Core Viewpoint - Yum China Holdings, Inc. reported its financial results for the six months ending June 30, 2025, showing positive growth despite a significant drop in stock price following the announcement [2][3]. Financial Performance - For the first half of 2025, Yum China's revenue was $5.768 billion, a 2% increase compared to the same period last year [7][9]. - In Q2 2025, revenue reached $2.787 billion, up 4% from $2.679 billion in Q2 2024 [9]. - The net profit attributable to Yum China for Q2 2025 was $215 million, slightly up from $212 million in Q2 2024 [9][12]. Store Expansion Plans - Yum China aims to add approximately 1,600 to 1,800 new stores by 2025, with a target of 40%-50% of new KFC stores and 20%-30% of new Pizza Hut stores being franchised [3][10]. - As of June 30, 2025, the total number of stores reached 16,978, including 12,238 KFC and 3,864 Pizza Hut locations [10][11]. Cost Management - The company plans to reduce capital expenditures for 2025 to between $600 million and $700 million, down from the previous target of $700 million to $800 million, due to lower investment costs per store [3][9]. Leadership Changes - Yum China appointed Weizhe Wei, founder and partner of GGV Capital, as a new board member [4][6]. Segment Performance - KFC's revenue for the first half of 2025 was $4.342 billion, a 2% increase year-over-year, with Q2 revenue at $2.096 billion, up 4% [11][12]. - Pizza Hut's revenue for the first half of 2025 was $1.149 billion, a 1% increase year-over-year, with Q2 revenue at $554 million, up 3% [14][16].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - In Q2 2025, the company achieved revenue of $2.787 billion, a 4% increase year-on-year, with operating profit of $304 million, up 14%, and net profit of $215 million, up 1% [2] - The company returned $274 million to shareholders in Q2 2025, including $184 million in stock buybacks and $90 million in cash dividends [2] - The company continues to see positive same-store sales growth, with overall sales increasing by 4% year-on-year, driven by a rise in delivery sales [3][4] Summary by Sections Event Overview - In Q2 2025, the company reported a revenue of $2.787 billion, a 4% increase year-on-year, with operating profit at $304 million (+14%) and net profit at $215 million (+1%) [2] - Total shareholder returns in H1 2025 reached $536 million, comprising $356 million in stock buybacks and $180 million in cash dividends [2] Operational Efficiency - The company reported an operating profit margin of 10.9%, up 1.0 percentage points, and a restaurant profit margin of 16.1%, up 0.6 percentage points [4] - The increase in delivery sales, which accounted for 45% of total sales (+7 percentage points), has led to higher rider costs [4] Store Expansion and Capital Expenditure - The company aims to open 1,600 to 1,800 new stores in 2025, with capital expenditure targets reduced to approximately $600 million to $700 million [5] - The average investment per store has decreased, with KFC's investment per store dropping from $1.5 million to approximately $1.44 million [5] Financial Forecast and Valuation - The revenue forecasts for 2025-2027 are adjusted to $11.792 billion, $12.349 billion, and $13.013 billion, respectively [6] - The expected net profits for the same period are $947 million, $983 million, and $1.052 billion, respectively [6] - The latest stock price corresponds to a price-to-earnings ratio of 19x for 2025, 18x for 2026, and 17x for 2027 [6]

智通财经APP讯，百胜中国(09987)发布公告，于2025年8月5日该公司斥资626.37万港元回购1.68万股股 份。 于2025年8月5日该公司斥资320万美元回购7.19万股股份。 ...

格隆汇8月6日丨百胜中国(09987.HK)公告，8月5日耗资626.37港元回购1.68万股，每股回购价369.8-376 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8月6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 | 每股發行/出售價 (註4) | 已 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected stock price increase of over 15% within the next six months [6]. Core Insights - The company reported Q2 2025 total revenue of $2.79 billion, a 4% increase excluding currency effects, which aligns with market expectations. Adjusted operating profit reached $304 million, up 14% compared to market expectations of $288 million [1][2]. - Same-store sales growth turned positive for the first time since Q1 2024, with system sales growth of 4% in Q2, driven by KFC and Pizza Hut's respective growth rates of 5% and 3% [2]. - The company opened a net of 336 new stores in Q2, with a total of 16,978 stores as of Q2 2025, and aims to open 1,600 to 1,800 stores by the end of the year [3]. Financial Summary - The company committed to returning at least $1.2 billion to shareholders this year, with a shareholder return rate of approximately 7%. In H1 2025, the company returned $536 million to shareholders, including $180 million in cash dividends and $356 million in share buybacks [3]. - Revenue projections for 2025-2027 are $11.68 billion, $12.20 billion, and $12.73 billion, respectively, with corresponding net profits of $946 million, $984 million, and $1.03 billion [5][14]. - The company’s net profit margin is projected to remain stable at around 8.1% for the next few years, with a return on equity (ROE) forecasted to decline from 15.9% in 2024 to 11.8% in 2027 [14][15]. Store Expansion and Strategy - The company is focusing on expanding its store network, particularly in lower-tier markets, with a strong performance in same-store sales indicating a recovery trend in the restaurant industry [4]. - The strategy includes leveraging delivery services, which accounted for approximately 45% of revenue in Q2, showing a year-on-year growth of 22% [3][4]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 18.5, 17.7, and 17.0, respectively, indicating a favorable valuation compared to historical performance [4][5].

