高盛发表报告指，百胜中国第二季盈利超预期，了解百胜中国审慎的销售指引是基于2024年第三季的各 种成功促销活动、平台补贴政策、多变的宏观环境、管理层平衡商机与定价观点的策略，相信过往的往 绩记录仍能让公司有健康的增长前景。该行维持对其"买入"评级及目标价447港元。 ...

Core Viewpoint - Yum China is employing a "balancing act" strategy to navigate the intense competition in the food delivery market while maintaining sales growth and profit improvement [1][3]. Financial Performance - In Q2, Yum China's total revenue increased by 4% year-on-year, reaching $2.8 billion, while operating profit grew by 14% to $304 million, marking a new high for the second quarter [18]. - Same-store sales rose by 1%, driven by a 2% increase in same-store transaction volume, achieving positive growth for the first time since Q1 2024 [1][21]. - For the first half of the year, total revenue was $5.768 billion, a 2% increase, and operating profit rose by 10% to $703 million [18]. Delivery Business Growth - Yum China's delivery sales grew significantly, with a 17% year-on-year increase in the first half of the year, including an 18% increase for KFC and a 14% increase for Pizza Hut [4]. - Delivery accounted for approximately 45% of the company's restaurant revenue in Q2, up 7 percentage points year-on-year [4]. - The company has a strategy to balance delivery growth with profit margins, focusing on maintaining pricing integrity while expanding sales [7][12]. Cost Management - Rising delivery sales have led to increased rider costs, which the company is managing by optimizing operations and controlling non-rider costs [9][11]. - In Q2, salaries and employee benefits accounted for 27.2% of sales, up 0.9 percentage points year-on-year, primarily due to increased rider costs [9]. - Despite the challenges, both KFC and Pizza Hut maintained profit margins through streamlined operations and favorable raw material prices [9][18]. Store Expansion Strategy - Yum China added 583 new stores in the first half of the year, bringing the total to 16,978, with KFC contributing 590 new stores and Pizza Hut adding 140 [19]. - The company plans to maintain its target of adding 1,600 to 1,800 new stores in 2025, with a focus on increasing the proportion of franchise stores [24][26]. Future Outlook - The company expects to achieve mid-single-digit growth in system sales for the year, despite a complex macro environment [23]. - Yum China is confident in its ability to meet its annual targets for new store openings and sales growth, supported by a series of new initiatives [28].

摩根士丹利重申对百胜中国的"增持"评级，目标价维持57美元。报告指出，公司中期业绩显示其正聚焦 于平衡系统销售增长与利润率。为应对外卖平台补贴竞争，百胜中国管理层计划下半年加快门店扩张步 伐，预计将带动利润率轻微扩张。第三季及第四季系统销售预计将分别增长6%和8%，全年增幅预计为 5%，该行预计百胜中国下半年经营利润率可扩张30基点，经营利润料增长9%，并将2025至2027年每股 盈测上调1%。 （文章来源：证券时报网） ...

百胜中国（09987.HK） 优于大市 同店销售增速重新转正，运营效率持续提升 2025Q2 经营利润同增 14.3%。2025Q2，公司收入 27.87 亿美元/+4.0%；经 营利润 3.04 亿美元/+14.3%，经营利润率 10.9%/+1.0pct；归母净利润 2.15 亿美元/+1.4%，其中归母净利润增速低于经营利润增速，主要系公 司期内投资亏损约 1800 万美元影响（预计主要是美团股价波动影响）， 而去年同期为盈利 800 万美元。EPS 为 0.58 美元，同比+5.5%。 分品牌看，2025Q2 肯德基收入 20.96 亿美元/+4.1%；经营利润 2.92 亿 美元/+10.6%，经营利润率 14.0%/+0.9pct；必胜客收入 5.54 亿美元 /+2.6%；经营利润 4600 万美元/+15.0%，经营利润率 8.3%/+0.9pct。分 渠道看，外卖收入同比高增 22%，环比大幅提速，占比达 45%/+7.0pct。 同店收入同比增速自 2024 年首度回正。2025Q2，系统销售额同增 4%，其 中肯德基/必胜客分别同比 5%/3%；同店销售同比+1%，自 2024 年以来首 ...

