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 FF305 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年4月22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) ...

从一季度业绩表现来看，鹏华碳中和主题A以60.26%的回报率领先，永赢先进制造智选A（52.32%）紧 随其后，两者均聚焦新能源、高端制造等政策利好赛道。相比之下，消费、医疗及部分传统能源主题基 金表现低迷，如兴全趋势投资（-6.31%）、华夏能源革新A（-0.89%）等，或凸显市场对成长性与估值 修复逻辑的分歧。 专题：2025基金一季报：最新持仓曝光！ 2025年一季度收官，A股市场结构性行情凸显，百亿规模以上的权益类基金业绩呈现显著分化。从碳中 和主题的强势领涨，到消费、能源板块的持续承压，基金经理的调仓能力与行业配置策略经受考验。 据Wind数据统计，截至2025年4月21日，权益类基金（包括普通股票型基金、偏股混合型基金、平衡混 合型基金、灵活配置型基金）中，共有28只基金规模达到百亿以上。 | 序号 | 证券代码 | 证券简称 | | 季度回报 今年以来回报 | 基金规模 | 非金经理 | | --- | --- | --- | --- | --- | --- | --- | | | | | × | ళ్ళి | 亿元 | | | 1 | 016530.OF | 删华碳中和主题A | 60.26 ...

战略转型与未来挑战：创新与合规的平衡术 2024年，百胜中国以113亿美元的总营收刷新历史纪录，同比增长3%，其中餐厅收入贡献了106.51亿美 元，约占比94%，成为核心收入来源。旗舰品牌肯德基以85亿美元收入，为总营收贡献75%持续领跑， 同比增长3%；必胜客则以22.6亿美元收入实现个位数增长，显示出品牌复苏迹象。然而，这一增长高 度依赖门店扩张——全年净新增1751家门店，平均每天净新增近5家，总门店数达1.64万家，覆盖全国 2200多个城镇。值得警惕的是，同店销售额全年下降3%，肯德基和必胜客客单价分别下滑4%、10%， 反映出单店盈利能力承压。这种"以量补价"的增长模式，在消费疲软的市场环境下可持续性存疑。 尽管核心经营利润同比增长12%至11.9亿美元，但品牌间表现显著分化。肯德基经营利润率同比下降0.8 个百分点至16.9%，主要受早餐、咖啡等高性价比产品占比提升及人力成本上涨拖累；必胜客则通过菜 单结构调整和"WOW店"模式优化，利润率逆势提升0.2个百分点至12%。第四季度成本控制成效显现， 食品成本占比下降0.5个百分点，薪资支出占比降低0.8个百分点，推动当季餐厅利润率同比提升1.6 ...

Core Viewpoint - Yum China has released its 2024 Sustainability Report, highlighting its leading position in the restaurant industry with an MSCI ESG rating of AA for three consecutive years, indicating strong performance in governance and waste management, while identifying areas for improvement in labor management [3][5][7]. Group 1: ESG Performance - Yum China's MSCI ESG rating is AA, placing it at the forefront of the restaurant sector [3]. - The company excels in "corporate governance" and "packaging and waste," while performing at an average level in "corporate behavior" and "raw material procurement," and is lagging in "labor management" compared to peers [5][7]. - There is a noted lack of comprehensive data on employee turnover and satisfaction, with only 9.7% of restaurant manager turnover disclosed, making it difficult to assess overall employee stability [7]. Group 2: Employee Management - As of 2024, Yum China has 16,400 stores, a 12% increase year-on-year, but the total number of employees has decreased by 19% to 350,000, with full-time employees making up about 40% [7]. - The company has implemented a performance stock incentive plan for its CEO and key employees, linking ESG goals to compensation, including metrics on salt and sugar reduction, food waste, and greenhouse gas emissions [8]. Group 3: Carbon Reduction Goals - Yum China is the only restaurant company in China with approved science-based carbon reduction targets, aiming for a 63% reduction in operational carbon emissions by 2035 from a 2020 baseline [9]. - The company has set a short-term goal to reduce operational carbon emissions by 20% per store by 2025, which is part of the performance metrics for stock incentives [9][10]. - In 2024, the total operational carbon emissions were 2.26 million tons, a 2% increase from the previous year, with emissions intensity at 199.67 tons per million dollars in revenue [9][10]. Group 4: Store Expansion and Sustainability - Yum China plans to expand its store count to 20,000 by 2026, focusing on both existing and emerging urban markets [11]. - The company is increasing the proportion of franchise stores, with franchise growth rates reaching 26% in 2024, and aims for 40%-50% of new KFC stores to be franchises [11]. Group 5: Food Safety and Quality Control - Yum China has achieved 100% coverage in food safety and quality audits across all restaurants and logistics centers, with over 80% of suppliers certified under global food safety standards [12][15]. - The company has conducted over 300 supplier food safety audits and 3,300 raw material safety checks in the past year [14].

