海外消费周报:海外社服:百胜中国3Q25加快开店步伐 同店收入维持正增长 利润率提升

申万宏源研究
Nov 07, 2025

海外社服:百胜中国3Q25 加快开店步伐,同店收入维持正增长,利润率提升百胜中国3Q25 实现收入32 亿美元(同比增长4%),核心经营利润3.99 亿美元(同比增长8%),符合我们的预期。肯德基和必胜客的净开店创第三季度新高。公司Q3 净新增门店536 家至17,514 家,其中肯德基12,640 家,必胜客4,022 家。肯德基/必胜客过去12 个月新进入310+/170+个城市,已进入城市...

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