Core Insights - Yum China Holdings reported $2.6 billion in revenue for Q4 2024, a year-over-year increase of 4.1% and an EPS of $0.30 compared to $0.25 a year ago, with a slight revenue miss against the Zacks Consensus Estimate of $2.64 billion [1] - The company delivered an EPS surprise of +3.45%, exceeding the consensus EPS estimate of $0.29 [1] Financial Performance Metrics - Total number of restaurants reached 16,395, surpassing the average estimate of 16,354 [4] - Company sales revenue was $2.43 billion, below the average estimate of $2.47 billion, reflecting a year-over-year change of +3.9% [4] - Revenues from transactions with franchisees amounted to $101 million, slightly below the average estimate of $103.57 million, with a year-over-year increase of +12.2% [4] - Franchise fees and income were reported at $22 million, compared to the average estimate of $23.47 million, showing a year-over-year change of +10% [4] Segment Performance - Pizza Hut generated revenues of $510 million, below the average estimate of $519.81 million, with a year-over-year change of +2.8% [4] - KFC reported revenues of $1.95 billion, compared to the average estimate of $1.98 billion, reflecting a year-over-year increase of +4.4% [4] - Other revenues from Pizza Hut were $7 million, exceeding the average estimate of $5.99 million, but showing a year-over-year decline of -12.5% [4] Stock Performance - Yum China's shares returned +4.5% over the past month, outperforming the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Earnings Performance - Yum China Holdings reported quarterly earnings of $0.30 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and up from $0.25 per share a year ago, representing an earnings surprise of 3.45% [1] - Over the last four quarters, the company has surpassed consensus EPS estimates four times [2] - The company posted revenues of $2.6 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 1.64%, compared to year-ago revenues of $2.49 billion [2] Stock Performance and Outlook - Yum China shares have declined approximately 5.5% since the beginning of the year, while the S&P 500 has gained 3.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] Estimate Revisions and Industry Context - The estimate revisions trend for Yum China is currently mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $0.79 on revenues of $3.11 billion, and $2.55 on revenues of $12.13 billion for the current fiscal year [7] - The Retail - Restaurants industry, to which Yum China belongs, is currently in the top 21% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

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 8 頁 v 1.3.0 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 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份 ...

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | | --- | --- | --- | --- | | 股票發行人現金股息公告 | | | | | 發行人名稱 | 百勝中國控股有限公司 | | | | 股份代號 | 09987 | | | | 多櫃檯股份代號及貨幣 | 不適用 | | | | 相關股份代號及名稱 | 不適用 | | | | 公告標題 | 2024年第四季度及全年財務業績公告 | | | | 公告日期 | 2025年2月6日 | | | | 公告狀態 | 新公告 | | | | 股息信息 | | | | | 股息類型 | 其他 | | | | 季度股息 | | | | | 股息性質 | 普通股息 | | | | 財政年末 | 2024年12月31日 | | | | 宣派股息的報告期末 | 2024年12月31日 | | | | 宣派股息 | 每 股 0.24 USD | | | | 股東批准日期 | ...

