百胜中国(09987)公布，2026年1月15日于纽约证券交易所耗资约300万美元回购约6.23万股股份，于港交 所耗资约779.63万港元回购2.08万股股份。 ...

智通财经APP讯，百胜中国(09987)公布，2026年1月15日于纽约证券交易所耗资约300万美元回购约6.23 万股股份，于港交所耗资约779.63万港元回购2.08万股股份。 ...

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1月16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 ...

格隆汇1月16日丨百胜中国(09987.HK)发布公告，2026年1月14日耗资771.5万港元回购2.04万股，回购价 格每股377.6380.4-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： 2026年1月16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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司「香港聯交所」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。 若閣下要參與電話會議，請於會議前透過以下鏈接進行註冊。註冊完成後，閣下將收到參與者 接入號碼及唯一的註冊人代碼。 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） 致投資者的通知— 2025 年第四季度及全年財務業績公佈日期 百勝中國控股有限公司（「本公司」）謹此公告本公司將於2026年2月4日（星期三）美國開盤前 （即2026年2月4日（星期三）香港聯交所交易時間之后）報告其截至2025年12月31日止第四季 度及全年的未經審核財務業績（「2025年第四季度及全年財務業績」），業績將由本公司董事會 審計委員會審閱。本公司將於2026年2月4日（北京╱香港時間）在香港聯交所交易時間之后於 香港聯交所就2025年第四季度及全年財務業績發佈公告。 本公司的管理層將於美國東部時間 2026 ...

Core Viewpoint - Yum China Holdings, Inc. will report its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025, on February 4, 2026, before the U.S. market opens [1] Group 1: Financial Reporting - The earnings conference call is scheduled for 7:00 a.m. U.S. Eastern Time on February 4, 2026, which corresponds to 8:00 p.m. Beijing/Hong Kong Time on the same day [2] - A live webcast of the earnings call will be available, and a replay will be accessible two hours after the event until February 3, 2027 [3] Group 2: Company Overview - Yum China is the largest restaurant company in China, operating over 17,000 restaurants across more than 2,500 cities [4] - The company manages six brands, including KFC and Pizza Hut, which are leaders in the quick-service and casual dining sectors, respectively [4] - Yum China has a strong digitalized supply chain and logistics network, enhancing its customer service and operational efficiency [4]

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Consumer Sector - **Outlook**: The sector is believed to be in the early stage of a multi-year recovery cycle that began in Q3 2024, with expectations for gradual improvement in consumer sentiment and spending through 2026E [2][11][12] Key Insights - **Valuation**: MSCI China Consumer Discretionary and Staples are trading at 17x and 15x 12-month forward PE, approximately one standard deviation below the 10-year averages, indicating that current valuations do not reflect a potential consumption recovery [2][9] - **Consumer Confidence**: The China Consumer Confidence Index has been trending upwards since September 2024, suggesting a gradual restoration of consumer confidence despite ongoing challenges in the property market [12][19] - **K-shaped Recovery**: The recovery is characterized by a K-shaped trend, where mid- to high-income consumers in tier-1 cities are expected to lead spending, while lower-tier city consumers remain focused on value for money [3][48] Consumer Behavior Trends - **Shifting Preferences**: A UBS Evidence Lab survey indicates a divergence in consumer behavior, with over 50% of mid- to high-income consumers reporting investment gains and showing strong spending intentions, particularly in premium and experiential categories [3][37] - **Spending Intentions**: The strongest spending intentions are noted in beauty and skincare (41%) and tourism (37%), reflecting a shift towards experiential and premium spending [51] - **Investment Gains**: 64-74% of mid- to high-income consumers reported increased investment returns, with many planning to reinvest or spend on travel, health services, and consumer electronics [40][41] Stock Implications - **Company Ratings**: - Upgrades to Neutral for Fenjiu due to expected benefits from non-business baijiu consumption - Buy ratings maintained for companies like MIXUE, Guming, China Foods, CR Beer, and YUM China, among others [4] - **Dividend Payouts**: Premium baijiu companies are noted for their >75% dividend payout, which is expected to protect share prices from downside risks [4] Structural Growth Opportunities - **Emerging Themes**: Key investment themes for 2026E include changing consumer preferences, corporate restructuring, and industry consolidation, particularly in sectors like home appliances and mass-market consumption [14][50] - **Corporate Restructuring**: Companies are expected to adapt their business models to align with changing consumer behaviors, which may lead to sustainable long-term earnings growth [4][50] Risks and Challenges - **Property Market Downturn**: The ongoing downturn in the property market is anticipated to weigh on household balance sheets, potentially impacting consumer spending [13][48] - **Policy Support**: The pace of recovery is contingent on stabilizing the property market and effective policy implementation to boost consumption [13][48] Conclusion - The China consumer sector is poised for a recovery, driven by improving consumer confidence and shifting spending patterns. However, the recovery will be uneven across different income groups and city tiers, necessitating a nuanced investment approach to capture emerging opportunities while being mindful of potential risks associated with the property market downturn.

Core Viewpoint - The Hong Kong Consumption ETF (159735) has seen significant net inflows, indicating growing investor interest in the fund and the underlying consumer sector in Hong Kong [1][2]. Group 1: Fund Performance - As of January 14, the Hong Kong Consumption ETF (159735) recorded a net subscription of 4.8298 million yuan, ranking 27th out of 208 in cross-border ETF net inflows for the day [1]. - The fund's latest size is 814 million yuan, up from 802 million yuan the previous day, reflecting a 0.60% increase in net inflow relative to the previous day's size [1]. - Over the past five days, the fund has accumulated a net subscription of 69.8219 million yuan, ranking 28th out of 208 in cross-border ETF net inflows [1][2]. Group 2: Fund Details - The Hong Kong Consumption ETF (159735) was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [2]. - The fund's latest share count is 1.007 billion shares, with a year-to-date increase of 9.46% in shares and a 12.08% increase in size compared to December 31, 2025 [2]. - The fund has a total trading volume of 922 million yuan over the last 20 trading days, averaging 46.0913 million yuan per day [2]. Group 3: Holdings and Composition - Major holdings in the Hong Kong Consumption ETF include Alibaba (19.54%), Tencent (16.59%), and Pop Mart (7.99%), among others, with the total market value of these holdings detailed [3]. - The ETF tracks the Hong Kong Consumption CNY index (931455), and its performance is compared with another fund, Hong Kong Consumption (513590), which has a smaller size and negative net subscriptions [3].

Group 1 - The "one-person meal" model is gaining popularity in the restaurant industry, with the launch of Pizza Hut's new brand, "Pizza Burger," marking a significant entry into this market [1][3] - The "one-person meal" economy is projected to grow significantly, with an expected market size exceeding 1.8 trillion yuan by 2025, reflecting a compound annual growth rate of 15.3% [1] - Shenzhen, known for its vibrant innovation and entrepreneurial spirit, has seen a rising demand for "one-person meals," particularly among the younger demographic seeking efficient dining experiences [3] Group 2 - The introduction of Pizza Burger is a strategic move by Yum China to capitalize on the growing trend of "one-person meals," representing an important innovation and upgrade in their hamburger offerings [3] - The new Pizza Burger restaurant integrates into existing Pizza Hut locations, creating a comfortable dining space suitable for various consumer scenarios, including lunch for office workers and casual dining for students [3] - Industry experts suggest that restaurant companies entering the "one-person meal" segment can enhance efficiency and reduce costs through self-service and lightweight operations, leading to a consumption upgrade from basic to more refined dining experiences [3]