于同日，斥资1824.87万港元回购4.87万股股份，每股回购价格为370-378.2港元。 智通财经APP讯，百胜中国(09987)发布公告，于2025年11月24日，该公司斥资约1040万美元回购21.65 万股股份，每股回购价格为47.65-48.5美元。 ...

格隆汇11月25日丨百胜中国(09987.HK)公告，11月24日耗资1825万港元回购4.9万股。同日，耗资1040 万美元回购21.7万股。 ...

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11月25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 ...

智通财经APP获悉，招银国际发布研报称，维持百胜中国(09987)"买入"评级，并上调目标价至457.48港 元，门店扩张快过预期，必胜客营运利润优于预期。 报告指，尽管宏观环境严峻，但该行认为集团韧性十足。根据该行测算，肯德基与必胜客在2025年首10 个月的同店销售恢复率高达88%，远优于行业平均的70%。该行认为超额表现主要归功于公司坚持提 供"优质美味且物超所值"的产品。就公司指引(2026–28财年目标)而言，该行认为主要的超预期来自必 胜客；此外，百胜中国提高股息以及承诺自2027财年起将100%自由现金流用于回馈股东，该行对此计 划感到满意。 展望未来，百胜中国不仅将持续强化性价比，更会聚焦核心、开发市场空白、吸纳新客群并捕捉不同场 合的新需求。在此之上，通过执行RGM3.0策略，其效率将进一步优化。因此，尽管该行对内地餐饮行 业在2026财年与2027财年的前景仍持高度审慎态度，但相信百胜中国能跑赢同业，并在未来2–3年为股 东带来合理回报。 ...

Core Insights - The opening of the 4000th Pizza Hut store in Sanya marks a significant milestone, showcasing the brand's innovative approach combining nature, culture, and technology in the Chinese market [1] - Pizza Hut plans to add over 600 new stores annually for the next three years, aiming to exceed 6000 stores by 2028, reflecting a robust expansion strategy [1][10] Technological Advancements - The new Sanya store features an AI-driven kitchen system called "Q-Rui," which enhances operational efficiency through voice commands and automated processes, transforming the kitchen into a "food technology laboratory" [2][3] - The "Q-Rui" system addresses various operational challenges, including real-time monitoring of meal progress and proactive customer service, shifting from reactive to proactive management [3] Expansion Strategy - Pizza Hut has transitioned from a period of careful cultivation to rapid expansion, achieving remarkable growth from 3000 to 4000 stores in just two years, demonstrating a "China acceleration" [4] - The company is leveraging its mature supply chain and digital management capabilities to drive this expansion, with a focus on adapting to changing consumer trends and enhancing product value [4][9] Brand Evolution - Pizza Hut is rebranding itself from a "Western casual dining" establishment to a "pizza expert," utilizing strategic collaborations with popular IPs to engage younger consumers and enhance brand relevance [5][6] - The introduction of high-end brand PIZZERIA and the budget-friendly WOW store model illustrates Pizza Hut's dual strategy of targeting both premium and lower-tier markets [7][8] Future Goals - The company aims to achieve a total of 20,000 stores by next year and over 25,000 by 2028, with a long-term goal of surpassing 30,000 stores by 2030 [9][10] - A significant target is to double operating profits by 2029 compared to 2024, supported by a flexible store model and a focus on digitalization for efficient expansion [10]

中金公司（601995）报告指出，基于媒体数据，追踪国企指数的 ETF规模约为 75.9亿美元。结合成分 和股权重变化，以及个股过去三个月日均成交额，预计百胜中国纳入国企指数后，将带来约9000万美元 的资金流入。 11月21日，恒生指数公司发布季度指数检讨结果，多个指数的成份股将有调整。百胜中国 （香港交易 所代码：9987）被纳入为恒生中国企业指数成分股，纳入权重为1.21%。所有变动将于 2025 年 12 月 5 日收市后实施并于 2025 年 12 月 8 日起生效。 作为国际市场衡量在港上市中国企业的重要标杆之一，恒生中国企业指数由在香港上市交易的市值大、 流动好的50只中国内地企业证券组成，以反映在香港上市的中国内地企业的整体表现。该指数具备成熟 的被动跟踪与衍生品生态，纳入后通常会带来被动资金配置与交易活跃度的提升。 百胜中国是中国最大的餐饮公司，在中国超过2,500个城镇经营六个品牌超17,000家餐厅。公司在11月17 日举行的投资者日公布新增长目标，包括正在稳步推进2026年门店总数达2万家的目标；2028年门店总 数增加至超过2.5万家；到2030年门店总数力争突破3万家。以10月31 ...

近日，百胜中国旗下必胜客举行中国第4000家门店的开业庆典。 据介绍，从第3000家到第4000家，必胜客仅用时两年多完成，而此前达到3000家用了33年。这种加快的 节奏，凸显了品牌在门店模型、供应链与市场策略上的成熟度。 据介绍，必胜客中国计划在保持品质的前提下继续加快门店开设速度。未来三年，必胜客中国计划每年 净新增超过600家门店，到2028年门店总数跨过6000家大关。 百胜中国首席执行官屈翠容在现场表示："百胜中国成熟的RGM战略，即业务韧性、业务成长、战略护 城河，是必胜客发展的核心指引。我们凭借强大的业务韧性，迅速调整策略、优化供应链，确保运营稳 定；业务成长上，前端多品牌组合、多元门店模块与产品线，覆盖广泛消费场景；后端跨门店、区域资 源共享整合，提升效率，构建协同效应。" 根据百胜中国2025年第三季度财报，截至9月30日，必胜客在中国已突破4000家门店。同时，第三季度 必胜客同店交易量同比增加17%，已连续第十一个季度实现增长。 值得一提的是，必胜客中国的扩张不只发生在北上广深等一线城市，还向低线城市深入。比如WOW店 模式，是必胜客针对下沉市场的"定制化"方案。截至2025年第三季度 ...

