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8月15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 。 FF305 | 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 ...

机构：中邮证券 研究员：李鑫鑫 事件 公司发布25Q2 财务业绩公告，25Q2 公司实现营收27.87 亿美元，同比+4%，经营利润3.04 亿美元，同 比+14%，归母净利润2.15 亿美元，，同经比营+1利%润率10.9%，同比提升1pct，餐厅利润率16.1%， 同比提升0.6pct。 投资要点 1）门店：餐厅门店数量增长12%，本季度净增295 家至12238 家（其中加盟店净增119 家/净增门店占比 40%），加盟店速度加快。 2）同店：同店销售额同比+1%，同店交易量持平，继前面第九个季度增长后首次持平。客单价同比 +1%，主要由于外卖占比提升。 3）外卖：外卖销售同比增长25%，约占公司餐厅收入的45%经营利润：餐厅利润率16.9%，同比 +70bp，经营利润率14.0%，同比+90bp，成本上一方面原材料价格下降、营运精简，另一方面高性价比 产品增加、工资成本上涨、外卖占比提升占比骑手成本增加。 整体拆分：同店销售首次转正。25H1 营业收入57.68 亿美元，同比+2%（其中25Q1：+1%；25Q2： +4%），不考虑外币换算的影响，中国系统销售额同比+3%（其中25Q1：+2%；25Q ...

Group 1 - Company Yum China (09987) announced a share buyback of 18,000 shares for a total cost of HKD 6.2716 million on August 13, 2025 [1] - The company also repurchased 70,900 shares for USD 3.2 million on the same date [1]

格隆汇8月14日丨百胜中国(09987.HK)发布公告，2025年8月13日耗资627.2万港元回购1.8万股，回购价 格每股347-352.4港元。 ...

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8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 | | | | | | | | | | 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) ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the benchmark index within the next six months [11][17]. Core Insights - The company reported a revenue of $2.787 billion in Q2 2025, a year-on-year increase of 4%, with operating profit reaching $304 million, up 14% year-on-year. The net profit attributable to shareholders was $215 million, with an operating profit margin of 10.9%, an increase of 1 percentage point year-on-year [5][11]. Company Overview - The latest closing price is HKD 349.20, with a total market capitalization of HKD 1,289.24 billion. The company has a total share capital of 3.69 billion shares and a debt-to-asset ratio of 42.21% [4][11]. Sales Performance - Same-store sales turned positive for the first time, with a 1% year-on-year increase. The company opened 336 new stores in Q2 2025, contributing 4% to revenue growth. The total number of stores reached 16,978 by the end of H1 2025 [6][10]. - The company’s takeout sales grew by 22% year-on-year, accounting for 45% of total restaurant revenue [7][9]. Profitability - The restaurant profit margin improved to 16.1%, a year-on-year increase of 60 basis points, while the operating profit margin reached a new high of 10.9%, up 100 basis points year-on-year. This improvement is attributed to lower raw material costs and enhanced operational efficiency [7][9]. Future Outlook - The company plans to open 1,600 to 1,800 new stores in 2025, with capital expenditures estimated at $600 to $700 million. The goal is to reach 20,000 stores by 2026, with an increasing proportion of franchise stores [10][11]. - The company is committed to innovation, including menu updates and new business models, to expand market share [10][11]. Financial Projections - Revenue growth is projected at 4.6%, 6.3%, and 5.7% for 2025, 2026, and 2027, respectively. Net profit growth is expected to be 2.2%, 11.1%, and 12.4% over the same period. The earnings per share (EPS) are forecasted to be $2.52, $2.80, and $3.15 for 2025, 2026, and 2027, respectively [11][13].

百胜中国(09987)公布，2025年8月12日于港交所耗资约627.35万港元回购1.79万股股份，于纽约证券交 易所耗资约320万美元回购约7.14万股股份。 ...

格隆汇8月13日丨百胜中国(09987.HK)公告，8月12日耗资627.3万港元回购1.8万股。 ...

Core Viewpoint - Yum China (09987) announced share buybacks totaling approximately HKD 6.2735 million for 17,900 shares on the Hong Kong Stock Exchange and around USD 3.2 million for about 71,400 shares on the New York Stock Exchange [1] Group 1 - The company repurchased 17,900 shares at a cost of approximately HKD 6.2735 million on the Hong Kong Stock Exchange [1] - The company also repurchased approximately 71,400 shares at a cost of around USD 3.2 million on the New York Stock Exchange [1]

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") FF305 呈交日期： 2025年8月13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 ...