金吾财讯 | 招商证券研报指，百胜中国(09987)发布2025年一季度财报，25Q1公司实现收入29.8亿美元/+1%，实现经营利润3.99亿美元/+7%，实现经调整净利润2.92亿美元/+2%，收入增速放缓主要系公司开设了更多的小型门店、低线城市门店&加盟门店占比提升造成的单店销售额下滑。25Q1公司门店稳步增长，受公司开业门店逐渐下沉&加盟店占比提升以及必胜客价格策略调整，门店经营呈现量增价减趋势，但同店表现整体依旧稳定。展望未来，考虑到品牌强大的拓店能力、竞争优势以及成本结构优化，该行依旧看好公司门店利润率持续提升，叠加高分红&回购政策有望为股东创造持续的投资收益，维持“强烈推荐”评级。
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