Core Viewpoint - Morgan Stanley reaffirms "Overweight" rating for Yum China with a target price of $57, indicating confidence in the company's mid-term performance and strategic focus on balancing system sales growth with profit margins [1] Group 1: Financial Performance - The company is expected to see system sales growth of 6% and 8% in Q3 and Q4 respectively, with an annual growth forecast of 5% [1] - Same-store sales growth is projected to recover to 90% and 86% of 2019 levels in Q3 and Q4 respectively, with both quarters expected to achieve a 2% increase [1] - Operating profit margin is anticipated to expand by 30 basis points in the second half of the year, with operating profit expected to grow by 9% [1] Group 2: Strategic Focus - Management plans to accelerate store expansion in the second half of the year to counter competition from delivery platform subsidies, which is expected to slightly boost profit margins [1] - The earnings per share forecast for 2025 to 2027 has been raised by 1% [1]

瑞银发表研究报告指，百胜中国次季收入及净利润分别按年升4%及1%，符合市场预期；撇除汇率影响 后的系统销售额按年增长4%，而首季按年升2%，EBITDA亦符合预期。同店销售增长1%，首季则持 平。餐厅利润及经营利润按年分别增长8%及14%，高过市场预期。该行维持予其美股"买入"评级，目 标价59美元。 管理层预期营运效率提升将带动租金及其他成本持续下降，将资本开支指引由原先介乎7亿至8亿美元， 下调至介乎6亿至7亿美元，因单店资本投资下降及加盟店占比提升，该行认为将增强自由现金流生成能 力，巩固股东回报机制。 ...

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Market Overview - On August 5, U.S. stock indices opened high but closed lower, with the Dow Jones down 61.9 points at 44111.74, a decline of 0.14%; the Nasdaq fell 137.03 points to 20916.55, down 0.65%; and the S&P 500 dropped 30.75 points to 6299.19, a decrease of 0.49% [1] - Major tech stocks mostly declined, with Facebook down over 1%, Microsoft down over 1%, Nvidia down nearly 1%, Apple down 0.21%, Google down 0.19%, Tesla down 0.17%, while Amazon rose nearly 1% [3] Pharmaceutical Sector - Pharmaceutical stocks saw significant gains, with Pfizer closing up over 5% and UnitedHealth Group rising over 4% [4] Chinese Stocks - The Nasdaq Golden Dragon China Index fell 0.56%, with mixed performance among popular Chinese stocks. Tianjing Bio surged over 15%, Zhihu rose over 6%, and Canadian Solar increased over 4%. However, companies like Lingzhong Portal fell nearly 20%, Yum China dropped over 6%, and Atour fell over 4% [4] Bond Market - U.S. Treasury yields generally rose, with the benchmark 10-year Treasury yield closing at 4.218% and the more rate-sensitive 2-year Treasury yield at 3.739% [5] Economic Indicators - The ISM reported that the U.S. services PMI for July was 50.1, below the market expectation of 51.5 and the previous month's 50.8, indicating near stagnation in service sector growth. Employment metrics fell from 47.2 to 46.4, the lowest since the pandemic began [6]

Group 1 - Principal Global Investors, LLC increased its stake in Yum China (09987.HK) by purchasing 129,800 shares at an average price of HKD 375.80 per share, totaling approximately HKD 48.78 million [1] - Following the purchase, Principal Global Investors, LLC's total shareholding rose to 18.70 million shares, with its ownership percentage increasing from 4.98% to 5.06% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 董事名單及其角色與職能 獨立董事 胡祖六博士 （董事長） Mikel A. DURHAM 女士 Edouard ETTEDGUI 先生 葛新女士 David HOFFMANN 先生 盧蓉女士 邵子力先生 汪洋先生 衛哲先生 張敏女士 朱曉靜女士 董事會設有四個董事會委員會。下表提供本公司各董事任職所在該等委員會的成員資料。 | | | 審計委員會 | 薪酬委員會 | 提名與管治委員會 | 食品安全與可持續 | | --- | --- | --- | --- | --- | --- | | | | | | | 發展委員會 | | 胡祖六博士 | | | | C | | | 屈翠容女士 | | | | | | | Robert B. AIKEN先生 | ...