大和：将百胜中国目标价一举升至438港元 上调至"买入"评级 金十数据4月11日讯，大和的研究报告指，料百胜中国(09987.HK)今年首季的同店销售增长持平，好过 市场预期；而近期由流动性带动的回调提供一个良好的入市时机。该行料公司今年首季的系统销售及盈 利分别录得6.3%及6.9%的按年增幅。该行将百胜中国今明两年的每股盈利预测分别上调4.6%及3.7%， 将目标价由275港元一举升至438港元，评级由"跑赢大市"升至"买入"，并为该行所覆盖的消费板块中的 首选股。 ...

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10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） ...

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9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 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發 ...

智通财经4月8日电，纳斯达克中国金龙指数盘初上涨2.5%，台积电涨3.5%，阿里巴巴涨2.6%，京东涨 近5%，百胜中国涨4.2%，百度、携程涨超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8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 | ...

打造負責任的生態體系 2024年可持續發展報告 | | | | | | | | all the | | --- | --- | --- | --- | --- | --- | --- | --- | | 02 | 首席執行官致辭 | | 以食為天 | | 以綠為源 | | 以人為不 | | 04 | 董事會聲明 | | | | | | | | 04 | 關於本報告 | | | | | | | | 06 | 2024年可持續發展亮點績效 | 20 | 享·安心品質 | 33 | 護·氣候藍圖 | 4.9 | 築・關懷職場 | | 08 | 關於百勝中國 | | | | | | | | 09 | 可持續發展戰略 | 25 | 享·營養健康 | 39 | 護·自然生態 | 59 | 築・品質服務 | | 14 企業管治 | | 23 | 享·行業共進 | 4.0 | 護·循環經濟 | 60 | 築·責任採購 | | 76 附錄 | | | | | | | | 百勝中國 2024 年可持續發展報告 百勝中國 以食為天 以綠為源 以人為本 以愛為先 附錄 首席執行官致辭 2024 年，在提效與創新戰略的雙輪驅動下，公司 ...

