業指引。特別是考慮到它在必勝客品牌中的潛在重要性，我們確實需要時間來開發和進一步迭代改進該模型，這就是我們不提供新的淨年度公開指導的原因。您說得對，我們確實顯著提高了 WOW 模式的獲利能力。實際上，所有專案都在逐步改善，對吧，由於「紅眼計畫」的實施，COS 有所改善，由於更有效率和精簡的營運、勞動力調度等，COL 有所改善。

O&O, in terms of small wear utilities and the AMP as well. So we do see a meaningful improvement in the profit. With this said, the profitability of WOW model for the converted store is still slightly less than the Pizza Hut as a brand overall, still less than the main model.

O&O，就小型磨損公用設施和 AMP 而言也是如此。因此我們確實看到利潤有了顯著的提高。話雖如此，WOW模式對於轉制店的獲利能力還是比必勝客品牌整體略遜色，仍然低於主模式。

What is exciting is for the new stores, as Joey mentioned, right, we opened around 15 new stores for a WOW. The capital expenditure is somewhere between RMB650,000 to RMB850,000 and the sales performance initially was quite encouraging.

令人興奮的是新店，正如 Joey 提到的，我們開設了大約 15 家新店，引起了轟動。資本支出在人民幣65萬至85萬元之間，初期銷售表現相當令人鼓舞。

And obviously, there might be some honeymoon effect there. So with the current sales level, the margin is actually pretty satisfactory. But we will continue observing the performance after the honeymoon period.

顯然，那裡可能會出現一些蜜月效應。因此，以目前的銷售水準來看，利潤率實際上是相當令人滿意的。但我們將繼續觀察蜜月期過後的表現。

And once we get more concrete performance of both the new model or the new WOW store as well as the converted store, we'll provide more guidance on the financials as well as net new open for this particular model. But in a nutshell, we are quite encouraged by the WOW model development. It's one of the major breakthroughs over the past few years for Pizza Hut, and we continue to develop the model. Thank you, Lillian.

一旦我們獲得新模式或新 WOW 商店以及轉換後的商店的更具體表現，我們將為該特定模式的財務狀況和淨新開業提供更多指導。但總而言之，我們對 WOW 模式的發展感到非常鼓舞。這是必勝客過去幾年的重大突破之一，我們將繼續發展這個模式。謝謝你，莉蓮。

Anne Ling, Jefferies.

安妮林 (Anne Ling)，傑富瑞 (Jefferies)。

Thank you, high management team.

謝謝你們，高階管理團隊。

Also questions on Pizza Hut, just wonder what will be the like potential ultimate goal in terms of like the restaurant margin and as well as operating margin. If I take a look at like all the way back to the year 2013, it can be as high as KFC right now with 19%, restaurant margin and 15% operating margin. But of course, it is a very different business model as well and a different price point, more high end.

另外還有關於必勝客的問題，只是想知道就餐廳利潤率和營業利潤率而言，潛在的最終目標是什麼。如果我回顧 2013 年的情況，它可以和現在的肯德基一樣高，餐廳利潤率為 19%，營業利潤率為 15%。但當然，這也是一種非常不同的商業模式和不同的價格點，更高端。

So my question is based on the current model, what would it take to further improve the operating margin as well as the restaurant margin or it is not realistic for me to aim at that kind of target over time.

所以我的問題是基於目前的模型，如何才能進一步提高營業利潤率和餐廳利潤率，或者說，從長遠來看，實現這樣的目標是不切實際的。

Anne, thank you for the question.

安妮，謝謝你的提問。

I would like to leverage this opportunity to do a little bit of advertising from our Investor Day, this November in Shenzhen. Obviously, at that time, we'll provide some more longer-term guidance potentially including the Pizza Hut restaurant margin.

