Group 1 - The core viewpoint of the report emphasizes the potential for short-term expansion and long-term undervaluation in the restaurant industry, highlighting the need to focus on operational improvements and high valuation during expansion periods [1] - Key recommended stocks include Yum China (09987) for its operational capabilities, Little Garden (00999) for its strong team and supply chain during store expansion, Haidilao (06862) for its execution during reform, and Dashihua (01405) for its high potential in store expansion [1] - The service consumption policy is expected to benefit the restaurant sector significantly, with specific measures introduced to boost service consumption, making restaurants a core focus of these initiatives [1] Group 2 - The restaurant sector is showing a differentiated performance, with its revenue share in the retail sector increasing and demonstrating higher elasticity compared to the overall retail sector [2] - In 2024, restaurant revenue is projected to account for 12% of total retail sales, with growth rates of 20% and 5% for 2023 and 2024 respectively, outpacing the overall retail growth rates of 7% and 4% [2] Group 3 - The Japanese restaurant industry is experiencing high valuation premiums, with a focus on cost reduction and efficiency improvements alongside multi-format integration [3] - The external dining industry in Japan has faced a decline since its peak in 1997, with a recovery only starting in 2006, and the restaurant sector's market capitalization in consumer services has increased by 9 percentage points since 2014 [3] - Key changes in the Japanese restaurant sector during downturns include balancing extreme cost-effectiveness with consumer experience, achieving high store efficiency through supply chain optimization, and the emergence of restaurant giants through multi-category integration [3]

Core Viewpoint - The Hong Kong restaurant sector showed active performance with significant gains in various stocks following the Central Economic Work Conference, which emphasized domestic demand and consumer spending recovery [1][2]. Group 1: Market Performance - Shanghai Xiaonan Guo increased by over 7% [2] - Jiumaojiu rose nearly 5% [2] - Other notable gains included Yum China, Nayuki Tea, and Haidilao, each rising close to 3% [1][2] - Xiabuxiabu saw a 2.5% increase, while Xiaocaiyuan and Hite International also experienced upward movement [1] Group 2: Policy Implications - The Central Economic Work Conference, held on December 10-11, outlined key policies aimed at boosting domestic consumption and addressing income growth for urban and rural residents [1] - The meeting's positive signals are expected to facilitate the ongoing recovery of restaurant consumption, benefiting the sector as the overall consumer environment shows signs of gradual improvement [1] - Analysts from Galaxy Securities highlighted the importance of focusing on the medium to long-term consumption goals outlined in the 14th Five-Year Plan, with a short-term focus on specific policies related to consumption expected to be implemented by 2026 [1]

Core Viewpoint - The Hong Kong restaurant sector is experiencing active performance, with notable gains in stocks such as Shanghai Xiaonan Guo, Jiumaojiu, and others, driven by positive signals from the Central Economic Work Conference regarding consumer spending recovery [1] Group 1: Market Performance - Shanghai Xiaonan Guo increased by over 7% - Jiumaojiu rose nearly 5% - Other companies like Yum China, Nayuki, and Haidilao saw gains of nearly 3%, while Xiabuxiabu increased by 2.5% [1] Group 2: Policy Impact - The Central Economic Work Conference held on December 10-11 emphasized the importance of domestic demand and building a strong domestic market - Key policies include implementing actions to boost consumption, formulating plans to increase income for urban and rural residents, and removing unreasonable restrictions in the consumption sector [1] Group 3: Industry Outlook - Analysts suggest that the positive signals from the conference pave the way for the continued recovery of restaurant consumption - The overall sector is expected to benefit from a mild recovery in the consumer environment, indicating potential for valuation recovery [1] - Galaxy Securities highlights the need to focus on the medium to long-term goals of consumption outlined in the 14th Five-Year Plan, with short-term attention on specific policies related to consumption expected to be implemented by 2026 [1]

智通财经APP讯，百胜中国(09987)发布公告，于2025年12月10日，该公司斥资1119.99万美元回购23.85 万股股份，每股回购价46.44-47.32美元;斥资2112.89万港元回购5.84万股股份，每股回购价357-365港 元。 ...

百胜中国(09987)发布公告，于2025年12月10日，该公司斥资1119.99万美元回购23.85万股股份，每股回 购价46.44-47.32美元;斥资2112.89万港元回购5.84万股股份，每股回购价357-365港元。 ...

格隆汇12月11日丨百胜中国(09987.HK)公告，12月10日耗资2112.9万港元回购5.84万股，每股回购价 357-365港元。 同日，公司耗资1119.99万美元回购23.85万股，每股回购价46.44-47.32美元。 ...

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12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 | | | | | | | | | | 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) ...

Group 1 - The top short-selling ratios are led by China Resources Beer (80291), AIA Insurance (81299), and Anta Sports (82020), all at 100.00% [1][2] - The highest short-selling amounts are recorded for Alibaba (09988) at 1.485 billion, Tencent Holdings (00700) at 1.163 billion, and China Construction Bank (00939) at 921 million [1][2] - The highest deviation values are for China Resources Beer (80291) at 37.08%, AIA Insurance (81299) at 34.84%, and Spring Health (01858) at 34.29% [1][2] Group 2 - The top ten short-selling ratios include JD Health (86618) at 100.00%, SenseTime (80020) at 89.60%, and Lenovo Group (80992) at 87.78% [2] - The top ten short-selling amounts also feature Xiaomi Group (01810) at 914 million and Pop Mart (09992) at 826 million [2] - The top ten short-selling deviation values include Baidu Group (89888) at 32.64% and Yum China (09987) at 29.58% [2]

Group 1 - The Nasdaq Golden Dragon China Index increased by 0.64% [1] - Popular Chinese concept stocks mostly rose, with Huya up over 6% [1] - Daqo New Energy, Hesai Technology, and Yum China each rose over 2% [1] Group 2 - Alibaba, Baidu, and iQIYI saw increases of over 1% [1] - Li Auto and Tiger Brokers experienced declines of over 1% [1]

百胜中国(09987)发布公告，于2025年12月9日，该公司斥资2383.72万港元回购6.66万股。 ...