Yum China Holdings Inc (YUMC) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Yum China’s third quarter 2025 earnings conference call.

您好，感謝您的耐心等待。歡迎參加百勝中國2025年第三季財報電話會議。

(Operator Instructions) Please be advised that today’s conference is being recorded. I would now like to turn the call over to our first speaker today, Ms. Florence Lip. Please go ahead.

（操作員說明）請注意，今天的會議正在錄音。現在，我想把電話交給今天的第一位發言人，佛羅倫斯·利普女士。請繼續。

Thank you, Operator. Hello everyone, and welcome to Yum China’s third quarter 2025 earnings conference call. With me on the call are our CEO, Ms. Joey Wat; and our CFO Mr. Adrian Ding.

謝謝接線生。大家好，歡迎參加百勝中國2025年第三季財報電話會議。與我一同參加電話會議的還有我們的執行長Joey Wat女士和我們的財務長Adrian Ding先生。

Before we begin, I need to remind everyone that our remarks and investor materials contain forward-looking statements. These are subject to future events and uncertainties, and actual results may differ materially.

在開始之前，我需要提醒大家，我們的發言和投資者資料中包含前瞻性陳述。這些預測受未來事件和不確定因素的影響，實際結果可能與預測有重大差異。

Please consider these forward-looking statements together with the cautionary statement in our earnings release and the risk factors included in our SEC filing. We’ll also be talking about non-GAAP financial measures.

請將這些前瞻性陳述與我們獲利報告中的警示性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併考慮。我們也會討論非GAAP財務指標。

We encourage you to review the comparable GAAP measures along with the reconciliation of non-GAAP and GAAP measures provided in our earnings release, which is available on our investor relations website at ir.yumchina.com.

我們鼓勵您查閱我們獲利報告中提供的可比較GAAP指標以及非GAAP指標與GAAP指標的調節表，該報告可在我們投資者關係網站ir.yumchina.com上查閱。

You can also find both the webcast replay and a power-point presentation on our IR website. Please note that all year-over-year growth rates discussed today exclude the impact of foreign currency unless we mention otherwise.

您也可以在我們的投資者關係網站上找到網路直播回放和 PowerPoint 簡報。請注意，除非另有說明，今天討論的所有同比增速均不包括外匯匯率的影響。

With that, I’ll now turn the call over to Joey Wat, CEO of Yum China. Joey.

接下來，我將把電話交給百勝中國執行長屈毅偉。喬伊。

Hello everyone, and thank you for joining us. Building on our first-half momentum, we achieved another solid quarter three, accelerating store openings, driving growth in both same-store and system sales, and expanding margins.

大家好，感謝各位的參與。延續上半年的良好勢頭，我們在第三季度又取得了穩健的業績，加快了門市開業速度，推動了同店銷售額和系統銷售額的成長，並擴大了利潤率。

Delivering growth across all three dimensions was no easy task, but we made it happen. System sales grew 4% year-over-year, outpacing the China restaurant industry. Same-store sales grew for the second consecutive quarter.

要實現所有三個維度的成長並非易事，但我們做到了。系統銷售額年增 4%，超過了中國餐飲業的整體成長速度。同店銷售額連續第二季成長。

Restaurant margin expanded to 17.3%. Together, these gains drove an 8% year-over-year increase in operating profit to $400 million. A quarter three record for adjusted operating profit.

餐廳利潤率擴大至 17.3%。這些收益共同推動營業利潤年增 8%，達到 4 億美元。第三季調整後營業利潤創歷史新高。

These results reflect the resilience of our established LGM strategy, which stands for Resilience, Growth, and Moat, and the steadfast execution of our teams in a dynamic market. Store expansion accelerated in quarter three, with 536 net new stores.

這些結果反映了我們既定的 LGM 策略（代表韌性、成長和護城河）的韌性，以及我們團隊在動態市場中堅定不移的執行力。第三季門市擴張速度加快，淨新增門市 536 家。

Our total store count exceeded 17,500 stores, keeping us on track to reach 20,000 stores by the end of 2026, as we promised in our last investor day. Leveraging our portfolio of brands and flexible store formats, we are penetrating deeper into more cities while enhancing convenience in existing cities.

我們的門市總數已超過 17,500 家，這使我們能夠按計劃在 2026 年底前達到 20,000 家門市的目標，正如我們在上次投資者日上承諾的那樣。憑藉我們旗下的品牌組合和靈活的門市形式，我們正在更深入地滲透到更多城市，同時提升現有城市的便利性。

By brand, KFC is as resilient as ever, with 2% same-store sales growth, strong and steady restaurant margins, and a year-to-date record pace of new store openings.

從品牌角度來看，肯德基依然保持著強勁的韌性，同店銷售額增長了 2%，餐廳利潤率穩定且強勁，並且今年迄今為止新店開業速度創下紀錄。

Pizza Hut accelerated store openings from the first half of 2025, surpassing the 4,000 store milestone while expanding restaurant margins year-over-year for the sixth consecutive quarter. Our dual focus on innovation and operational efficiency underpins our success.

必勝客從 2025 年上半年開始加快門市開設速度，門市數量突破 4000 家大關，同時連續第六個季度實現餐廳利潤率同比增長。我們之所以能夠取得成功，是因為我們始終將創新和營運效率放在首位。

Starting with our sales initiatives, we have delivered same-store transaction growth every quarter since 2023. Eleven in a row. Notably, Pizza Hut has achieved 17% same-store transaction growth for three consecutive quarters.

從我們的銷售措施開始，自 2023 年以來，我們每季都實現了同店交易量的成長。連勝11場。值得注意的是，必勝客已連續三個季度實現同店交易額 17% 的成長。

These results highlight the success of our pricing strategy, keeping KFC price points relatively steady and lowering them at Pizza Hut amid improving restaurant margins. By making our food more accessible to more consumers, we attract more traffic.

這些結果凸顯了我們定價策略的成功，在維持肯德基價格相對穩定的同時，降低了必勝客的價格，並提高了餐廳的利潤率。透過讓更多消費者更容易買到我們的食品，我們就能吸引更多客流量。

At the same time, we have transformed our operations for better efficiency. Great value and great prices must be accompanied by innovative, good-tasting food.

同時，我們也對營運方式進行了改革，以提高效率。物美價廉的產品必須具備創新性和美味可口的口感。

Our focus spans three key areas, hero products, limited-time offers, and new growth drivers. First, our hero products remain powerful growth drivers and inspire strong repeat purchases. At KFC, chicken wings have been one of our core categories, featuring our hero products, roasted wings and hot wings.

我們的重點涵蓋三個關鍵領域：明星產品、限時優惠和新的成長動力。首先，我們的明星產品仍然是強勁的成長動力，並能激發消費者強烈的重複購買意願。在肯德基，雞翅一直是我們的核心產品類別之一，其中包括我們的招牌產品——烤雞翅和辣雞翅。

We extended this core category with the launch of the latest Crackling Golden Chicken Wings (spoken in foreign language). Extra crispy outside, juicy inside. This Chinese-style wing is packed with a sweet and spicy garlic punch.

我們透過推出最新香脆黃金雞翅，拓展了這核心品類。（用外語說）外皮酥脆，內裡鮮嫩多汁。這款中式雞翅充滿了甜辣蒜蓉的濃鬱風味。

During the promotion, sales of the new wings surged, matching the popularity of our roasted wings and showing great potential as a future growth engine. At Pizza Hut, pizzas account for over 40% of sales, with double-digit sales growth this quarter.

促銷期間，新雞翅的銷售量激增，與烤雞翅的受歡迎程度不相上下，展現出作為未來成長引擎的巨大潛力。在必勝客，披薩的銷售額佔總銷售額的 40% 以上，本季銷售額實現了兩位數的成長。

We serve a broad range of pizzas, including pan and stuffed crust to satisfy diverse tastes. Most recently, our new handcrafted thin crust pizza, Suzhou Baodie Pizza, became our best-selling crust within just two months of launch, now making up one in every three pizzas sold.

我們提供各種披薩，包括厚底披薩和芝心披薩，以滿足不同的口味。最近，我們新推出的手工薄皮披薩——蘇州寶蝶披薩，在短短兩個月內就成為我們最暢銷的餅底，現在每售出三個披薩中就有一個是這種餅底。

Perfectly crispy, with abundant toppings, it earned rave reviews and drove promising repeat purchases. Second is our LTOs, or limited-time offers.

這款產品外皮酥脆，配料豐富，獲得了極高的評價，並帶來了可觀的回頭客。其次是我們的限時優惠活動 (LTO)。

We keep our core menu focused to ensure operational efficiency while introducing highly selected products for limited-time periods to drive repeat visits. These offerings are not one-time wonders.

