Investment Rating - The investment rating for Yum China (9987) is maintained as "Buy" [1] Core Insights - Same-store sales continue to show positive growth, with KFC's transaction average stabilizing [2] - The report forecasts a steady increase in revenue and net profit over the next few years, with a target price set at 500.00 HKD based on a 22x PE for 2026 [10] - The company is experiencing an increase in delivery sales, which now account for 53% of total sales, up from 51% in the previous quarter [10] Financial Summary - Total revenue is projected to grow from 11,303 million USD in 2024 to 14,137 million USD in 2028, reflecting a compound annual growth rate (CAGR) of approximately 5.4% [4] - Net profit attributable to shareholders is expected to rise from 911 million USD in 2024 to 1,143 million USD in 2028, with a notable increase of 10.2% in 2024 [4] - The company’s PE ratio is projected to decrease from 19.02 in 2025 to 14.32 in 2028, indicating improving valuation metrics [4] Operational Performance - In Q4 2025, the company reported a revenue of 2.823 billion USD, a year-on-year increase of 9% [10] - Operating profit for Q4 2025 was 187 million USD, up 25% year-on-year, with an operating margin of 6.6% [10] - The total number of stores reached 18,101 by the end of 2025, marking a 10% year-on-year increase [10] Profitability Metrics - The restaurant profit margin improved to 13.0% in Q4 2025, up 0.7 percentage points year-on-year, driven by reduced costs in food, packaging, and rent [10] - KFC's restaurant profit margin was 14.0%, while Pizza Hut's was 9.9%, both showing improvements compared to the previous year [10]

Core Viewpoint - Jefferies has upgraded Yum China Holdings to a "Buy" rating and increased the price target, reflecting strong financial performance and positive growth prospects for the company [1][6]. Financial Performance - Yum China reported earnings of $0.40 per share for the fourth quarter, exceeding the Zacks Consensus Estimate of $0.35 per share by 14.29% [2][6]. - The company's revenues for the quarter reached $2.82 billion, surpassing the Zacks Consensus Estimate by 3.01% and showing an increase from $2.6 billion in the same quarter the previous year [3][6]. Stock Performance - The stock price of Yum China (YUMC) is currently at $53.14, reflecting a price increase of $2.40 or 4.73% [4]. - Over the past year, YUMC has fluctuated between a low of $41 and a high of $53.99, indicating a positive trend in its stock performance [4]. Market Position - Yum China's market capitalization is approximately $18.79 billion, with a trading volume of 1,968,030 shares, indicating strong investor confidence in the company's growth prospects [5].

金吾财讯 | 百胜中国(09987)股价逆市走高，截至发稿，报421.6港元，涨幅7.44%，成交额2.92亿港元。 消息面上，公司去年录得总收入118亿美元，按年增长4%，盈利为9.29亿美元，按年增长2%。末期息每 股派0.29美元，增长21%。百胜中国指，2026年将继续向股东回馈15亿美元，除了股息外，亦已签订协 议，计划于2026年上半年在美国及香港市场进行总额约4.6亿美元的股票回购。 公司首席执行官屈翠容表示，去年度集团净新增门店超过1,700家，门店总数超过1.8万家；同店销售额 连续第三个季度增长，系统销售额持续增长，第四季度达7%。去年各季度的经营利润率均按年扩张， 全年经营利润率达10.9%，剔除特殊项目后为公司于美国上市以来的最高水平。2025年经营利润按年增 长11%至13亿美元。 公司首席执行官屈翠容表示，去年度集团净新增门店超过1,700家，门店总数超过1.8万家；同店销售额 连续第三个季度增长，系统销售额持续增长，第四季度达7%。去年各季度的经营利润率均按年扩张， 全年经营利润率达10.9%，剔除特殊项目后为公司于美国上市以来的最高水平。2025年经营利润按年增 长11%至13 ...

