Financial Performance - Net income for the quarter ended June 30, 2025, was $233 million, a slight increase from $228 million in the same quarter of 2024, while year-to-date net income reached $546 million compared to $535 million in 2024[9]. - Comprehensive income for Yum China Holdings, Inc. for the quarter ended June 30, 2025, was $268 million, up from $186 million in the same quarter of 2024, and year-to-date comprehensive income was $583 million compared to $402 million in 2024[9]. - Total revenues for the quarter ended June 30, 2025, were $2,787 million, an increase from $2,679 million for the same period in 2024, representing a year-over-year growth of approximately 4%[52]. - Operating profit for the quarter ended June 30, 2025, was $304 million, compared to $266 million for the same quarter in 2024[97]. - Revenue from external customers for the year to date ended June 30, 2025, was $5,768 million, an increase from $5,637 million for the same period in 2024, representing a growth of 2.3%[98]. Cash Flow and Capital Expenditures - Cash provided by operating activities for the year to date ended June 30, 2025, was $864 million, compared to $843 million in the same period of 2024[11]. - Capital spending for the year to date ended June 30, 2025, was $259 million, compared to $358 million in the same period of 2024[11]. - Cash and cash equivalents at the end of the period were $592 million, down from $723 million at the beginning of the period[11]. Assets and Liabilities - Total assets as of June 30, 2025, were $10,983 million, a decrease from $11,121 million as of December 31, 2024[12]. - Total liabilities decreased to $4,514 million as of June 30, 2025, from $4,694 million at the end of 2024[12]. - The total equity of Yum China Holdings, Inc. increased to $6,456 million as of June 30, 2025, from $6,414 million at the end of 2024[12]. Shareholder Returns - The company declared cash dividends of $0.24 per common share, totaling $90 million for the quarter[13]. - Yum China Holdings, Inc. repurchased $368 million worth of common stock during the year to date ended June 30, 2025, compared to $869 million in the same period of 2024[11]. - The company repurchased and retired shares amounting to $186 million during the quarter[13]. Segment Performance - Company sales for KFC were $2,096 million and for Pizza Hut were $554 million for the quarter ended June 30, 2025, compared to $2,014 million and $540 million, respectively, for the same quarter in 2024[52]. - KFC segment revenue for the year to date ended June 30, 2025, was $4,342 million, up from $4,244 million in 2024, marking a growth of 2.3%[98]. - Pizza Hut segment revenue for the year to date ended June 30, 2025, was $1,149 million, an increase from $1,135 million in 2024, representing a growth of 1.2%[98]. Tax and Regulatory Matters - The income tax provision for the quarter ended June 30, 2025, was $80 million, up from $77 million in 2024, with an effective tax rate of 25.8% compared to 25.2% in the prior year[88]. - The effective tax rate for the year to date ended June 30, 2025, was 26.9%, up from 26.2% in 2024, primarily due to higher withholding tax associated with planned repatriation of earnings[88]. - The company is currently evaluating the impact of the One Big Beautiful Bill Act (OBBBA) signed into law in July 2025 on its financial statements[94]. Investments and Acquisitions - The Company acquired a 5% equity interest in Sunner, China's largest white-feathered chicken producer, for $222 million as of June 30, 2025[31][34]. - The Company has strategic equity investments totaling $27 million in eco-system partners as of June 30, 2025[38]. - The Company established a joint venture with Lavazza Group, holding a 65% equity interest, to develop the Lavazza coffee concept in China[20]. Operational Metrics - As of June 30, 2025, the Company operates 12,238 KFC stores and 3,864 Pizza Hut restaurants in China[18][19]. - The company leased over 14,000 properties in China for its restaurants, with lease terms generally ranging from 10 to 20 years[68]. - Total lease liabilities were $2,235 million as of June 30, 2025, down from $2,287 million at the end of 2024[70].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has achieved positive same-store sales growth for the first time since 2024, driven by an increase in transaction volume. In Q2 2025, same-store sales grew by 1%, with transaction volume up by 2%, although the average transaction value declined by 1% due to increased small orders from delivery subsidies [7] - Operational efficiency improvements have led to a continuous rise in restaurant profit margins. The operating profit margin for Q2 was 10.9%, up by 1.0 percentage point year-on-year, while the restaurant profit margin reached 16.1%, an increase of 0.6 percentage points [7] - The company maintains its guidance for a net addition of 1,600 to 1,800 new stores for the year, while lowering capital expenditure guidance. The investment cost per store has decreased, with KFC's cost down to 1.4 million and Pizza Hut's down to 1.1 million [7] - The company plans to return at least $1.2 billion to shareholders through dividends and buybacks in 2025, reflecting confidence in its financial position [7] - Earnings forecasts for 2025-2027 project net profits of $933.54 million, $1.01275 billion, and $1.13752 billion respectively, with corresponding growth rates of 2.5%, 8.5%, and 12.3% [7] Financial Summary - As of August 8, 2025, the company's closing price was HKD 360.00, with a market capitalization of HKD 132,960.66 million. The asset-liability ratio stands at 41.10% [3][6] - Revenue projections for 2025 are estimated at $11,763.26 million, with a year-on-year growth rate of 4.1% [6][8] - The company reported a Q2 2025 revenue of $2.787 billion, a 4% increase year-on-year, and a net profit of $215 million, a 1% increase year-on-year [7]

证券时报·数据宝统计显示，8月8日有8家香港上市公司进行了股份回购，合计回购417.30万股，回购金 额5175.50万港元。 恒生银行回购数量20.00万股，回购金额2286.94万港元，回购最高价为114.700港元，最低价为113.800港 元，年内累计回购金额1.36亿港元；美高梅中国回购数量100.00万股，回购金额1636.21万港元，回购最 高价为16.580港元，最低价为16.110港元，年内累计回购金额3853.95万港元；百胜中国回购数量1.75万 股，回购金额627.07万港元，回购最高价为363.800港元，最低价为357.600港元，年内累计回购金额 10.76亿港元。 以金额进行统计，8月8日回购金额最多的是恒生银行，回购金额为2286.94万港元；其次是美高梅中 国，回购金额为1636.21万港元；回购金额居前的还有百胜中国、元征科技等。回购数量上看，8月8日 回购股数最多的是枫叶教育，当日回购量为234.20万股；其次是美高梅中国、元征科技等，回购数量分 别为100.00万股、27.95万股。 值得关注的是，本次回购627.07万港元的百胜中国，年内则进行多次回购，合计回购金额 ...

