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： 2025年8月6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 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected stock price increase of over 15% within the next six months [6]. Core Insights - The company reported Q2 2025 total revenue of $2.79 billion, a 4% increase excluding currency effects, which aligns with market expectations. Adjusted operating profit reached $304 million, up 14% compared to market expectations of $288 million [1][2]. - Same-store sales growth turned positive for the first time since Q1 2024, with system sales growth of 4% in Q2, driven by KFC and Pizza Hut's respective growth rates of 5% and 3% [2]. - The company opened a net of 336 new stores in Q2, with a total of 16,978 stores as of Q2 2025, and aims to open 1,600 to 1,800 stores by the end of the year [3]. Financial Summary - The company committed to returning at least $1.2 billion to shareholders this year, with a shareholder return rate of approximately 7%. In H1 2025, the company returned $536 million to shareholders, including $180 million in cash dividends and $356 million in share buybacks [3]. - Revenue projections for 2025-2027 are $11.68 billion, $12.20 billion, and $12.73 billion, respectively, with corresponding net profits of $946 million, $984 million, and $1.03 billion [5][14]. - The company’s net profit margin is projected to remain stable at around 8.1% for the next few years, with a return on equity (ROE) forecasted to decline from 15.9% in 2024 to 11.8% in 2027 [14][15]. Store Expansion and Strategy - The company is focusing on expanding its store network, particularly in lower-tier markets, with a strong performance in same-store sales indicating a recovery trend in the restaurant industry [4]. - The strategy includes leveraging delivery services, which accounted for approximately 45% of revenue in Q2, showing a year-on-year growth of 22% [3][4]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 18.5, 17.7, and 17.0, respectively, indicating a favorable valuation compared to historical performance [4][5].

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [1] Core Insights - In Q2 2025, the company achieved revenue of $2.8 billion, a year-on-year increase of 4%, and adjusted net profit of $215 million, also up 1% year-on-year [5][6] - Same-store sales turned positive for the first time since Q1 2024, with a 1% year-on-year increase, driven by a 5% increase in KFC and a 3% increase in Pizza Hut [6] - The company plans to accelerate store openings in the second half of 2025, targeting a net increase of 1,600 to 1,800 stores for the year [7] Revenue Performance - The company reported a same-store sales growth of 1% in Q2 2025, with KFC and Pizza Hut showing respective growth rates of 1% and 2% [6] - KFC's average ticket price increased by 1% year-on-year, while Pizza Hut's decreased by 13% due to a focus on more cost-effective products [6] Store Expansion - In Q2 2025, the company added 336 new stores, bringing the total to 16,978 [7] - The company has adjusted its capital expenditure guidance for 2025 to $600-700 million, down from $700-800 million [7] Profitability Improvement - The restaurant profit margin improved to 16.1% in Q2 2025, up 0.6 percentage points year-on-year [8] - The company expects stable profit margins for KFC and slight improvement for Pizza Hut in the second half of 2025 [8] Future Outlook - The company raised its target for the number of KFC coffee shops to 1,700 by the end of 2025, reflecting strong sales growth in new product categories [9] - The report projects adjusted net profit for 2025-2027 to be $940 million, $1.002 billion, and $1.074 billion respectively, with corresponding EPS of $2.55, $2.71, and $2.91 [10][11]

金融界8月6日消息，上证指数低开高走，中证香港300休闲指数 (H300休闲，H30329)报3078.60点。 数据统计显示，中证香港300休闲指数近一个月上涨6.81%，近三个月上涨15.53%，年至今上涨 19.31%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从中证香港300休闲指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300休闲指数持仓样本的行业来看，休闲服务占比41.56%、数字媒体占比39.23%、文化娱乐 占比11.80%、酒占比6.30%、营销与广告占比1.11%。 据了解，中证香港300行业主题指数系列从中证香港300指数样本中选取银行、运输、资源、基建、物流 和休闲等行业主题上市公司证券作为指数样本，以反映香港市场不同 ...

管理层重申了全年开店指引，大和表示，若执行力提升，系统销售增长可加速，受到更快的新门店贡献 支撑。因此，下半年门店开设将是主要焦点。大和预计，百胜中国每股盈利同比增5%，若不计外汇及 市值调整影响，则年增15%。2025至2026年目标资本回报定为30亿美元，占市值8%。 大和认为，百胜中国主要亮点在于成本优化，其营运利润同比增14%，高于市场共识的8%。每股盈余 (EPS)增长5%，而调整后每股盈利(不含美团-W(03690)投资及外汇影响)保持15%同比增率。大和表示， 按品牌来看，肯德基持续展现韧性，需注意的是肯德基仅在7月加入京东外送，认为与京东外送的合作 预计将在第三季带来额外流量。 智通财经APP获悉，大和发布研报称，百胜中国(09987)于2025年第二季报告同店销售增长(SSSG)1%， 其中肯德基(KFC)为增长1%，必胜客(Pizza Hut)增2%，认为这是一个稳健的表现。预期第三季的持续改 善(外送量提升、门店开设加速、正向营运杠杆)将进一步支撑股价，对该股评级为"买入"。 ...

