Core Viewpoint - Growth investors are attracted to stocks with above-average financial growth, but identifying such stocks can be challenging due to associated risks and volatility. Yum China Holdings (YUMC) is highlighted as a recommended growth stock based on its favorable growth prospects and strong Zacks Rank [1][2]. Group 1: Earnings Growth - Yum China's historical EPS growth rate is 5.7%, but projected EPS growth for this year is 15.5%, significantly higher than the industry average of 5.4% [5]. Group 2: Asset Utilization - Yum China has an asset utilization ratio (sales-to-total-assets ratio) of 0.96, indicating it generates $0.96 in sales for every dollar in assets, which is better than the industry average of 0.95 [6]. Group 3: Sales Growth - The company's sales are expected to grow by 3.8% this year, surpassing the industry average growth of 2.6% [7]. Group 4: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Yum China, with the Zacks Consensus Estimate for the current year increasing by 4.1% over the past month [8]. Group 5: Overall Positioning - Yum China has achieved a Growth Score of B and a Zacks Rank of 2 due to positive earnings estimate revisions, positioning it well for potential outperformance in the growth investment space [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) 第 1 頁 共 12 頁 v 1.3.0 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： 2024年11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 。 | 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 ...

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： 2024年11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 | 佔有關事件前的現 ...

Investment Rating - The report maintains a "Buy" rating for Yum China (9987 HK) [3] Core Views - Yum China's Q3 2024 revenue reached $3 07 billion, up 5% YoY (or 4% at constant exchange rates), with net profit attributable to shareholders increasing by 22% YoY (or 21% at constant exchange rates) [1] - The company's same-store sales decline narrowed sequentially, with KFC and Pizza Hut showing improvements in customer traffic and pricing strategies [1][12] - Yum China has accelerated its store expansion, adding 1 217 net new stores in the first three quarters of 2024, with Q3 alone adding 438 stores [2][14] - The company has raised its shareholder return plan for 2024-2026 from $3 billion to $4 5 billion, reflecting a 50% increase [2][20] Store Operations and Efficiency - Yum China's restaurant-level margin remained stable at 17 0% in Q3 2024, with KFC and Pizza Hut margins at 18 3% and 12 8%, respectively [2][18] - The company has improved operational efficiency, with salary and employee benefits as a percentage of restaurant revenue decreasing by 0 2 percentage points YoY [2] - Yum China is focusing on cost optimization, with rent and other costs as a percentage of restaurant revenue decreasing by 0 4 percentage points YoY [2] Strategic Transformation - Yum China is increasing the proportion of franchised stores, with KFC and Pizza Hut aiming for 40%-50% and 20%-30% of new stores to be franchised, respectively [3][23] - The company has introduced new store models, including KFC Town Mini stores and Pizza Hut WOW stores, which have lower investment thresholds and better unit economics [3][29] - K Coffee, a high-value coffee brand, has expanded rapidly from 100 stores in March to approximately 500 stores, with plans to reach 600 stores by the end of 2024 [3][32] Financial Projections - The report raises Yum China's net profit forecasts for 2024-2026 to $895 million, $957 million, and $1 051 billion, respectively, reflecting upward revisions of 4%, 3%, and 2% [3] - The current stock price implies a forward P/E ratio of 21x, 19x, and 18x for 2024-2026, respectively [3]

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： 2024年11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）數 | 已發行股份（不包括庫存股份）變 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company reported a revenue of $8.708 billion for the first three quarters of 2024, representing a year-on-year growth of 3% [4] - Adjusted net profit for the same period was $796 million, up 8% year-on-year [4] - In Q3 2024, revenue reached $3.071 billion, a 5% increase year-on-year, with adjusted net profit growing by 20% to $297 million [4] - The diluted EPS for Q3 2024 was $0.77, reflecting a 33% increase compared to the previous year [4] Revenue and Profitability - The company’s same-store sales improved sequentially, with overall sales growth of 4%, 6% for KFC, and 2% for Pizza Hut [4] - The same-store sales declined by 3%, 2%, and 6% for overall, KFC, and Pizza Hut respectively, indicating a recovery to approximately 88% of 2019 levels, an improvement of about 1 percentage point from Q2 [4] - KFC and Pizza Hut's order volumes increased by 1% and 4%, while average transaction prices decreased by 3% and 9% respectively [4] Store Expansion and Performance - As of Q3 2024, the total number of restaurants reached 15,861, with net additions of 1,189 stores in the first three quarters [4] - KFC had 11,283 stores, with net additions of 352 in Q3, while Pizza Hut had 3,606 stores, with 102 net additions [4] - The proportion of new stores in lower-tier cities was 58% for KFC and 60% for Pizza Hut, with franchise stores accounting for 27% and 7% respectively [4] Digitalization and Shareholder Returns - The company is advancing digitalization and delivery services, with over 510 million combined members for KFC and Pizza Hut, and member sales accounting for 64% of total sales [4] - Digital orders contributed $2.61 billion, representing 90% of restaurant revenue [4] - Delivery sales grew by 18% year-on-year, making up approximately 40% of restaurant revenue [4] - The shareholder return plan has been increased by 50%, targeting $4.5 billion from 2024 to 2026 [4] Cost Control and Efficiency - The company has successfully reduced costs, with employee costs, property rents, and other operating expenses decreasing as a percentage of restaurant revenue [4] - The cost of materials and consumables accounted for 31.7% of restaurant revenue, up 0.6 percentage points year-on-year [4] - Employee costs represented 25.1% of restaurant revenue, down 0.2 percentage points year-on-year [4] Financial Forecast and Valuation - The company is expected to achieve net profits of $901 million, $963 million, and $1.048 billion for 2024, 2025, and 2026 respectively, with growth rates of 8.9%, 6.9%, and 8.9% [4] - The estimated reasonable value range for the stock is between HKD 354.0 and HKD 432.7 per share based on a PE ratio of 18-22 times for 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： 2024年11月12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 | 13). | 於2024年8月28日在香港購回之股份 | 17,850 | 0 % | HKD | 261.81 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2024年8月28日 | | | | | | 14). | 於2024年8月29在香港購回之股份 | 17,600 | 0 % | HKD | 262.37 | | | 變動日期 2024年8月29日 | | | | | | 15). | 於2024年8月30在香港購回之股份 | 17,450 | ...

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。 授出股權獎勵類別： 限制性股票單位 授出股權獎勵數目： 99,862 承授人人數： 29 承授人身份： 所有承授人均為本公司附屬公司的僱員，並非本公司高級管 理層。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。 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） 授出股權獎勵及 以股權形式授予董事任職報酬 百勝中國控股有限公司（「本公司」）謹此宣佈，於2024年11月6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及普通股股份（「股份」），其詳情載列如下。 向僱員授出股權獎勵 以股權形式授予董事任職報酬 如本公司先前披露，Mikel A. Durham女士獲任為董事 ...

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： 2024年11月10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, indicating a positive long-term outlook based on its fundamentals and growth strategies [2][3]. Core Insights - The company is expected to achieve revenue growth of 4.1%, 8.4%, and 8.2% for the years 2024, 2025, and 2026, respectively, with projected revenues of $11.43 billion, $12.38 billion, and $13.40 billion [3][4]. - Net profit is forecasted to grow by 10.2%, 8.5%, and 8.3% over the same period, reaching $911 million, $988 million, and $1.07 billion [3][4]. - The company has increased its dividend and share buyback program, raising the total planned amount from $3 billion to $4.5 billion, which represents 23% of its current market capitalization [3][4]. - The restaurant operating profit margins for KFC and Pizza Hut were reported at 18.3% and 12.8%, respectively, showing resilience in profitability [3][4]. - The company opened 438 new stores in Q3 2024, bringing the total to 15,861, with KFC and Pizza Hut showing year-on-year growth of 14% and 13% in store numbers [3][4]. Financial Summary - For the fiscal year 2023, the company reported revenues of $10.98 billion, with a year-on-year growth rate of 14.7% [4][7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are $2.36, $2.63, and $2.92, respectively [3][4]. - The return on equity (ROE) is expected to be 12.8% in 2023, increasing to 13.5% in 2024 before slightly declining in subsequent years [7][4].