我想利用這個機會，在今年 11 月於深圳舉行的投資者日上做一些廣告。顯然，屆時我們將提供一些更長期的指導，可能包括必勝客餐廳的利潤率。

But just to briefly address your question, right. Speaking of Pizza Hut margin this year, as I mentioned in the prepared remarks, for second half, we expect the restaurant margin to slightly increase year-over-year for the second half and with a pretty significant outperformance in the first half by 110 basis points in restaurant margin expansion. For the full year, the Pizza Hut restaurant margin is actually improving pretty moderately and pretty nicely.

但只是簡單地回答一下你的問題，對吧。說到今年必勝客的利潤率，正如我在準備好的評論中提到的那樣，對於下半年，我們預計餐廳利潤率將同比略有增長，而上半年的餐廳利潤率將顯著提高 110 個基點。從全年來看，必勝客餐廳的利潤率實際上正在適度且良好地提高。

And then speaking of mid- to long run, Pizza Hut margin. We do see opportunities for improvement in all the three key line items for Pizza Hut's margin. And that's why in the previous earnings, we did mention that in the mid- to long run, hopefully, Pizza Hut's restaurant margin will improve to somewhere between where it is today and KFC.

然後談到中長期，必勝客的利潤率。我們確實看到了必勝客利潤率所有三個關鍵項目都有提升的機會。這就是為什麼在先前的收益中我們確實提到，從中長期來看，希望必勝客的餐廳利潤率能夠提高到現在和肯德基之間的水平。

So speaking of KFC COS, right, last year, the Pizza Hut COS was roughly 32.7%. This year, we guided a year-over-year improvement in COS. But for the longer term, our optimal COS range is always 31 plus or minus 1%. So there's good room for financial improvement there.

說到肯德基的 COS，去年必勝客的 COS 大約是 32.7%。今年，我們預計 COS 將年比有所改善。但從長期來看，我們的最佳 COS 範圍始終是 31 正負 1%。因此，那裡的財務狀況還有很大的改善空間。

For COL, currently, it's slightly north of 28% for Pizza Hut COL. And in the mid- to long run, given the efficiency improvement, given the streamline operations, given the automation and centralized of the processes, et cetera, we do see a little bit of COL improvement potential there as well.

對 COL 來說，目前，必勝客 COL 的比例略高於 28%。從中長期來看，考慮到效率的提高、精簡的營運、流程的自動化和集中化等等，我們確實也看到了一點 COL 改進的潛力。

And then for O&O, for A&P, right, as I mentioned in previous earnings, although we don't disclose the exact A&P split led by the 2 brands, but Pizza Hut A&P is a bit higher than KFC and then we do see potential there. Depreciation, right now, our previous capital standards for store at RMB1.2 million per store. And this quarter, as you noticed in our presentation, it's lower to RMB1.1 million to RMB1.2 million per store already.

然後對於 O&O、A&P，正如我在之前的收益中提到的那樣，雖然我們沒有披露這兩個品牌所佔的確切 A&P 份額，但必勝客的 A&P 份額略高於肯德基，我們確實看到了那裡的潛力。折舊，目前我們之前的門市資本標準是每家店120萬元。本季度，正如您在我們的介紹中看到的，每家店的成本已降至 110 萬元至 120 萬元人民幣。

So it's 5% to 10% down already. But if you think about the WOW store development, right, the capital expenditure for WOW store 650,000 to 850,000 per store. So with all that, you can expect to depreciate for Pizza Hut to also improve over the years to come.

所以已經下降了5%到10%。但如果你考慮WOW商店的發展，對的，WOW商店每家商店的資本支出為650,000到850,000。因此，綜合以上所有因素，你可以預期必勝客的股價在未來幾年內會有所貶值，但也會有所上漲。

So all in all, I would say there is good room for improvement for mid- to long run for restaurant margin. We have not yet give any guidance on a quantitative figure level, but we might do so in November. So let me advertise for Investor Day again, and thank you for that question.

總而言之，我認為從中長期來看餐廳利潤率還有很大的提升空間。我們尚未給出任何量化數字層面的指導，但我們可能會在 11 月給出。因此，請允許我再次為投資者日做廣告，感謝您的提問。

Chen Luo, Bank of America.

