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 FF305 第 2 頁 共 10 頁 v 1.3.0 | 9). | 於2025年1月21日在香港購回之股份 | | 13,350 | 0 % | HKD | 351.29 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年1月21日 | | | | | | 10). | 於2025年1月22日在香港購回之股份 | | 13,500 | 0 % | HKD | 346.97 | | | 變動日期 | 2025年1月22日 | | | | | | 11). | 於2025年1月23日在香港購回之股份 | | 13,450 | 0 % | HKD | 346.42 | | | 變動日期 | 2025年1月23日 | | | | | | 12). | 於2025年1月24日在香港購回之股份 | | 13,450 | 0 % | HKD | 348.2 | ...

Financial Performance - Total revenue grew by 3% to $11.3 billion, marking a new high since the spin-off; excluding foreign currency effects, revenue would have increased by 5%[6] - Total revenue for 2024 reached $11,303 million, a 3% increase from $10,978 million in 2023[28] - The company reported a total revenue of $900 million, representing a 10% increase year-over-year[34] - Total revenue for the company reached $11,911 million for the year ending December 31, 2024, with KFC and Pizza Hut contributing $8,509 million and $2,260 million, respectively[110] - Total revenue for 2023 was $10,978 million, an increase of 9% compared to $9,569 million in 2022[112] - Company restaurant revenue reached $10,391 million in 2023, up from $9,110 million in 2022, reflecting a growth of 14%[112] Profitability - Operating profit increased by 5% to $1.2 billion, with core operating profit up by 12%[6] - Net profit for 2024 was $911 million, up 10% from $827 million in 2023[28] - The company reported a net income of $150 million, a 12% increase compared to the last quarter[34] - Net profit for 2023 was $911 million, compared to $827 million in 2022, representing a year-over-year increase of 10%[116] - Basic earnings per diluted share grew by 18% to $2.33, a new annual high, or 22% excluding foreign currency effects[6] - Basic earnings per share (EPS) for 2023 was $2.34, up from $1.99 in 2022, indicating a growth of 18%[116] Store Expansion - System sales increased by 5% year-over-year, driven by a 7% contribution from net new stores, with same-store sales reaching 97% of last year's level[6] - Total store count increased by 12%, with a net addition of 1,751 stores, of which 512 were franchised, accounting for approximately 29% of net new stores[6] - As of December 31, 2024, Yum China operates 11,648 KFC stores in China, holding controlling interests of 58% to 92% in various regions[38] - As of December 31, 2024, there are 3,724 Pizza Hut restaurants in China, marking significant growth since its first opening in 1990[39] Digital and Delivery Growth - Delivery sales rose by 14%, maintaining a decade-long trend of double-digit annual growth, representing 39% of KFC and Pizza Hut restaurant revenue[6] - Digital order revenue reached $9.6 billion, accounting for approximately 90% of restaurant revenue[6] - KFC and Pizza Hut membership exceeded 525 million, an 11% increase year-over-year, with member sales accounting for 65% of total system sales[6] Shareholder Returns - Yum China plans to return $1.5 billion to shareholders in 2024, including $248 million in cash dividends and $1.24 billion in stock buybacks, equivalent to about 8% of shares outstanding as of December 31, 2023[6] - Total cash dividends paid to shareholders in 2024, 2023, and 2022 were $248 million, $216 million, and $202 million respectively[171] Tax and Audit Matters - The company is currently undergoing a transfer pricing audit by the State Taxation Administration of China, with a likelihood of over 50% that the tax status will be maintained[15] - The audit focuses on related party transactions from 2006 to 2015, assessing the effectiveness of internal controls related to uncertain tax positions[15] - The company has engaged tax professionals to assist in interpreting applicable tax laws and regulations, which is crucial given the complexity of tax laws[15] - The company is responsible for preparing consolidated financial statements that are free from material misstatement due to fraud or error, as per US GAAP and Hong Kong Companies Ordinance[18] Assets and Liabilities - Total assets decreased from $12,031 million in 2023 to $11,121 million in 2024, a decline of approximately 7.6%[33] - Total liabilities decreased from $4,912 million in 2023 to $4,694 million in 2024, a reduction of about 4.4%[33] - Shareholders' equity decreased from $7,106 million in 2023 to $6,414 million in 2024, a decline of approximately 9.7%[33] Capital Expenditures - Capital expenditures for 2024 totaled $705 million, slightly down from $710 million in 2023[32] - Capital expenditures for 2024 were $383 million for KFC and $111 million for Pizza Hut, showing an increase from $358 million and $113 million respectively in 2023[196] Impairment and Asset Management - The company recorded impairment charges of $18 million for restaurant-level assets as of December 31, 2024, reflecting a fair value of $51 million for those assets[145] - The company conducts impairment testing for each restaurant as an independent cash-generating unit, reviewing long-term assets every six months or when indicators suggest recoverability issues[61] Market Strategy and Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[28] - Market expansion plans include entering three new international markets by Q3 2024[34] - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $100 million allocated for this purpose[34] Membership and Loyalty Programs - The paid membership program offers various benefits, including free delivery and product discounts, with income recognized proportionally over the membership period[52] - The membership program allows registered members to earn points redeemable for discounts or free products, with estimated point values reducing revenue and recognized as deferred income[57] Financial Instruments and Fair Value - The fair value of financial instruments is determined based on market quotes or discounted cash flow models, incorporating various risk factors[71][74] - The company measures financial instruments at fair value and recognizes changes in fair value in the consolidated income statement[91] Retirement and Employee Benefits - The company provides retirement benefits through a defined contribution plan, with contributions ranging from 5% to 10% of base salary, and participants receive a lump sum upon leaving based on a percentage of the company's contributions[148] - The company has reserved 45 million shares for its long-term incentive plan initiated on October 31, 2016, with stock options and stock appreciation rights having an exercise price equal to or above the market fair value on the grant date[150]

