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3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 | | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 ...

Investment Rating - The report maintains a "Buy" rating for Yum China (09987.HK) [1] Core Insights - The company reported Q4 2025 revenue of $2.823 billion, a year-on-year increase of 9%, with operating profit at $187 million, up 25%, and net profit attributable to shareholders at $140 million, up 24% [1] - For the full year 2025, total revenue reached $11.797 billion, a 4% increase year-on-year, with operating profit of $1.290 billion, up 11%, and net profit attributable to shareholders at $929 million, a 2% increase [1] - The company returned $539 million to shareholders in Q4 and a total of $1.5 billion for the year [1] Financial Performance Summary - Same-store sales continued to show positive growth, with a full-year increase of 1% and Q4 growth of 3%, exceeding expectations [8] - The total number of restaurants reached 18,101 by the end of 2025, with a net addition of 1,706 restaurants during the year [8] - The overall profit margin for Q4 was 13.0%, with KFC and Pizza Hut margins at 14.0% and 9.9%, respectively, benefiting from reduced costs [8] - The company plans to add over 1,900 new stores in 2026, with a target of exceeding 20,000 total stores [8] - The company aims to maintain high shareholder returns, with a planned return of $1.5 billion in 2026 [8] Financial Projections - Revenue projections for 2026 are estimated at $12.4 billion, with a growth rate of 5.1% [4] - Net profit for 2026 is projected to be $1.026 billion, reflecting a growth rate of 10.5% [4] - The target price for the stock is set at HKD 477.03, based on a 21x PE ratio for 2026 [4]

Investment Rating - The report maintains a "Buy" rating for Yum China (09987.HK) [1] Core Insights - The company reported Q4 2025 revenue of $2.823 billion, a year-on-year increase of 9%, with operating profit at $187 million, up 25%, and net profit attributable to shareholders at $140 million, up 24% [1] - For the full year 2025, total revenue reached $11.797 billion, a 4% increase year-on-year, with operating profit of $1.290 billion, up 11%, and net profit attributable to shareholders at $929 million, a 2% increase [1] - The company returned $539 million to shareholders in Q4 and a total of $1.5 billion for the year [1] Financial Performance Summary - Same-store sales continued to show positive growth, with a full-year increase of 1% and Q4 growth of 3%, exceeding expectations [8] - The total number of restaurants reached 18,101 by the end of 2025, with a net addition of 1,706 restaurants during the year [8] - The overall profit margin for Q4 was 13.0%, with KFC and Pizza Hut margins at 14.0% and 9.9% respectively, benefiting from reduced costs [8] - The company plans to add over 1,900 new stores in 2026, with a target of exceeding 20,000 total stores [8] - The company aims to maintain high shareholder returns, with a planned return of $1.5 billion in 2026 [8] Financial Projections - Revenue projections for 2026, 2027, and 2028 are $12.4 billion, $13.011 billion, and $13.604 billion respectively, with growth rates of 5.1%, 4.9%, and 4.6% [4] - Net profit projections for the same years are $1.026 billion, $1.105 billion, and $1.181 billion, with growth rates of 10.5%, 7.7%, and 6.9% respectively [4] - The target price for 2026 is set at HKD 477.03, based on a PE ratio of 21 times [4]

Investment Rating - The report gives an "Accumulate" rating for the restaurant industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The restaurant industry is showing signs of marginal recovery, with expectations for sustainability in growth. Key restaurant brands are expected to benefit from upcoming service consumption and restaurant stimulus policies [5][10]. - The report highlights that the competitive landscape is improving, with a notable differentiation among brands. Major players are stabilizing after a period of closures and adjustments, indicating potential for upward momentum [5][42]. - The report emphasizes the importance of consumer confidence and the impact of external factors such as stimulus policies on restaurant performance [28][29]. Summary by Sections 1. Introduction - The restaurant data shows improvement, with expectations for enhanced continuity in 2026. Factors such as market effects and high dividend expectations are contributing to positive indicators in customer metrics [10]. 2. Demand Side - Since October, the growth rate of restaurant revenue has outpaced overall retail sales, indicating a strong recovery in consumer spending [11][13]. - The report notes that the external delivery market has intensified competition, leading to a rationalization among brands, which is beneficial for the overall industry structure [23][24]. - Policies aimed at expanding service consumption are expected to have a short-term positive impact on restaurant performance, although long-term consumer confidence recovery remains gradual [28][29]. 3. Supply Side - The competitive landscape is stabilizing, with a significant number of surveyed chain restaurants reporting flat or declining average sales per store in 2025. This indicates a challenging environment for profitability [33][34]. - The report identifies a trend of brand differentiation, with major players like Haidilao and Yum China showing low valuation multiples compared to historical averages, suggesting potential for growth [46][47]. - The number of new store openings is increasingly concentrated among leading brands, with significant growth in stores for those with over 10,000 locations [42][49]. 4. Investment Recommendations - The report recommends focusing on key players in the restaurant sector, including Haidilao, Yum China, and emerging brands like Meet You Noodle and Green Tea Group, as they are expected to continue improving their performance [83].

