百胜中国季报点评：25Q4同店销售提速，盈利能力持续提升

国盛证券02-11

概况：25全年，营收117.97亿美元/同比+4%，归母净利润9.29亿美元/同比+2%，核心经营利润12.92亿美元/同比+11%。其中，25Q4，营收28.23亿美元/同比+9%，归母净利润1.40亿美元/同比+24%，核心经营利润1.85亿美元/同比+23%。净增店数创Q4新高，加盟店占比目标进一步提升。1)拓店：截至25年末，门店总数达到18101家，全年净增1706家，其中加盟店占比达...

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