港股子曰 | 百胜中国业绩报喜快餐连锁生意依旧不易

每日经济新闻08-11 15:33

昨天（8月10日）晚上，百胜中国（HK09987）公布了今年上半年的业绩情况，从公布的营收数据来看，可以说是一份“喜报”，但在数据背后，也可以看出快餐连锁生意依旧不易。　　百胜中国在内地的主要业务包括肯德基、必胜客、Lavazza、黄记煌及塔可钟，这些都是知名的快餐连锁店。单说财务数据，绝对是有些超预期的。　　比如总收入同比增长11%，达到64亿美元；经营利润7.95亿美元，同比增长13%；核心...

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easy","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"VXUS":1.5,"KCAI":1.5,"YUMC":1.5,"09987":1.5},"content_text":"昨天（8月10日）晚上，百胜中国（HK09987）公布了今年上半年的业绩情况，从公布的营收数据来看，可以说是一份“喜报”，但在数据背后，也可以看出快餐连锁生意依旧不易。　　百胜中国在内地的主要业务包括肯德基、必胜客、Lavazza、黄记煌及塔可钟，这些都是知名的快餐连锁店。单说财务数据，绝对是有些超预期的。　　比如总收入同比增长11%，达到64亿美元；经营利润7.95亿美元，同比增长13%；核心经营利润同比增长7%；每股摊薄盈利1.75美元，同比增长10%。　　还有，百胜中国的开店速度还在提升：今年上半年净新增门店1196家，较去年同期增长105%，净新增加盟店占比为40%。截至今年6月末，门店总数达19297家，其中加盟店占比为18%。　　需要指出的一点是，百胜中国的营收增长主要是依靠门店的增加以及交易量的增加来体现。但从客单价来看，却在下滑。　　前不久，百胜中国公布的第二季度经营情况显示：肯德基的客单价同比下降了3%，而必胜客的客单价降幅达到11%。百胜中国表示，这主要是由于新的消费客群和新的消费场景出现，带来了更多新增小额订单，比如肯悦咖啡和KPRO肯律轻食。但也反映出一点，消费者单次消费支出确实是有所下降的。　　还有一个数据也值得关注：百胜中国餐厅利润率为17.2%，同比下降了20个基点。这是整体数据，必胜客餐厅的利润率下降得更明显：今年第二季度利润率为12.9%，下降了40个基点。餐厅利润率下降的原因是外卖占比的提升导致骑手成本增加。　　百胜中国是当下国内快餐连锁的绝对龙头，总体营收维持多个季度的增长，但客单价不断下降，餐厅利润率也在下降，说明快餐连锁这门生意非常“卷”，很不容易。　　前不久，国内最大连锁饺子店袁记云饺二次递表港交所。袁记云饺过去两年也快速开店扩张，但营收增速并不乐观。2025年袁记云饺营收27.95亿元，同比增长9.1%；相对于2024年同比26.3%的增幅，增速明显下滑。此外，老乡鸡三度递表港交所，其申请7月已经失效；巴奴毛肚火锅今年已经是第三次递表港交所，可见餐饮企业上市的不易。再看已经上市的企业，海底捞、九毛九、呷哺呷哺，哪一家的股价表现不是“一言难尽”？（文章来源：每日经济新闻）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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港股子曰 | 百胜中国业绩报喜 快餐连锁生意依旧不易

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港股子曰 | 百胜中国业绩报喜快餐连锁生意依旧不易