Financial Performance - Yum China recorded revenue of $11.3 billion for the year 2024, with a total of 16,395 restaurants as of December 31, 2024[9]. - The company is committed to shareholder returns, with plans for stock buybacks and dividend distributions based on current expectations[6]. - The company’s Chinese subsidiaries distributed cash dividends of approximately $1,028 million to the holding company registered in Hong Kong for the year ending December 31, 2024[45]. - The company paid a total of $248 million in dividends and repurchased $1,242 million in common stock in 2024, funded by cash held outside mainland China[46]. - The company recorded a pre-tax profit of $38 million in 2024, a pre-tax loss of $50 million in 2023, and a pre-tax loss of $27 million in 2022 from its investment in Meituan Dianping[184]. Market Expansion and Strategy - The company aims to increase its restaurant count to 20,000 by 2026, focusing on expanding its presence in lower-tier cities[14]. - The company believes there is significant growth potential in the Chinese market, particularly in the casual dining and fast-food sectors[15]. - The company plans to enhance its market position in the Chinese dining industry by leveraging its core brands and expanding into the Chinese cuisine market[15]. - The company is tracking over 800 towns without KFC and 1,400 towns with KFC but no Pizza Hut, indicating significant growth potential in China[18]. - The company plans to increase the proportion of franchise-operated restaurants from 15% in 2023 to 30% in 2024 for KFC, and from 2% to 10% for Pizza Hut[20]. Digitalization and Technology - The company is implementing the "RGM" strategy, emphasizing resilience, growth, and competitive advantage, with a focus on digitalization and supply chain investment[14]. - The company aims to enhance customer experience through proprietary smartphone applications, pre-order services, and store design improvements, alongside investments in digitalization and automation[22]. - The company plans to increase investment in end-to-end digitalization, automation, and AI to enhance operational efficiency and customer experience[22]. - Digital orders accounted for approximately 90% of the company's restaurant revenue in 2024, reflecting a significant shift towards digitalization[35]. - The proportion of digital payments increased from 33% in 2016 to 99% in 2024, showcasing the growing consumer preference for digital payment options[36]. Brand and Product Development - The company has a diverse brand portfolio, including Lavazza, Huang Ji Huang, Little Sheep, and Taco Bell, in addition to KFC and Pizza Hut[13]. - The company continues to focus on food innovation and value positioning to enhance single-store performance and attract customers[19]. - In 2024, the company introduced around 600 new or upgraded menu items across all dining brands, leveraging local expertise and consumer data[33]. - The coffee business is expanding significantly, with the number of KFC coffee shops projected to grow from approximately 50 in 2023 to around 700 by 2024, and a target of 1,000 Lavazza stores in China by the end of 2024[22]. Operational Efficiency and Supply Chain - The company is focusing on optimizing delivery capabilities and enhancing its digital ecosystem to drive sales growth and improve customer experience[22]. - The company collaborates with over 800 independent suppliers, primarily located in China, to ensure a stable supply chain and food safety standards[28]. - The logistics network currently covers over 2,200 towns, with plans to expand to 5,000 towns by increasing the number of logistics centers to 45-50 within the next 3-5 years[29]. - The company has implemented the "Fresh Eye" program to streamline operations and allow restaurant managers to focus more on customer service[23]. Employee and Workforce Management - As of December 31, 2024, the company employs over 350,000 staff, including approximately 140,000 full-time employees and about 211,000 part-time restaurant service members[70]. - The company aims for women to represent over 50% of its total workforce by the end of 2024, with women holding 53% of senior management positions[73]. - The company is committed to a training program that totals approximately 10 million hours in 2024 to enhance employee skills[75]. - The company has implemented a stock incentive plan, granting eligible restaurant managers restricted stock units (RSUs) valued at $2,000 each since 2016, covering over 14,700 managers by the end of 2024[80]. Regulatory and Compliance Risks - The company faces significant regulatory risks in China that could impact its business operations and financial performance, including potential adverse tax consequences for non-Chinese shareholders[44]. - The company is subject to various regulations affecting its business operations, including restrictions on providing loans and direct investments to its Chinese subsidiaries, which may significantly impact liquidity and funding capabilities[48]. - The company is subject to stricter data and cybersecurity regulations in China, including the Cybersecurity Law and the Data Security Law, which impose significant compliance obligations[49]. - The company has established a compliance committee to oversee cybersecurity risks, which includes representatives from various departments[98]. Environmental and Social Responsibility - The company aims to reduce energy indirect greenhouse gas emissions by 20% by 2025 compared to 2020 levels, which is a performance indicator for the leadership team[87]. - The company aims to reduce food waste by 10% per restaurant by 2030 compared to 2020 baseline, utilizing AI and IoT technologies to improve inventory management[90]. - The company is committed to achieving net-zero emissions across its entire value chain by 2050 and has established interim reduction targets for 2035[86]. - The company has partnered with academic institutions and foundations to improve nutrition in rural areas[93]. Competitive Landscape - The competitive landscape includes major Western fast-food brands such as McDonald's and Burger King, as well as domestic fast-food brands[68]. - The company emphasizes the importance of brand strength and marketing for success in the competitive restaurant industry[109]. - The restaurant industry is highly competitive, with significant competition in food prices, quality, new product development, advertising, customer service, and location attractiveness[171]. Challenges and Risks - The company faces various operational risks in China, including regulatory changes and currency fluctuations, which could impact growth and expansion strategies[42]. - The company may experience adverse impacts on its financial condition and operating performance due to fluctuations in the fair value of equity securities and lower returns on short-term investments[111]. - The company faces potential risks related to unauthorized access or misuse of sensitive information, which could lead to significant costs and reputational damage[49]. - The company is exposed to significant regulatory risks regarding food safety, which could result in severe administrative and criminal penalties[116].

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6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 ...

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3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 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發 ...

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2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 | ...