陳羅，美國銀行。

Hi, Joey, and I congrats again on the results.

嗨，喬伊，我再次恭喜你所取得的成績。

So my question is again related to the online platform delivery subsidy war starting from Q3. So is it fair to say that the majority of the subsidies are borne by the platforms and we only share a very limited portion of the subsidy. That's all my questions.

所以我的問題又與第三季開始的線上平台配送補貼戰有關。那麼是不是可以說大部分的補貼都是平台承擔的，我們分到的只是非常有限的一部分呢？這就是我所有的問題。

Thank you, Lou Chen.

謝謝你，樓晨。

So in terms of the subsidy and whether the merchant contribute to the subsidy, it's actually rather dynamic. In general, as you can imagine, the bigger merchants or bigger brands like ourselves, do enjoy more favorable subsidies and do enjoy a more favorable subsidy split.

因此，就補貼以及商家是否提供補貼而言，它實際上是相當動態的。總的來說，你可以想像，像我們這樣的大商家或大品牌確實享有更優惠的補貼，也享有更優惠的補助分成。

So sometimes the subsidy comes to adding to the entirety of the platform's expense. Sometimes, we do share a split given it's very commercially sensitive, we are not able to give exact guidance on the split, but you can imagine for the larger merchants like ourselves, we are doing a more favorable subsidy arrangement and subsidies that hopefully, that address your question Lou Chen.

因此有時補貼會增加整個平台的成本。有時，我們確實會分享分成，因為這在商業上非常敏感，我們無法就分成給出確切的指導，但你可以想像，對於像我們這樣的大型商家，我們正在製定更有利的補貼安排和補貼，希望這能回答你的問題 Lou Chen。

Just a follow-up question, if I may. So is it fair to say that the online platform subsidies won’t have any major impact on our margins in Q3?

如果可以的話，我只想問一個後續問題。那麼，是否可以說線上平台補貼不會對我們第三季的利潤率產生重大影響？

Well, Lou Chen, so we don't give quarterly guidance on margin. But for second half, right, as I mentioned, for KFC, we do expect the restaurant market to be relatively stable for the second half year over year. we do expect Pizza Hut margin to slightly increase for the second half year-over-year. This guidance actually took into account the subsidy by the aggregators and the current delivery dynamics. But for Q3 and Q4 split, we are not giving the guidance.

嗯，樓晨，我們不提供季度保證金指導。但對於下半年，正如我所提到的，對於肯德基，我們確實預計下半年餐廳市場將比去年同期相對穩定。我們確實預計必勝客的利潤率下半年將比去年同期略有成長。該指導實際上考慮了聚合商的補貼和當前的交付動態。但對於第三季和第四季的拆分，我們沒有給出指引。

But I do want to give a reminder that quarter four is typically our smaller quarter with smaller sales and more smaller profitability. So it's a bit more volatile there.

但我想提醒一下，第四季度通常是我們規模較小的季度，銷售額較小，獲利能力也較小。因此那裡的情況更加不穩定。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Thank you. Congrats on same-store sales turning positive in 2Q.

謝謝。恭喜第二季同店銷售額轉為正值。

A big piece of this at KFC was the average check change. Average check went from a 4% drag in the first quarter to a 1% tailwind in this quarter. Can you just talk more specifically on what drove that trend change from 1Q to 2Q? And do you anticipate average check at KFC to remain positive in 3 and 4Q and into '26?

肯德基的收入很大一部分來自平均帳單找零。平均支票從第一季的 4% 拖累變為本季的 1% 順風。您能否更具體地談談是什麼導致了從第一季到第二季的趨勢變化？您是否預期肯德基的平均收入在第三季和第四季以及 26 年將保持正值？

Thank you, Brian.

謝謝你，布萊恩。

So indeed, KFC ticket average was RMB38 for quarter 2, which is enjoying 1% tailwind. The strong growth in smaller orders caused a downward trend in TA for both delivery and dine-in, as I mentioned in the prepared remarks.