Group 1 - The article reports on share buybacks conducted by several companies on August 8, 2025, with Hang Seng Bank having the largest buyback amount of 22.8694 million HKD for 200,000 shares [1][2] - The total number of shares repurchased by each company and their respective buyback amounts are detailed, indicating a trend of companies engaging in share repurchase programs [2] - The cumulative buyback numbers for the year are provided, showing the percentage of total shares repurchased relative to the company's total share capital [2] Group 2 - Hang Seng Bank (00011) repurchased 200,000 shares, totaling 22.8694 million HKD, with a year-to-date cumulative buyback of 1.2 million shares, representing 0.064% of its total share capital [2] - MGM China (02282) repurchased 1 million shares for 16.3621 million HKD, with a cumulative buyback of 2.6275 million shares, accounting for 0.069% of its total share capital [2] - Yum China (09987) conducted two buybacks, totaling 17,500 shares for 9.4707 million HKD, with a cumulative buyback of 4.1215 million shares, representing 1.110% of its total share capital [2]

Group 1 - Yum China (09987) announced a share buyback of 17,500 shares for a total cost of HKD 6.2707 million [1] - The company also repurchased 71,500 shares at a cost of USD 3.2 million [1]

Core Viewpoint - Yum China announced share buybacks on August 8, 2023, indicating a commitment to returning value to shareholders through capital management strategies [1] Group 1: Share Buyback Details - The company repurchased 17,500 shares at a cost of HKD 6.2707 million, with each share priced between HKD 357.6 and HKD 363.8 [1] - Additionally, the company repurchased 71,500 shares on the New York Stock Exchange for a total expenditure of USD 3.2 million [1]

Group 1 - Yum China announced a share buyback plan, spending HKD 6.2707 million to repurchase 17,500 shares [1] - The company also plans to spend USD 3.2 million to buy back 71,500 shares [1]

| 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) | | 2025年8月7日 | | 369,266,628 | | 0 | | | 369,266,628 | | 1). 購回股份 (股份購回並註銷) | | | | -69,855 | 0.02 % | USD | | 45.81 ...

Core Viewpoint - The company is expected to maintain a strong growth trajectory with increasing profitability driven by operational efficiency improvements and a favorable market position in the food and beverage industry [1][2]. Financial Performance - For Q2 2025, the company reported revenue of $2.787 billion, a year-on-year increase of 4% (excluding currency effects) [1]. - Operating profit for Q2 2025 was $304 million, up 14% year-on-year, with an operating profit margin of 10.9%, reflecting a 1.0 percentage point increase [1]. - The net profit attributable to shareholders for Q2 2025 was $215 million, a 1% increase year-on-year (excluding currency effects), with EPS rising by 5% [1]. Same-store Sales and Store Expansion - Same-store sales for Q2 2025 increased by 1% year-on-year, with KFC same-store sales also up by 1% and Pizza Hut by 2% [2]. - As of Q2 2025, the total number of stores reached 16,978, a 10% year-on-year increase, with a net addition of 336 stores in Q2 [2]. - KFC had 12,238 stores, a 12% increase year-on-year, while Pizza Hut had 3,864 stores, also a 10% increase year-on-year [2]. Profitability and Operational Efficiency - The restaurant profit margin for Q2 2025 was 16.1%, up 0.6 percentage points year-on-year, with KFC's margin at 16.9% and Pizza Hut's at 13.3% [2]. - Profitability improvements were attributed to favorable raw material prices and operational streamlining, although increased delivery costs and rising wages partially offset these gains [2].

Group 1: Sales Performance - Multiple tea and coffee brands reported exceeding sales expectations during the "first cup of autumn" event on August 8, with Luckin Coffee selling over 20 million cups on that day [1] - Luckin Coffee's new products and collaborations have garnered significant attention, with the "Yuhui Light Body Fruit and Vegetable Tea" selling over 11.2 million cups within two weeks of its launch [1] - Bawang Tea Ji reported a 200% month-on-month increase and a 28% year-on-year increase in sales for the "first cup of autumn" event [1][2] Group 2: New Product Launches - Hou Shang A Yi launched the "Rich Osmanthus Rice Mochi Milk Tea," which sold nearly 550,000 cups within two days of its release [2] - Tian La La's external sales reached over 20 million yuan, marking a historical peak, with a 500% increase in daily sales [2] Group 3: Market Expansion and Financial Performance - KFC's coffee brand, Kenuo Coffee, aims to expand to 1,700 stores by 2025, up from a previous target of 1,500 stores [4][5] - Yum China reported a 4% year-on-year increase in total revenue to $2.8 billion for Q2, with operating profit reaching a record high of $304 million [5] Group 4: Incident Report - A tragic incident involving a delivery truck from Kudi Coffee resulted in two fatalities, prompting responses from both Kudi Coffee and Tea Yan Yue Se regarding the ongoing investigation [6]