Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) with a current price of HKD 382.80 [1] Core Insights - The company achieved a revenue of USD 11.3 billion in 2024, a year-on-year increase of 3% (or 5% excluding foreign currency effects), and a net profit of USD 911 million, up 10% year-on-year [5] - In Q4 2024, the company reported revenue of USD 2.6 billion, a 4% increase year-on-year, and a net profit of USD 115 million, an 18% increase year-on-year [5] - The core operating profit margin for 2024 was 10.4%, an increase of 0.7 percentage points year-on-year [5] Revenue Performance - The company’s system sales in Q4 2024 increased by 4% year-on-year, with KFC and Pizza Hut growing by 5% and 3% respectively [6] - Same-store sales decreased by 1% year-on-year, with KFC and Pizza Hut declining by 1% and 2% respectively [6] - The average transaction value for KFC and Pizza Hut decreased by 4% and 10% respectively, primarily due to a shift towards lower-priced items [6] Store Expansion - In Q4 2024, the company added 534 new stores, with KFC and Pizza Hut contributing 365 and 118 new locations respectively, bringing the total to 16,395 restaurants [6] - The company plans to open 1,600 to 1,800 new stores in 2025, with a capital expenditure of approximately USD 700-800 million [6] Operational Efficiency - The restaurant profit margin for 2024 was 15.7%, a decrease of 0.6 percentage points year-on-year [7] - In Q4 2024, the restaurant profit margin improved to 12.3%, an increase of 1.6 percentage points year-on-year [7] Strategic Initiatives - Pizza Hut is undergoing a transformation to become a more mass-market brand, with a focus on menu diversification and price adjustments [8] - The introduction of the "wow" store concept has been pivotal, with over 200 locations aimed at attracting younger consumers [8] - The company is also focusing on its coffee brand, Kenuo Coffee, with plans to expand from 700 to 1,300 locations by the end of 2025 [9] Financial Forecast - The report projects net profits of USD 977 million for 2025, with an EPS of USD 2.59, and maintains a PE ratio forecast of 19x for 2025 [11][12]

Investment Rating - The report assigns a "Buy" rating for both Hong Kong and US stocks of Yum China [5] Core Views - The company reported a Q4 adjusted net profit increase of 11%, continuing its expansion and efficiency improvement efforts [3][10] - The company aims to increase its store count in 2025, targeting a net addition of 1,600 to 1,800 stores [10] - The company maintains a strong shareholder return policy, with plans for share buybacks and dividends totaling approximately $3 billion from 2025 to 2026 [10] Financial Summary - **Revenue Forecast**: Expected to grow from $10.98 billion in 2023 to $13.55 billion in 2027, with growth rates of 14.7% in 2023 and 7.1% in 2027 [4][12] - **Net Profit**: Projected to increase from $827 million in 2023 to $1.16 billion in 2027, with a growth rate of 87.1% in 2023 [4][12] - **Earnings Per Share (EPS)**: Expected to rise from $2.00 in 2023 to $3.55 in 2027 [4][12] - **Valuation Metrics**: The report estimates a price-to-earnings (P/E) ratio of 21.33 in 2023, decreasing to 13.84 by 2027 [4][12] - **Return on Equity (ROE)**: Forecasted to improve from 12.9% in 2023 to 18.8% in 2027 [4][12]

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 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 ...

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [4] Core Insights - The company achieved total revenue of $2.6 billion in Q4 2024, with a year-over-year increase of 4%. Operating profit reached $151 million, up 36% year-over-year, with an operating margin of 5.8% [1] - The growth in system sales was driven by a 5% contribution from net new stores, with a total of 534 new stores opened in Q4, bringing the total to 16,395 stores [2] - The company plans to increase the proportion of franchise stores, targeting 40-50% for KFC and 20-30% for Pizza Hut in future new openings, aiming for 1,600-1,800 net new stores and $700-800 million in capital expenditures by 2025 [3] Summary by Sections Financial Performance - Q4 system sales increased by 4% year-over-year, with same-store sales down 1%, an improvement from Q3's decline of 3%. Delivery sales grew by 14% year-over-year, accounting for 42% of restaurant revenue [2] - Q4 restaurant profit margin was 12.3%, up 1.6 percentage points year-over-year, with KFC at 13.3% and Pizza Hut at 9.3% [3] Shareholder Returns - The company has a target of returning $4.5 billion to shareholders between 2024 and 2026, with $248 million returned in Q4 and $1.5 billion for the full year 2024. A 50% increase in cash dividends to $0.24 per share has been announced [4] Earnings Forecast - Projected net profits for FY2025-2027 are $943 million, $1.011 billion, and $1.061 billion, respectively, with corresponding EPS of $2.50, $2.68, and $2.82. The P/E ratios are expected to be 20, 18, and 17 times [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported total revenue of $2.595 billion, a 4% increase year-over-year, and core operating profit of $150 million, which is a 35% increase after excluding currency effects, aligning with expectations [1]. - The overall restaurant profit margin improved to 12.3%, up 1.6 percentage points, with a net store opening of 534 in Q4 and a total of 1,751 for the year, exceeding initial guidance [2][4]. - KFC's same-store sales decline narrowed by 1 percentage point, with a stable average order value, while Pizza Hut showed a significant improvement in same-store sales decline, with a notable increase in order volume [3][4]. Financial Performance Summary - The company expects to open 1,600 to 1,800 new stores in 2025, an increase of 100 from the previous year, with a projected same-store sales growth driven by price increases and improved value offerings [4]. - Forecasted net profit for 2025 is $960 million, reflecting a 5.4% year-over-year growth, with a PE ratio of 19.5x [4]. - Key financial metrics include a projected diluted EPS of $2.56 for 2025, with a return on equity (ROE) expected to reach 18.56% [7][4].