我們保持核心菜單的精簡，以確保營運效率，同時在限定時間內推出精選產品，以吸引顧客再次光顧。這些產品並非曇花一現。

They are designed for lasting appeal, in some cases enduring for decades. (spoken in foreign language) KFC has developed several classic LTOs with a proven sales record that return periodically, such as chicken taco and double-done.

它們的設計旨在經久耐用，有些甚至可以持續數十年。（用外語說）肯德基開發了幾款經典的限時特供產品，這些產品擁有良好的銷售記錄，並會定期回歸，例如雞肉塔可和雙層雞肉。

Each time we add fresh twists, like our spicy beef wrap with crunchy lotus root (spoken in foreign language), which became a best-selling beef wrap LTO in the last four years. Third, we are constantly exploring new growth drivers.

我們每次都會加入一些新花樣，例如我們的辣牛肉捲配脆蓮藕（外語），這款牛肉捲在過去四年裡一直是銷量最好的限時特供牛肉捲。第三，我們不斷探索新的成長動力。

New products such as KFC’s whole chicken, along with Pizza Hut’s burgers, are showing strong growth. We also see opportunities across our price ranges. Entry-level combos at KFC and entry-level pizzas at Pizza Hut achieved double-digit sales growth year-to-date.

肯德基的全雞和必勝客的漢堡等新產品都呈現出強勁的成長動能。我們也看到了各個價格區間內的機會。今年迄今為止，肯德基的入門級套餐和必勝客的入門級披薩的銷售額均實現了兩位數的成長。

Taking it a step further, KFC is now exploring satisfying meals priced below CNY20 to better reach customers with tighter budgets via select channels in some regions. These initiatives will also strengthen our relevance and appeal in lower-tier cities.

肯德基更進一步，正在探索推出價格低於20元人民幣的美味套餐，以便透過部分地區的特定管道更好地服務預算較為緊張的顧客。這些措施也將增強我們在低線城市的影響力和吸引力。

With our menu innovation and superb supply chain, we deliver outstanding value and drive traffic to our store at solid margins. While great-tasting food is fundamental, emotional value is just as important.

憑藉我們不斷創新的菜單和卓越的供應鏈，我們以穩健的利潤率提供卓越的價值並吸引客流到我們的門市。美味的食物固然重要，但情感價值也同樣重要。

We collaborate with leading IPs in animation, gaming, and sports on themed food, packaging, and gifts, attracting new and young customers. In quarter three, delivery sales accounted for 51% of total sales, up from 40% in the same quarter last year.

我們與動畫、遊戲和運動領域的領先IP合作，推出主題食品、包裝和禮品，吸引新的年輕客戶。第三季度，送貨上門銷售額佔總銷售額的 51%，高於去年同期的 40%。

While there have been increased promotions on delivery platforms, as we discussed before, our core brands maintain a balanced approach, driving top-line growth while protecting margins. K-Coffee Cafe took the opportunity to increase exposure and drive additional traffic, and Lavazza achieved double-digit same-store sales growth in quarter three.

雖然外送平台上的促銷活動有所增加，但正如我們之前討論的那樣，我們的核心品牌保持著平衡的策略，在推動營收成長的同時保護利潤率。K-Coffee Cafe 藉此機會增加了曝光度並帶來了更多客流量，Lavazza 在第三季度實現了兩位數的同店銷售額增長。

Let me now turn the call over to Adrian to discuss our results in detail. Afterward, I will share additional color on our strategy. Adrian?

現在我將把電話交給艾德里安，讓他詳細討論我們的結果。之後，我將進一步闡述我們的策略。阿德里安？

Thank you, Joey. Let me now update key highlights by brand. Let me start with KFC. KFC opened a record of 402 net new stores in quarter three, expanding its portfolio to 12,640 stores. System sales grew 5%. Same-store sales grew 2%, led by same-store transaction growth of 3%.

謝謝你，喬伊。現在讓我按品牌更新重點亮點。先說說肯德基。肯德基第三季新增門市數量創下紀錄，淨增加 402 家，門市總數達到 12,640 家。系統銷售額成長了5%。同店銷售額成長 2%，其中同店交易量成長 3%。

Ticket average was CNY38, down 1%, primarily due to the rapid growth of smaller orders. Our side-by-side modules grew nicely and delivered incremental sales and profits. K-Coffee Cafe expanded to 1,800 locations, well ahead of our expectations.

平均客單價為人民幣38元，下降1%，主因是小額訂單快速成長。我們的並排式模組發展良好，帶來了不斷增長的銷售額和利潤。K-Coffee Cafe 的門市數量已擴展至 1800 家，遠遠超出了我們的預期。

Daily cups sold per store increased 30% year-over-year in quarter three, driven by strong menu innovations and platform promotions. We saw strong repeat purchases, particularly for our most popular beverages, Sparkling Americano Series, riding on strong summer demand.

第三季度，每家門市每日售出的杯裝咖啡數量年增 30%，這主要得益於強勁的菜單創新和平台促銷活動。我們看到回頭客很多，尤其是我們最受歡迎的飲料——美式氣泡咖啡系列，這得益於夏季的強勁需求。

Sales of this signature series grew over 50% quarter-on-quarter. Similar to K-Coffee Cafe, K-Pro also enjoys synergy with KFC by sharing its store space, in-store resources, and membership programs, offering lighter options such as energy bowls and superfood smoothies.

該系列產品的銷量較上月成長超過 50%。與 K-Coffee Cafe 類似，K-Pro 也透過共享其店鋪空間、店內資源和會員計劃與肯德基實現協同效應，提供能量碗和超級食品冰沙等更輕盈的選擇。

K-Pro is designed to capture the fast-growing light meal market. It stands out with its excellent value for money and KFC’s trusted quality standards. We have expanded K-Pro to 100 locations.

K-Pro旨在搶佔快速成長的輕食市場。它以極高的性價比和肯德基值得信賴的品質標準脫穎而出。我們已將 K-Pro 的門市數量擴展到 100 家。

Initial results have been encouraging. We’re continuing to refine the model and plan to scale it further, primarily across higher-tier cities.

初步結果令人鼓舞。我們正在不斷完善該模型，並計劃進一步擴大其規模，主要是在高線城市。

Our membership data indicates that a significant majority of our members have yet to try K-Coffee and K-Pro. As such, we see huge potential for growth. Now, turning to Pizza Hut.

我們的會員資料顯示，絕大多數會員尚未嘗試過 K-Coffee 和 K-Pro。因此，我們看到了巨大的成長潛力。現在，讓我們來看看必勝客。

Pizza Hut surpassed the 4,000-store milestone in quarter three. Store openings accelerated, with 298 net new stores year-to-date, keeping us on track for double-digit percentage growth in total store count for 2025.

必勝客在第三季門市數量突破了 4000 家大關。門市開幕速度加快，今年迄今淨增門市 298 家，使我們預計在 2025 年實現門市總數兩位數百分比的成長。

System sales growth sequentially improved from 2% in quarter one to 3% in quarter two and 4% in quarter three. Same-store sales growth was 1%, driven by 17% same-store transaction growth for the third consecutive quarter.

系統銷售成長率從第一季的 2% 逐季提高到第二季的 3% 和第三季的 4%。同店銷售額成長1%，主要得益於同店交易量連續第三個季度成長17%。

Ticket average was CNY70, down 13% year-over-year, in line with our strategic focus on the mass market segment. Alongside our investments in food and value-for-money offerings, we improved restaurant margins by 60 basis points by streamlining operations and enhancing supply chain efficiency.

平均票價為人民幣70元，年減13%，符合我們專注於大眾市場的戰略重點。除了對食品和物有所值的商品進行投資外，我們還透過簡化營運和提高供應鏈效率，將餐廳利潤率提高了 60 個基點。

(inaudible) Wow has expanded to 250 stores, adding nearly 50 stores year-to-date with its low-CapEx model and streamlined operations. These openings have taken us into 40 new cities with no prior Pizza Hut presence.

（聽不清楚）憑藉低資本支出模式和精簡的運營，Wow 已擴展到 250 家門市，今年迄今新增了近 50 家門市。這些新店的開幕使我們進入了 40 個之前沒有必勝客門市的城市。

We’ll continue to ramp up new Wow store openings, primarily focusing on lower-tier cities. Let me now go through our quarter three P&L.

我們將繼續加強開設新的魔獸世界商店，主要集中在低等級城市。現在讓我來看看我們第三季的損益。

System sales grew 4% year-over-year, and same-store sales grew 1%, both in line with our targets. Our restaurant margin was 17.3%, 30 basis points higher year-over-year.