Group 1 - The Hang Seng Index Company announced quarterly index review results, with adjustments to several constituent stocks, including Yum China being added to the Hang Seng China Enterprises Index with a weight of 1.21% [1] - The Hang Seng China Enterprises Index consists of 50 large-cap, liquid Chinese enterprises listed in Hong Kong, serving as a benchmark for the performance of these companies [1] - The inclusion of Yum China is expected to enhance passive fund allocation and trading activity, with an estimated inflow of approximately $9 million due to the changes [1] Group 2 - Yum China is the largest restaurant company in China, operating over 17,000 restaurants across six brands in more than 2,500 towns [2] - The company announced growth targets during its investor day on November 17, aiming to reach 20,000 stores by 2026, over 25,000 by 2028, and over 30,000 by 2030 [2] - Yum China's stock price increased by over 12% from HKD 334.6 on October 31 to HKD 376.2 as of November 24 [2] - The company became dual-listed on the Hong Kong Stock Exchange and the New York Stock Exchange, reflecting its recognition in market capitalization, liquidity, and industry representation [2]

11月21日，恒生指数公司发布季度指数检讨结果，多个指数的成份股将有调整。百胜中国(香港交易所 代码：9987)被纳入为恒生中国企业指数成分股，纳入权重为1.21%。所有变动将于 2025 年 12 月 5 日收 市后实施并于 2025 年 12 月 8 日起生效。 作为国际市场衡量在港上市中国企业的重要标杆之一，恒生中国企业指数由在香港上市交易的市值大、 流动好的50只中国内地企业证券组成，以反映在香港上市的中国内地企业的整体表现。该指数具备成熟 的被动跟踪与衍生品生态，纳入后通常会带来被动资金配置与交易活跃度的提升。 中金公司报告指出，基于彭博数据，追踪国企指数的ETF规模约为75.9亿美元。结合成分和股权重变 化，以及个股过去三个月日均成交额，预计百胜中国纳入国企指数后，将带来约9000万美元的资金流 入。 百胜中国是中国最大的餐饮公司，在中国超过2,500个城镇经营六个品牌超17,000家餐厅。公司在11月17 日举行的投资者日公布新增长目标，包括正在稳步推进2026年门店总数达2万家的目标；2028年门店总 数增加至超过2.5万家；到2030年门店总数力争突破3万家。以10月31日收市价335港元计 ...

Core Insights - The rapid expansion of Pizza Hut in China, reaching its 4000th store in just over two years, highlights a significant acceleration in growth compared to the previous 33 years to reach 3000 stores [1] - The company's resilience and strategic adaptability are key factors driving this growth, as evidenced by a 17% year-on-year increase in same-store sales for eleven consecutive quarters [1][2] Group 1: Business Resilience and Strategy - The core of Yum China's strategy is business resilience, which involves quickly adjusting strategies and optimizing supply chains to ensure stable operations [1] - The multi-layered strategic moat includes cross-regional collaboration and dynamic optimization in the supply chain, balancing cost and efficiency [1] - The introduction of various store models, such as standard and WOW stores, allows for precise market coverage across different consumer segments [2] Group 2: Market Penetration and Differentiation - Pizza Hut is focusing on "deep cultivation" in lower-tier markets, successfully implementing the WOW store model in over 40 emerging towns with around 250 locations [2] - The brand emphasizes modular combinations rather than simple standardization, adapting to regional characteristics while maintaining core product standards [2] - A digital ecosystem with over 200 million members supports precise consumer trend insights and enhances repurchase rates [2] Group 3: Technological Empowerment - The integration of technology, such as smart pizza ingredient dispensers and AI management systems, significantly enhances operational efficiency [3] - Automation in pizza preparation and intelligent scheduling optimizes human resource allocation, allowing staff to focus on customer service [3] - The approach of "human-machine collaboration" is redefining service standards in the fast-food industry [3] Group 4: Long-term Vision and Social Responsibility - The launch of the "Little Red Hat Plan" for youth volunteer services reflects Pizza Hut's long-term thinking, integrating social responsibility into its business model [4] - This initiative strengthens the brand's ESG image and builds emotional connections with consumers [4][5] Group 5: Future Growth and Challenges - Pizza Hut aims to exceed 6000 stores by 2028, requiring an average annual net increase of over 600 stores [6] - The ambitious expansion plan poses high demands on supply chain management, talent acquisition, and quality control, especially in lower-tier markets [6][7] - Balancing expansion speed with store profitability will be a core challenge for the brand moving forward [6][7] Group 6: Industry Implications - The transition from scale expansion to deep operational focus serves as a transformative example for the industry [8] - The success of Pizza Hut is not solely based on store count but on building systematic operational capabilities [8] - As the Chinese restaurant industry enters a new development cycle, Pizza Hut's practices offer valuable insights for future growth strategies [8]