Financial Performance - Total revenue for 2024 reached $11 billion, with a net addition of 1,751 stores[3] - Operating profit for Q4 increased by 36% to $151 million, with an operating profit margin of 5.8%, up 140 basis points year-over-year[3][6] - Same-store sales index improved to 99% of last year's level, marking the eighth consecutive quarter of same-store transaction growth[3][7] - Digital order revenue reached $9.6 billion, accounting for approximately 90% of the company's restaurant revenue[3] - The company reported operating profit of $192 million in Q4 2024, a 15% increase year-over-year, while core operating profit rose by 18%[11] - For the full year 2024, total revenue reached $8.51 billion, a 3% increase compared to $8.24 billion in 2023[11] - The company reported a net profit of $911 million for the year, up 10% from $827 million in 2023[23] - Total revenue for the quarter ended December 31, 2024, was $2,595 million, a 4% increase from $2,493 million in 2023[23] - Net profit attributable to Yum China Holdings, Inc. was $115 million, an 18% increase from $97 million in the same quarter of 2023[23] - For the full year 2024, total revenue reached $11,303 million, a 3% increase from $10,978 million in 2023[23] Shareholder Returns - The company returned $1.5 billion to shareholders in 2024, including $248 million in cash dividends and $1.24 billion in stock buybacks[3][7] - The company plans to increase cash dividends by 50% and aims to return $4.5 billion to shareholders from 2024 to 2026[7] - The company plans to return $3 billion to shareholders between 2025 and 2026, building on the $1.5 billion returned in 2024[17] - The company announced a 50% increase in cash dividends to $0.24 per share, payable on March 27, 2025[10] Store Expansion - The total number of stores increased by 12% to 16,395, with 534 new stores added in Q4[3][6] - The company is targeting 20,000 stores by 2026, leveraging franchisees to expand into previously hard-to-reach areas[7] - The number of KFC restaurants increased by 1,352 in 2024, reaching a total of 11,648 locations, marking a 13% growth[12] - For the fiscal year 2024, Pizza Hut added 412 new stores, with a total of 3,724 stores by year-end[17] - The company expects to add approximately 1,600 to 1,800 new stores in fiscal year 2025, with capital expenditures between $700 million and $800 million[17] Profitability Metrics - Core operating profit grew by 12% to $1.2 billion for the full year[3] - Adjusted diluted earnings per share for 2024 was $2.33, an 18% increase from $1.97 in 2023[8] - The operating profit margin for KFC was 9.9% in Q4 2024, reflecting a 100 basis point increase year-over-year[12] - The restaurant profit margin for the quarter was 9.3%, with a year-over-year increase of 220 basis points after adjusting for comparable items[17] - The company achieved a restaurant profit margin of 12.0% for the fiscal year, with a year-over-year increase of 60 basis points after adjustments[17] - The restaurant profit margin for KFC was 16.9%, while Pizza Hut's was 12.0%, leading to an overall margin of 15.7%[55] Membership and Sales - Membership for KFC and Pizza Hut exceeded 525 million, with member sales accounting for 65% of total system sales[3] - System sales increased by 5% in Q4 2024, with same-store sales reaching 99% of the previous year's level, up from 98% in Q3[12] - Pizza Hut's system sales increased by 3% year-over-year, with same-store sales reaching 98% of last year's level, up from 94% in Q3[17] Financial Adjustments and Metrics - The company believes that presenting core operating profit enhances comparability of past operating performance and related trends[42] - The company has made adjustments to financial metrics to exclude special items and items affecting comparability, providing additional information for investors[43] - The company emphasizes that adjusted financial metrics are not intended to replace GAAP financial performance but provide additional insights for performance comparison[40] Tax and Expenses - The effective tax rate for the quarter was 27.6%, an increase of 3.4 percentage points from 24.2% in the previous year[23] - The company’s total restaurant expenses amounted to $2,133 million for the quarter, with KFC's expenses at $1,668 million and Pizza Hut's at $452 million[50] - Company restaurant expenses totaled $2,090 million, with KFC at $1,621 million and Pizza Hut at $449 million[52] Other Financial Highlights - The company reported a net impairment charge of $12 million for closed stores[52] - The company incurred a net loss of $15 million from all other segments, impacting overall profitability[55] - The company received rental reductions and government subsidies due to the impact of COVID-19, which were recognized as reductions in restaurant expenses[15]