Core Viewpoint - The report highlights the strong performance of funds managed by Zhang Kun of E Fund in Q1 2025, with significant net value increases and strategic adjustments in holdings, particularly the inclusion of SF Holding as a major position. Fund Performance - E Fund's Blue Chip Select Fund maintained its top ten holdings from Q4 2024, including Tencent Holdings, Alibaba-W, and Kweichow Moutai, with no changes in the top positions [1] - The E Fund Quality Select Fund recorded a net value growth rate of 8.40% in Q1 2025, with SF Holding entering the top ten holdings, replacing Focus Media [3] Holdings Adjustments - In Q1 2025, E Fund Blue Chip Select increased its positions in Shanxi Fenjiu and Luzhou Laojiao while reducing its stakes in Tencent Holdings, Alibaba-W, and Yanghe [2] - The E Fund Quality Select Fund also increased its holdings in Shanxi Fenjiu, Luzhou Laojiao, Trip.com, and Prada, while reducing its positions in Alibaba, Tencent, and Yanghe [3] Market Outlook - Zhang Kun expressed uncertainty about the economic outlook but noted that the impact of the real estate downturn is nearing its end, with policies supporting consumption [7] - The focus is shifting towards identifying companies with strong business models, competitive advantages, and shareholder-friendly capital allocation, which are expected to generate significant free cash flow in the long term [7][8]

从指数持仓来看，中证香港上市可交易内地消费指数十大权重分别为：比亚迪股份（13.04%）、阿里 巴巴-W（12.18%）、京东集团-SW（8.91%）、美团-W（7.74%）、携程集团-S（7.59%）、小鹏汽车- W（4.05%）、理想汽车-W（3.86%）、泡泡玛特（3.85%）、百胜中国（3.77%）、安踏体育 （3.69%）。 金融界4月21日消息，上证指数低开高走，中证香港上市可交易内地消费指数 (HKT内地消费，H11144) 平盘报收，报0.0点，成交额0.0亿元。 数据统计显示，中证香港上市可交易内地消费指数近一个月下跌15.25%，近三个月上涨9.27%，年至今 上涨6.83%。 从中证香港上市可交易内地消费指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港上市可交易内地消费指数持仓样本的行业来看，乘用车及零部件占比29.13%、消费者服务 占比23.62%、零售业占比22.30%、食品、饮料与烟草占比10.26%、纺织服装与珠宝占比6.91%、耐用消 费品占比6.14%、家庭与个人用品占比1.65%。 据了解，中证香港上市可交易主题指数系列包括HKT香港地产、HKT内地 ...

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 第 1 頁 共 9 頁 v 1.3.0 | 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 | 1 | 0 % | USD | 41.37 | | | --- | --- | --- | --- | --- | --- | --- | | | 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 2025年4月17日 | | | | | | | | 於下列日期結束時的結存 (註5及6) 2025年4月17日 | 374,319,859 | | 0 | | 374,319,859 | | | 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3月11日在香港購回之股份 | 12,200 | 0 % | HKD | 382.93 | | | | 變動日期 2025年3月 ...

Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Leisure Index, which has seen a decline of 15.19% over the past month but an increase of 3.60% over the past three months, with a year-to-date decrease of 0.33% [1] - The China Securities Hong Kong 300 Leisure Index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include Tencent Holdings (11.72%), NetEase-S (11.24%), Kuaishou-W (10.7%), Baidu Group-SW (10.16%), Yum China (9.2%), Meituan-W (8.52%), Trip.com Group-S (8.35%), Galaxy Entertainment (5.09%), China Resources Beer (3.21%), and Qingdao Beer Co. (2.78%) [1] Group 2 - The industry composition of the holdings in the China Securities Hong Kong 300 Leisure Index shows that leisure services account for 40.54%, digital media for 37.99%, cultural entertainment for 12.43%, alcohol for 7.67%, and marketing and advertising for 1.38% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year, and weight factors are adjusted accordingly [2]

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4月17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 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | ...

Group 1 - The Nasdaq Golden Dragon China Index experienced a preliminary decline of 2.6% [1] - Notable declines were observed in popular Chinese concept stocks, with Xiaoma Zhixing down 10%, XPeng and JD.com dropping over 5%, and Alibaba and Xiaomi ADRs falling over 4% [1] - Other companies such as Bilibili, Li Auto, NIO, New Oriental, and Baidu saw declines of at least 2%, while Tencent ADR, Pinduoduo, and Yum China dropped over 1% [1] Group 2 - The Chinese concept ETF YANG increased by 6.6%, while CQQQ and KWEB decreased by 2.1% and 2.8% respectively [1]