Core Viewpoint - KPRO, a healthy food brand under KFC, has launched a new brand proposition emphasizing "reliable quality and balanced healthy food" along with six commitments to ensure food safety and nutrition [1][3]. Group 1: Brand Development - KPRO aims to expand its presence in more cities, providing quality assurance and a trustworthy consumer experience [1]. - The brand name "KPRO" reflects its heritage from KFC, focusing on fresh and delicious food that energizes consumers [2]. Group 2: Industry Trends - There is a shift in China's food consumption structure towards nutrition and health, with light meals evolving from niche options to mainstream choices [3]. - The China Culinary Association established guidelines in 2022 to standardize the light food industry, defining its nutritional design and preparation methods [3]. Group 3: Product Offerings - KPRO's menu features grain energy bowls, braised rice bowls, paninis, and wraps, emphasizing fresh ingredients and unique flavors [3]. - The brand introduced "Six Assurances," which include using safe raw eggs, thorough washing of fruits and vegetables, proper food storage, and careful seasoning [3]. Group 4: Health and Nutrition Awareness - The company emphasizes the importance of building a healthy dietary model and recognizes that unreasonable diets are a major health risk [4]. - According to the National Health Commission, the health literacy level of residents is expected to reach 31.87% in 2024, reflecting a 2.17% increase from 2023 [4].

Group 1 - The company, Yum China (09987), announced a share buyback plan on August 14, 2025, involving an expenditure of HKD 6.2638 million to repurchase 17,700 shares [1]

智通财经APP讯，百胜中国(09987)发布公告，于2025年8月14日，该公司斥资626.38万港元回购1.77万 股。 ...

格隆汇8月15日丨百胜中国(09987.HK)发布公告，2025年8月14日耗资626.38万港元回购1.77万股，回购 价格每股351.8-356港元。 ...

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8月15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 。 FF305 | 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 ...

Core Viewpoint - The company reported its Q2 2025 financial performance, showing revenue growth and improved profitability metrics, indicating a positive trend in sales and operational efficiency [1][2][3]. Financial Performance - In Q2 2025, the company achieved revenue of $2.787 billion, a year-on-year increase of 4%, with operating profit of $304 million, up 14% year-on-year, and net profit attributable to shareholders of $215 million, reflecting a profit margin of 10.9%, an increase of 1 percentage point year-on-year [1]. - For the first half of 2025, total revenue reached $5.768 billion, a 2% increase year-on-year, with same-store sales showing a positive growth for the first time [1][2]. Store Expansion - The company opened 336 new stores in Q2 2025, contributing 4% to revenue growth, with a total of 16,978 stores by the end of H1 2025 [2]. - The company plans to add 1,600 to 1,800 new stores in 2025, with capital expenditures estimated at $600 to $700 million, aiming for a store count of 20,000 by 2026 [5][6]. Same-Store Sales - Same-store sales increased by 1% year-on-year in Q2 2025, marking a recovery after several quarters of decline [2]. - The same-store transaction volume grew by 2% year-on-year, achieving growth for the tenth consecutive quarter, although the average transaction value continued to decline [2][3]. Profitability Metrics - The restaurant profit margin reached 16.1% in Q2 2025, up 60 basis points year-on-year, while the operating profit margin was 10.9%, an increase of 100 basis points, attributed to lower raw material costs and improved operational efficiency [2][4]. - The company reported a restaurant profit margin of 13.3% for Pizza Hut, with an operating profit margin of 8.3%, both showing year-on-year improvements [4]. Delivery and Membership Growth - Delivery sales grew by 22% year-on-year, accounting for 45% of total restaurant revenue, with membership numbers exceeding 560 million, a 13% increase year-on-year [3]. - The company’s delivery sales for KFC increased by 25%, while Pizza Hut's delivery sales rose by 15%, indicating strong performance in the delivery segment [4]. Shareholder Returns - In Q2 2025, the company returned $274 million to shareholders, including $184 million in stock buybacks and $90 million in cash dividends, with an expected total return of $3 billion to shareholders from 2025 to 2026 [6]. Future Outlook - The company aims to accelerate store expansion and innovation to drive growth, with plans to increase the proportion of franchise stores in its new openings [5][6]. - The company forecasts revenue growth rates of 4.6%, 6.3%, and 5.7% for 2025 to 2027, with net profit growth rates of 2.2%, 11.1%, and 12.4% respectively [6].

Group 1 - Company Yum China (09987) announced a share buyback of 18,000 shares for a total cost of HKD 6.2716 million on August 13, 2025 [1] - The company also repurchased 70,900 shares for USD 3.2 million on the same date [1]

格隆汇8月14日丨百胜中国(09987.HK)发布公告，2025年8月13日耗资627.2万港元回购1.8万股，回购价 格每股347-352.4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8月14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) ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next six months [11][17]. Core Insights - The company reported a revenue of $2.787 billion in Q2 2025, a year-on-year increase of 4%, with operating profit reaching $304 million, up 14% year-on-year. The net profit attributable to shareholders was $215 million, with an operating profit margin of 10.9%, an increase of 1 percentage point year-on-year [5][11]. Company Overview - The latest closing price is HKD 349.20, with a total market capitalization of HKD 1,289.24 billion. The company has a total share capital of 3.69 billion shares and a debt-to-asset ratio of 42.21% [4][11]. Sales Performance - Same-store sales turned positive for the first time, with a 1% year-on-year increase. The company opened 336 new stores in Q2 2025, contributing 4% to revenue growth. The total number of stores reached 16,978 by the end of H1 2025 [6][10]. - The company’s takeout sales grew by 22% year-on-year, accounting for 45% of total restaurant revenue [7][9]. Profitability - The restaurant profit margin improved to 16.1%, a year-on-year increase of 60 basis points, while the operating profit margin reached a new high of 10.9%, up 100 basis points year-on-year. This improvement is attributed to lower raw material costs and enhanced operational efficiency [7][9]. Future Outlook - The company plans to open 1,600 to 1,800 new stores in 2025, with capital expenditures estimated at $600 to $700 million. The goal is to reach 20,000 stores by 2026, with an increasing proportion of franchise stores [10][11]. - The company is committed to innovation, including menu updates and new business models, to expand market share [10][11]. Financial Projections - Revenue growth is projected at 4.6%, 6.3%, and 5.7% for 2025, 2026, and 2027, respectively. Net profit growth is expected to be 2.2%, 11.1%, and 12.4% over the same period. The earnings per share (EPS) are forecasted to be $2.52, $2.80, and $3.15 for 2025, 2026, and 2027, respectively [11][13].