Financial Performance - Fourth quarter operating profit grew 36% YoY to $151 million, with an operating profit margin of 5.8%, an increase of 140 basis points YoY[5][7] - Total revenues for the fourth quarter increased 4% YoY to $2.6 billion, a record high for the quarter[5][6] - For the full year, operating profit rose 5% YoY to $1.2 billion, with a core operating profit increase of 12% YoY[5][6] - Net income for Yum China Holdings, Inc. was $115 million for the quarter, up 18% from $97 million in the same quarter last year[31] - Net income for the year ended December 31, 2024, was $980 million, up from $901 million in 2023, representing an increase of 9%[41] - Total revenues for the year ended December 31, 2024, were $11,303 million, a 2.9% increase from $10,978 million in 2023[56] - Operating profit for 2024 was $1,162 million, a slight decrease from $1,106 million in 2023, reflecting a decline of 5.1%[64] Sales and Revenue Growth - Same-store sales reached 99% of the prior year's level, marking the eighth consecutive quarter of same-store transaction growth[5][6] - Digital sales reached $9.6 billion, accounting for approximately 90% of total company sales[5][6] - Company sales for Q4 2024 reached $2,434 million, an increase from $2,343 million in Q4 2023, representing a growth of 3.9%[61] - Company sales for the year ended 12/31/2024 reached $10,651 million, an increase from $10,391 million in 2023, representing a growth of 2.5%[63] Store Expansion and Operations - The company opened 534 net new stores in the fourth quarter, bringing the total store count to 16,395 as of December 31, 2024[5][6] - The company plans to open approximately 1,600 to 1,800 net new stores and allocate capital expenditures of $700 million to $800 million for the 2025 fiscal year[21] - Yum China operates over 16,000 restaurants across more than 2,200 cities in China, making it the largest restaurant company in the country[27] Franchise and Membership - Total membership for KFC and Pizza Hut exceeded 525 million, up 11% YoY, with member sales accounting for approximately 65% of system sales[5][6] - Franchise fees and income for the quarter increased by 8% to $22 million compared to $20 million in the same quarter last year[31] - Revenues from transactions with franchisees rose by 14% to $101 million for the quarter, up from $90 million in the previous year[31] - Franchise fees and income increased by 10% to $2 million in the quarter compared to $1 million in the same quarter last year[37] - Franchise fees and income for 2024 totaled $94 million, up from $89 million in 2023, marking a growth of 5.6%[64] Profitability and Margins - The operating profit margin was 2.6%, reflecting an increase of 160 basis points YoY[21] - The restaurant margin for KFC in 2024 was 16.9%, while Pizza Hut reported a margin of 12.0%, leading to an overall restaurant margin of 15.7%[63] - The company achieved a restaurant margin of 12.0%, with an expansion of 60 basis points YoY due to operational efficiency and favorable commodity prices[21] Shareholder Returns - The company plans to return a total of $4.5 billion to shareholders between 2024 and 2026, including a 50% increase in cash dividends[10][12] - Yum China aims to return $3 billion to shareholders from 2025 through 2026, in addition to the $1.5 billion returned in 2024[21] - The company repurchased $1,249 million worth of common stock during the year, compared to $613 million in the previous year[41] Tax and Expenses - The effective tax rate for the quarter was 27.6%, an increase of 3.4 percentage points from 24.2% in the previous year[31] - Total costs and expenses for the quarter were $2,444 million, a 3% increase from $2,383 million in the prior year[31] - General and administrative expenses for 2024 were $568 million, a decrease from $638 million in 2023, reflecting a reduction of 10.9%[64] - The total costs and expenses for 2024 were $10,141 million, up from $9,872 million in 2023, representing an increase of 2.7%[64] Operational Highlights - KFC's system sales grew 5% YoY, with delivery sales contributing approximately 42% of KFC's company sales[16] - Pizza Hut's operating profit increased 156% YoY in the fourth quarter, reaching $14 million[15] - Pizza Hut's system sales grew 3% YoY, with same-store sales reaching 98% of the prior year's level, an improvement from 94% in Q3[21] - Delivery sales for Pizza Hut increased by 6% YoY, contributing approximately 42% of the company's total sales[21] - The company reported a restaurant profit of $301 million for Q4 2024, compared to $253 million in Q4 2023, which is an increase of 19%[62]