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [1] Core Insights - In Q2 2025, the company achieved revenue of $2.8 billion, a year-on-year increase of 4%, and adjusted net profit of $215 million, also up 1% year-on-year [5][6] - Same-store sales turned positive for the first time since Q1 2024, with a 1% year-on-year increase, driven by a 5% increase in KFC and a 3% increase in Pizza Hut [6] - The company plans to accelerate store openings in the second half of 2025, targeting a net increase of 1,600 to 1,800 stores for the year [7] Revenue Performance - The company reported a same-store sales growth of 1% in Q2 2025, with KFC and Pizza Hut showing respective growth rates of 1% and 2% [6] - KFC's average ticket price increased by 1% year-on-year, while Pizza Hut's decreased by 13% due to a focus on more cost-effective products [6] Store Expansion - In Q2 2025, the company added 336 new stores, bringing the total to 16,978 [7] - The company has adjusted its capital expenditure guidance for 2025 to $600-700 million, down from $700-800 million [7] Profitability Improvement - The restaurant profit margin improved to 16.1% in Q2 2025, up 0.6 percentage points year-on-year [8] - The company expects stable profit margins for KFC and slight improvement for Pizza Hut in the second half of 2025 [8] Future Outlook - The company raised its target for the number of KFC coffee shops to 1,700 by the end of 2025, reflecting strong sales growth in new product categories [9] - The report projects adjusted net profit for 2025-2027 to be $940 million, $1.002 billion, and $1.074 billion respectively, with corresponding EPS of $2.55, $2.71, and $2.91 [10][11]

Core Points - The China Securities Index Hong Kong 300 Leisure Index (H300 Leisure) reported a rise of 6.81% over the past month, 15.53% over the past three months, and 19.31% year-to-date [1] - The index is designed to reflect the overall performance of listed companies in various themes such as banking, transportation, resources, infrastructure, logistics, and leisure, selected from the China Securities Index Hong Kong 300 [1] - The index's base date is December 31, 2004, with a base point of 1000.0 [1] Index Holdings - The top ten weighted companies in the H300 Leisure Index are: Kuaishou-W (11.88%), Tencent Holdings (10.11%), NetEase-S (9.55%), Baidu Group-SW (9.36%), Trip.com Group-S (9.35%), Yum China (9.01%), Meituan-W (7.76%), Galaxy Entertainment (5.73%), Bilibili-W (3.46%), and Sands China Ltd. (3.11%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Industry Composition - The industry composition of the H300 Leisure Index includes: Leisure Services (41.56%), Digital Media (39.23%), Cultural Entertainment (11.80%), Alcohol (6.30%), and Marketing & Advertising (1.11%) [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Viewpoint - Daiwa's report indicates that Yum China (09987) achieved a same-store sales growth (SSSG) of 1% in Q2 2025, with KFC contributing 1% and Pizza Hut 2%, reflecting a solid performance [1] Group 1: Financial Performance - Operating profit increased by 14% year-on-year, surpassing market consensus of 8% [1] - Earnings per share (EPS) grew by 5%, while adjusted EPS (excluding Meituan-W (03690) investment and foreign exchange impacts) maintained a 15% year-on-year growth rate [1] Group 2: Brand Performance - KFC continues to show resilience, with a notable point being its partnership with JD.com for delivery services starting in July, which is expected to bring additional traffic in Q3 [1] Group 3: Future Outlook - Management reiterated the annual store opening guidance, with expectations that improved execution could accelerate system sales growth supported by faster contributions from new stores [1] - Yum China's EPS is projected to grow by 5% year-on-year, and if excluding foreign exchange and market value adjustments, the annual growth is expected to be 15% [1] - The target capital return for 2025 to 2026 is set at $3 billion, representing 8% of the market value [1]

管理层重申了全年开店指引，大和表示，若执行力提升，系统销售增长可加速，受到更快的新门店贡献 支撑。因此，下半年门店开设将是主要焦点。大和预计，百胜中国每股盈利同比增5%，若不计外汇及 市值调整影响，则年增15%。2025至2026年目标资本回报定为30亿美元，占市值8%。 大和发布研报称，百胜中国(09987)于2025年第二季报告同店销售增长(SSSG)1%，其中肯德基(KFC)为 增长1%，必胜客(Pizza Hut)增2%，认为这是一个稳健的表现。预期第三季的持续改善(外送量提升、门 店开设加速、正向营运杠杆)将进一步支撑股价，对该股评级为"买入"。 大和认为，百胜中国主要亮点在于成本优化，其营运利润同比增14%，高于市场共识的8%。每股盈余 (EPS)增长5%，而调整后每股盈利(不含美团-W(03690)投资及外汇影响)保持15%同比增率。大和表示， 按品牌来看，肯德基持续展现韧性，需注意的是肯德基仅在7月加入京东外送，认为与京东外送的合作 预计将在第三季带来额外流量。 ...