Following my coverage on Yum China Holdings (NYSE: YUMC ) in Feb’25, in which I reiterated a buy rating as the business strategy was working very well, and I expected the growth outlook toI take a fundamentals-based approach to value investing.I disagree with the common misconception held by many investors that low multiple stocks must be cheap. I look for companies that offer the best long-term durability at the most affordable prices. Consequently, I have a propensity to be drawn to companies with steady ...

Group 1 - The core theme of the 16th China Food Safety Forum is "Honesty and Lawfulness, Sharing Food Safety," emphasizing the importance of food safety and waste reduction in the food industry [2] - KFC, a subsidiary of Yum China, has integrated food waste reduction into its brand development strategy, establishing a new paradigm for food surplus management in the restaurant industry through its "Food Station" initiative [2][3] - The Chinese government has implemented a series of policies to combat food waste and ensure food security, including the 2021 Anti-Food Waste Law and the 2024 Action Plan for Food Conservation and Anti-Food Waste [2] Group 2 - KFC launched the "Food Station" initiative in 2020, initially in Shenzhen and Guangzhou, to provide surplus food that is past its best-before date but still safe for consumption to those in need [3] - Over five years, KFC has improved the operational model of the "Food Station" through technology, standardizing processes and training employees to ensure proper handling of surplus food [3] - By mid-2025, KFC's Food Stations will have expanded to over 1,050 locations across more than 180 cities, achieving significant growth in its outreach [4] Group 3 - KFC aims to continue its sustainable practices by adhering to national policies on food conservation and waste reduction, focusing on demand-driven production, reduced packaging, and waste management [4][5] - The company plans to enhance the influence of the Food Station model and engage more communities in environmental initiatives, contributing to sustainable social development [5] - Yum China operates over 16,000 restaurants across six brands in more than 2,400 towns in mainland China, making it the largest restaurant company in the country [5]

Group 1 - Yum China (09987) announced a share buyback on September 12, 2025, costing approximately HKD 20.2864 million for 57,700 shares on the Hong Kong Stock Exchange [1] - The company also repurchased about 236,900 shares for approximately USD 10.3999 million on the New York Stock Exchange [1]

Group 1 - Yum China announced a share buyback on September 12, 2025, costing approximately HKD 20.2864 million for 57,700 shares on the Hong Kong Stock Exchange [1] - The company also repurchased about 236,900 shares on the New York Stock Exchange for approximately USD 10.3999 million [1]

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9月14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 Viewpoint - The debate over pre-prepared dishes (pre-cooked meals) in the restaurant industry highlights differing interpretations among restaurant owners and consumers regarding what constitutes pre-prepared food [2][3][4]. Group 1: Definitions and Standards - According to the 2024 definition by six ministries, pre-prepared dishes are made from one or more food products, using or not using seasonings, without preservatives, and require heating or cooking before consumption [3]. - Chain restaurants like Xibei, if using semi-finished products from a central kitchen or frozen semi-finished products, do not fall under the national definition of pre-prepared dishes unless they are fully cooked beforehand [3]. Group 2: Perspectives from Industry Leaders - Luo Yonghao claims that Xibei's assertion of not using pre-prepared dishes is a complete lie, emphasizing that consumer understanding of freshly made food is clear [4]. - Liu Jingjing, founder of Jiahe Yipin, argues that establishing a central kitchen with quality control ensures food safety, while a Beijing restaurant executive believes that central kitchens are necessary for standardization and hygiene [5]. Group 3: Diverging Opinions on Cooking Methods - Some restaurant owners, like Li Hong of Xiangcunji, prefer fresh cooking over standardization, believing it retains the home-cooked flavor that consumers desire [5]. - The debate continues with varying opinions on the necessity of pre-prepared ingredients versus freshly made dishes, with some suggesting that the essence of food quality lies in the cooking method [6]. Group 4: Consumer Expectations - Consumers prioritize food safety, health, taste, and value for money, indicating that clarity in standards and transparency in information could resolve the ongoing debate [6].

Core Viewpoint - KCOFFEE is rapidly expanding in China, with over 1,300 stores and more than 600 new openings in the first half of 2023, positioning itself among the top ten coffee brands in the country [5][6]. Group 1: Market Potential and Strategy - Yum China is optimistic about the coffee market, viewing it as a fast-growing consumer category that can broaden its service offerings and drive sales [6][8]. - KCOFFEE leverages the existing KFC store network, which has over 12,000 locations across more than 2,430 cities, providing advantageous site selections for new coffee outlets [10][12]. - The strategic "shoulder-to-shoulder" model allows KCOFFEE to share resources with KFC, reducing operational costs and enhancing efficiency [6][14]. Group 2: Competitive Advantages - KCOFFEE has established competitive barriers through its unique resource advantages, including prime locations in high-traffic areas such as shopping malls and tourist attractions [9][13]. - The brand's innovative product offerings, particularly in bubble coffee, have outpaced competitors, with bubble coffee accounting for over half of KCOFFEE's beverage sales in June 2023 [20][15]. - KCOFFEE's strong supply chain management, developed over 30 years, provides significant bargaining power, allowing it to maintain competitive pricing and profit margins [24]. Group 3: Growth and Expansion - KCOFFEE is focusing on expanding into lower-tier cities, with over half of its new stores in the first half of 2023 located in third-tier and below regions [25]. - The integration with KFC's app allows KCOFFEE to tap into a large customer base, with KFC's membership exceeding 520 million, enhancing customer loyalty and brand strength [29][26]. - The brand's collaboration with KFC and other sub-brands under Yum China creates a robust ecosystem for customer engagement and retention [30].

Group 1 - The company Yum China (09987) announced a share buyback plan, committing to repurchase 53,200 shares at a cost of HKD 18.6155 million [1]

Group 1 - Company announced a share buyback of 53,200 shares at a total cost of HKD 18.6155 million [1] - The buyback occurred on September 11, 2025, with share prices ranging from HKD 344 to HKD 354.4 [1]

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9月12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 | | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | ...