香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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，並明確表示概不會就本公告全部或任何部分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。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 ( 於美利堅合眾國特拉華州註冊成立的有限公司 ) （股份代號：9987） 授出股權獎勵 百勝中國控股有限公司（「本公司」）謹此宣佈，於2025年5月2日（美國時間，即「授 出日期」），本公司根據百勝中國控股有限公司2022年長期激勵計劃（「2022年長期激 勵計劃」）授出了若干股權獎勵，其詳情載列如下。 承授人身份： 本公司或其附屬公司的僱員。該等承授人並非本公司董事、 最高行政人員、主要股東或彼等的任何聯繫人。 概無承授人須根據香港聯合交易所有限公司證券上市規則第 17章中第17.06A(2)條的規定作個別披露。 歸屬期及條件： 在視乎是否繼續任職的情況下，限制性股票單位將(1)於授出 日期的首三個週年等額分期歸屬，或(2)於2024年7月1日至 2025年12月31日績效期間（惟任何歸屬均不得早 ...

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5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 | | | | | | | | | | | | | | 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 | ...

Core Viewpoint - Morgan Stanley has included Yum China Holdings Inc. (YUMC.N) in its Top Pick list, indicating a positive outlook for the company [1]. Group 1: Financial Performance and Targets - The company reiterated its target for a 4%-6% year-over-year growth in system sales by 2025 [2]. - The net new store target for 2025 remains at 1,600-1,800, with an acceleration in store expansion expected in the second half of the year [3]. - Same-store sales growth (SSSG) is expected to fluctuate quarterly, with a focus on increasing customer traffic, while average transaction value (TA) is under pressure [3]. Group 2: Recent Developments - Overall sales momentum during April and the Labor Day holiday met company expectations [4]. - The impact of aggressive promotions from delivery platforms on the delivery business is considered limited, with a focus on retaining core customers through its own super app [4]. - KFC reported a 4% decline in average transaction value in Q1 2025, attributed to a higher proportion of lower-value delivery orders and an increase in KCOFFEE and breakfast orders [4]. - Pizza Hut (PH) will continue to focus on low-price strategies to attract demand, with long-term improvements expected in restaurant profit margins [4]. Group 3: Valuation and Market Position - The valuation method suggests a target EV/EBITDA multiple of 10x for 2025, based on a 30% premium relative to the average EV/EBITDA of the Chinese consumer sector since Yum China's IPO in 2016 [5]. - Current expected EV/EBITDA for the consumer sector in 2025 is 8.5x, which is deemed reasonable due to the company's superior performance in cost savings and efficiency [5]. - The company has a market capitalization of approximately $16.54 billion, with a price target set at $57.00 [6].

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 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) | 2025年5月5日 | | 373,730,246 | | 0 | | | 373,730,246 | | 1). 購回股份 ...

Group 1 - Yum China (NYSE: YUMC) reported better-than-expected same-store sales growth (SSSg) and restaurant margins in 1Q25, aided by temporary store closures during the Chinese New Year and the permanent closure of inefficient stores [1] - The company is focusing on enhancing portfolio performance and uncovering alpha opportunities through actionable recommendations [1] - Astrada Advisors emphasizes its expertise in technology, media, internet, and consumer sectors across North America and Asia, which aids in identifying high-potential investments [1] Group 2 - The research provided by Astrada Advisors integrates rigorous fundamental analysis with data-driven insights, offering a nuanced understanding of key trends, growth drivers, and competitive landscapes [1] - The commitment of Astrada Advisors is to empower investors with timely research and a comprehensive view of industry dynamics, especially in volatile markets [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 FF305 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年5月6日 | 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 | 每股發行/出售價 (註4) | 已發行股份總數 | | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) | | 20 ...

