Core Viewpoint - The report highlights that Yum China (9987.HK) has exceeded expectations in Q4 2025, with continued improvement in same-store revenue and profit margins anticipated for 2026 [2][12]. Group 1: Company Performance - The total number of KFC's Kenyue Coffee stores has reached 2,200, contributing to a mid-single-digit sales growth for KFC [3]. - KPRO, focusing on healthy light meals, added over 200 stores in 2025, surpassing 200 locations, resulting in double-digit sales growth for KFC, with plans to exceed 400 stores in 2026 [3]. - The WOW brand of Pizza Hut expanded into over 100 new cities in 2025, further increasing its total store count and aiding brand penetration in lower-tier markets [3]. - The "Twin Star" stores, featuring KFC and Pizza Hut side by side, opened approximately 40 pairs in 2025, with accelerated expansion expected in 2026 [3]. Group 2: Product Innovation and Sales Growth - Core products such as KFC's spicy original chicken and crispy golden chicken wings contributed to high single-digit sales growth in 2025 [3]. - Pizza Hut sold over 200 million pizzas in 2025, with the new handmade thin-crust pizza receiving positive feedback, accounting for one-third of total sales and attracting many young consumers [3]. - Pizza Hut introduced freshly made bread-based burgers, tapping into the single-serve market, with single-serve sales growing at a high double-digit rate in 2025 [3][14]. Group 3: Financial Forecast and Valuation - The company has raised its net profit forecasts for 2026 and 2027 to $1.027 billion and $1.109 billion, respectively, reflecting increases of 2% and 3% [4][14]. - The newly added net profit forecast for 2028 is $1.183 billion, with EPS estimates for 2026-2028 at $2.90, $3.13, and $3.34 [4][14]. - Current stock prices correspond to P/E ratios of 17x, 16x, and 15x for 2026-2028, indicating strong digital and supply chain capabilities, with growth potential in channel penetration for its two core brands [4][14]. Group 4: Financial Metrics Overview - Projected revenue (in million USD) for 2024-2028 is as follows: 11,303 (2024), 11,797 (2025), 12,671 (2026E), 13,403 (2027E), and 14,036 (2028E) [5][15]. - Projected net profit (in million USD) for the same period is: 911 (2024), 934 (2025), 1,027 (2026E), 1,109 (2027E), and 1,183 (2028E) [5][15]. - The expected revenue growth rates are 3.0% (2024), 4.4% (2025), 7.4% (2026E), 5.8% (2027E), and 4.7% (2028E) [5][15].

Investment Rating - The investment rating for Yum China (09987.HK) is "Outperform the Market" [6][21]. Core Views - The company has maintained positive same-store sales growth for three consecutive quarters, with a projected increase in store expansion in 2026 [4][21]. - For Q4 2025, the company reported a revenue of $2.823 billion, a year-on-year increase of 8.8%, and a net profit of $140 million, up 21.7% [9][10]. - The company is expected to continue its robust growth trajectory, driven by innovations in delivery and product offerings, with a forecasted net increase of over 1,900 stores in 2026 [3][20]. Financial Performance - In Q4 2025, the operating profit was $187 million, reflecting a 23.8% increase year-on-year, with an EPS of $0.40 [9][10]. - The KFC division generated $2.125 billion in revenue, up 8.75%, while the Pizza Hut division saw revenue of $540 million, a 5.9% increase [9][10]. - The overall same-store sales growth was 3%, with KFC and Pizza Hut achieving 3% and 1% growth respectively [10][11]. Store Expansion - The company added 587 new stores in Q4 2025, bringing the total to 18,101 stores by the end of the year, with KFC and Pizza Hut having 12,997 and 4,168 stores respectively [11][20]. - The proportion of franchised stores is increasing, with KFC and Pizza Hut's franchise store ratios reaching 15% and 8% by the end of 2025 [11][20]. Cost and Profitability - In Q4 2025, the restaurant profit margin improved to 13.0%, a year-on-year increase of 0.7 percentage points, driven by revenue leverage [3][18]. - Labor costs accounted for approximately 29.3% of total costs, reflecting a 1.1 percentage point increase year-on-year, primarily due to rising delivery costs [3][18]. Future Outlook - The company expects to achieve a net profit of $1.019 billion in 2026, with projections for 2027 and 2028 at $1.106 billion and $1.170 billion respectively [5][21]. - The anticipated shareholder return for 2026 is approximately $1.5 billion, with expected annual returns of $900 million to over $1 billion for 2027-2028 [3][20].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百勝中國控股有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09987 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.01 USD | | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.01 USD | | | 10,000,000 | | 2. 股份分 ...