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3月11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 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 ...

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3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 。 | 2). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 114 | 0 % | USD | 53.38 | | | --- | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 公司採納的長期激勵計劃項下的授予而發行的股票 | | | | | | | | 變動日期 2026年3月9日 | | | | | | | | 於下列日期結束時的結存 (註5及6) 2026年3月9日 | 353,635,01 ...

Core Viewpoint - KFC's parent company, Yum China, achieved a record revenue of $11.8 billion in 2025, with a year-on-year growth rate of less than 5%, which is considered strong given the overall downturn in the restaurant industry [4][1]. Group 1: Revenue Structure - Yum China's revenue structure can be simplified as 1+0.5+N, where KFC accounts for over 70% of revenue, Pizza Hut around 20%, and other brands like Little Sheep and Taco Bell contribute less than 10% [7]. - KFC's performance significantly influences Yum China's overall results, highlighting its dominance in the company's revenue generation [7]. Group 2: Expansion Strategy - Yum China's recent strategy focuses on KFC's expansion into lower-tier cities and Pizza Hut's price reduction, with KFC opening 1,349 new stores in 2025, covering 270 new towns [11][1]. - KFC currently operates nearly 13,000 stores in China, compared to McDonald's 7,700, indicating a strong market presence [11]. Group 3: Market Insights - The rapid expansion of brands like Mixue Ice City, which opened nearly 25,000 stores from 2020 to 2023, has reshaped the restaurant industry's perception of the potential in lower-tier markets [15][2]. - Mixue Ice City has 57% of its stores in third-tier cities and below, demonstrating the vast potential of these markets [15]. Group 4: Franchise Model Shift - The restaurant industry has shifted from a direct ownership model to a franchise model post-pandemic, as franchises allow for faster expansion and lower capital requirements [17]. - KFC's franchise model has historically been stringent, but the company is now adapting to attract franchisees in lower-tier markets by reducing investment thresholds [19]. Group 5: Cost Management - KFC is adjusting its store formats to lower the investment required for franchisees, with standard stores costing around $120,000 and mini-stores as low as $50,000 [22]. - The average investment for new KFC stores has decreased to below $1.5 million, aligning with the company's expansion goals [24]. Group 6: Pizza Hut's Adaptation - Pizza Hut is adopting a similar strategy to KFC by introducing WOW stores, which feature simplified menus and lower prices, significantly increasing the proportion of franchise stores in its new openings [28]. - In 2025, Pizza Hut reported a 19% increase in operating profit, showcasing the effectiveness of its new strategy in a competitive market [30].

Core Viewpoint - KFC's parent company, Yum China, achieved a record revenue of $11.8 billion in 2025, with a year-on-year growth rate of less than 5%, which is considered strong given the overall downturn in the restaurant industry [5][11]. Revenue Structure - Yum China's revenue structure can be simplified as 1+0.5+N, where KFC accounts for over 70% of revenue, Pizza Hut for about 20%, and various smaller brands contribute less than 10% [7][11]. Expansion Strategy - KFC's recent strategy focuses on expanding into lower-tier cities, opening 1,349 new stores in 2025, covering 270 new towns, with 800 towns still untapped [11][16]. - The average investment for new KFC stores has decreased to below $1.5 million, with a significant increase in the proportion of franchise stores, which reached 37% in 2025 [21][23]. Market Insights - The rapid expansion of brands like Mixue Ice City, which opened nearly 25,000 stores from 2020 to 2023, has reshaped the perception of the potential in lower-tier markets [15][16]. - KFC's average store coverage is approximately 108,000 people per store, indicating substantial room for growth in less saturated markets [15]. Franchise Model Shift - The shift from a direct ownership model to a franchise model is crucial for KFC's expansion, as franchisees are more motivated to manage stores effectively compared to direct employees [16][20]. - KFC is adapting its store formats to lower costs, with new store types like mini-stores and "down-market stores" that require lower initial investments [20][21]. Competitive Landscape - Pizza Hut is also adapting by opening WOW stores, which feature simplified menus and lower prices, allowing it to compete effectively against other pizza brands [25]. - In 2025, Pizza Hut reported a 19% increase in operating profit, demonstrating resilience in a challenging market [27].

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3月8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 | 每股發行/出售價 (註4) ...

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].