系統銷售額年增 4%，同店銷售額年增 1%，均符合我們的目標。我們的餐廳利潤率為 17.3%，比去年同期成長了 30 個基點。

Savings in cost of sales and occupancy and other costs offset increases in cost of labor. Cost of sales was 31.3%, 40 basis points lower year-over-year.

銷售成本、租金和其他成本的節省抵消了勞動成本的增加。銷售成本為 31.3%，較去年同期下降 40 個基點。

Our continued efforts to optimize supply chain efficiency and favorable commodity prices contributed to the improvement. This enabled us to pass some of the savings to customers, offering great value for money.

我們持續努力優化供應鏈效率，加上有利的商品價格，都對績效的提升起了促進作用。這使我們能夠將部分節省的成本回饋給客戶，從而提供物超所值的服務。

Cost of labor was 26.2%, 110 basis points higher year-over-year. While non-rider costs as percentage of sales remained relatively stable year-over-year, the higher delivery mix led to higher rider costs overall.

勞動成本為 26.2%，較上年同期高出 110 個基點。雖然非騎士成本佔銷售額的百分比比去年同期保持相對穩定，但配送比例的提高導致騎士成本整體上升。

We continue to optimize store operations to partially offset wage inflation and the impact of higher delivery mix. Occupancy and other was 25.2%, 100 basis points lower year-over-year, as a result of better rent and store CapEx optimizations.

我們將繼續優化門市運營，以部分抵消薪資上漲和外賣比例上升的影響。由於租金和門市資本支出優化，入住率和其他指標為 25.2%，較去年同期下降 100 個基點。

GMA expenses were 4.5% of revenue, even with the prior year period. Our OP margin was 12.5%, 40 basis points higher year-over-year, primarily driven by improved restaurant margin.

即使與去年同期相比，GMA 支出也佔收入的 4.5%。我們的營業利益率為 12.5%，比上年同期成長 40 個基點，主要得益於餐廳利潤率的提高。

Operating profit was $400 million, growing 8% year-over-year. Core OP also grew 8% year-over-year. Effective tax rate was 27.6%, 30 basis points higher year-over-year. Net income was $282 million, 5% lower year-over-year.

營業利潤為 4 億美元，年增 8%。核心營業利潤也較去年同期成長了 8%。實際稅率為27.6%，較上年同期高出30個基點。淨利為2.82億美元，年減5%。

Excluding our investment in Meituan, net income grew 7% year-over-year. Our investment in Meituan had a negative impact of $8 million in quarter three, compared to a positive impact of $26 million in quarter three last year.

不計入我們對美團的投資，淨利年增7%。我們對美團的投資在第三季產生了 800 萬美元的負面影響，而去年同期則產生了 2,600 萬美元的正面影響。

As a reminder, we recognize $8 million less in interest income in quarter three this year due to a lower cash balance resulting from the cash we returned to shareholders and lower interest rates.

提醒各位，由於我們向股東返還現金以及利率下降導致現金餘額減少，今年第三季我們確認的利息收入減少了 800 萬美元。

Diluted EPS was $0.76, 1% lower year-over-year, or up 11% year-over-year, excluding the impact from our Meituan investment. Let’s now move on to capital returns to shareholders.

稀釋後每股收益為 0.76 美元，年減 1%，若不計入對美團投資的影響，則較去年同期成長 11%。現在讓我們來談談股東的資本回報。

Year-to-date, we returned a total of $950 million to shareholders, including $682 million in share repurchases and $268 million in dividends.

今年迄今為止，我們已向股東返還了 9.5 億美元，其中包括 6.82 億美元的股票回購和 2.68 億美元的股息。

In September, we announced an additional $270 million share repurchase program on top of the $866 million previously announced for 2025, with a quarterly dividend of $0.24 per share. We’re on track to return a total of approximately $1.5 billion to shareholders in 2025.

9 月，我們宣布了一項額外的 2.7 億美元股票回購計劃，該計劃是在先前宣布的 2025 年 8.66 億美元股票回購計劃的基礎上追加的，並按季度向每股派發 0.24 美元的股息。我們預計在 2025 年向股東返還約 15 億美元。

From 2024 to 2026, we are committed to returning approximately $1.5 billion each year to shareholders, or annually around 8%-9% of our current market cap. Our cash position remains healthy, with $2.7 billion in net cash as of the end of quarter three.

從 2024 年到 2026 年，我們承諾每年向股東返還約 15 億美元，相當於我們目前市值的每年 8%-9% 左右。截至第三季末，我們的現金狀況依然良好，淨現金達27億美元。

Turning to our outlook, we accelerated store openings in quarter three, bringing our year-to-date net new store counts to 1,119. This keeps us on track for 1,600-1,800 net new stores in 2025. Franchise mix of net new stores year-to-date was 41% for KFC and 27% for Pizza Hut.

展望未來，我們在第三季加快了門市開幕速度，使今年迄今的淨新增門市數量達到 1,119 家。這將使我們預計在 2025 年實現淨新增 1600-1800 家門市的目標。今年迄今，新增門市中，特許經營店佔 41%，必勝客佔 27%。

We expect similar ratios for the full year, in line with our target ranges of 40%-50% for KFC and 20%-30% for Pizza Hut. Our 2025 CapEx target of $600 million to $700 million remains unchanged. Per-store CapEx for new openings continues to decrease.

我們預計全年比例將與此類似，符合我們設定的肯德基 40%-50% 和必勝客 20%-30% 的目標範圍。我們2025年的資本支出目標仍為6億至7億美元。新店開幕的單店資本支出持續下降。

KFC per-store CapEx has decreased from RMB1.5 million in 2024 to RMB1.3 million to RMB1.4 million currently, while Pizza Hut has fallen from RMB1.2 million in 2024 to RMB1.0 million to RMB1.1 million.

肯德基單店資本支出已從 2024 年的 150 萬元人民幣降至目前的 130 萬元人民幣至 140 萬元人民幣，而必勝客單店資本支出已從 2024 年的 120 萬元人民幣降至目前的 100 萬元人民幣至 110 萬元人民幣。

For quarter four. With solid new store openings, we remain on track for mid-single-digit system sales growth. Predicting same-store sales growth is always challenging, but our goal is to keep quarter four same-store sales growth at similar levels as quarter three.

第四季。隨著新店穩步開業，我們仍有望實現中等個位數的系統銷售成長。預測同店銷售成長總是具有挑戰性的，但我們的目標是讓第四季同店銷售成長與第三季保持相似的水平。

We’re also working hard toward achieving our 12th consecutive quarter of positive same-store transaction growth.

我們也正在努力實現連續第 12 季同店交易額正成長的目標。

On margins, we continue to expect core operating profit margins for the second half to be slightly higher year-over-year, with quarter four broadly in line with last year due to tougher year-over-year comparisons.

在利潤率方面，我們仍然預計下半年核心營業利潤率將比上年略高，而第四季度由於同比基數較高，與去年基本持平。

Last year’s base benefited from Project Fresh Eye and Red Eye, while high rider costs from a larger delivery mix remain a headwind. We’ll focus on enhancing efficiency to mitigate these headwinds.

去年，其基礎受益於「新鮮眼」項目和「紅眼」項目，而配送業務量增加帶來的高昂騎士成本仍然是一個不利因素。我們將集中精力提高效率，以應對這些不利因素。

As a reminder, quarter four is traditionally our low season, with smaller sales and profits. Overall, we remain committed to meeting our full-year targets of mid-single-digit system sales growth and moderately improved margins.

再次提醒大家，第四季通常是我們的淡季，銷售額和利潤都會較低。整體而言，我們仍致力於實現全年目標，即係統銷售額實現中等個位數成長，利潤率適度提高。

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

那麼，現在讓我把麥克風交還給喬伊，請她作總結發言。

Thank you, Adrian. Let me share a few thoughts on our strategy. On the front end, our multi-brand portfolio, diverse modules, and offerings cater to a wide range of customer segments and occasions.

謝謝你，艾德里安。讓我分享一下我們策略的一些想法。在前端，我們的多品牌組合、多樣化的模組和產品能夠滿足廣泛的客戶群和各種場合的需求。

Through continuous innovation, we unlock new opportunities that drive incremental sales. On the back end, we are fostering even greater synergies.

透過持續創新，我們發掘新的機遇，從而推動銷售成長。在後端，我們正在促進更大的協同效應。

We expect more sharing, centralization, and consolidation of resources in and across stores, regions, and even brands. This will enable deeper market penetration and faster, more efficient expansion.

我們預期商店、地區甚至品牌內部及跨品牌的資源共享、集中化和整合將會增加。這將有助於更深層的市場滲透和更快、更有效率的擴張。

For example, Meta and LGM manage multiple stores and support rapid store portfolio expansion. Side-by-side modules share KFC’s in-store resources and membership programs to drive additional sales and profits with lighter investments and upgrading courses.