因此，肯德基第二季的平均票價為 38 元人民幣，享有 1% 的順風。正如我在準備好的發言中提到的那樣，小額訂單的強勁增長導致外賣和堂食的TA呈下降趨勢。

But this was offset by a higher delivery mix, which carries a higher ticket average for delivery. The mix impact actually more than offset the drop in tier in both the channels. For second half, we actually expect the downward trend in TA for both the delivery and dine-in to continue, and we aim to contain the Y-o-Y decline to low single-digit overall for KFC in the second half and maintain a relatively stable restaurant margin.

但這被更高的配送組合所抵消，配送組合帶來了更高的配送平均票價。混合效應實際上足以抵消兩個渠道層級的下降。對於下半年，我們實際上預期外送和堂食的TA下降趨勢將持續下去，我們的目標是將下半年肯德基的整體同比降幅控制在個位數以下，並保持相對穩定的餐廳利潤率。

So in other words, the impact of the decrease in TA for both the dine-in and delivery channel in the second half more than offset the increase in delivery mix and thereby, the TA for KFC will have a slight decrease year-over-year. And what I would like to caution is this decrease in TA is not necessarily caused by the promotion intensity with discounts. It's more caused by the mix and incremental small orders we're getting for both the dine-in and delivery channels. For instance, if you think about K-Coffee, the average TA is only mid-teens RMB, right? But that's incremental.

換句話說，下半年堂食和外賣通路TA的下降影響超過了外送組合的成長，因此肯德基的TA年比將略有下降。我想提醒的是，TA 的下降不一定是由折扣促銷強度造成的。這更多的是由於我們在堂食和外賣渠道獲得的混合和增量小訂單造成的。比如說K咖啡，平均TA也就十幾塊人民幣吧？但這是漸進的。

And that helps our incremental sales and profit.

這有助於我們增加銷售額和利潤。

That's definitely -- it's rational for us to definitely do as much as a business like that as possible, right? And similarly for breakfast, right, lower TA daypart, but we do have the opportunity of lots of incremental orders. So we do a bit of that. So the mix actually is the major factor that drives the lower TA. And then we do expect the margin to be stable year-over-year in the second half for KFC.

這絕對是——我們盡可能地開展這樣的業務絕對是合理的，對嗎？對於早餐來說也類似，TA 時段較低，但我們確實有機會獲得大量增量訂單。所以我們做了一些這樣的事。因此，組合實際上是導致 TA 降低的主要因素。我們確實預計肯德基下半年的利潤率將比去年同期保持穩定。

Thank you, Adrian. Let me add just 2 comments for this question, Brian. In the longer term, we are expanding our addressable market. So as Adrian mentioned, the drink, the smaller order but also lower tier cities as we enter even more aggressively to lower-tier city, the ticket average there is indeed lower, but the profit margin stay. That's key.

謝謝你，艾德里安。布萊恩，請允許我針對這個問題添加 2 則評論。從長遠來看，我們正在擴大我們的潛在市場。正如阿德里安所提到的，飲料的訂單較小，但隨著我們更積極地進入低線城市，那裡的平均票價確實較低，但利潤率保持不變。這很關鍵。

Secondly, in our business, the ultimate focus among all is to drive the same-store transaction growth which we are delivering. And because of our robust management of margins. So with the movement of the TA, even with the headwinds, we managed to protect the margin. And I think that capability is demonstrated even more than in Pizza Hut in KFC. So net-net, we do have a very balanced approach of TA profitability, big orders, smaller order, but the ultimate focus is same-store transaction growth.

其次，在我們的業務中，最終的重點是推動我們正在實現的同店交易成長。也因為我們對利潤的管理非常嚴格。因此，隨著 TA 的移動，即使面臨逆風，我們仍設法保護了利潤。我認為這種能力比必勝客和肯德基表現得更明顯。因此，總體而言，我們確實對 TA 盈利能力、大訂單、小訂單採取了非常平衡的方法，但最終的重點是同店交易增長。

Thank you, Brian.

謝謝你，布萊恩。

We will now take our next question from the line of Christine Peng from UBS.