Core Insights - Yum China reported a strong fourth quarter with a 36% increase in operating profit and a 140 basis point expansion in operating profit margin [1][6] - The company achieved record results for 2024, with total revenues reaching $11 billion and a net addition of 1,751 stores [1][8] - The CEO highlighted the effectiveness of operational efficiency and innovation strategies, contributing to sustained growth in sales and profitability [6][8] Fourth Quarter Highlights - Total revenues for the fourth quarter increased by 4% year-over-year to $2.6 billion, marking a record high for the quarter [8] - Same-store sales improved to 99% of the prior year's level, with same-store transactions growing by 4% [8][9] - Operating profit for the fourth quarter was $151 million, a 36% increase year-over-year, with an operating profit margin of 5.8% [8][9] Full Year Highlights - For the full year, operating profit rose by 5% to $1.2 billion, with core operating profit increasing by 12% [1][8] - Diluted earnings per share (EPS) increased by 18% to $2.33, a record high for the year [8][9] - The company returned $1.5 billion to shareholders in 2024 through dividends and share repurchases, representing approximately 8% of outstanding shares [11][12] KFC Performance - KFC system sales grew by 5% year-over-year, with same-store sales reaching 99% of the prior year's level [16][23] - The brand opened a record 1,352 net new stores in 2024, with a total store count of 11,648 [16][23] - Operating profit for KFC increased by 15% year-over-year, with an operating profit margin of 9.9% [16][23] Pizza Hut Performance - Pizza Hut system sales grew by 3% year-over-year, with same-store sales reaching 98% of the prior year's level [23][32] - The brand opened a record 412 net new stores in 2024, bringing the total store count to 3,724 [23][32] - Operating profit for Pizza Hut grew by 156% year-over-year, with an operating profit margin of 2.6% [23][32] Future Outlook - The company plans to return a total of $3 billion to shareholders from 2025 through 2026, in addition to the $1.5 billion returned in 2024 [12][23] - Yum China aims to achieve a store count of 20,000 by 2026, with a focus on expanding through both company-owned and franchise stores [6][12] - The company anticipates an increase in the franchise mix of net new stores over the next few years [23][32]

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5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) | ...

Core Viewpoint - Yum China Holdings (YUMC) is expected to report quarterly earnings of $0.30 per share, reflecting a year-over-year increase of 20%, with anticipated revenues of $2.67 billion, a 7% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 3.5% lower over the last 30 days, indicating a reevaluation by analysts [2]. - Revisions to earnings estimates are crucial for predicting investor actions, as empirical research shows a strong correlation between these trends and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Revenues- Other revenues' to reach $39.76 million, a year-over-year change of -0.6% [5]. - 'Revenues- Company sales' are projected at $2.49 billion, indicating a +6.1% change from the prior-year quarter [5]. - 'Revenues- Revenues from transactions with franchisees' are expected to be $104.22 million, reflecting a +15.8% change from the year-ago quarter [5]. - 'Revenues- Franchise fees and income' are forecasted to reach $24.57 million, a +22.9% year-over-year change [6]. - 'Revenues- Pizza Hut' are expected to be $525.27 million, indicating a +5.9% change from the prior-year quarter [6]. Same-store Sales Estimates - The consensus estimate for 'Same-store sales, excluding F/X - KFC' is -0.3%, down from 3% in the same quarter last year [7]. - 'Same-store sales, excluding F/X - Pizza Hut' are projected at -1.8%, compared to 6% in the previous year [7]. - The overall estimate for 'Same-store sales, excluding F/X - Total' is -0.6%, down from 4% year-over-year [7]. Restaurant Count Projections - Analysts forecast 'No of Restaurants - Pizza Hut' to reach 3,724, up from 3,312 in the previous year [8]. - 'No of Restaurants - Others' is estimated at 990, down from 1,036 year-over-year [8]. - 'No of Restaurants - KFC' is projected to be 11,645, compared to 10,296 in the same quarter last year [8]. Market Performance - Over the past month, Yum China shares have recorded returns of +0.1%, while the Zacks S&P 500 composite has changed by +1% [8]. - Based on its Zacks Rank 3 (Hold), Yum China is expected to perform in line with the overall market in the upcoming period [9].

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4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 ...