例如，Meta 和 LGM 管理多家門市，並支持門市組合的快速擴張。並排模組共享肯德基的店內資源和會員計劃，以較少的投資和升級課程來推動額外的銷售額和利潤。

We see tremendous opportunity ahead of us as we leverage synergies to grow our businesses while protecting margins. We are excited about our growth potential and look forward to sharing more at our investor day.

我們看到了巨大的機遇，我們將利用綜效發展業務，同時保護利潤率。我們對自身的成長潛力感到興奮，並期待在投資者日上與大家分享更多資訊。

Before we turn to Q&A, let me recap the three key takeaways from today. First, our dual focus on innovation and operational efficiency enabled us to deliver yet another quarter of solid results.

在進入問答環節之前，讓我先回顧一下今天總結的三個重點。首先，我們對創新和營運效率的雙重重視使我們能夠再次取得穩健的季度業績。

We accelerated store openings, recorded 1% same-store sales growth, and expanded margins, delivering growth across all three dimensions. Second, we grew our businesses by leveraging synergies while protecting margins.

我們加快了門市開設速度，實現了 1% 的同店銷售額成長，並擴大了利潤率，在所有三個方面都實現了成長。其次，我們透過發揮綜效，同時保持利潤率，實現了業務成長。

KFC’s K-Coffee Cafe expansion is ahead of plan, and both Ka Yeung and Pizza Hut Wow are building encouraging momentum. Lastly, our established LGM strategy, resilience, growth, and moat, and our team’s strong execution, we are on track to meet our 2025 targets while setting the stage for future growth.

KFC 旗下 K-Coffee Cafe 的擴張計畫進展順利，Ka Yeung 和 Pizza Hut Wow 的發展動能也令人鼓舞。最後，憑藉我們既定的 LGM 策略、韌性、成長和護城河，以及我們團隊的強大執行力，我們正朝著實現 2025 年目標的方向穩步前進，同時為未來的成長奠定了基礎。

With that, I’ll pass it back to Florence.

這樣，我就把它交還給佛羅倫斯了。

Thanks, Joey. Now, let me share a quick preview of our upcoming investor day, which will be held in Shenzhen on November 17. Joey, Adrian, along with our leadership team, will share updates on our LGM strategy and three-year growth algorithm.

謝謝你，喬伊。現在，讓我快速預覽我們即將於11月17日在深圳舉行的投資者日活動。Joey、Adrian 以及我們的領導團隊將分享我們 LGM 策略和三年成長演算法的最新進展。

A live webcast of the presentations will be available on our IR website. For those visiting in person, we’ve planned visits to a range of store formats and locations.

本次演講將在我們的投資者關係網站上進行現場網路直播。對於親自到訪的顧客，我們安排了參觀各種門市形式和地點的行程。

Investors will be able to gain first-hand insights into the local market, see our operations in action, as well as sample our signature and innovative menu items.

投資者將能夠獲得有關當地市場的第一手信息，了解我們的運營情況，並品嚐我們的招牌創新菜餚。

With that, we will open the call for questions. In order to give more people the chance to ask questions, please limit your questions to one at a time. Operator, please start the Q&A.

接下來，我們將開始接受提問。為了讓更多人有機會提問，請每次只提一個問題。操作員，請開始問答環節。

Michelle Cheng, Goldman Sachs.

米歇爾·程，高盛集團。

Hey, Joey, Adrian. Congrats again for these very resilient results. We understand that the environment has been very challenging. My question is about the delivery.

嘿，喬伊，艾德里安。再次恭喜你們取得如此優異的成績。我們了解到當前環境非常具有挑戰性。我的問題是關於配送的。

You have been mentioning that you will be disciplined in managing this delivery platform subsidy campaign. Can you share with us more on your observation on the subsidy impact on the company and the whole market in the near term and in the long term?

您曾多次提到，在管理這項配送平台補助活動時，您會嚴格把控。您能否與我們分享您對補貼政策在短期和長期內對公司和整個市場的影響的看法？

Particularly, I think there is another round of concerns on this deflation. How should we think about the pricing trend and also the competitive landscape impact? That is my question.

尤其是我認為，人們對這次通貨緊縮又產生了一輪擔憂。我們該如何看待價格趨勢以及競爭格局的影響？這就是我的問題。

Actually, I just saw a news coming out regarding Yum! Brands. They mentioned something about Pizza Hut. I am wondering whether Joey can also comment that it looks like there is a review of the strategic options for Pizza Hut.

實際上，我剛剛看到一則關於百勝餐飲集團的新聞！品牌。他們提到了必勝客。我想知道喬伊是否也能就必勝客的策略選擇進行一番審查發表一下看法。

I am wondering whether there is any impact on the Yum China Pizza Hut business as well. Thank you very much.

我想知道這是否也會對百勝中國旗下的必勝客業務造成影響。非常感謝。

Thank you, Michelle. I would like to make three comments on the delivery and subsidies, and then Adrian can address the Pizza Hut questions. Three comments here. One is we have observed a more pronounced decrease in the subsidies in, while the delivery platforms in coffee and tea, but only a slight decrease in QSL.

謝謝你，米歇爾。我想就配送和補貼問題提出三點意見，然後 Adrian 可以回答必勝客的問題。這裡有三條評論。一是我們觀察到咖啡和茶配送平台的補貼出現了更明顯的下降，而 QSL 的補貼僅略有下降。

Point two is overall, we still expect the impact on us to be limited. As we have been, we’ll continue to maintain our strategic focus and balanced approach with our core brand. That means we are driving sales growth while protecting margins at the same time.

第二點是整體而言，我們仍然預期對我們的影響是有限的。我們將繼續保持策略重點和平衡策略，發展我們的核心品牌。這意味著我們既實現了銷售成長，又同時保障了利潤率。

We will be capturing sales while ensuring long-term brand positioning. Point three, in the longer term, we do see and we’ve learned from the, I think 2017 last time, similar scenario, that subsidies will eventually normalize.

我們將在確保長期品牌定位的同時，提升銷售額。第三點，從長遠來看，我們看到，而且我們從上次（我認為是 2017 年）類似的場景中吸取了教訓，補貼最終會正常化。

Therefore, it’s important that we have the discipline as a company, as a brand, to focus on menu innovation, food quality, customer service, and protect the price perception, particularly for well-established brands like ourselves.

因此，作為一家公司、一個品牌，我們必須保持自律，專注於菜單創新、食品品質、客戶服務，並保護價格認知，特別是對於像我們這樣成熟的品牌。

So these are all fundamentals to the competitiveness of the business in the long term. Thank you, Michelle. Adrian?

因此，這些都是企業長期競爭力的基礎。謝謝你，米歇爾。阿德里安？

Sure, Joey. Hi, Michelle. I have a question regarding Pizza Hut and Yum! Brands announcement earlier today. We are aware of the development, and we understand Yum! Brands will be initiating a formal review of a range of strategic options.

當然可以，喬伊。嗨，米歇爾。我有一個關於必勝客和百勝餐飲集團的問題！該品牌今天早些時候發布了公告。我們了解這項發展，也理解百勝餐飲集團的策略！各品牌將正式啟動一系列策略選擇的審查。

Obviously, Yum China and Yum! Brands are two independent companies, so we’re not in a position to comment on their process of strategic review.

顯然，百勝中國和百勝！Brands是兩家獨立的公司，因此我們無法對其策略評估過程發表評論。

Regardless of the outcome, we are confident in the strength of the Pizza Hut brand in China, and our ongoing operations and significant growth potential of Pizza Hut here in China remain unchanged.

無論結果如何，我們對必勝客品牌在中國的實力充滿信心，必勝客在中國的持續營運和巨大成長潛力保持不變。

Also, I would like to say that Yum! Brands and ourselves have been close and long-time partners, and it will continue to be the case. I guess part of the question is the impact to Yum China, right?

另外，我想說，Yum！品牌與我們一直是密切的長期合作夥伴，這種情況將持續下去。我想問題的一部分在於這對百勝中國的影響，對吧？

I’m not sure if you are implying whether we’ll be participating in some way or form into this strategic review process. Our policy is not to comment on any specific transactions.

我不確定你的意思是否是指我們將以某種方式或形式參與這個策略審查過程。我們的政策是不對任何具體交易發表評論。

With that said, we have always taken a prudent approach, as Michelle, as you appreciate, to evaluate potential investment opportunities, and we’ll continue to do so. We set a very high bar.

話雖如此，正如米歇爾所說，我們一直採取謹慎的態度來評估潛在的投資機會，我們也會繼續這樣做。我們設定了非常高的標準。

We’ll conduct M&As only when a transaction is strategically sound and expected to create great value to our shareholders. Additionally, all M&A matters are subject to rigorous evaluation and discussions with our board. Thank you, Michelle.

