于同日，斥资320万美元回购7.43万股股份，每股回购价格为42.76-43.37美元。 智通财经APP讯，百胜中国(09987)发布公告，该公司于2025年10月13日斥资626.21万港元回购1.86万股 股份，每股回购价格为332.4-339.6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10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 | | | | | | | | | | | | 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 ...

Company Overview - Yum China Holdings, Inc. is the largest restaurant operator in China, with a target of 20,000 locations by 2026 [1] - The company operates 12,238 KFC locations and just over 3,700 Pizza Hut restaurants [1] Leadership and Background - Benjamin Halliburton, the founder of Building Benjamins, has extensive experience in investment management, having started his career at Merrill Lynch in 1986 [1] - Halliburton has been recognized for his investment performance, including being named "PSN Manager of the Decade" for All-Cap in the 2000s and for Dividend Value in the 2010s [1] - He holds an MBA with a focus on finance from Duke's Fuqua School of Business and is a Chartered Financial Analyst [1]

Company Overview - Yum China Holdings, Inc. is the largest restaurant operator in China, with a target of 20,000 locations by 2026 [1] - The company operates 12,238 KFC locations and just over 3,700 Pizza Hut restaurants [1] Investment Insights - The article highlights the growth potential of Yum China, emphasizing its expansion strategy and brand recognition among Western consumers [1]

Core Insights - The CEO of d'Amico International Shipping S.A. provided an optimistic outlook for the tanker market, linking the strength of crude carriers to a positive forecast for product tankers [1][3] Market Dynamics - Mid-sized tankers have shown strong performance recently, and larger crude carriers are also starting to gain traction, with VLCC freight rates reaching their highest levels in over two years [3] - The crude tanker market is significantly larger than the product tanker market, with VLCCs representing 60% of the crude fleet, indicating that strength in crude can divert capacity from product routes [4] - Crude oil production is expected to increase by 2.7 million barrels per day this year, contributing to both inventory buildup and refined product transportation needs [5][6] Shareholder Returns - d'Amico has returned a total of $137 million in dividends and $17 million in buybacks since 2022, with plans for $65 million in dividends from 2024 results alone [7] - The company prefers dividends over buybacks to maintain stock liquidity, given that a controlling shareholder owns approximately 63% of the company [7] Fleet Strategy - The company is modernizing its fleet with a $235 million order for four new eco-friendly LR1 vessels set for delivery in 2027, while selectively selling older, less eco-friendly ships [8][11]

Core Viewpoint - Dongwu Securities initiates coverage on Yum China (09987) with a "Buy" rating, projecting revenue growth from 2025 to 2027 at $12.019 billion, $12.758 billion, and $13.496 billion, respectively, with year-on-year growth rates of 6% for each year [1] Revenue and Profit Projections - Expected revenue for Yum China from 2025 to 2027 is $12.019 billion, $12.758 billion, and $13.496 billion, with corresponding year-on-year growth rates of 6% for each year [1] - Projected net profit attributable to the parent company for the same period is $0.952 billion, $1.017 billion, and $1.091 billion, with year-on-year growth rates of 4%, 7%, and 7% respectively [1] Valuation Metrics - The price-to-earnings (PE) ratios for 2025 and 2026 are estimated at 16.79x and 15.71x, indicating that the current valuation remains attractive given the company's growth potential [1] Store Expansion Potential - Yum China has significant room for store expansion, with KFC's domestic store count reaching 12,238 as of the first half of 2025, indicating further penetration opportunities in high-tier cities and potential in lower-tier markets [1] - The company is actively exploring new store formats, such as Pizza Hut WOW, KFC Mini Town, and KFC Coffee, to cater to diverse consumer needs and improve same-store sales [1]

Core Viewpoint - Dongwu Securities initiates coverage on Yum China (09987) with a "Buy" rating, projecting revenue growth from 2025 to 2027 at $12.019 billion, $12.758 billion, and $13.496 billion, respectively, with year-on-year growth rates of 6% for each year [1] Revenue and Profit Projections - Expected revenue for Yum China from 2025 to 2027 is $12.019 billion, $12.758 billion, and $13.496 billion, with corresponding year-on-year growth rates of 6% for each year [1] - Projected net profit attributable to the parent company for the same period is $0.952 billion, $1.017 billion, and $1.091 billion, with year-on-year growth rates of 4% in 2025 and 7% in 2026 and 2027 [1] - The price-to-earnings (PE) ratios for 2025 and 2026 are estimated at 16.79x and 15.71x, respectively, indicating a favorable valuation given the company's growth potential [1] Store Expansion and Improvement Potential - There is significant room for store expansion, particularly in high-tier cities and underdeveloped markets, with KFC's domestic store count reaching 12,238 as of the first half of 2025 [1] - The company aims to enhance its market penetration, with a comparison to Wallace, which has approximately 19,812 stores and a city coverage rate of 97% as of July 2025, indicating further growth opportunities [1] - Yum China is actively exploring new store formats, such as Pizza Hut WOW, KFC Mini Town, and KFC Coffee, to cater to diverse consumer needs and improve same-store sales [1]

Group 1 - The company, Yum China (09987), announced a share buyback plan on October 10, 2025, involving an expenditure of HKD 6.2631 million to repurchase 18,500 shares [1]

公司名稱： 百勝中國控股有限公司("本公司") 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 呈交日期： 2025年10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 | | | | | | 事件 | | 已 ...

Investment Rating - The report assigns a "Buy" rating for Yum China (09987.HK) for the first time [1]. Core Views - Yum China is a leading player in the Western-style dining sector, demonstrating strong operational resilience and a diversified brand portfolio, including KFC, Pizza Hut, and Taco Bell [11][17]. - The company is well-positioned to capitalize on the growing non-Chinese fast food segment in China, with a market share of 7.5% in the domestic chain dining sector as of 2024 [46]. - The report anticipates steady revenue growth and profitability improvements, with projected revenues of $12.02 billion, $12.76 billion, and $13.50 billion for 2025, 2026, and 2027, respectively [1][4]. Summary by Sections 1. Company Overview - Yum China operates in three main segments: Western fast food, Chinese restaurants, and coffee shops, with KFC being the primary revenue driver [11][17]. - As of H1 2025, the number of KFC and Pizza Hut outlets in China reached 12,238 and 3,864, respectively [11]. 2. Market Position and Growth - The Chinese dining service market is projected to reach ¥54,730 billion in 2024, with a CAGR of 8.48% from 2020 to 2024 [34]. - The fast food segment is expected to grow at a CAGR of 11.94% during the same period, indicating a robust growth trajectory for Yum China [38]. 3. Competitive Advantages - KFC's global store count is expected to reach 32,000 by 2024, supported by a strong brand identity and innovative product offerings [61]. - The company has a stable shareholding structure and an experienced management team, enhancing its strategic execution capabilities [14]. 4. Financial Projections - The report forecasts revenues of $12.02 billion, $12.76 billion, and $13.50 billion for 2025, 2026, and 2027, with corresponding net profits of $951.62 million, $1.02 billion, and $1.09 billion [1][4]. - The projected P/E ratios for 2025 and 2026 are 16.79x and 15.71x, respectively, indicating a favorable valuation [1].