同日，公司于纽交所耗资1517.70万美元回购31.68万股，每股回购价47.42-48.14美元 格隆汇11月20日丨百胜中国(09987.HK)发布公告，2025年11月19日耗资5619.67万港元回购15.15万股， 回购价格每股367.2-375.6港元。 ...

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 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | | | | ...

Core Viewpoint - Yum China launched its "RGM 3.0" strategy on November 17, 2023, focusing on resilience, growth, and competitive advantage, driven by innovation and efficiency [1] Group 1: Growth Targets - The company aims for same-store sales index growth of 100-102 from 2026 to 2028, with system sales achieving mid to high single-digit CAGR [1] - Operating profit is targeted to achieve high single-digit CAGR, with KFC aiming for over 10 billion yuan in operating profit by 2028 and Pizza Hut planning to double its operating profit by 2029 compared to 2024 [1] - Diluted earnings per share and free cash flow per share are expected to achieve double-digit CAGR [1] - Capital expenditure is projected at an average of 600-700 million USD per year from 2026 to 2028, based on a cautious assumption of the macro consumption environment [1] Group 2: Store Expansion - The company plans to exceed 30,000 total stores by 2030, with specific targets of 20,000 by 2026 and over 25,000 by 2028 [2] - KFC aims to surpass 17,000 stores by 2028, while Pizza Hut plans to exceed 6,000 stores by the same year [2] Group 3: Franchise Model - The company plans to open over 3,000 new franchise stores from 2026 to 2028, with franchise stores accounting for 40%-50% of net new KFC and Pizza Hut stores [3] - The share of system sales from franchise operations is expected to rise from 9%-10% in 2025 to mid-double digits by 2028 [3] - Operating profit margin is projected to increase to at least 11.5% by 2028, with restaurant profit margins expected to be no less than 16.7% [3] Group 4: New Business Development - New businesses like KFC Coffee and KPRO are growing rapidly, with KFC Coffee expected to exceed 5,000 stores by 2029 [4] - Lavazza Coffee aims to reach 1,000 stores and achieve 60 million USD in retail sales by 2029 [4] - The company plans to return approximately 100% of free cash flow to shareholders starting in 2027, with expected annual shareholder returns of about 900-1,000 million USD in 2027 and 2028 [4] Group 5: Financial Projections - Revenue projections for 2025-2027 are 11.63 billion, 12.16 billion, and 12.76 billion USD, with year-on-year growth rates of 2.9%, 4.6%, and 4.9% respectively [4] - Adjusted net profit estimates for the same period are 910 million, 1.03 billion, and 1.13 billion USD, with growth rates of 0.0%, 12.8%, and 10.2% respectively [4] - The company maintains a target price of 423.2 HKD per share, corresponding to a 22x PE ratio for 2025, with a reasonable market capitalization target of 155.7 billion HKD [4]

Core Insights - Despite its large scale, the company is accelerating store expansion plans, aiming to double its store count to 20,000 by 2026 and exceed 30,000 by 2030, reflecting strong confidence in the Chinese dining market [1][4] Financial Performance - In Q3 2025, the operating profit of Pizza Hut in China increased by 7% year-on-year to $57 million, with restaurant profit margins rising to 13.4%, indicating a positive growth trend [3] Expansion Strategy - The company plans to open 10,000 stores from 1987 to 2020, and aims to double this number in the next six years, showcasing its commitment to the Chinese market [4] Market Approach - KFC is expanding its market reach by introducing affordable meal options priced below 20 yuan, which has led to double-digit sales growth for its entry-level meal packages this year [6] - Pizza Hut is also adjusting its market strategy by offering more affordable products, such as a 39 yuan pizza deal, and expanding into lower-tier cities with a new, efficient store model [6] Sales Growth - The company has shown operational maturity in response to market changes, with Q3 delivery sales increasing by 32% year-on-year, accounting for 51% of restaurant revenue, marking a historical high [9] Market Potential - The company emphasizes its commitment to shareholder returns and believes that its greatest confidence comes from the vast potential of the Chinese market, currently serving only about one-third of Chinese consumers, with a goal to reach half in the future [9]

在这样突飞猛进的发展速度中，管理层预计，百胜中国计划将2025年全年经营利润率维持在10.8%至 10.9%，餐厅利润率层面，百胜中国预计为约16.2%至16.3%，肯德基约为17.3%，必胜客约为12.7%，每 股自由现金流约为2.2美元至2.3美元。 同时，到2028年，公司经营利润率不低于11.5%，餐厅利润率层面，百胜中国不低于16.7%，肯德基不 低于17.3%，必胜客不低于14.5%。 虽然市场竞争极为激烈，但在百胜中国看来，餐饮市场仍有巨大机会。作为中国最大的餐饮集团，百胜 中国表示，目前仅服务了约1/3的中国消费者，未来希望能将该比例提升至约一半；中国连锁餐厅的渗 透率仍然较低，仅约20%，而在美国等发达国家，该数字超过50%。 而想要在如此内卷的市场中，获得进一步增长，百胜中国也开始从经营提效，进入店型、产品、品牌等 多维度的开拓阶段。此次投资者日上，百胜中国公布了RGM 3.0战略，继续聚焦韧性、增长、护城河三 大核心维度，并秉持"创新与提效"双轮驱动策略，采用"前端分层，后端聚合"的发展理念。 百胜中国首席执行官屈翠容表示，与过去专注于提升单店效率不同，随着百胜中国前端业务的多元化， 后 ...

于同日，根据公司采纳的长期激励计划项下的授予而发行621股股份。此外，公司于2025年11月17日在 美国购回并在2025年11月18日注销6.9万股股份。 百胜中国(09987)发布公告，于2025年11月18日，该公司斥资1519.99万美元回购31.99万股股份，每股回 购价46.62-47.92美元;斥资5395.15万港元回购14.72万股股份，每股回购价361.8-369.4港元。 ...

于同日，根据公司采纳的长期激励计划项下的授予而发行621股股份。此外，公司于2025年11月17日在 美国购回并在2025年11月18日注销6.9万股股份。 智通财经APP讯，百胜中国(09987)发布公告，于2025年11月18日，该公司斥资1519.99万美元回购31.99 万股股份，每股回购价46.62-47.92美元;斥资5395.15万港元回购14.72万股股份，每股回购价361.8-369.4 港元。 ...

格隆汇11月19日丨百胜中国(09987.HK)发布公告，2025年11月18日耗资5395万港元回购14.7万股，回购 价格每股361.8-369.4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11月19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 ...

$\left(\frac{\mathrm{U}_{\mathrm{max}}}{\mathrm{U}_{\mathrm{max}}\mathrm{U}_{\mathrm{min}}}\right)$ |  | 行业研究·行业快评 |  | 社会服务·酒店餐饮 | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 曾光 | 0755-82150809 | zengguang@guosen.com.cn | 执证编码：S0980511040003 | | 证券分析师： | 张鲁 | 010-88005377 | zhanglu5@guosen.com.cn | 执证编码：S0980521120002 | | 联系人： | 周瑛皓 | | zhouyinghao@guosen.com.cn | | 事项： 证券研究报告 | 2025年11月19日 餐饮行业动态点评 从瑞幸和百胜中国看外卖补贴大战的得与失 2025 年 11 月 17 日，瑞幸咖啡披露 2025Q3 经营业绩数据；百胜中国举办线下投资者交流日。 国信社服观点： 1）外卖大战下 ...