瑞银发表研报指，百胜中国去年第四季收入、经营利润及净利润分别按年增长9%、24%及22%，较该行 预期高6.2%、3.9%及7.8%，亦胜市场预期；同店销售增长为3%，营业利润率扩张0.8个百分点。该行认 为百胜中国的同店销售增长其中一个关键推动力，来自于菜单创新与品类扩张所带来的销售增长。该行 相信集团强大的供应链能力与营运效率，应能持续支持健康的利润率扩张。该行将百胜中国美股目标价 由59美元上调至67.6美元，评级"买入"。 ...

2025年，百胜中国净新增1706家门店，其中31%由加盟商开设。肯德基与必胜客的净新增门店中，加盟 比例从2024年的25% 提升至2025年的36%。目前总门店数达18101家，覆盖超过2500个城镇。 百胜中国首席执行官屈翠容在财报电话会上表示，未来将通过自营与加盟相结合的经营模式，进一步达 成2026年门店总数超两万家的目标，并计划在2030年门店数量超三万家。在深入布局低线城市的同时， 公司也通过前端分层，后端聚合，有效扩大了可覆盖的潜在市场。 近期，百胜中国还试点了"双子星"（Gemini）模式，将肯德基与必胜客并排开设，为公司进入低线城市 提供更好的支持。该模式门店投资低，对加盟商非常有吸引力。2025年，公司开出了约40对双子星门 店，预计2026年这一模式将加速发展。 北京商报讯2月4日晚，百胜中国公布截至2025年12月31日的四季度及全年业绩。百胜中国2025年总收入 118亿美元，增长4%，经营利润13亿美元，增长11%。其中四季度总收入增长9%至28亿美元；净利润为 1.4亿美元，同比增长24%；经营利润同比增长25%至1.87亿美元。 （文章来源：北京商报） ...

2025年，百胜中国净新增1706家门店，其中31%由加盟商开设。肯德基与必胜客的净新增门店中，加盟 比例从 2024 年的 25% 提升至 2025 年的 36%。目前总门店数达18101家，覆盖超过2500个城镇。 近期，百胜中国还试点了"双子星"（Gemini）模式，将肯德基与必胜客并排开设，为公司进入低线城市 提供更好的支持。该模式门店投资低，对加盟商非常有吸引力。2025年，公司开出了约 40 对双子星门 店，预计 2026 年这一模式将加速发展。 北京商报讯（记者 郭缤璐）2月4日晚，百胜中国公布截至2025年12月31日止之第四季度及全年业绩。 百胜中国2025年总收入118亿美元，增长4%，经营利润13亿美元，增长11%。其中第四季度总收入增长 9%至28亿美元；净利润为1.4亿美元，同比增长24%，经营利润同比增长25%至1.87亿美元。 百胜中国首席执行官屈翠容在财报电话会上表示，未来将通过自营与加盟相结合的经营模式，进一步达 成2026年门店总数超两万家的目标，并计划在2030年门店数量超三万家。在深入布局低线城市的同时， 公司也通过前端分层，后端聚合，有效扩大了可覆盖的潜在市场。 ...

