智通财经APP讯，百胜中国(09987)发布公告，于2025年11月7日斥资320万美元回购7.37万股;斥资627.4 万港元回购1.86万股。 该信息由智通财经网提供 ...

格隆汇11月10日丨百胜中国(09987.HK)发布公告，2025年11月7日耗资627.4万港元回购1.86万股，回购 价格每股335.2-339.4港元。 ...

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11月10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 - Yum China reported a 4% year-on-year increase in system sales for Q3 2025, driven by a 4% net new store contribution and a 1% same-store sales growth [1] Group 1: Financial Performance - Q3 same-store sales and transactions increased by 1% and 4%, marking the eleventh consecutive quarter of growth [1] - KFC's system sales, same-store sales, and same-store transactions grew by 5%, 2%, and 3% respectively, with a 1% decline in average ticket size attributed to a rise in small orders [1] - Pizza Hut's system sales, same-store sales, and same-store transactions increased by 4%, 1%, and 17% respectively, also achieving eleven consecutive quarters of growth [1] - Q3 operating profit and core operating profit both saw an 8% year-on-year increase, with operating profit margin and restaurant profit margin rising by 0.4 and 0.3 percentage points to 12.5% and 17.3% respectively [2] Group 2: Store Expansion - As of September 2025, Yum China had a total of 17,514 stores, with KFC and Pizza Hut having 12,640 and 4,022 stores respectively [1] - In Q3, the company added 536 new stores, with KFC contributing 402 and Pizza Hut adding 158, marking a historical high for Q3 store openings [1] - The company plans to add 1,600 to 1,800 new stores in 2025, with franchise stores making up 40-50% of KFC's and 20-30% of Pizza Hut's new openings [2] Group 3: Product Innovation and Brand Development - KFC introduced new products like the Crispy Golden Chicken Wings, which saw significant sales during promotions, while Pizza Hut's new handmade thin-crust pizza also performed well [2] - The KPRO brand, focusing on energy bowls and super milkshakes, has opened over 100 locations in high-density cities [2] Group 4: Future Outlook - The company plans to return $3 billion to shareholders between 2025 and 2026 [2] - Revenue forecasts for 2025-2027 have been adjusted to $11.7 billion, $12.4 billion, and $13.1 billion respectively, with net profit estimates revised to $918 million, $989 million, and $1.059 billion [3]

Group 1: North Exchange Market Insights - The North Exchange 50 Index and the specialized new index will undergo adjustments on December 15, 2025, with potential additions of three companies: Kai Fa Technology, Ge Bi Jia, and Wan Tong Hydraulic [2][7] - The North Exchange 50 Index has seen a decline of over 3% this week, with average daily trading volume dropping to 23.1 billion yuan, indicating a need to monitor market sentiment and trading volume changes [2][8] - The overall outlook for the North Exchange remains optimistic, with a focus on companies with solid fundamentals and reasonable valuations, particularly those that may enter the index [8] Group 2: New Consumption Sector Developments - The introduction of new tax policies for gold trading is expected to drive market share towards compliant leading brands, while non-compliant businesses may face significant impacts [11][12] - Domestic beauty brands are increasingly leveraging video platforms like WeChat to enhance sales, with a notable growth in social e-commerce, indicating a shift in consumer engagement strategies [12][13] - The new consumption landscape reflects changing consumer attitudes, with a focus on innovative and high-quality domestic brands in sectors like beauty and jewelry [13] Group 3: Non-Banking Sector Analysis - China Pacific Insurance reported a 24.6% year-on-year increase in revenue and a 35.2% increase in net profit for Q3 2025, driven primarily by investment performance [3][16] - The company's new business value (NBV) in life insurance grew by 31.2% year-on-year, indicating a stable growth trajectory in individual insurance channels [17] - The overall performance aligns with market expectations, with a forecasted net profit growth of 17.7% to 751 billion yuan by 2027 [18] Group 4: Fast Food Industry Performance - Yum China achieved a revenue of $3.21 billion in Q3 2025, reflecting a 4% year-on-year growth, although net profit declined by 5% [20][21] - The company’s core brands, KFC and Pizza Hut, demonstrated resilience with improved operating profit margins, despite challenges in average transaction values [21][22] - Yum China is on track to meet its goal of 20,000 stores by the end of 2026, with a strong opening pace and strategic franchise expansion [22]