Cash Flow and Capital Management - Net cash provided by operating activities decreased to $1,419 million in 2024 from $1,473 million in 2023, primarily due to working capital changes[440]. - Net cash used in investing activities significantly decreased to $178 million in 2024 from $743 million in 2023, mainly due to changes in short-term investments and long-term deposits[440]. - Net cash used in financing activities increased to $1,636 million in 2024 from $716 million in 2023, driven by increased share repurchases and repayment of short-term borrowings[441]. - The company repurchased 31.3 million shares for $1,242 million in 2024, compared to 12.4 million shares for $617 million in 2023[446]. - Total cash dividends paid increased to $248 million in 2024 from $216 million in 2023, with a quarterly dividend of $0.16 per share in 2024[447]. - The company plans to increase capital returns to shareholders from $3 billion to $4.5 billion between 2024 and 2026, representing a 50% increase[448]. - Fiscal year 2025 capital expenditures are expected to be in the range of approximately $700 million to $800 million[443]. - As of December 31, 2024, the company had unused credit facilities of approximately $1,041 million[451]. - Material cash requirements as of December 31, 2024, totaled $3,172 million, with significant obligations related to operating leases and finance leases[452]. - The company has entered into share repurchase agreements for approximately $360 million for the first half of 2025[448]. Intangible Assets and Impairment - The company evaluated indefinite-lived intangible assets, with a book value of $123 million and $127 million as of December 31, 2024 and 2023, respectively, related to the Little Sheep and Huang Ji Huang trademarks, concluding no impairment charges were necessary for 2024 and 2023[466][467]. - Goodwill amounted to $1,880 million as of December 31, 2024, associated with KFC, Pizza Hut, Huang Ji Huang, and Lavazza reporting units, with no impairment charges recorded for 2024 and 2023[472]. - The company performed qualitative impairment assessments for its trademarks and concluded that it was more likely than not that the assets were not impaired, resulting in no impairment charges recorded[467]. - The company continues to evaluate its long-lived assets for impairment semi-annually, based on forecasted undiscounted cash flows and market participant assumptions[463][464]. - The discount rate used in fair value calculations for goodwill and intangible assets reflects the required rate-of-return expected by a third-party buyer, which is influenced by the risks and uncertainties of forecasted cash flows[470][471]. - The company’s estimates of future cash flows for impairment assessments are highly subjective and can be significantly impacted by changes in business or economic conditions[471]. Tax and Regulatory Matters - The company had $19 million and $20 million of unrecognized tax benefits as of December 31, 2024 and 2023, respectively, related to uncertainties in the deductibility of certain business expenses[478]. - The total temporary difference for which the company has not provided foreign withholding taxes is approximately $3 billion as of December 31, 2024, with a foreign withholding tax rate of 5% or 10% depending on the repatriation method[480]. - The company has been under a national audit on transfer pricing by the STA in China since 2016, which may lead to significant developments in the next 12 months[479]. Share-Based Compensation - The fair value of share-based compensation is estimated using models that require subjective assumptions, which can materially affect the fair value estimate and, consequently, the company's operating profit and net income[474][477].

FF305 呈交日期： 2025年2月27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 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 目 | 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | ...

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2月26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 | 每 ...

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2月25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 ...

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2月23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 ...

FF305 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年2月21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) | | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件 ...

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2月20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 ...

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2月19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 ...