我們現在來回答瑞銀的 Christine Peng 提出的下一個問題。

So my question is about the CapEx. So the earlier presentation, Adrian mentioned the CapEx guidance has been lowered from now the $600 million to $700 million. So Adrian, can you share with us more details in terms of the underlying reason for the CapEx cut? And any colors for 2026 or even beyond?

我的問題是關於資本支出。因此，在先前的演講中，Adrian 提到資本支出指引已從現在的 6 億美元下調至 7 億美元。那麼 Adrian，您能否與我們分享更多有關削減資本支出的根本原因的細節？2026 年或以後會有什麼顏色嗎？

Sure, Christine. Thanks for the question. So if you look at our guidance for CapEx, the previous guidance of $700 million to $800 million is assuming a same assumption of menu [net new] (added by company after the call) open 1,600 stores to 1,800 net new stores, and that target has not changed. So the key delta there is really the CapEx per store.

當然，克里斯汀。謝謝你的提問。因此，如果您查看我們的資本支出指導，您會發現之前的 7 億至 8 億美元指導是假設菜單 [淨新增]（公司在電話會議後添加）相同，開設 1,600 家門市至 1,800 家淨新增門市，並且該目標沒有改變。因此，關鍵的增量實際上是每家商店的資本支出。

As you may have noticed from our presentation uploaded earlier today, the CapEx per store for KFC have lowered from 1.5 million per store to around 1.4 million per store. I'm talking about RMB-yuan. And then the CapEx per store for Pizza has lowered from 1.2 million per store to 1.1 million per store. So with that 5% to 10% improvement in CapEx per store, we're lowering our guidance from $700 million to $800 million to $600 million to $700 million.

您可能已經從我們今天早些時候上傳的簡報中註意到，肯德基每家店的資本支出已從每家店 150 萬美元降至每家店 140 萬美元左右。我說的是人民幣。然後，Pizza 每家店的資本支出從 120 萬美元降至 110 萬美元。因此，隨著每家店資本支出提高 5% 至 10%，我們將指導金額從 7 億至 8 億美元下調至 6 億至 7 億美元。

Another perspective is if you think about first half actual, right, this year versus last year, there is a decrease in capital expenditure for the first half actual. And that, in addition to the lower CapEx per store, indeed, the lower equity net new opened for the first half is also partially contributing to that. But as we mentioned, we do expect the second half of net new open to pick up in pace, and we are quite confident in our ability to achieve our guidance of the net new open 1,600 to 1,800 range. So hopefully, that address your question, Christine.

另一個角度是，如果你考慮上半年的實際情況，那麼今年與去年相比，上半年的實質資本支出減少。而且，除了每家店的資本支出較低之外，上半年新開店的股權淨額較低也是造成這現象的部分原因。但正如我們所提到的，我們確實預計下半年淨新開戶數量將加快，並且我們對實現淨新開戶數量 1,600 至 1,800 範圍的指導目標的能力非常有信心。希望這能回答你的問題，克莉絲汀。

Can I just follow up? Any indication in terms of the trend beyond -- in 2026 and beyond, will this trend be continuing, meaning that in the future, should we expecting $600 million, $700 million of CapEx per year? Or is there any further room to cut the CapEx?

我可以跟進一下嗎？有沒有跡象表明，2026 年及以後的趨勢會持續下去，這意味著未來我們是否應該預期每年的資本支出為 6 億美元、7 億美元？或是有進一步削減資本支出的空間嗎？

Sure, sure. I mean, I originally plan to give this guidance in November. But I think qualitatively, you're right that going forward for capital expenditure per year, will be similar to our guidance for this year. And then we are keeping our equity net relatively stable year-over-year. And then obviously, franchising is incremental on top of that.

當然，當然。我的意思是，我原本計劃在 11 月給予這項指導。但我認為，從品質上講，您說得對，未來每年的資本支出將與我們今年的預期相似。然後，我們將保持股權淨額逐年相對穩定。顯然，特許經營是在此基礎上逐步實現的。

And obviously, franchising is not taking any capital expenditure. So hopefully, with that in mind with the improvement in profitability, operating cash flow, if with a relatively stable capital expenditure, our free cash flow will increase at a nice pace. Thank you, Christine.

