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1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) ...

Financial Performance - Total revenue grew by 4% to $11.8 billion, also reflecting a 4% increase when excluding foreign currency translation effects[4] - Operating profit rose by 11% to $1.3 billion, with an operating profit margin of 10.9%, up 60 basis points year-over-year[4] - Net profit for 2025 was $1,004 million, up from $980 million in 2024, representing a 2.4% growth[22] - Basic earnings per share for 2025 was $2.52, up from $2.34 in 2024, reflecting a 7.7% increase[21] - The company reported a net profit of $929 million for the year ending December 31, 2024, compared to $911 million in 2023, indicating a growth of about 2%[25] - The company reported a net profit for Yum China Holdings, Inc. in 2025 was $929 million, compared to $911 million in 2024, reflecting a growth of 1.98%[94] - The company reported a total revenue for the year ended December 31, 2023, was $10,978 million, a decrease of 5% compared to the previous year[177] Revenue Sources - System sales increased by 4% year-over-year, excluding foreign currency translation effects[4] - Takeout sales increased by 25%, representing 48% of total restaurant revenue, up from 39% the previous year[4] - KFC and Pizza Hut membership combined exceeded 590 million, a 13% year-over-year increase[4] - Franchise fee revenue for 2025 totaled $104 million, up from $94 million in 2024, marking a growth of 10.64%[90] - The KFC segment generated $8.871 billion in revenue for 2025, while the Pizza Hut segment generated $2.324 billion, reflecting a year-over-year increase of 4.3% and 2.8% respectively[152] Store Operations - Net new store openings totaled 1,706, with franchise stores accounting for 31% of this total, bringing the total store count to 18,101[4] - As of December 31, 2025, there are 12,997 KFC stores in China, with ownership stakes of 58% in Shanghai, 70% in Beijing, 83% in Wuxi, 92% in Suzhou, and approximately 60% in Hangzhou[29] - As of December 31, 2025, there are 4,168 Pizza Hut restaurants in China[30] - The number of self-operated restaurants increased by 8% to 15,060, while franchise stores grew by 21% to 3,041[196] - The company plans to exceed 20,000 total stores by 2026, with net new stores expected to exceed 1,900[197] Shareholder Returns - The company plans to return $1.5 billion to shareholders in 2025, including $353 million in cash dividends and $1.14 billion in stock buybacks[4] - The company declared a cash dividend of $0.96 per share for 2025, up from $0.64 per share in 2024, reflecting a 50% increase[25] - The company repurchased shares of Yum China under a board-authorized buyback plan, with repurchased shares recorded as treasury stock until cancellation[80] - The company has a remaining share repurchase authorization of $1.2 billion as of December 31, 2025, after increasing the total authorization to $5.4 billion[136] Tax and Compliance - The company is currently undergoing a transfer pricing audit by the State Taxation Administration of China for related party transactions from 2006 to 2015, with a possibility of maintaining tax benefits exceeding 50%[11] - The assessment of uncertain tax positions is considered a key audit matter due to the complexity of tax laws and the need for professional judgment and expertise[11] - The company has engaged tax professionals to assist in evaluating the potential impact of uncertain tax positions on financial reporting and compliance with applicable tax regulations[11] - The company believes that the financial reporting amounts exceeding tax bases will be indefinitely reinvested in foreign subsidiaries, avoiding tax impacts[55] Assets and Liabilities - Total assets decreased from $11,121 million in 2024 to $10,783 million in 2025, a decline of approximately 3%[24] - Total liabilities remained relatively stable, decreasing slightly from $4,694 million in 2024 to $4,684 million in 2025[24] - Shareholders' equity decreased from $6,414 million in 2024 to $6,099 million in 2025, a decline of approximately 5%[24] - The company reported a total equity of $5,379 million in 2025, down from $5,728 million in 2024, a reduction of 6.1%[166] Operational Efficiency - Restaurant profit margin improved to 16.3%, up 60 basis points, driven by better cost management in food, packaging, and rent[4] - The total operating costs for 2025 amounted to $10.507 billion, up from $10.141 billion in 2024, representing an increase of about 3.6%[152] - The company reported a significant reduction in property rent and other operating expenses, totaling $2,752 million, down by $75 million[177] Investments and Acquisitions - The company holds a 65% stake in a joint venture with Lavazza Group to explore and develop the Lavazza coffee brand in China[30] - The company acquired a controlling stake in a food delivery service provider, "到家美食滙," which has expanded its operations to include delivery services for restaurants[30] - The company completed a strategic investment in Xuechuan Agricultural Group for $14 million in Q1 2025, with a carrying value of $15 million as of December 31, 2025[88] Employee Compensation - The total compensation for the highest executive, including salary and bonuses, was $19,592 thousand in 2025, reflecting the company's commitment to competitive executive compensation[170] - The total compensation for the five highest-paid non-director employees was $13 million for the year ending December 31, 2025[173] - The total compensation for the highest-paid employees, including the CEO, amounted to $23.658 million for the year ending December 31, 2023[171] Future Outlook - The company plans to focus on market expansion and new product development in the upcoming fiscal year[176] - The company is exploring potential mergers and acquisitions to enhance its market position and drive future growth[176] - The company plans to expand its business footprint in existing and new cities, capitalizing on significant growth opportunities within China[188]

