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10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 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 ...

Company Overview - Yum China Holdings, Inc. is the largest restaurant operator in China, with a target of 20,000 locations by 2026 [1] - The company operates 12,238 KFC locations and just over 3,700 Pizza Hut restaurants [1] Leadership and Background - Benjamin Halliburton, the founder of Building Benjamins, has extensive experience in investment management, having started his career at Merrill Lynch in 1986 [1] - Halliburton has been recognized for his investment performance, including being named "PSN Manager of the Decade" for All-Cap in the 2000s and for Dividend Value in the 2010s [1] - He holds an MBA with a focus on finance from Duke's Fuqua School of Business and is a Chartered Financial Analyst [1]

Company Overview - Yum China Holdings, Inc. is the largest restaurant operator in China, with a target of 20,000 locations by 2026 [1] - The company operates 12,238 KFC locations and just over 3,700 Pizza Hut restaurants [1] Investment Insights - The article highlights the growth potential of Yum China, emphasizing its expansion strategy and brand recognition among Western consumers [1]

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Core Viewpoint - Dongwu Securities initiates coverage on Yum China (09987) with a "Buy" rating, projecting revenue growth from 2025 to 2027 at $12.019 billion, $12.758 billion, and $13.496 billion, respectively, with year-on-year growth rates of 6% for each year [1] Revenue and Profit Projections - Expected revenue for Yum China from 2025 to 2027 is $12.019 billion, $12.758 billion, and $13.496 billion, with corresponding year-on-year growth rates of 6% for each year [1] - Projected net profit attributable to the parent company for the same period is $0.952 billion, $1.017 billion, and $1.091 billion, with year-on-year growth rates of 4%, 7%, and 7% respectively [1] Valuation Metrics - The price-to-earnings (PE) ratios for 2025 and 2026 are estimated at 16.79x and 15.71x, indicating that the current valuation remains attractive given the company's growth potential [1] Store Expansion Potential - Yum China has significant room for store expansion, with KFC's domestic store count reaching 12,238 as of the first half of 2025, indicating further penetration opportunities in high-tier cities and potential in lower-tier markets [1] - The company is actively exploring new store formats, such as Pizza Hut WOW, KFC Mini Town, and KFC Coffee, to cater to diverse consumer needs and improve same-store sales [1]

东吴证券发布研报称，首次覆盖百胜中国(09987)，给予"买入"评级，预计2025-2027年公司营收分别为 120.19/127.58/134.96亿美元，同比增速分别为6%/6%/6%;2025-2027年公司归母净利润为9.52/10.17/10.91 亿美元，同比增速为4%/7%/7%。对应2025-2026年PE为16.79x、15.71x，考虑到公司门店渗透空间仍 存、新店型可期，该行认为当下估值仍具性价比。 该行表示，百胜中国开店仍有空间，同店改善可期：(1)高线城市加密，下沉城市拓店、功能区布局提 速，开店逻辑仍存：截至25H1，肯德基于国内门店数量已达12238家，对标华莱士(据红餐大数据，截 至2025年7月共有门店约19812家，城市覆盖率97%)，渗透率仍有进一步提升空间、下沉市场仍有开拓 潜力。(2)积极探索新型门店，同店改善可期：创新店型如必胜客wow、肯德基小镇mini模式、肯悦咖啡 等，适配不同场景消费需求。 ...

Group 1 - The company, Yum China (09987), announced a share buyback plan on October 10, 2025, involving an expenditure of HKD 6.2631 million to repurchase 18,500 shares [1]

公司名稱： 百勝中國控股有限公司("本公司") 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 呈交日期： 2025年10月12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 | | | | | | 事件 | | 已 ...

Investment Rating - The report assigns a "Buy" rating for Yum China (09987.HK) for the first time [1]. Core Views - Yum China is a leading player in the Western-style dining sector, demonstrating strong operational resilience and a diversified brand portfolio, including KFC, Pizza Hut, and Taco Bell [11][17]. - The company is well-positioned to capitalize on the growing non-Chinese fast food segment in China, with a market share of 7.5% in the domestic chain dining sector as of 2024 [46]. - The report anticipates steady revenue growth and profitability improvements, with projected revenues of $12.02 billion, $12.76 billion, and $13.50 billion for 2025, 2026, and 2027, respectively [1][4]. Summary by Sections 1. Company Overview - Yum China operates in three main segments: Western fast food, Chinese restaurants, and coffee shops, with KFC being the primary revenue driver [11][17]. - As of H1 2025, the number of KFC and Pizza Hut outlets in China reached 12,238 and 3,864, respectively [11]. 2. Market Position and Growth - The Chinese dining service market is projected to reach ¥54,730 billion in 2024, with a CAGR of 8.48% from 2020 to 2024 [34]. - The fast food segment is expected to grow at a CAGR of 11.94% during the same period, indicating a robust growth trajectory for Yum China [38]. 3. Competitive Advantages - KFC's global store count is expected to reach 32,000 by 2024, supported by a strong brand identity and innovative product offerings [61]. - The company has a stable shareholding structure and an experienced management team, enhancing its strategic execution capabilities [14]. 4. Financial Projections - The report forecasts revenues of $12.02 billion, $12.76 billion, and $13.50 billion for 2025, 2026, and 2027, with corresponding net profits of $951.62 million, $1.02 billion, and $1.09 billion [1][4]. - The projected P/E ratios for 2025 and 2026 are 16.79x and 15.71x, respectively, indicating a favorable valuation [1].

Core Viewpoint - Yum China (YUMC.US) experienced a rise of over 4%, closing at $44.42, indicating positive market sentiment towards the company amid a broader recovery in the restaurant industry driven by supply-side adjustments rather than short-term demand spikes [1] Group 1: Industry Recovery - The current recovery in the restaurant sector is attributed to deep supply-side adjustments, with inefficient capacities gradually being eliminated [1] - Leading brands are enhancing operational models and refining single-store models to improve overall operational efficiency [1] - Companies with refined management capabilities are showing clear competitive advantages in the market [1] Group 2: Company Strengths - Yum China possesses supply chain advantages and demonstrates strong operational capabilities, contributing to its stable profitability [1]