顯然，特許經營不需要任何資本支出。因此，希望考慮到獲利能力和經營現金流的提高，如果資本支出相對穩定，我們的自由現金流將以良好的速度成長。謝謝你，克里斯汀。

Sijie Lin, CICC.

林思傑，中金公司。

Thank you, Joe and Adrian.

謝謝你，喬和阿德里安。

So I have one question on the franchise mix because we are seeing the franchise mix of store opening quickly achieved our previous guidance. So when we decide whether to open 1 franchise store instead of 1 company-owned store because of macro uncertainty or we decided to open one franchise store only because this location is only suitable for a franchise store in the foreseeable future. I mean, I'm asking this because after all, the profit contribution of 1 franchise store is less than 1 owned store, right? So trying to understand how to achieve the optimal balance and maximize profit?

因此，我對特許經營組合有一個疑問，因為我們看到開店的特許經營組合很快就達到了我們之前的預期。因此，當我們決定是否因為宏觀不確定性而開設 1 家特許經營店而不是 1 家公司自營店時，或者我們決定只開設 1 家特許經營店，因為這個位置在可預見的未來只適合開設特許經營店。我的意思是，我之所以問這個問題，是因為畢竟 1 家特許經營店的利潤貢獻小於 1 家自營店，對嗎？那麼，想了解如何達到最佳平衡並實現利潤最大化嗎？

Thank you, Sijie. The context of accelerating franchisee store is based on one alignment within our company, which is the franchise store are incremental because our equity stores actually are fairly profitable. So it would make sense to our business if we open incremental franchise.

謝謝你，思傑。加速特許經營店的背景是基於我們公司內部的一個一致性，即特許經營店是漸進式的，因為我們的股權店實際上是相當有利可圖的。因此，如果我們開放增量特許經營權，這對我們的業務來說是有意義的。

So there are 2 types of franchise stores we are talking about. And internally, we are quite clear about the focus in strategy. One is the lower-tier cities, stores that are probably more effective to be managed by franchisee and sort of our management efficiency in those locations are not as good as franchisee, and those are 1 type of incremental franchise store.

所以我們談論的特許經營店有兩種類型。在內部，我們對戰略重點非常清楚。一類是低線城市，這些門市可能更適合由加盟商來管理，而我們在這些地區的管理效率不如加盟商，這些是增量加盟店的一種。

So lower-tier city. Second is strategic channels, such as certain stores in sort of high traffic sort of the high-speed rail location or tourist location, certain sites that we could not obtain, but the franchisee had. So those are what we call strategic channel franchisee stores. These are the 2 focus.

所以是低線城市。第二是戰略管道，例如位於人流量大的地方，例如高鐵站或旅遊景點的某些門市，還有一些我們無法獲得但加盟商可以獲得的地點。這就是我們所說的策略通路特許經營店。這是兩個重點。

Ethan Wang, CLSA.

里昂證券的 Ethan Wang。

Thank you. Good evening.

謝謝。晚安.

So my question is competition because it seems many other restaurants or drinks company are being pretty active in this round of delivery subsidies battle. But for us, it seems we're just doing things our own way. And Joey mentioned the company has learned a lesson back in 2017.

所以我的問題是競爭，因為似乎許多其他餐廳或飲料公司在這一輪外送補貼爭奪戰中非常活躍。但對我們來說，似乎我們只是用自己的方式做事。喬伊提到，公司在 2017 年已經學到教訓了。

So I'm just wondering when everyone else is doing a lot of promotions in some way, it may sacrifice the margin trying to take market share. What's our take on that? And at the same time, do we think the competition environment actually worsens in the second quarter? That's my question.