Cash Flow and Financing Activities - Net cash provided by operating activities increased to $1,466 million in 2025 from $1,419 million in 2024, driven by higher operating profit and working capital changes [444]. - Net cash used in investing activities decreased significantly to $5 million in 2025 from $178 million in 2024, primarily due to reduced capital spending [445]. - Net cash used in financing activities rose to $1,689 million in 2025 compared to $1,636 million in 2024, mainly due to increased cash dividends paid [446]. - The company plans to return $1.5 billion to shareholders in 2026, matching the amount returned in 2025 and 2024 [453]. - The cash dividend per share increased by 21% to $0.29 for 2026, up from $0.24 in 2025 [453]. - Capital expenditures for fiscal year 2026 are expected to be in the range of approximately $600 million to $700 million [448]. - As of December 31, 2025, the company had unused credit facilities of approximately $1,378 million [457]. - The company repurchased 24.7 million shares for $1,136 million in 2025, compared to 31.3 million shares for $1,242 million in 2024 [451]. - The company had credit facilities totaling approximately $1,502 million as of December 31, 2025, with terms ranging from less than one year to three years [456]. Revenue Recognition and Liabilities - The estimated value of loyalty program points earned is recorded as a reduction of revenue, with a corresponding deferred revenue liability included in Accounts payable, based on projected redemption rates [468]. - Breakage revenue from prepaid stored-value products is recognized when redeemed, with estimates reviewed annually based on redemption patterns [469]. Goodwill and Intangible Assets - Goodwill amounted to $1,963 million as of December 31, 2025, related to KFC, Pizza Hut, Huang Ji Huang, and Lavazza reporting units, with no impairment charges recorded in 2025 and 2024 [479]. - Indefinite-lived intangible assets had a book value of $128 million and $123 million as of December 31, 2025 and 2024, respectively, with no impairment charges recorded for Little Sheep and Huang Ji Huang trademarks [474][475]. Tax and Compliance - The total temporary difference for which the company has not provided foreign withholding taxes is approximately $3 billion as of December 31, 2025, with a foreign withholding tax rate of 5% or 10% depending on repatriation methods [486]. - Unrecognized tax benefits related to uncertain tax positions were $20 million and $19 million as of December 31, 2025 and 2024, respectively [483]. - The company has been under a national audit on transfer pricing by the STA in China regarding related party transactions from 2006 to 2015, with potential significant developments expected within the next 12 months [484]. Asset Impairment and Estimates - The company reviews long-lived assets for impairment semi-annually, evaluating recoverability based on forecasted undiscounted cash flows [470]. - The company estimates future cash flows and discount rates for impairment assessments, which are highly subjective and influenced by economic conditions [478]. Share-Based Compensation - Share-based compensation costs are recognized over the requisite service period, with fair value estimated using the Black-Scholes and Monte-Carlo Simulation models [480][481].

Core Viewpoint - Yum China Holdings (YUMC) is currently positioned as a more attractive investment compared to Dutch Bros (BROS) based on valuation metrics and earnings outlook [1][3][6]. Valuation Metrics - YUMC has a forward P/E ratio of 19.04, significantly lower than BROS's forward P/E of 59.15, indicating that YUMC is potentially undervalued [5]. - The PEG ratio for YUMC is 1.57, while BROS has a PEG ratio of 1.75, suggesting that YUMC offers better value relative to its expected earnings growth [5]. - YUMC's P/B ratio stands at 3.16, compared to BROS's P/B of 9.88, further highlighting YUMC's relative undervaluation [6]. Zacks Rank and Style Scores - YUMC holds a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while BROS has a Zacks Rank of 3 (Hold) [3]. - The Value grade for YUMC is B, contrasting with BROS's Value grade of F, suggesting that YUMC is favored by value investors [6].

Group 1 - The company Yum China (09987) announced a share buyback plan, investing approximately 3 million USD to repurchase 53,900 shares [1] - The company also repurchased 17,800 shares for a total cost of 7.7239 million HKD [1] - A total of 52,500 shares that were previously repurchased will be canceled, and 5,801 shares will be issued under the long-term incentive plan [1]

Group 1 - Company Yum China (09987.HK) announced a share buyback on February 26, 2026, spending HKD 7.724 million to repurchase 17,800 shares [1] - The buyback price ranged from HKD 432 to HKD 442.4 per share [1]

FF305 | 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 | 5,801 | 0 % | USD | 55.49 | | | --- | --- | --- | --- | --- | --- | --- | | | 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2月26日 | | | | | | | | 於下列日期結束時的結存 (註5及6) 2026年2月26日 | 353,989,314 | | 0 | | 353,989,314 | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | 1). | 於2025年12月4日在香港購回之股份 | 52,750 | 0.01 % | HKD | 366.69 | | | | 變動日期 2025年12月4日 | | | | | | | 2). | 於2025年12月5日在香港購回之股份 | 53,150 | 0.01 % | HKD | 361.06 | ...

Group 1 - Company Yum China (09987.HK) announced a share buyback on February 25, 2026, spending HKD 7.724 million to repurchase 17,700 shares at a price range of HKD 433 to 438.2 per share [1] - On February 24, 2026, Yum China also repurchased 17,800 shares for HKD 7.709 million [1]

Group 1 - Company Yum China (09987) announced a share buyback program costing approximately $3 million to repurchase about 53,500 shares on the New York Stock Exchange [1] - The company also spent approximately HKD 7.72 million to buy back 17,700 shares on the Hong Kong Stock Exchange [1]

Group 1 - Yum China (09987) announced a share buyback of approximately 53,500 shares at a cost of about 3 million USD on February 25, 2026, on the New York Stock Exchange [1] - The company also repurchased approximately 17,700 shares at a cost of about 7.72 million HKD on the Hong Kong Stock Exchange [1]