我們只會在交易具有戰略意義且有望為股東創造巨大價值的情況下進行併購。此外，所有併購事宜均需經過董事會的嚴格評估與討論。謝謝你，米歇爾。

Brian Bittner, Oppenheimer & Co.

Brian Bittner，奧本海默公司

Thanks. Can you give us a refreshed overview of what you are seeing from a macro perspective as it relates to the restaurant industry in China and consumer spending by the China consumer?

謝謝。您能否從宏觀角度，為我們概述一下您目前對中國餐飲業和中國消費者支出的觀察？

It seems like visibility is improving relative to past quarters and years, maybe the opposite of what you’re seeing with the US consumer. Any color there?

與過去幾個季度和幾年相比，市場可見度似乎有所提高，這可能與你在美國消費者身上看到的情況正好相反。那裡有顏色嗎？

I think, Adrian, you said that you expect 4Q same-store sales to look similar to 3Q. Just want to confirm you said that. Any additional color on that dynamic would be helpful. Thanks.

艾德里安，我想你之前說過，你預期第四季同店銷售額將與第三季類似。我只是想確認一下你是否說過這話。如果能對這種動態關係進行更詳細的闡述，那就更好了。謝謝。

Thank you, Brian. In terms of the macro. As we have observed in quarter three and then probably even a little bit on the October holiday. The performance, as we can see the result and also as we can see a little bit now, it was good, and it’s in line with expectations.

謝謝你，布萊恩。從宏觀角度來看。正如我們在第三季所觀察到的，甚至可能在十月假期期間也觀察到的一些情況。從結果來看，表現不錯，也符合預期。

The traffic is good. As people are traveling around, particularly during the holidays. Consumers still remain value-cautious. For us, if we look into the details of the performance across regions, it’s similar.

交通狀況良好。人們四處旅行，尤其是在假日期間。消費者仍然保持著價值謹慎的態度。對我們來說，如果我們仔細研究各個地區的表現細節，就會發現它們很相似。

Lower-tier cities do perform slightly better due to greater domestic travel here. Again, the consumers feel value-cautious. For us, we are purely aware that it’s not just about having good price.

由於國內旅遊較為普遍，低線城市的表現略好。消費者再次表現出對價值的謹慎態度。我們非常清楚，價格好不是唯一的問題。

It’s about pricing right, providing value for money together with good quality, food, and emotional value. We continue to provide our customers with innovative products and together with breakthrough business models.

關鍵在於合理的定價，提供物有所值的優質食品和情感價值。我們將繼續為客戶提供創新產品，並共同探索突破性的商業模式。

Our focus still focuses on delivering the same-store transaction growth. Although it’s nice to have the same-store sales growth as well, particularly for KFC with 2% same-store sales growth. Along the way, we continue to focus on the operational efficiency and innovation at the same time. Thank you, Brian.

我們仍專注於實現同店交易量的成長。雖然同店銷售額成長也令人欣喜，尤其是肯德基，其同店銷售額成長了 2%。在此過程中，我們始終同時專注於營運效率和創新。謝謝你，布萊恩。

Chen Luo, Bank of America.

陳羅，美國銀行。

Hi, Joey and Adrian. Congrats again on the solid Q3 result. My question is again on our expansion strategy to focus on smaller formats and franchise stores. If we do the math, approximately 10% expansion in Q3 leads to around 4% sales growth.

嗨，Joey 和 Adrian。再次恭喜你們取得了穩健的第三季業績。我的問題仍然是關於我們專注於小型業態和加盟店的擴張策略。如果計算一下，第三季約 10% 的成長將帶來約 4% 的銷售成長。

Can we say that this kind of 40% ratio can be maintained in the coming few quarters as we continue to pursue a shift to the smaller format? Meanwhile, if you look at the franchise stores, I understand that we try to improve the economics to P&L in the future.

我們能否說，隨著我們繼續推進向小規模模式的轉變，這種 40% 的比例可以在未來幾季內保持下去？同時，如果你看看加盟店，我了解到我們未來會努力改善損益表的經濟效益。

But where are we now? Is there any progress at the moment? Thank you.

但我們現在處於什麼階段？目前有進展嗎？謝謝。

Thank you, Luo. Firstly, I think the observation of system sales growth at around 40% of the store account growth, that will not necessarily be true down the road because there are a few dynamics and nuances.

謝謝你，羅。首先，我認為觀察到的系統銷售成長約為門市帳戶成長的 40%，未來未必如此，因為其中存在一些動態和細微差別。

Firstly, as I mentioned in the prepared remark both this quarter and the previous quarter, this year, we have some strategic optimization of the store portfolio with closure of some of the large stores with higher sales and opening of some of the smaller stores with slightly lower sales.

首先，正如我在本季和上一季的準備發言中提到的，今年我們對門市組合進行了一些策略性優化，關閉了一些銷售額較高的大型門市，並開設了一些銷售額稍低的小型門市。

And as you correctly pointed out, new store sales in the initial year are at a discount to the material store. And as I previously provided the figure, the ratio is roughly 50%-60% for the new stores in the initial year.

正如您所指出的，新店開業第一年的銷售額比建材店的銷售額低。正如我之前提供的數據，新店在第一年的比例大約是 50%-60%。

Obviously, in the first three years, it will ramp up. That is the first factor, right? The strategic optimization. All else equal, even if the net new store is still 10% growth, if we do not have this factor, the system sales growth would have been a bit higher.

顯然，在前三年，這個數字會迅速成長。這是第一個因素，對吧？戰略優化。在其他條件相同的情況下，即使淨新增門市數量仍成長 10%，但如果沒有這個因素，系統銷售成長率也會更高一些。

Secondly, the timing of opening and closure within the quarter affected the total operating weeks. For this quarter, as you can do the math very nicely, the timing of openings, particularly for KFC, there is a shift towards September, the third month of the quarter.

其次，季度內的開業和停業時間影響了總營業週數。正如你很容易就能算出來的，本季度各餐廳的開業時間，特別是肯德基的開業時間，都向9月份（本季的第三個月）偏移了。

Thereby, even with the similar net new openings, that will impact the store week and thus the system sales growth. For Pizza Hut, we are catching up in the store openings this quarter as well as the store week.

因此，即使新店開業數量相近，也會影響門市週營業額，進而影響系統銷售成長。對於必勝客來說，我們本季正在努力追趕新店開幕進度以及門市營運週的進度。

I would say that is more evenly spread across the quarter, across the three months. You can see with similar net new store openings, the system sales did sequentially improve.

我認為這種情況更均勻地分佈在整個季度，也就是三個月內。從類似的新店開幕數量可以看出，系統銷售確實逐週成長。

Thirdly, as always, we have some little rounding differences. In a nutshell, the system sales growth as a percentage compared to the net new build percentage, the discount will not stay the same down the road.

第三，和往常一樣，我們有一些小的捨入誤差。簡而言之，如果系統銷售成長百分比與淨新建百分比相比下降，折扣在未來將不會保持不變。

I guess your natural question would be, what is the system sales growth down the road in the coming quarters and years? That exactly leads to our kind of guidance and outlook in our investor day in two weeks time.

我想你自然會問，未來幾季和幾年內，該系統的銷售成長如何？這正是我們在兩週後的投資人日上將要提出的指導與展望。

Please bear with us and look forward to the investor day. I think he has the second part of the question.

請耐心等待，敬請期待投資者日。我認為他回答了問題的第二部分。

(inaudible)

（聽不清楚）

Economics. Okay. Franchise improvement economics, yes. We made some progress in improving the economics for our franchise business. As I mentioned in previous quarters, currently, it is still slightly lower than our equity business, right?

經濟學。好的。是的，特許經營改進經濟學。我們在改善特許經營業務的經濟效益方面取得了一些進展。正如我在前幾個季度提到的，目前它仍然略低於我們的股權業務，對吧？

Our operating margin for equity business is anywhere between 10%-11%. For franchise business, without G&A, the operating margin is also around 10%, right? It is basically 4%-5% out of 40%-50% of system sales, so around 10%.

我們股權業務的營業利益率在 10%-11% 之間。對於特許經營業務而言，不計一般及行政費用，營業利潤率也約為 10%，對嗎？基本上，這佔系統銷售額的 4%-50% 中的 4%-5%，也就是大約 10%。

If we do a proper G&A allocation, the franchise operating margin will be high single-digit percentage of sales of our revenue. We did have some progress in the quarter.

如果我們進行適當的管理費用分配，特許經營的營業利潤率將占我們收入銷售額的個位數百分比。本季我們取得了一些進展。

Obviously, I think some of the analysts, including yourself, already noticed that we have some slight revision in our pricing mechanism for our franchisees, basically sharing some of the savings from our Project Fresh and Red Eye between franchisees and ourselves. That is a little progress.

