FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2026年1月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 09987 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | ...

Core Insights - Pizza Hut is expanding its hamburger segment with the launch of "Pizza Hut Burger" in Shenzhen, marking a strategic move towards diversification in the fast-food market [1][3] Company Strategy - The introduction of "Pizza Hut Burger" aligns with the growing demand for single-serving meals, showcasing the brand's focus on innovation within the hamburger category [3] - The company plans to open over 600 new stores annually for the next three years, aiming to exceed 6,000 stores by 2028, with a goal to double operating profit by 2029 compared to 2024 [4] Market Position - The hamburger market is highly competitive, dominated by major players like McDonald's and KFC, while local brands such as Wallace and Tastin are also performing strongly [3] - The launch of "Pizza Hut Burger" indicates internal competition within Yum China, as both Pizza Hut and KFC operate under the same umbrella [3] Store Expansion - In the first nine months of 2025, Pizza Hut added 298 new stores, bringing the total to 4,022, with a significant increase in franchise stores expected to rise from 20%-30% to 40%-50% by 2028 [6] - The company is currently in a phase of "price for volume" adjustment, with a 4% year-on-year increase in system sales and a 1% increase in same-store sales for Q3 2025, despite a 13% decrease in average transaction value [6] Sales Performance - The reliance on delivery services is increasing, with a 27% year-on-year growth in delivery sales, accounting for 48% of total restaurant revenue, up from approximately 39% in 2024 [6]

百胜中国(09987)发布公告，于2025年12月30日，该公司斥资626.8万港元回购1.69万股。 ...

格隆汇12月31日丨百胜中国(09987.HK)发布公告，2025年12月30日耗资626.8万港元回购1.69万股，回购 价格每股367-375.6港元。 ...

智通财经APP讯，百胜中国(09987)发布公告，于2025年12月30日，该公司斥资626.8万港元回购1.69万 股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年12月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 09987 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) ...

Core Insights - Yum China, which owns KFC and Pizza Hut, is expanding its brand portfolio with the launch of "Pizza Hut Burger," a new concept focusing on freshly made burgers priced around 40 yuan [1][5][7]. Brand Expansion - The new "Pizza Hut Burger" stores are located in Shenzhen, emphasizing a "made-to-order" approach with freshly baked pizza bread and large beef patties [3][5]. - The menu includes various burger options, with prices ranging from 23 to 35 yuan, and also offers sides like fried chicken and fries [3][5]. - This initiative follows Yum China's previous brand extensions, including KCOFFEE and KPRO, indicating a strategy to diversify its offerings [1][14]. Market Trends - The "one-person meal" market in China is rapidly growing, projected to reach 800 billion yuan by 2024, with burgers being a popular choice among consumers [7]. - The Western fast food market in China is expected to reach 297.5 billion yuan in 2024, with burgers holding the largest market share at 71% [9][11]. Competitive Landscape - The burger segment is highly competitive, with major players like KFC and McDonald's dominating the market, supported by strong supply chains and brand recognition [9][11]. - New entrants and local brands are also emerging, focusing on cost-effectiveness and unique offerings to capture market share [11][13]. Strategic Positioning - Yum China's strategy involves leveraging its existing supply chain and brand recognition to quickly establish "Pizza Hut Burger" in the market [13][16]. - The company aims to cover a broader range of consumer needs through a multi-brand approach, enhancing its market penetration and adaptability to consumer trends [16][18].

在产品和数字化方面，必胜客超级至尊比萨等经典产品与"尖叫星期三"促销活动稳固老客群，香菜猪耳比萨等话题性新品则助力品牌年轻化，覆盖不同年龄 段消费者需求。数字化与科技赋能成效显著，外送及外带销售占比超半数，数字化订单占比达75%，2亿会员构建私域"护城河"。AI智能店长"Q睿"试点落 地，结合自动化设备使库存管理误差率降低30%，人力成本优化15%。 快速发展的必胜客WOW门店已达250家。受访者供图 编辑 王琳 校对 翟永军 新京报讯（记者王萍）2025年，深耕中国市场35年的必胜客交出亮眼成绩单：截至三季度末，门店总数突破4000家，从3000家到4000家仅用时两年多，较前 33年的拓店速度实现跨越式提升。12月30日，新京报记者从必胜客中国方面了解到，品牌计划未来三年每年净新增超600家门店，目标2028年突破6000家， 2029年利润较2024年翻一番，实现"五年再造一个必胜客"。 这个曾以"庆祝餐厅"为标签的西餐品牌，正通过门店扩张、价值回归、产品创新与科技赋能，完成向消费者"每日之选"的转型。必胜客中国品牌总经理蒯俊 透露，品牌计划未来三年每年净新增超600家门店，目标2028年突破6000家 ...

Investment Rating - The report assigns a "Buy" rating for both Hong Kong and US stocks of Yum China [3] Core Insights - The company demonstrates strong resilience against economic cycles, with same-store sales expected to maintain a growth rate of 0-2% from 2026 to 2028, supported by robust operational performance and brand strength [7][36] - The company aims to expand its store count significantly, targeting 20,000 stores by 2026, 25,000 by 2028, and 30,000 by 2030, leveraging optimized capital expenditures and a flexible store model [7][36] - Shareholder returns are highlighted, with a commitment to maintain annual dividends and buybacks of $1.5 billion, translating to a return rate of approximately 8.8% based on current market capitalization [7][36] Financial Summary - Revenue projections show a steady increase from $10.978 billion in 2023 to $13.070 billion by 2027, with growth rates of 14.7% in 2023 and gradually declining to 6.2% by 2027 [2] - EBITDA is expected to rise from $1.559 billion in 2023 to $1.992 billion in 2027, indicating a consistent improvement in operational efficiency [2] - Net profit attributable to shareholders is forecasted to grow from $827 million in 2023 to $1.094 billion by 2027, with a notable increase of 87.1% in 2023 [2] Same-Store Performance - The company has shown a recovery in same-store sales since 2023, with KFC and Pizza Hut both returning to positive growth in 2025 [26] - The average transaction value for KFC has stabilized around 40 yuan, while Pizza Hut has adjusted its pricing strategy, reducing its average transaction value from over 100 yuan to around 70 yuan [26][36] Expansion Strategy - The introduction of new store formats such as Kenyue and KPRO is expected to contribute additional revenue, with Kenyue coffee stores rapidly expanding to 1,800 locations by Q3 2025 [44][62] - The company is focusing on a flexible store model and increasing the proportion of franchise stores to enhance its market presence [36][62] Shareholder Returns - The company plans to maintain a shareholder return strategy that aligns with its free cash flow, projecting annual returns of at least $900 million to $1 billion from 2027 onwards [7][36] - The current market capitalization corresponds to a return rate of approximately 5.3% to 5.8% based on future cash flow projections [7][36]

百胜中国(09987)发布公告，于2025年12月29日，该公司斥资627.97万港元回购1.66万股。 ...