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30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 ...

Group 1 - The company Yum China (09987) announced a share buyback on January 28, 2026, spending HKD 7.7225 million to repurchase 19,500 shares at a price range of HKD 390.8 to 399.4 per share [1] - On the same date, the company also repurchased approximately USD 3 million worth of 59,700 shares at a price range of USD 49.96 to 51.38 per share [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： 2026年1月29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 | 每 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a favorable investment outlook for Yum China [5]. Core Insights - Yum China has raised delivery menu prices for KFC, which is seen as a necessary step to expand profit margins while transitioning to a delivery-focused model. The report suggests that the timing is appropriate due to potential reductions in delivery subsidies [5][6]. - The average price increase for delivery items at KFC is 0.8 yuan, with the last adjustment occurring at the end of 2023. The report notes that the impact on consumers is relatively minor, especially for orders under 200 yuan [5]. - The report highlights that while the increase in delivery volume may lead to higher platform fees, the dilution of profit margins in delivery compared to dine-in could weaken the benefits of the price hike [6]. Summary by Sections Company Overview - Yum China Holdings, Inc. is the largest chain restaurant operator in China, exclusively owning the operational and licensing rights for brands such as KFC, Pizza Hut, Taco Bell, and Little Sheep. KFC and Pizza Hut are the company's two main brands [9]. Revenue Breakdown - KFC accounts for 77.7% of revenue, while Pizza Hut contributes 20.6%. The remaining 1.7% comes from other sources [11]. Stock Information - As of January 27, 2026, the stock price is $50.17, with a market capitalization of $17.05 billion. The consensus target price is $58.28 [11].

Core Viewpoint - Yum China Holdings is expected to report a year-over-year increase in earnings and revenues for the quarter ended December 2025, with the actual results being crucial for near-term stock price movements [1][2]. Earnings Expectations - The upcoming earnings report is anticipated to be released on February 4, with a consensus EPS estimate of $0.35, reflecting a +16.7% year-over-year change, and revenues projected at $2.73 billion, up 5.3% from the previous year [3]. - The consensus EPS estimate has been revised 1.14% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +2.86% for Yum China, suggesting analysts are optimistic about the company's earnings prospects [12]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [10]. Historical Performance - Yum China has matched consensus EPS estimates in the last reported quarter, with earnings of $0.76 per share, resulting in no surprise [13]. - Over the last four quarters, the company has beaten consensus EPS estimates two times [14]. Investment Considerations - While an earnings beat may influence stock movement, other factors can also affect stock performance, making it essential to consider the broader context [15][17]. - Investors are encouraged to check the Earnings ESP and Zacks Rank before the quarterly release to identify potential investment opportunities [16].

Group 1 - The company, Yum China (09987), announced a share buyback on January 27, 2026, spending HKD 7.724 million to repurchase approximately 20,000 shares at a price range of HKD 384.2 to 388.6 per share [1] - Additionally, the company allocated around USD 3 million to buy back about 60,000 shares at a price range of USD 49.63 to 50.44 per share [1] - On the same day, the company issued 13,800 shares under its share plan [1]

Group 1 - The company Yum China (09987) announced a share buyback plan on January 27, 2026, involving an expenditure of HKD 7.724 million to repurchase approximately 20,000 shares at a price range of HKD 384.2 to 388.6 per share [1] - Additionally, the company allocated around USD 3 million to buy back about 60,000 shares at a price range of USD 49.63 to 50.44 per share on the same day [1] - On the same date, the company issued 13,800 shares under its share plan [1]

Group 1 - Company repurchased 20,000 shares at a total cost of HKD 7.724 million on January 27, 2026 [1] - The repurchase price per share ranged from HKD 384.2 to HKD 388.6 [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 第 2 頁 共 9 頁 v 1.3.0 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28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 ...

Core Viewpoint - Yum China (09987) shares increased by nearly 3%, currently up 2.42% at HKD 397.8, with a trading volume of HKD 122 million [1] Group 1: Price Adjustment and Profitability - Citi updated its quarterly performance forecast for Yum China, expecting total sales in Q4 of last year to increase by 3% year-on-year, reaching USD 2.685 billion, with an annual growth forecast of 3% [1] - Citi predicts that Yum China's operating profit will increase by 11% in Q4 of last year, with the operating profit margin expected to rise by 50 basis points to 6.3%, which is higher than the company's guidance of "approximately flat compared to Q4 2024" [1] - The report from Credit Suisse indicates that KFC, a subsidiary of Yum China, has raised delivery menu prices, which is seen as a timely move, with expectations of a 7% increase in restaurant profitability [1] Group 2: Transition Challenges - Credit Suisse expresses concerns that the ongoing shift from dine-in to delivery may impact the positive effects of the price increase [1] - The company’s initiatives are deemed necessary to expand KFC's profitability, although the transition from in-store dining to delivery is expected to be challenging [1] - The benefits of the price increase are anticipated to materialize when the related transformation slows down and same-store sales stop declining [1]