顯然，我認為包括您在內的一些分析師已經注意到，我們對加盟商的定價機制進行了一些細微的調整，基本上是在加盟商和我們之間分享“新鮮項目”和“紅眼計劃”的部分節省。這算是一個小小的進步。

When we have more savings from these efficiency projects, we will do a bit more of that. Hopefully, in the mid to long run, the operating margin for franchise business will be in line with the equity business.

當我們從這些提高效率的專案中獲得更多收益時，我們會加大投入。希望在中長期內，特許經營業務的營業利潤率能夠與股權業務的營業利潤率保持一致。

Overall, in conclusion, I would say in the short run, there will be no margin dilution from our franchise initiative because the mix is still small and the margin is actually very similar already.

總而言之，我認為短期內，我們的特許經營計劃不會造成利潤率稀釋，因為產品組合仍然很小，而且利潤率實際上已經非常接近。

In the mid to long run, not only will there be no margin dilution, but more importantly, there will be ROIC improvement over the mid to long run given the efficiency and capital for the franchise business. Thank you, Luo.

從中長期來看，不僅不會出現利潤率稀釋，更重要的是，考慮到特許經營業務的效率和資本，中長期來看投資回報率還會提高。謝謝你，羅。

Lilian Lou, Morgan Stanley.

莉蓮·盧，摩根士丹利。

Thanks a lot, Joey and Adrian. My question is on the delivery as well, but it’s more a little bit of short term. I would like to understand in terms of the delivery order mix for the aggregators and also from our own system.

非常感謝Joey和Adrian。我的問題也與交付有關，但這更多的是短期問題。我想了解聚合商的配送訂單組合情況，以及我們自己系統的情況。

I think in this quarter, the contribution of membership sales kind of dropped sequentially and also on a year-over-year basis. Are we seeing more orders from aggregators for the time being given the subsidy program, et cetera?

我認為本季會員銷售額的貢獻季減，年比也下降了。鑑於補貼計畫等措施，我們目前是否看到聚合平台的訂單量增加？

What kind of business initiatives or efforts are we making trying to get the customer back in terms of order generation into our own system? And related to that, I want to understand whether there’s any cost-saving initiatives in terms of the rider’s costs in the future. Thank you.

我們正在採取哪些業務措施或努力，試圖讓客戶重新回到我們的系統中，並促成訂單產生？與此相關的是，我想了解未來在騎士成本方面是否有任何節省成本的措施。謝謝。

Thank you, Lilian. First of all, as you pointed out, the membership sales contribution to the overall sales has slightly decreased for the quarter.

謝謝你，莉蓮。首先，正如您所指出的，本季會員銷售額對總銷售額的貢獻略有下降。

I would say this is more of a mechanical or mathematical result because when we account for membership sales contribution, we exclude our members who spend on the aggregators because actually, we know who are spending on the aggregators if they are members, but we exclude those parts.

我認為這更多的是一種機械或數學上的結果，因為當我們計算會員銷售貢獻時，我們會排除在聚合器上消費的會員，因為實際上，我們知道哪些會員在聚合器上消費，但我們排除了這部分。

When aggregator mix goes up, our membership in a disclosed metric, membership contribution will slightly go down. That is a mechanical result.

當聚合器組合增加時，我們根據一項公開指標計算的會員貢獻將略有下降。這是機械作用的結果。

If we take into account our members who spend on the aggregators and take everything into account, the overall so-called adjusted member sales contribution is actually very stable quarter-over-quarter, year-over-year. That is the first part of the question.

如果我們把在聚合器上消費的會員考慮在內，並把所有因素都考慮進去，那麼所謂的調整後會員銷售貢獻總額實際上季度環比和年度同比都非常穩定。這是問題的第一部分。

The second part of the question is the increase in delivery mix and the rider cost. Yes, we are actually not only working on the rider cost per ticket, which is indeed going down, but the delivery mix is going up. That impact of the delivery mix going up has a higher overall impact, thus causing a headwind in our COL.

問題的第二部分是配送組合的增加和騎士成本。是的，我們實際上不僅在努力降低每張票的騎士成本（這確實在下降），而且還在提高配送比例。交付組合的增加會產生更大的整體影響，從而對我們的成本構成不利影響。

By the way, this is exactly as we cautioned the market back in February, right? Before even the delivery aggregator war started, we faced headwind of delivery costs. We are optimizing the delivery efficiency.

順便說一句，這不正是我們在二月警告市場的情況嗎？甚至在配送聚合平台大戰開始之前，我們就面臨著配送成本上升的阻力。我們正在優化配送效率。

In addition to that, on COL, for the non-delivery part, we are doing a lot to improve the efficiency, in terms of streamlining, automating, and centralizing processes so that the operation efficiency hopefully offsets not only the wage inflation, but also partially offsets the impact of the delivery mix increase.

除此之外，在COL方面，對於非配送部分，我們正在努力提高效率，包括簡化流程、實現自動化和集中化流程，希望營運效率的提高不僅能夠抵消工資上漲的影響，還能部分抵消配送組合增加的影響。

All in all, we would say the COL continues to face a headwind. That has actually been very consistent ever since we started to give the guidance back in February. We will make all efforts to try to achieve slightly improvement in both the UC margin and a moderate improvement in OP margin for the year for Yum China.

總而言之，我們認為 COL 仍然面臨逆風。自從二月我們開始提供指導以來，情況一直非常穩定。我們將盡一切努力，爭取讓百勝中國今年的UC利潤率略有提高，OP利潤率適度提高。

Also, as we commented on the mid to long run for both brands, we said KFC’s reference margin will be stable. Pizza Hut, there is a good potential for margin improvement.

此外，正如我們在對這兩個品牌的中長期發展進行評論時所說，肯德基的參考利潤率將保持穩定。必勝客的利潤率還有很大的提升空間。

Those comments actually do take into account different scenarios of delivery aggregator subsidy and delivery mix. Hopefully, that addressed your question, Lilian.

這些評論實際上考慮了配送聚合商補貼和配送組合的不同情況。希望這能解答你的疑問，莉蓮。

I’ll just make two quick comments, Lilian. Adrian talked about all the software technical measures we are doing to protect our P&L. At the same time, as you can see, we are also pushing for innovations and operational efficiency at the same time in the slightly longer term to protect the P&L.

莉蓮，我只想簡單說兩點。Adrian 談到了我們為保護損益而採取的所有軟體技術措施。同時，正如您所看到的，我們也在稍長遠的時間內推動創新和營運效率，以保護損益。

One example is our continued acceleration of K-Pro and K-Coffee. When we pursue the front-end segmentation of sales and then back-end consolidation of the operating cost, in the longer term, in a more holistic situation, we manage the cost structure and protect it, if that makes sense. Thank you, Lilian.

一個例子是我們持續加速推進 K-Pro 和 K-Coffee 的發展。當我們從前端進行銷售細分，然後從後端進行營運成本整合時，從長遠來看，從更全面的角度來看，我們就能管理成本結構並保護它，如果這樣做有意義的話。謝謝你，莉蓮。

Sijie Lin, CICC.

林思傑，中金公司。

Thank you, Joey and Adrian. I have one question. We see more and more attempts at expanding new store formats and new categories. For example, besides K-Coffee and besides Wow, there are also K-Pro, Fried Chicken Brothers, et cetera.

謝謝喬伊和阿德里安。我有一個問題。我們看到越來越多的企業嘗試拓展新的門市形式和新的產品類別。例如，除了 K-Coffee 和 Wow 之外，還有 K-Pro、炸雞兄弟等等。

I am trying to learn more about our strategic planning and methodologies for these. Whether we have identified a few promising categories and concentrate our efforts, or we just try out various options and they may work as a total.

我正在努力了解更多關於我們在這方面的策略規劃和方法論。無論我們是已經確定了一些有前景的類別並集中精力，還是只是嘗試各種方案，它們整體上可能有效。

Also, what are the key considerations when we decide to develop a new model or new category? Maybe some competitors have proved it is a promising category, or it can create synergy with our other business. Thank you.

此外，當我們決定開發新車型或新類別時，主要考慮因素是什麼？或許一些競爭對手已經證明這是一個很有前途的領域，或者它可以與我們的其他業務產生協同效應。謝謝。

Sijie, I think we will have a more holistic, robust discussion with this particular topic in investor day for sure. It’s a focus. However, right here, right now, I would like to make a few points here.