所以我只是想知道，當其他人都在以某種方式進行大量促銷時，它可能會犧牲利潤率來搶佔市場份額。我們對此有何看法？同時，我們是否認為第二季的競爭環境實際上會惡化？這就是我的問題。

Thank you, Ethan.

謝謝你，伊森。

Well, the China market is always very competitive. It's just in different forms and shape. So quarter two happened, it's slightly unexpected, but thank god that we have learned few lessons. And one lesson, as I mentioned earlier, one lesson we learned is we don't buy sales.

嗯，中國市場競爭一直非常激烈。只是形式和形狀不同。所以第二季發生了，這有點出乎意料，但感謝上帝，我們學到了一些教訓。正如我之前提到的，我們學到的一個教訓是，我們不購買銷售。

Back to 2017, KFC business was very robust, and we have a nice balance of the incremental sales we can get versus the margin. And Pizza Hut, actually, that was before I managed the Pizza Hut’s business was going a bit quite aggressive to get the subsidies to get the incremental sales. But then by 2018, obviously, when the subsidy was pulled, then the business sales suffer quite a bit. So we have seen how things play out.

回顧 2017 年，肯德基的業務非常強勁，我們在增量銷售額和利潤率之間取得了良好的平衡。事實上，在我管理必勝客業務之前，必勝客已經採取了相當激進的措施來獲得補貼，以實現增量銷售。但到了 2018 年，補貼取消後，業務銷售顯然會受到很大影響。我們已經看到事情如何發展。

So by the time quarter two, this platform competition happened we know that we have to have a good balance. And the bottom line is we don't buy sales. And we took our time to learn in a small scale about how the sort of the numbers work. And we realized that the focus for the hyper competition was on the smaller order, mainly the drinks..

因此，到了第二季度，當平台競爭發生時，我們知道我們必須保持良好的平衡。底線是，我們不購買銷售。我們花了一些時間小規模地了解這些數字是如何運作的。我們意識到超級競爭的焦點是較小的訂單，主要是飲料。

But we also aware out the certain threshold of the ticket average we need to protect the price integrity need to protect. Otherwise, it just does not work. The numbers don't work. So we took our time to test the dynamic between different moving pieces. And then we figure out what to do.

但我們也意​​識到，我們需要保護票價的完整性，以達到一定的平均票價門檻。否則，它根本不起作用。這些數字不起作用。因此，我們花時間測試不同移動部件之間的動態。然後我們再想想該做什麼。

And I think so far, we have maintained a good balance between the incremental sales in delivery and also the price equity the price perception. But at the same time, set it up the business in a way that we also see how to grow the delivery business in the long term, particularly via our Super App, our own delivery -- our own takeaway business, et cetera, et cetera. So I think overall, we see the balance -- as a result, we see the balanced growth of the sales and protect the margin and nice OP growth. Adrian, any further comments?

我認為到目前為止，我們在交付的增量銷售和價格公平性以及價格感知之間保持了良好的平衡。但同時，我們以一種方式來設定業務，我們也看到瞭如何長期發展配送業務，特別是透過我們的超級應用程式、我們自己的配送——我們自己的外送業務等等。所以我認為總體而言，我們看到了平衡——因此，我們看到了銷售額的平衡成長並保護了利潤率和良好的營業利潤成長。阿德里安，還有其他評論嗎？

No, I think that's pretty much.

不，我認為差不多就是這樣。

Thank you, Adrian.

謝謝你，艾德里安。

Thank you, Joey and also Adrian. This concludes our Q&A session. Before we end the call, we are delighted to announce that our Investor Day will be hosted on November 17 in Shenzhen this year. If you're interested in joining, please contact the IR team. Thank you for joining the call today.

謝謝你，喬伊，還有艾德里安。我們的問答環節到此結束。在結束通話之前，我們很高興地宣布，我們的投資者日將於今年 11 月 17 日在深圳舉行。如果您有興趣加入，請聯絡 IR 團隊。感謝您今天參加電話會議。

Thank you all.

謝謝大家。

Thank you.

謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

感謝大家參加今天的會議。該計劃確實就此結束。現在您可以斷開線路了。