Core Viewpoint - The Chinese restaurant industry is experiencing a notable recovery driven by a shift in policy focus towards expanding domestic demand, with significant growth in consumer confidence and spending observed in the first quarter of 2024 [1][2]. Group 1: Market Performance - The Hong Kong restaurant index has rebounded over 20% since April 22, reaching around 787 points, with several restaurant companies like Xiaobai Xiaobai and Jiumaojiu showing positive performance [1]. - In Q1 2024, the offline consumption heat index increased by 14.2% year-on-year, with the dining sector growing by 14.5% [1]. - The overall revenue of the domestic restaurant industry in 2024 is projected to reach 55,718 billion yuan, marking a 5.3% increase compared to the previous year [2]. Group 2: Revenue and Profit Growth - The restaurant sector has shown double-digit growth in both revenue and profit, with 17 listed restaurant companies reporting an 11% increase in revenue and a 10% increase in profit for 2024 [5][6]. - The coffee and tea segment leads in revenue growth at 22.5%, while traditional Chinese dining (excluding hot pot) and fast food show growth rates of 6.3% and 5.6%, respectively [7]. Group 3: Store Expansion and Market Dynamics - The total number of restaurant stores increased by 20% in 2024, reaching 133,549, with coffee and tea stores growing by 24% [9][11]. - The closure rate of restaurants has risen to 61.2%, indicating a significant industry reshuffle [5]. - The trend of down-market expansion is evident, with 52% of restaurant stores located in third-tier cities and below [13]. Group 4: Strategic Adjustments and Innovations - Companies like Haidilao are adopting franchise models to penetrate lower-tier markets, with over 70% of franchise applications coming from these areas [14]. - New business models are being explored, such as Kudi Coffee's convenience store concept and Guoquan's community kitchen strategy [15]. - The restaurant sector is expected to stabilize in Q2 2025, with a potential recovery in valuation and fundamentals as seasonal demand increases [16].

Summary of Key Points Core Viewpoint - On May 2, 37 Hong Kong-listed companies conducted share buybacks, totaling 23.26 million shares and an aggregate amount of HKD 179 million [1]. Group 1: Buyback Details - The company with the highest buyback amount on May 2 was Green Bamboo Bio-B, which repurchased 1.76 million shares for HKD 39.71 million, with a maximum price of HKD 23.00 and a minimum price of HKD 21.95 [1][2]. - China Hongqiao repurchased 2.79 million shares for HKD 39.39 million, with a maximum price of HKD 14.20 and a minimum price of HKD 14.02, bringing its total buyback amount for the year to HKD 20.74 billion [1][2]. - Swire Pacific A repurchased 0.33 million shares for HKD 22.59 million, with a maximum price of HKD 68.95 and a minimum price of HKD 66.95, totaling HKD 15.26 billion for the year [1][2]. Group 2: Notable Buybacks - AIA Group conducted multiple buybacks throughout the year, with a total buyback amount of HKD 7.69 billion, including a buyback of HKD 16.07 million on May 2 [2]. - The company with the highest number of shares repurchased on May 2 was Ying Group, which bought back 7 million shares [1][2]. - Other notable companies in terms of buyback volume included China Hongqiao and Four Seasons Pharmaceutical, with repurchases of 2.79 million shares and 2.68 million shares, respectively [1][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") 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 Yum China (9987.HK) [1] Core Insights - In Q1 2025, the company achieved revenue of $2.981 billion, a year-on-year increase of 1% (or 2% excluding foreign currency translation effects) [6] - Adjusted net profit reached $292 million, up 2% year-on-year (or 3% excluding foreign currency translation effects) [6] - Core operating profit margin improved to 13.4%, an increase of 0.8 percentage points year-on-year [6] - Same-store sales remained flat year-on-year, with a continued increase in transaction volume but a decrease in average ticket price [6] - The company opened a net of 247 new stores in Q1 2025, with a total of 16,642 restaurants at the end of the quarter [7] - The restaurant profit margin improved to 18.6%, up 1.0 percentage points year-on-year, benefiting from lower food and packaging costs [8] Revenue Performance - Revenue for 2025 is projected to grow at a rate of 4.6% to $11.821 billion, with net profit expected to reach $957 million [12] - The company plans to add 1,600 to 1,800 new stores in 2025, with a target of over 20,000 stores by 2026 [7] Financial Forecasts - The report forecasts EPS of $2.56, $2.77, and $2.96 for 2025, 2026, and 2027 respectively [10] - The current stock price corresponds to a PE ratio of 17x, 16x, and 15x for 2025, 2026, and 2027 respectively [10]