思傑，我認為我們肯定會在投資者日上就這個主題進行更全面、更深入的討論。這是重點。但是，此時此刻，我想在這裡提出幾點看法。

We are very focused on the growth initiative to focus both on the same sales and system sales. K-Pro is one example. K-Coffee is another one. K-Coffee, actually we’re ahead of schedule.

我們非常重視成長計劃，並將重點放在單一銷售和系統銷售上。K-Pro 就是一個例子。K-Coffee是另一種。K-Coffee，實際上我們提前完成了計劃。

We originally tried to get to like 1,500 or 1,600 locations. I think right now we’re there already. We’ll continue to pursue it when we could. I think K-Coffee needs no further introduction.

我們最初的目標是涵蓋大約 1500 或 1600 個地點。我認為我們現在已經達到目標了。我們會在條件允許的情況下繼續努力。我想K-Coffee無需再多介紹了。

K-Pro, it’s a concept we developed actually nine years ago. We keep working on it. This year, we certainly see the acceleration of the concept.

K-Pro，其實是我們九年前發展的概念。我們一直在努力。今年，我們確實看到了這個概念的加速發展。

The thinking behind is, as I mentioned in my prepared remark and also earlier, we understand we can pursue more growth with front-end segmentation of the customer and location. Who can spend time to do our own?

正如我在準備好的演講稿中以及之前提到的那樣，我們的想法是，透過對客戶和地點進行前端細分，我們可以追求更大的成長。誰又有時間去做自己的事呢？

At the back end, we just utilize our equipment, resources, labor on the back end to deliver the operational efficiency. That’s one way to do it. It works. I mean, otherwise, it’s very hard to grow a new business to deliver incremental sales and incremental profit.

在後端，我們只是利用後端的設備、資源和勞動力來實現營運效率。這是其中一種方法。有用。我的意思是，否則，就很難發展一項新業務，從而實現銷售額和利潤的成長。

Secondly is a promising category. Yeah, of course. We are focusing on fried chicken. At the same time, K-Pro is a concept that we deliver alternatives for customers.

其次，這是一個很有發展前景的類別。當然。我們專注於炸雞。同時，K-Pro 是我們為客戶提供替代方案的概念。

As we can see from the membership or the customer of K-Pro, a very high percentage of K-Pro customers are actually KFC customers, but they need a choice once or twice during the week. We provide a choice.

從 K-Pro 的會員或顧客來看，K-Pro 的顧客中很大一部分人實際上都是肯德基的顧客，但他們每週需要一到兩次選擇。我們提供選擇。

It’s close enough. The category is niche. We also have the food safety that customer trust. We’ll just continue to explore. For new category or new concept, of course, the success rate is not 100%.

差不多了。這個類別比較小眾。我們也擁有顧客信賴的食品安全保障。我們將繼續探索。當然，對於新類別或新概念而言，成功率不可能達到 100%。

There’s always some trial and then figure out how the new model, new margin will work. KFC Fried Chicken Brothers, whatever, is one of those trials. It’s very, very early days. We keep trying different things. Thank you, Sijie.

總是會有一些嘗試，然後才能弄清楚新的模式、新的利潤率會如何運作。KFC炸雞兄弟，不管怎樣，這是其中一項考驗。現在還為時過早。我們不斷嘗試不同的方法。謝謝你，思傑。

Xiaopo Wei, Citi.

魏曉波，花旗銀行。

Hi, good evening. I’m Joey and Adrian. I have a question on KFC business. If we look at the three-tier result, 2% same-store sales goals with 5% system sales goals, very impressive.

您好，晚上好。我是 Joey 和 Adrian。我有一個關於肯德基業務的問題。如果我們看一下三級結果，同店銷售目標為 2%，系統銷售目標為 5%，非常令人印象深刻。

However, if we look at the restaurant profit goals, which was at 5%, and the OP goals was only at 6%, we did not see a lot of positive operating leverage. Shall we say that the delivery-driven strong goals will not have a lot of positive operating leverage in your business?

但是，如果我們看一下餐廳的利潤目標（5%），而營運利潤目標只有 6%，我們並沒有看到太多積極的營運槓桿作用。我們是否可以說，以交付為導向的強目標不會為你的企業帶來很多積極的營運槓桿作用？

If that is the case, will you work on something trying to improve that part of business to expand the OP margin of KFC looking forward? Thank you.

如果情況確實如此，您是否會努力改善這部分業務，以期提高肯德基未來的營業利益率？謝謝。

Thank you, Xiaobo. KFC is a very resilient business. As we actually guided in the previous quarter’s earning release, we do expect the second half, we did expect the second half KFC restaurant margin to be broadly stable year-over-year.

謝謝你，曉波。肯德基是一家韌性很強的企業。正如我們在上一季財報中實際預測的那樣，我們預計肯德基餐廳下半年的利潤率將與去年同期基本保持穩定。

That is kind of consistent to the real results that we see in the quarter. One key philosophy we have always been mentioning throughout, actually ever since 2019, over the past six years, is we expect KFC’s restaurant margin to be stable into mid to long run.

這與我們在本季看到的實際結果基本一致。在過去六年裡，我們一直強調的一個關鍵理念是，實際上從 2019 年起，我們預期肯德基餐廳的利潤率將在中長期內保持穩定。

Because it is actually at a very healthy level today, about 17% year basis. It is one of the highest, if not the highest, in the restaurant industry. To extend, we have some leverage. Sales leverage that we generate from KFC today and in the future.

因為目前它的成長率實際上處於非常健康的水平，年增長率約為 17%。這是餐飲業中最高的薪酬之一，甚至可能是最高的。我們有一定的優勢可以進行擴展。我們現在和未來從肯德基獲得的銷售槓桿效應。

We do look to share that margin upside with multiple partners, including our suppliers, landlords, firm line staff, and also retain a small portion within the group and share with the shareholders. That is quite consistent with our philosophy there.

我們希望與多個合作夥伴分享利潤成長，包括我們的供應商、房東、公司第一線員工，同時在集團內部保留一小部分利潤，並與股東分享。這與我們在那裡的理念非常一致。

Tactically, for the quarter, for quarter three, we do see a significant increase in the delivery mix, to 51%. Last year, quarter three was around 40% or so. The significant increase in the mix caused a significant headwind in the COL as we cautioned the market.

從戰術角度來看，第三季度，我們確實看到外送比例顯著增加，達到 51%。去年第三季約為 40% 左右。成分股的大幅增加給成本帶來了巨大的不利影響，正如我們之前警告市場的那樣。

You can see the COL for KFC surge around 160 basis points for KFC as a brand. For the group, it is 110 basis points. That is all because of the delivery mix increase. We were successful in more than offsetting that increase with the benefits in COS and O&O.

你可以看到肯德基品牌的成本上漲了約 160 個基點。對於該集團而言，這是 110 個基點。這一切都是因為配送方式的多樣化。我們成功地透過 COS 和 O&O 的收益抵消了這一增長，而且收益還超過了預期。

Technically, there is that driver there. Philosophically, in the mid to long run, we do stick to our philosophy of keeping KFC restaurant margin broadly stable at a very healthy level. Thank you, Xiaobo.

嚴格來說，確實有那個司機。從理念上講，從中長期來看，我們堅持保持肯德基餐廳利潤率在非常健康的水平上保持穩定。謝謝你，曉波。

Christine Peng, UBS.

瑞銀集團的彭女士。

Sorry, I was muted. Hi. I have a quick question regarding the same-store sales growth of KFC. Obviously, the 2% same-store sales growth was an upside surprise given Adrian previously mentioned about 0%-1% same-store sales growth.

抱歉，我被靜音了。你好。我有一個關於肯德基同店銷售成長的問題。顯然，2%的同店銷售成長是一個令人驚訝的利好消息，因為Adrian之前曾提到同店銷售成長約為0%-1%。

I was just wondering how sustainable you think this level of same-store sales will be going forward. The reason I ask is because, obviously, in the third quarter, there are some benefits from the subsidy provided by delivery platform.

我只是想知道您認為這種同店銷售水平在未來能否持續。我這麼問是因為，很顯然，在第三季度，外送平台提供的補助會帶來一些好處。

On the other hand, we also noticed that your management has been very diligent to launch new formats such as the K-Coffee, K-Pro. I was just wondering whether management can provide us some color in terms of the contributions from delivery subsidy and the new formats launching to this 2% same-store sales growth.

另一方面，我們也注意到貴公司管理階層一直非常努力地推出新的形式，例如 K-Coffee 和 K-Pro。我只是想了解管理層能否詳細說明一下，配送補貼和新推出的業態對這 2% 的同店銷售成長做出了哪些貢獻。

In addition to that, if you could talk a bit about the K-Pro economics just briefly, I think that would be very helpful for us to understand the economic benefits of this new format. Thank you.

