While economists and investors fret over China's low consumer confidence and sluggish growth, Yum China CEO Joey Wat says the Chinese consumer is growing more rational — and has been for years.  Weighed down by investors' concern about the broader Chinese economy, shares of Yum China have fallen 27% over the past year, dragging its market value down to $17.51 billion. For comparison, Licensor Yum Brands, which spun off the Chinese unit in 2016 and has a global footprint, has seen its own stock rise 8%, givi ...

智通财经APP讯，百胜中国(09987)发布截至2023年12月31日止年度业绩，总收入增长15%至109.8亿美元。经营利润增长76%至11亿美元。经调整经营利润增长77%至11亿美元。核心经营利润增长79%。净利润8.27亿美元，同比增长87%。每股摊薄盈利增长89%至1.97美元，拟派现金股息每股0.16美元。 2023年，公司把握住了中国疫情开放所带来的机遇，并推动收入、经营利润及净利润的大幅增长。 于2023年，公司总收入增加15%或21%(不计及外币换算的影响5.89亿美元)，主要由于净新增门店贡献9%、肯德基及必胜客的同店销售额分别增加7%及6%，及2022年新冠肺炎疫情门店暂时停业影响带来的低基数效应。经营利润增加76%或86%(不计及外币换算的影响6100万美元)，主要由于公司餐厅收入增长及有利的原材料价格，部分被促销活动增加、临时补贴减少及低个位数的工资上涨所抵销。 于2023年，净利润增加87%或97%(不计及外币换算的影响4600万美元)，主要由于经营利润增加及利息收入增加，部分被因税前利润增加带来的所得税开支增加所抵销。 系统销售额较去年同期增长21%，不计及外币换算的影响。该增长主 ...

Financial Performance - Total revenue grew by 15% to $10.98 billion, or 21% excluding foreign currency translation effects[2] - Operating profit increased by 76% to $1.1 billion, with adjusted operating profit also growing by 77%[2] - Earnings per diluted share rose by 89% to $1.97, with a growth rate of 101% excluding special items[2] - Net profit for 2023 was $901 million, up 88.5% from $478 million in 2022[15] - The company reported a diluted earnings per share of $1.97 for 2023, compared to $1.04 in 2022, marking an increase of 89.4%[14] - The company reported a net profit of $2,105 million for the year ended December 31, 2023, compared to $2,191 million in 2022, a decrease of 3.93%[18] - The company reported a net profit impact from special items of $15 million in 2023, up from $4 million in 2022[163] - The company reported a net income of $405 million for the year, which is a decrease of 31% from the previous year[137] Revenue Sources - Digital order revenue exceeded $9.2 billion, accounting for approximately 89% of restaurant revenue[2] - Total revenue from external customers for KFC was $8,240 million and for Pizza Hut was $2,246 million in 2023, contributing to a total revenue of $10,978 million[116] - Franchise fee income increased to $89 million in 2023 from $81 million in 2022, but decreased from $153 million in 2021[58] - The total revenue for the company in 2023 was $10,978 million, a 15% increase from $9,569 million in 2022[157] - The total revenue for the company in 2023 was reported at $11.945 billion, with a net profit of $4.338 billion[141] Store Operations - System sales increased by 21% year-over-year, driven by a 9% net new store contribution and a 7% same-store sales growth[2] - Total number of stores increased by 13%, with a net addition of 1,697 stores, reaching a total of 14,644 stores[2] - As of December 31, 2023, KFC operates 10,296 stores in China, with ownership stakes of 58% in Shanghai, 70% in Beijing, 83% in Wuxi, 92% in Suzhou, and approximately 60% in Hangzhou[19] - As of December 31, 2023, there are 3,312 Pizza Hut restaurants in China[20] - The company plans to open approximately 1,500 to 1,700 new stores in 2024[160] Membership and Customer Engagement - Membership for KFC and Pizza Hut combined reached over 470 million, a 14% increase year-over-year, with member sales accounting for 65% of system sales[2] - KFC's membership program reached over 440 million members by the end of 2023, accounting for approximately 64% of system sales[169] - Pizza Hut's membership program reached over 150 million members by the end of 2023, also accounting for approximately 66% of system sales[175] Audit and Compliance - The company is currently undergoing a transfer pricing audit by the State Taxation Administration of China for related party transactions from 2006 to 2015, with a likelihood of maintaining its tax status exceeding 50%[7] - The audit procedures included evaluating the design and operating effectiveness of internal controls related to the transfer pricing audit process[7] - The auditors aim to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[11] - The company continues to defend its transfer pricing arrangements amid ongoing audits by tax authorities, which may have significant financial implications[114] Capital Expenditures and Investments - The company incurred capital expenditures of $710 million in 2023, compared to $679 million in 2022[16] - The company plans to utilize operational cash flow and existing funds to meet future cash needs, including capital expenditures and shareholder returns[197] - The company expects capital expenditures for the fiscal year 2024 to be between $700 million and $850 million, focusing on store network expansion and digital infrastructure investments[197] Shareholder Returns - Shareholder returns through stock buybacks and cash dividends totaled $833 million, an increase of 25%[2] - The company declared a cash dividend of $0.48 per share for the fiscal year 2023[18] - Cash dividends paid to shareholders were $216 million in 2023, up from $202 million in 2022, with a declared dividend of $0.16 per share for 2024[198] Taxation and Regulatory Matters - The effective tax rate for 2023 was 26.9%, compared to 30.1% in 2022, reflecting changes in tax regulations and the impact of foreign operations[108] - The company is monitoring the implications of the new offshore income exemption (FSIE) regime in Hong Kong, effective January 1, 2023, which may affect certain income streams[107] - The company anticipates potential tax liabilities related to indirect asset transfers in China, which could significantly impact financial performance[119] Financial Position - Total assets increased to $12,031 million in 2023 from $11,826 million in 2022, representing a growth of 1.73%[17] - Total liabilities increased to $4,912 million in 2023 from $4,666 million in 2022, reflecting a growth of 5.27%[17] - The company has significant short-term and long-term cash needs totaling $3,433 million as of December 31, 2023, with $864 million due within one year[200] Future Outlook - The company expects to recognize $106 million in revenue from contract liabilities in the next 12 months[60] - The company provided guidance for the next fiscal year, projecting revenue growth of approximately 6%[137] - Future guidance suggests a revenue growth target of 10% for the next fiscal year[142] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[165]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr om to Commission file n umber 001-37762 Yum China H oldings, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 81-2421743 (State or Other Jurisdiction of (I ...