Core Insights - Yum China Holdings, Inc. (YUMC) reported fourth-quarter 2024 results with earnings exceeding expectations but revenues falling short, showing year-over-year growth in both metrics [1][3]. Financial Performance - Adjusted earnings per share (EPS) for Q4 were 30 cents, beating the Zacks Consensus Estimate of 29 cents by 3.5%, and reflecting a 20% increase year-over-year [3]. - Total revenues reached $2,595 million, missing the consensus estimate of $2,638 million, but still showing a 4% year-over-year increase [3]. - Total costs and expenses were $2.44 billion, slightly below the expected $2.51 billion, while the restaurant margin improved to 12.3%, up 160 basis points year-over-year [5]. - Adjusted net income was $115 million, compared to $103 million in the prior-year quarter, aligning closely with the estimate of $114.1 million [6]. Operational Highlights - Total system sales, excluding foreign currency translation, increased by 4% year-over-year, driven by a net new unit contribution of 5% [4]. - Same-store sales reached 99% of the previous year's level, with same-store transactions growing by 4% year-over-year [4]. - Yum China opened 534 net new stores in Q4, bringing the total restaurant count to 16,395 [9]. Shareholder Returns - The company announced a 50% increase in its cash dividend to 24 cents per share, scheduled for payment on March 27, 2025 [8]. - Yum China aims to return $4.5 billion to shareholders between 2024 and 2026, having delivered a record $1.5 billion in returns in 2024 [7]. Future Outlook - Yum China expects to open between 1,600 and 1,800 net new stores in 2025, with capital expenditures projected to be between $700 million and $800 million [11]. - The company anticipates a steady increase in the proportion of net new franchised stores, targeting 40-50% for KFC and 20-30% for Pizza Hut in the coming years [10].

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7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 | ...

管理层预期2025年新开1600至1800家门店，肯德基和必胜客的净开店特许经营组合比例将分别逐步提升 至40%—50%和20%—30%。 证券时报网讯，麦格理报告指出，百胜中国农历新年同店销售增长略显正面，竞争趋于理性，利润率扩 大。 校对：王锦程 麦格理将百胜中国目标价上调至428港元，维持"跑赢大市"评级。 ...

Fourth Quarter and Fiscal Year 2024 Results 6 February 2025 NYSE: YUMC and HKEX: 9987 Cautionary Statement This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not rel ...

Financial Data and Key Metrics Changes - In Q4 2024, system sales grew 4% year over year, with same-store sales index improving to 99% of prior year levels [7][27] - Core operating profit increased by 35%, with diluted EPS growing by 22% [8][33] - For the full year, system sales grew 5%, and net income reached $911 million, up 13% year over year [35][36] Business Line Data and Key Metrics Changes - KFC system sales increased by 6% in 2024, with a same-store sales index reaching 99% of prior year levels [14][27] - Pizza Hut achieved a 5% growth in same-store transactions and opened a record 412 net new stores [19][20] - The retail segment saw over 30% sales growth and became profitable in 2024 [24] Market Data and Key Metrics Changes - KFC expanded its delivery sales by 16%, continuing a decade-long double-digit growth trend [10] - Pizza Hut's ticket average was 10% lower year over year, aligning with its strategy to become more mass-market [29] - The company opened a record 1,751 net new stores in 2024, ending the year with 16,395 stores [8][35] Company Strategy and Development Direction - The company aims to reach 20,000 stores by 2026, with plans to open 1,600 to 1,800 net new stores in 2025 [40] - Focus on operational efficiency and innovation, with initiatives like Project Fresh Eye and Red Eye enhancing business capabilities [46][48] - The company is committed to maintaining healthy restaurant margins for KFC and improving Pizza Hut's margins in the mid to long run [41][100] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic external environment but expressed confidence in maintaining positive same-store transaction growth [42][43] - The company anticipates wage inflation in 2025 but aims to offset this through operational efficiency [40][102] - Management highlighted the importance of innovation and operational efficiency in driving long-term sustainable growth [53][54] Other Important Information - The company plans to return $4.5 billion to shareholders from 2024 through 2026, with a 50% increase in quarterly dividends [36][38] - The company generated $714 million in free cash flow in 2024 and ended the year with $2.8 billion in net cash [37] Q&A Session Summary Question: Insights on the competitive landscape and market share opportunities - Management observed rationalization in marketing promotions and modest price increases, indicating a healthier competitive landscape [60][61] - There are still significant opportunities for market share expansion, particularly in lower-tier cities [67] Question: Implications of new store expansion strategy - The company is aggressively pursuing new store openings in both top-tier and lower-tier cities, with a focus on achieving a two-year payback period [75][76] - Franchise stores are being accelerated to capture incremental opportunities in strategic locations [80] Question: Timing for same-store sales and margin improvements - Management indicated that the same-store sales growth strategy is working, with a focus on maintaining stable ticket averages while driving traffic [92] Question: Future margin improvement trends - The company expects core OP margin to remain stable or slightly improve year over year, with ongoing efforts to optimize costs [99][132] Question: Store economics of the Pizza Hut Wow model - The Pizza Hut Wow model is still maturing, with early signs of significant outperformance in dine-in sales, but margins are still being optimized [115][116] Question: Labor cost dynamics and delivery sales - While delivery sales are increasing, the company is implementing efficiency measures to manage labor costs effectively [130][131] Question: Pricing strategy and its impact on same-store sales - Management plans to continue driving down the ticket average for Pizza Hut while maintaining margin neutrality through innovation [140][141]