Cash Flow and Capital Management - Net cash provided by operating activities decreased to $1,419 million in 2024 from $1,473 million in 2023, primarily due to working capital changes[440]. - Net cash used in investing activities significantly decreased to $178 million in 2024 from $743 million in 2023, mainly due to changes in short-term investments and long-term deposits[440]. - Net cash used in financing activities increased to $1,636 million in 2024 from $716 million in 2023, driven by increased share repurchases and repayment of short-term borrowings[441]. - The company repurchased 31.3 million shares for $1,242 million in 2024, compared to 12.4 million shares for $617 million in 2023[446]. - Total cash dividends paid increased to $248 million in 2024 from $216 million in 2023, with a quarterly dividend of $0.16 per share in 2024[447]. - The company plans to increase capital returns to shareholders from $3 billion to $4.5 billion between 2024 and 2026, representing a 50% increase[448]. - Fiscal year 2025 capital expenditures are expected to be in the range of approximately $700 million to $800 million[443]. - As of December 31, 2024, the company had unused credit facilities of approximately $1,041 million[451]. - Material cash requirements as of December 31, 2024, totaled $3,172 million, with significant obligations related to operating leases and finance leases[452]. - The company has entered into share repurchase agreements for approximately $360 million for the first half of 2025[448]. Intangible Assets and Impairment - The company evaluated indefinite-lived intangible assets, with a book value of $123 million and $127 million as of December 31, 2024 and 2023, respectively, related to the Little Sheep and Huang Ji Huang trademarks, concluding no impairment charges were necessary for 2024 and 2023[466][467]. - Goodwill amounted to $1,880 million as of December 31, 2024, associated with KFC, Pizza Hut, Huang Ji Huang, and Lavazza reporting units, with no impairment charges recorded for 2024 and 2023[472]. - The company performed qualitative impairment assessments for its trademarks and concluded that it was more likely than not that the assets were not impaired, resulting in no impairment charges recorded[467]. - The company continues to evaluate its long-lived assets for impairment semi-annually, based on forecasted undiscounted cash flows and market participant assumptions[463][464]. - The discount rate used in fair value calculations for goodwill and intangible assets reflects the required rate-of-return expected by a third-party buyer, which is influenced by the risks and uncertainties of forecasted cash flows[470][471]. - The company’s estimates of future cash flows for impairment assessments are highly subjective and can be significantly impacted by changes in business or economic conditions[471]. Tax and Regulatory Matters - The company had $19 million and $20 million of unrecognized tax benefits as of December 31, 2024 and 2023, respectively, related to uncertainties in the deductibility of certain business expenses[478]. - The total temporary difference for which the company has not provided foreign withholding taxes is approximately $3 billion as of December 31, 2024, with a foreign withholding tax rate of 5% or 10% depending on the repatriation method[480]. - The company has been under a national audit on transfer pricing by the STA in China since 2016, which may lead to significant developments in the next 12 months[479]. Share-Based Compensation - The fair value of share-based compensation is estimated using models that require subjective assumptions, which can materially affect the fair value estimate and, consequently, the company's operating profit and net income[474][477].

FF305 呈交日期： 2025年2月27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 | 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | ...

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26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 | | | 庫存股份變動 | 每 ...

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25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 ...

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23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 ...

FF305 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21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) | | 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 ...

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20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 ...

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19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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company's same-store sales decline has narrowed, and store costs continue to optimize. The core operating profit for Q4 2024 exceeded expectations, with guidance for 2025 indicating that the core operating profit margin will remain at least flat or show positive year-on-year growth. The company maintains a robust shareholder return budget, which serves as a safety net for dividends [4]. - The company plans to open 1,600 to 1,800 new stores in 2025, with a total of 16,395 stores by the end of 2024, including 11,648 KFC and 3,724 Pizza Hut locations [5][4]. - The company reported Q4 2024 revenue of $2.6 billion, a year-on-year increase of 4%, and a net profit of $115 million, up 18% year-on-year. The core operating profit was $150 million, reflecting a 35% increase, driven by a decrease in personnel costs, property rents, and other operating costs [4]. Financial Projections - The company expects revenues of $11.84 billion, $12.71 billion, and $13.63 billion for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 4.7%, 7.4%, and 7.2% [6]. - The projected net profit for the same years is $976 million, $1.056 billion, and $1.139 billion, with growth rates of 7.1%, 8.2%, and 7.8% [6]. - The earnings per share (EPS) are forecasted to be $2.58, $2.87, and $3.18 for 2025, 2026, and 2027, respectively [6]. Operational Performance - KFC and Pizza Hut's restaurant operating profit margins for Q4 2024 were 13.3% and 9.3%, respectively, showing year-on-year increases of 1.3 and 2.0 percentage points [4]. - The same-store sales decline for KFC was 1% in Q4 2024, with transaction volume increasing by 3% and average ticket size decreasing by 4%. For Pizza Hut, the same-store sales decline was 2%, with transaction volume up 9% and average ticket size down 10% [4]. Shareholder Returns - The company returned $248 million to shareholders in Q4 2024, with a total of $1.5 billion for the year. The quarterly dividend increased by 50% to $0.24 per share, which will continue into 2025 [4].

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18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 。 | 1). | 於2025年1月6日在香港購回之股份 | | 13,700 | 0 % | HKD | 342.66 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年1月6日 | | | | | | 2). | 於2025年1月7日在香港購回之股份 | | 13,550 | 0 % | HKD | 345.75 | | | 變動日期 | 2025年1月7日 | | | | | | 3). | 於2025年1月8日在香港購回之股份 | | 13,60 ...