管理层重申了全年开店指引，大和表示，若执行力提升，系统销售增长可加速，受到更快的新门店贡献 支撑。因此，下半年门店开设将是主要焦点。大和预计，百胜中国每股盈利同比增5%，若不计外汇及 市值调整影响，则年增15%。2025至2026年目标资本回报定为30亿美元，占市值8%。 大和发布研报称，百胜中国(09987)于2025年第二季报告同店销售增长(SSSG)1%，其中肯德基(KFC)为 增长1%，必胜客(Pizza Hut)增2%，认为这是一个稳健的表现。预期第三季的持续改善(外送量提升、门 店开设加速、正向营运杠杆)将进一步支撑股价，对该股评级为"买入"。 大和认为，百胜中国主要亮点在于成本优化，其营运利润同比增14%，高于市场共识的8%。每股盈余 (EPS)增长5%，而调整后每股盈利(不含美团-W(03690)投资及外汇影响)保持15%同比增率。大和表示， 按品牌来看，肯德基持续展现韧性，需注意的是肯德基仅在7月加入京东外送，认为与京东外送的合作 预计将在第三季带来额外流量。 ...

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK / YUMC.US) with a target price of HKD 476.9, indicating a potential upside of 36% from the current stock price of HKD 370.8 [1][5]. Core Insights - In Q2 2025, Yum China's total revenue increased by 4% year-on-year to USD 2.8 billion, with system sales also growing by 4%. Operating profit rose by 14% to USD 304 million, exceeding market expectations. Net profit attributable to shareholders grew by 1% to USD 215 million, primarily impacted by an investment loss of USD 18 million [1][2]. - The company experienced a positive same-store sales growth of 1% for the first time since last year, driven by improved efficiency and a reduction in expense ratios due to same-store growth. Additionally, the recent competition in the food delivery market contributed to a 22% increase in delivery revenue, which now accounts for 45% of total revenue [2][5]. - KFC's revenue grew by 4.1% to USD 2.09 billion, with same-store sales also increasing by 1%. The restaurant's profit margin improved to 16.9%, benefiting from favorable raw material prices and operational efficiencies [3]. - Pizza Hut's operating profit increased by 16% to USD 46 million, with a profit margin of 8.3%, marking a significant improvement. The company plans to maintain its store opening guidance for the year, targeting 1,600 to 1,800 new stores [4][5]. Financial Summary - For the first half of 2025, Yum China reported total revenue of USD 4.34 billion, a 2% increase year-on-year, and a net profit of USD 510 million, also up by 1% [2]. - The forecast for net profit attributable to shareholders is USD 944.6 million for 2025, USD 1.015 billion for 2026, and USD 1.05 billion for 2027, with corresponding EPS of HKD 20.07, HKD 21.57, and HKD 22.24 [5][9]. - The company’s financial metrics indicate a projected revenue growth rate of 2.89% for 2025 and 6.98% for 2026, with a net profit margin of 8.12% for 2025 [9][10]. Valuation Analysis - The report employs both comparable company analysis and DCF methods for valuation, suggesting a target price of HKD 476.9 based on a 23x PE ratio for 2025, with an estimated EPS of HKD 20.07 [11][12]. - The DCF valuation estimates a reasonable market capitalization of HKD 181.9 billion, translating to a stock price of HKD 492.3 [11][14].

智通财经APP获悉，高盛发布研报称，百胜中国(09987)第二季盈利超预期，相信市场可能在等待第三季 同店销售前景在外送平台补贴增加下更正面的基调。该行指，了解百胜中国审慎的销售指引是基于2024 年第三季的各种成功促销活动、平台补贴政策、多变的宏观环境、管理层平衡商机与定价观点的策略， 相信过往的往绩记录仍能让公司有健康的增长前景。维持"买入"评级及目标价447港元。 ...

核心业绩全面领跑，规模与效率双提升 本季度，百胜中国在规模扩张与运营效率两大维度均取得了卓越成就。在门店网络方面，公司净新增 336家门店，截至6月30日，总门店数已攀升至16,978家，其中肯德基和必胜客门店数分别达到12,238家 和3,864家，持续扩大其市场覆盖面和品牌影响力。 更值得关注的是，公司的内生增长动力强劲。同店销售额实现1%的同比增长，而同店交易量更是连续 第十个季度实现同比增长。这一系列数据充分证明，百胜中国不仅通过外延式开店驱动增长，更在当前 消费趋于理性、竞争白热化的背景下，通过精细化运营，显著提升了现有门店的盈利能力和顾客吸引 力，实现了高质量的增长。 "我很高兴地宣布，我们在第二季度取得了稳健的业绩，这些成绩反映了我们以提效和创新为策略的双 轮驱动的有效性。"百胜中国首席执行官屈翠容（Joey Wat）表示，"展望未来，我们有信心持续提升品 牌影响力，不断开拓更广阔的市场。" 来源：环球网 【环球网消费综合报道】餐饮公司百胜中国控股有限公司（纽交所代码：YUMC，港交所代码：9987） 公布了其截至2025年6月30日的第二季度财务报告。财报显示，公司在复杂多变的市场环境中展现出 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Yum China’s Q2 performance met expectations, with significant improvements in profit margins [1] Financial Performance - Restaurant profit margin increased by 60 basis points, while operating profit margin rose by 100 basis points [1] - KFC and Pizza Hut's takeout sales grew by 25% and 15% year-on-year, respectively [1] - Same-store sales increased by 1% for KFC and 2% for Pizza Hut, attributed to Yum China's strategic restraint in promotional activities [1] Profitability Outlook - Credit Lyonnais views Yum China as the most disciplined company in profit protection within its coverage, suggesting that there is still room for profit margin improvement regardless of subsidy continuation [1] - The target price for Yum China is maintained at $56 with an "outperform" rating [1]