除此之外，如果您能簡要地談談 K-Pro 的經濟效益，我認為這將非常有助於我們了解這種新賽制帶來的經濟效益。謝謝。

Thank you, Christine. First of all, SSG for KFC 2% is actually slightly above our own expectation as well. It is also similar for K-Coffee Cafe, right? Our own expectation, as Joey mentioned, was like 1,700 or so.

謝謝你，克里斯汀。首先，肯德基的 SSG 為 2%，實際上也略高於我們自己的預期。K-Coffee Cafe的情況也類似，對吧？正如喬伊提到的那樣，我們自己的預期大概是 1700 人左右。

Now, in quarter three, we already achieved 1,800 locations for K-Coffee Cafe. Those are actually encouraging results. We are happy to be wrong. We are happy to be wrong there.

現在，在第三季度，我們已經實現了 K-Coffee Cafe 1800 家門市的目標。這些結果確實令人鼓舞。我們樂於承認自己錯了。我們很高興在這一點上錯了。

It is slightly above our 0%-1% target. As to whether that level is sustainable, obviously, predicting SSG is always difficult. The market is still quite dynamic, and consumers stay quite rational.

略高於我們0%-1%的目標值。至於這種水平是否可持續，顯然，預測小球得分總是很困難的。市場依然相當活躍，消費者也依然相當理性。

As we mentioned in the prepared remark, we are working very hard to keep the quarter four SSG at similar levels as quarter three and achieve 12 consecutive quarters of same-store transaction growth. I think transaction growth is, I guess, slightly more within our control.

正如我們在準備好的發言稿中提到的，我們正在努力使第四季度同店銷售額與第三季度保持相近水平，並實現連續 12 個季度同店交易額增長。我認為交易成長在某種程度上更容易被我們控制。

For SSG overall, it will be subject to different situations, including different factors, including competitive dynamics, including macro, et cetera. I will not be able to give outlook or guidance on whether this level of SSG will be sustainable.

對於 SSG 整體而言，它將受到各種情況的影響，包括各種因素，包括競爭動態、宏觀經濟等等。我無法就這種水準的小型企業發展是否可持續給予展望或指導。

On your second part of the question on K-Pro economics, obviously, similar to K-Coffee Cafe, K-Pro is a module. It is a side-by-side module to our KFC mother store, and it contributes incremental sales and incremental profits.

關於您提出的第二個問題，即 K-Pro 經濟學，顯然，與 K-Coffee Cafe 類似，K-Pro 是一個模組。它是我們肯德基總店的並排模組，可以帶來額外的銷售額和利潤。

As one can reasonably expect, the incremental sales contributed by K-Pro will be larger than the incremental sales contributed by K-Coffee Cafe because it is a restaurant concept, right? Restaurant module.

可以合理預期，K-Pro 帶來的增量銷售額將大於 K-Coffee Cafe 帶來的增量銷售額，因為它是一家餐廳，對吧？餐廳模組。

We have not given any guidance on the exact economics for K-Pro because it is still in the early stage. We only have slightly more than 100 modules for K-Pro, but the initial progress we made is encouraging.

由於 K-Pro 仍處於早期階段，我們尚未就其確切的經濟效益給予任何指導。我們目前只有 100 多個 K-Pro 模組，但我們取得的初步進展令人鼓舞。

We will be ready to share more color on the economics and growth potential for K-Pro as well as other modules or other initiatives as some of the analysts are still in the early part of the quarter, in due course, when we think we are ready. Hopefully, that addressed your question, Christine.

我們將適時分享更多關於 K-Pro 以及其他模組或其他計劃的經濟效益和成長潛力的細節，因為一些分析師目前仍處於本季度初期。待我們認為時機成熟時，我們將與大家分享這些資訊。希望這能解答你的疑問，克莉絲汀。

I’ll add some color to the K-Pro, Christine. The resource of K-Pro we share, we really utilize the synergy with KFC brand. We leverage KFC store space, the membership program, the kitchen, the COL.

克莉絲汀，我會給K-Pro加點顏色。我們與肯德基共享K-Pro的資源，我們真正發揮了與肯德基品牌的協同效應。我們利用肯德基的門市空間、會員計畫、廚房和成本。

This is incredibly important because then the incremental investment is much smaller than a standalone store, which you are familiar with from the K-Coffee. Because of so much synergy that we’re pursuing, the concept, it is delivery incremental sales, incremental profit.

這一點非常重要，因為這樣一來，增量投資就比一家獨立門市小得多，這一點您在 K-Coffee 上應該很熟悉。由於我們正在追求如此多的協同效應，其理念是實現增量銷售和增量利潤。

At the same time, as you know us well after all these years, whenever we do something new, a new concept, new product, we always look at sales first and profit later, step by step. Thank you.

同時，正如您多年來對我們非常了解的那樣，每當我們推出新事物、新概念、新產品時，我們總是先考慮銷售額，再考慮利潤，一步一步來。謝謝。

Linda Huang, McQuarrie.

Linda Huang，McQuarrie。

Thank you very much for this opportunity. My question is regarding the sales because we are pleased to see that in the third quarter, right, our sales are 4% faster than industry.

非常感謝您給我這次機會。我的問題是關於銷售的，因為我們很高興地看到，在第三季度，我們的銷售額比行業平均高出 4%。

Looking ahead, do you think that we have a chance to accelerate the growth to high single digit? If we can achieve this growth rate, will it come from the macro factor, or is there any company-specific strategy that we can buck the trend to go faster? That is my simple question.

展望未來，您認為我們有機會將成長速度加快到接近兩位數嗎？如果我們能夠實現這樣的成長率，這是否源自於宏觀因素，還是公司本身採取了某種策略來逆轉這一趨勢並實現更快的成長？我的問題很簡單。

Thank you, Linda. Actually, you asked a question that will share exactly the same topic in the investor day in a couple of weeks time. I will try to keep some secret there to the investor day in two weeks.

謝謝你，琳達。事實上，你提出的問題與幾週後投資者日的主題完全相同。我會盡量把一些秘密留到兩週後的投資人日。

Overall speaking, as you correctly point out, from a company-specific perspective, we are ready in terms of lots of fundamental improvement. Lots of new modules are ready. New initiatives are being tested. The innovation is spread across all different parts of business, name it, right?

總的來說，正如您所正確指出的，從公司具體的角度來看，我們在許多根本性改進方面已經做好了準備。許多新模組已經準備就緒。新的舉措正在測試中。創新已經滲透到企業的各個領域，你能想到的領域都有，對吧？

Menu innovation, store model innovation, emotional value, the new emotional value, exciting ones that also involve innovation, et cetera. I would say we are very well positioned to capture future opportunities.

菜單創新、門市模式創新、情感價值、新的情感價值、令人興奮的創新等等。我認為我們已經做好充分準備，能夠抓住未來的機會。

Obviously, we will not be settled with the mid-single digit top-line growth, system sales growth. As to the exact growth algorithm over the next three years, that will be some topic we will share in two weeks time. Yes. Please stay tuned. Thank you, Linda.

顯然，我們不會滿足於個位數的營收成長和系統銷售成長。至於未來三年的具體成長演算法，我們將在兩週後與大家分享。是的。敬請期待。謝謝你，琳達。

Linda, I think I just have one quick comment here. Although K-Pro or K-Pro stands really exciting because it’s new, the biggest growth driver will still be from the core brand itself. For example, KFC, the small-time mini, the different modules.

琳達，我只想簡單說一句。雖然 K-Pro 或 K Pro 因其新穎性而令人興奮，但最大的成長動力仍來自核心品牌本身。例如，肯德基，小型迷你店，不同的模組。

Then Pizza Hut, the Wow that very well to enter new cities, which we are very excited. The hero product, in the prepared remark, we talked about hero product.

然後是必勝客，哇，他們非常出色地進入了新的城市，我們對此感到非常興奮。在準備好的演講稿中，我們談到了明星產品。

It’s incredibly exciting to, again, focus on surprise, surprise, surprise chicken for KFC and then for Pizza, surprise, surprise, the pizza, the new single pizza. We will go through the building blocks or the key modules of these key drivers of the business in the investor day. Look forward to it.

再次聚焦肯德基的驚喜、驚喜、驚喜炸雞，以及披薩的驚喜、驚喜、披薩，全新的單層披薩，真是令人無比興奮。在投資者日上，我們將詳細介紹這些關鍵業務驅動因素的組成部分或關鍵模組。敬請期待。

Thanks, Joey. Adrian, and also thanks, Linda. This concludes our Q&A session. Thank you for joining the call today.

謝謝你，喬伊。Adrian，也謝謝你，Linda。問答環節到此結束。感謝您今天參加電話會議。

That does conclude today’s conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。

Thank you.

謝謝。

Thank you.

謝謝。