海 外 研 证券研究报告 究 ＃industryId＃ 海外社服行业 ＃09987 .HK ＃百dy胜Com中pa 国ny＃ 港股通（沪、深） dyStockco ＃inve 买stSu 入ggest ion＃ i维nv＃ d e＃ ( e持stS ） 2 3Q 4 业 绩好于预＃期title，＃ 长期目标不动摇 uggesti onC han ＃createTime1＃ ge＃ 2024年 2月 23 日 公 投资要点 司 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 维m 持ar “y 买＃入 ”评级：长期来看，公司的业绩增长具备韧性。公司的长期规划包括：2023年~2026年系统 日期 2024.2.22 销售实现高单位数~双位数增长、加入回购等因素EPS实现10%+增长。截至2026年开店达到2万家， 跟 对应总门店数2023~2026年CAGR为11%。3年间通过派息回购向股东返还30亿美元现金回报。公 收盘价（港元） 328.40 踪 司较强的品牌力、店铺组合的持续优化、成本结构的不断调整为长期目标的达成提供动力。短期来看， 总股本（亿股） 4.04 2023Q1的店效、业绩基数较高，我们预 ...

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智通财经APP获悉，光大证券发布研究报告称，维持百胜中国(09987)“买入”评级，调整2024-2025年归母净利润预测分别至9.15/10.20亿美元，引入2026年归母净利润预测为11.35亿美元，折合EPS分别为2.25/2.51/2.79美元。肯德基和必胜客在渠道下沉方面仍具备一定增长空间，小店模型助力更好下沉;咖啡业务蓬勃发展，有望给公司带来新的成长动力。 事件:公司发布2023年年报,23年公司实现营收109.8亿美元，同比增长15%(或增长21%，按固定汇率计算);实现经营利润11亿美元，同比增长76%，核心经营利润同比增长79%。其中23Q4公司实现营收24.9亿美元，同比增长19%(或增长21%，按固定汇率计算);实现经营利润1.1亿美元，同比增长170%，核心经营利润同比增长324%。 报告主要观点如下： Q4客流增长较快，带动同店实现较好增长。 门店经营方面，23Q4系统销售额同比+21%(KFC/必胜客分别同比+20%/+24%);同店销售额同比+4%(KFC/必胜客分别同比+3%/+6%)，尽管客单价同比下滑较多(KFC/必胜客客单价分别同比-11%/-8%)，但客流增长较快(KF ...

Yum China Holdings, Inc. (YUMC) reported impressive fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.YUMC achieved record-breaking revenues and profits and returned substantial value to shareholders through cash dividends and share repurchases. During the year, the company returned $833 million to shareholders, up 25% year over year.The company leverages its distinct strengths, which include brands d ...

On February 6, Yum China Holdings (YUMC) delighted investors with fourth-quarter adjusted earnings that exceeded expectations. The company reported earnings of 25 cents per share, surpassing the analyst consensus estimate of 16 cents. Additionally, Yum China’s quarterly sales of $2.49 billion exceeded the projected $2.41 billion, demonstrating robust financial performance. Dividend increase and share repurchase programCopy link to sectionEncouraged by their exceptional performance, Yum China announced a div ...