Investment Rating - The report maintains a "Buy" rating for Yum China (09987.HK) [1] Core Insights - In Q3 2025, Yum China's system sales increased by 4%, driven by a 4% contribution from net new stores and a 1% increase in same-store sales. This marks the 11th consecutive quarter of same-store sales growth [7] - The company plans to open 1,600 to 1,800 new stores in 2025, with a target of increasing the proportion of franchise stores in new openings [7] - The report adjusts revenue forecasts for 2025-2027 to $11.7 billion, $12.4 billion, and $13.1 billion, respectively, and net profit forecasts to $918 million, $989 million, and $1.059 billion, respectively [7] Financial Performance Summary - Total revenue for 2023 is projected at $10.978 billion, with a year-on-year growth of 14.72% [1] - Net profit for 2023 is expected to be $827 million, reflecting a significant year-on-year increase of 87.10% [1] - The latest diluted EPS is forecasted at $2.28 for 2023, with a P/E ratio of 19.00 [1] Store Expansion and Sales Growth - As of September 2025, Yum China had a total of 17,514 stores, with KFC and Pizza Hut accounting for 12,640 and 4,022 stores, respectively [7] - In Q3 2025, KFC's system sales, same-store sales, and same-store transaction volume grew by 5%, 2%, and 3%, respectively [7] - Pizza Hut's system sales, same-store sales, and same-store transaction volume increased by 4%, 1%, and 17%, respectively, continuing the trend of growth [7] Operational Efficiency - Q3 operating profit and core operating profit both achieved an 8% year-on-year growth, with operating profit margin increasing to 12.5% [7] - The improvement in restaurant profit margin is attributed to reduced costs in food, packaging, and rent [7] Innovation and Brand Strategy - The company emphasizes innovation and efficiency, with new product launches such as the crispy chicken wings at KFC and the handmade thin-crust pizza at Pizza Hut showing strong sales performance [7] - The brand KPRO, focusing on energy bowls and milkshakes, has opened over 100 locations in high-density cities [7]

Investment Rating - The investment rating for Yum China (09987.HK) is "Buy" [6] Core Insights - The company has accelerated store openings while maintaining positive same-store sales growth, demonstrating resilience even amid external challenges [5] - The overall revenue for Q3 2025 was $3.206 billion, a year-on-year increase of 4%, while the net profit attributable to shareholders was $282 million, a decrease of 5% [1][2] - The company aims for a shareholder return target of $1.5 billion for 2025, with a cumulative target of $3 billion for 2025-2026 [4] Summary by Sections Revenue and Profitability - In Q3 2025, the company reported a revenue of $3.206 billion, up 4% year-on-year, and a core operating profit of $399 million, up 8% year-on-year [1] - The net profit attributable to shareholders decreased by 5% year-on-year, primarily due to reduced interest income and investment losses related to Meituan [2] Store Expansion and Sales Performance - As of Q3 2025, the total number of stores reached 17,514, with a net addition of 536 stores in the quarter, marking a record for quarterly net store openings [1] - Same-store sales growth was positive at 1% overall, with KFC and Pizza Hut achieving 2% and 1% growth respectively [2] Digital and Delivery Growth - The company experienced a 32% year-on-year increase in delivery sales, which now account for 51% of restaurant revenue [3] - Digital orders have risen to 95% of total orders, reflecting the impact of the growth in delivery services [3] New Brand Development and Investment Optimization - The company continues to expand new brands, with KFC Coffee reaching 1,800 locations and KPRO opening over 100 locations in high-tier cities [4] - Single-store investment has been optimized, with KFC's investment per store decreasing from approximately $150,000 in 2024 to $130,000-$140,000 in Q3 2025 [4] Financial Projections - Revenue projections for 2025-2027 are $11.752 billion, $12.339 billion, and $13.187 billion respectively, with net profits expected to be $920 million, $1.002 billion, and $1.099 billion [10]

Core Insights - In Q3 2025, the company reported revenue of $3.206 billion, a 4% increase, operating profit of $400 million, an 8% increase, and net profit attributable to shareholders of $282 million, a 5% decrease (adjusted for Meituan investment impact, net profit increased by 7%) [1] - The company returned $414 million to shareholders in Q3 2025, including $326 million in share buybacks and $88 million in cash dividends, with a total return of $950 million to shareholders in the first three quarters and an expected annual return of approximately $1.5 billion [1] Sales Performance - Same-store sales continued to show positive growth, with overall sales for the company/KFC/Pizza Hut increasing by 4%/5%/4% year-on-year, and same-store sales increasing by 1%/2%/1% respectively [1] - KFC's average transaction value decreased by 1%, while transaction volume increased by 3%; Pizza Hut's average transaction value decreased by 13%, while transaction volume increased by 17% [1] - The company added a net of 536 new stores in Q3 2025, with KFC contributing 402 new stores and Pizza Hut contributing 158 new stores [1] Profitability and Cost Structure - The company's operating profit margin improved to 12.5%, an increase of 0.4 percentage points, with restaurant profit margins at 17.3%, up 0.3 percentage points [2] - KFC and Pizza Hut restaurant profit margins were 18.5% and 13.4%, respectively, with year-on-year increases of 0.2 percentage points and 0.6 percentage points [2] - The increase in delivery sales, which accounted for 51% of total sales (up 11 percentage points), led to higher rider costs [2] Investment Outlook - The company adjusted its profit forecast, expecting revenues of $11.792 billion, $12.350 billion, and $13.013 billion for 2025-2027, with net profits of $917 million, $983 million, and $1.061 billion respectively [2] - The expected EPS for the same period is $2.53, $2.71, and $2.93, with the latest stock price corresponding to PE ratios of 17, 16, and 15 times [2]

Group 1 - Yum China (09987) announced a share buyback of approximately 627.1 million HKD for 18,500 shares on the Hong Kong Stock Exchange [1] - The company also repurchased 73,630 shares for about 3.2 million USD on the New York Stock Exchange [1]

智通财经APP讯，百胜中国(09987)公布，2025年11月6日于港交所耗资约627.1万港元回购1.85万股股 份，于纽约证券交易所耗资约320万美元回购7.363万股股份。 ...