Securities Times Online News: Industrial Securities Research Report pointed out that in the long run, it is optimistic about Yum! Brands China's basic upward trend, the company's steady expansion of stores, strong brand power, resilient basic inventory efficiency, active exploration of new models, and considerable dividend repurchase returns, maintaining a "buy" rating. 1) The net profit for the third quarter of 2024 exceeded expectations. In the third quarter of 2024, the company achieved a revenue of 3.07 billion US dollars, a year-on-year increase of 5%, and a net profit attributable to the parent company of 300 million US dollars, a year-on-year increase of 22%. The core operating profit was 370 million US dollars, a year-on-year increase of 18%. 2) The restaurant's operating profit margin remains stable. In the second quarter of 2024, KFC and Pizzahut's restaurant operating profit margins were 18.3% and 12.8% respectively, down 0.3% and up 0.1 percentage points year on year. Pizzahut's profitability continued to increase year on year. 3) Actively open stores and move towards 20000 stores. In the third quarter of 2024, the company's total net increase in stores was 438, which is similar to the net increase in the previous quarter. By the third quarter of 2024, the total number of stores was 15861, including 11283 KFC stores and 3606 Pizzahut stores, up 14% and 13% year on year. 4) The new store model is accelerating its efforts. In terms of KFC, KCOFFEE sold about 200 million cups in the first three quarters, exceeding the annual cup sales in 2023. The number of parallel stores has reached 500, achieving the annual target.