Market Overview - AMD's overnight drop of 17% triggered a significant decline in chip stocks, leading to a 1.95% drop in the Chinese concept index, which negatively impacted the Hong Kong stock market [1] - The Hang Seng Index fell by 340.88 points, or 1.27%, to 26,506.44 points, while the Hang Seng Tech Index decreased by 62.30 points, or 1.16%, to 5,304.14 points [1] - Major tech stocks like Tencent and Alibaba saw declines of nearly 3% and 2.5%, respectively, with Tencent's market value dropping below 500 billion [1] Company Performance - Xinda Biopharmaceuticals (01801.HK) projected total product revenue of approximately RMB 11.9 billion for 2025, reflecting a year-on-year growth of about 45% [2] - Lee & Man Paper Manufacturing (02314.HK) expects profits for 2025 to be between HKD 1.88 billion and HKD 2.00 billion, indicating a year-on-year increase of 38% to 47% [2] - ZTO Express (02057.HK) anticipates total revenue of RMB 48.5 billion to RMB 50 billion for 2025, representing a year-on-year growth of approximately 9.5% to 12.9% [2] - China Resources Cement (01313.HK) forecasts a year-on-year profit increase of about 115% to 135% for 2025, driven by reduced costs and impairment losses [2] Corporate Actions - Goldin Properties (00535.HK) reported a January contract sales total of approximately RMB 239 million, a year-on-year decrease of 61.82% [3] - Fosun International (00656.HK) plans to subscribe for additional registered capital of RMB 105 million in Shangmeng Technology, acquiring a 51.0879% stake post-increase [3] - Shanghai Pharmaceuticals (02607.HK) intends to publicly transfer its 30% stake in Bristol-Myers Squibb, with a minimum listing price of approximately RMB 1.023 billion [3] - China Coalbed Methane (08270.HK) completed the sale of 100% equity in Shanxi Qingshui Shuntai Energy Development [4] Investment Trends - The active repurchase of shares continues, with Kingsoft (03888.HK) repurchasing 1.0886 million shares for approximately HKD 29.99 million [9] - Xiaomi Group (01810.HK) repurchased 4.3 million shares for a total of HKD 146 million [10] - Kingdee International (00268.HK) repurchased 1 million shares for approximately HKD 11.1 million [11] Market Outlook - Guoyuan International's report suggests that the Hong Kong stock market may experience short-term volatility due to external factors, but maintains a positive long-term outlook [12] - CITIC Securities highlights the potential for new investment opportunities in emerging markets, despite risks from rising oil prices and long-term bond yields [12] - Galaxy Securities recommends focusing on technology, energy, precious metals, and consumer sectors for potential rebounds [13]

Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]

餐厅利润率为16.3%，同比增长60个基点，主要得益于食品及包装物、物业租金及其他经营开支占比的改善。外卖销售同比增长25%，约占公司餐厅收入的 48%，较去年的39%有所提升。 2月4日晚间，百胜中国（09987.HK）发布截至2025年12月31日的第四季度及全年财报，报告期内销售、利润双增长。 2月5日开盘，百胜中国股价大涨，截至11点15分，涨幅为8.51%。 2025年，百胜中国在餐饮赛道竞争白热化背景下实现稳健增长。据公告，2025年百胜中国总收入118亿美元，同比增长4%，经营利润13亿美元，同比增长 11%。其中，第四季度经营利润1.87亿美元，同比增长25%。 全年净新增门店1706家，门店总数达到18101家。其中加盟店占比持续提升，肯德基与必胜客的净新增门店中，加盟比例从2024年的25%提升至2025年的 36%。 另外，去年11月，百胜餐饮集团(Yum! Brands)宣布启动对其旗下品牌必胜客的战略评估，寻求分拆必胜客部门，以专注于塔可钟和肯德基。该公司高管在集 团2025第四财季业绩电话会议上表示，相关评估预计今年完成，当季必胜客的同店销售额在国际市场增长1%，在美国市场则再次下 ...

Core Viewpoint - Nomura's research report indicates that Yum China delivered robust performance in the last quarter, with both revenue and profit exceeding expectations, and quarterly revenue increased by 9% year-on-year [1] Group 1: Financial Performance - The company benefited from cost improvements and enhanced operational efficiency, leading to a significant expansion in restaurant profit margin and operating profit margin by 70 basis points and 80 basis points, respectively [1] - Quarterly operating profit reached $187 million [1] Group 2: Management Insights - Yum China's management reiterated early signs of consumer recovery ahead of the Lunar New Year holiday [1] Group 3: Future Projections - Nomura raised Yum China's revenue forecasts for the fiscal years 2026 and 2027 by 1% to 2% [1] - The target price was increased from HKD 432 to HKD 459, maintaining a "Buy" rating [1]