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [1] Core Insights - The company reported Q4 2025 revenue of $2.823 billion, a year-on-year increase of 9% (or 7% excluding foreign currency effects), and operating profit of $187 million, up 25% (or 23% excluding foreign currency effects) [5][6] - Same-store sales growth accelerated in Q4 2025, with system sales up 7% year-on-year, and same-store sales up 3% [6] - The company plans to exceed 20,000 stores by 2026, with a net addition of over 1,900 stores, accelerating from 2025 [7] Revenue Performance - Q4 2025 same-store sales growth was driven by KFC and Pizza Hut, with KFC's same-store sales up 3% and Pizza Hut's up 1% [6] - The company expects continued growth in same-store revenue and system sales in 2026, projecting high single-digit growth [6] Store Expansion - In Q4 2025, the company added 587 new stores, bringing the total to 18,101 [7] - The company achieved a net addition of 1,706 stores in 2025, meeting its target of 1,600-1,800 new stores [7] Profitability Improvement - Q4 2025 restaurant profit margin improved to 13.0%, up 0.7 percentage points year-on-year [8] - The core operating profit for Q4 2025 was $185 million, a 23% increase year-on-year, driven by operational efficiency and favorable commodity prices [8] New Business Developments - The company made significant progress in new business initiatives, including the expansion of KFC Coffee and KPRO, which contributed to sales growth [9] - New product offerings, such as KFC's spicy chicken and Pizza Hut's handmade thin-crust pizza, attracted younger consumers and drove sales [9] Financial Forecast and Valuation - The report raises the net profit forecast for 2026-2027 to $1.027 billion and $1.109 billion, respectively, with an EPS of $2.90 for 2026 [10] - The current stock price corresponds to a P/E ratio of 17x for 2026, indicating strong growth potential for the leading Western fast-food company [10]

Core Viewpoint - Yum China reported a profit margin increase despite fierce competition in the food delivery sector, with management indicating that the share of delivery business will continue to rise [1][7]. Financial Performance - In Q4 2025, Yum China's total revenue grew by 9% year-on-year to $2.823 billion, with operating profit reaching $187 million, up 25% [1][9]. - For the full year 2025, total revenue increased by 4% to $11.797 billion, and operating profit was $1.29 billion, reflecting an 11% growth [1][9]. - The net profit for Q4 was $140 million, a 24% increase, while the annual net profit was $929 million, up 2% [1][9]. Same-Store Sales and Transactions - Same-store sales increased for the third consecutive quarter, with a 3% growth in Q4 and a total of 20 billion transactions for the year, an 8% increase [8][13]. - The company has achieved a continuous increase in same-store transaction volume for 12 consecutive quarters [8][13]. Delivery Business Growth - Delivery sales grew by 25% year-on-year, accounting for 48% of restaurant revenue, up from 39% the previous year [7][8]. - The share of delivery sales rose from 42% in Q1 to 53% in Q4 of the previous year [7]. Profitability Metrics - The operating profit margin for 2025 was 10.9%, an increase of 0.6 percentage points year-on-year, while restaurant profit margin was 16.3%, also up by 0.6 basis points [8][11]. - KFC's operating profit margin was 14.5%, and Pizza Hut's was 7.9%, marking the highest level since Yum China's listing in 2016 [11]. Store Expansion and Strategy - Yum China added 1,706 new stores in 2025, with a total store count reaching 18,101 [15]. - The company plans to exceed 20,000 stores by 2026, focusing on both self-operated and franchised models [16]. Future Outlook - Management expects system sales to grow in the high single digits in 2026, with slight improvements in restaurant and operating profit margins [16].

Group 1 - Yum China Holdings (YUMC) shares surged over 11% in Hong Kong, leading to a pre-market increase of 3.5% in US shares [1] - For 2025, Yum China's total revenue is projected to be $11.797 billion, representing a 4% year-on-year growth, with operating profit expected to reach $1.29 billion, a growth of 11% [1] - In Q4, Yum China's operating profit was $187 million, showing a significant year-on-year increase of 25% [1] Group 2 - UBS reported that Yum China's Q4 revenue, operating profit, and net profit grew by 9%, 24%, and 22% year-on-year, respectively, exceeding their expectations by 6.2%, 3.9%, and 7.8% [1] - Same-store sales growth was recorded at 3%, with an operating profit margin expansion of 0.8 percentage points [1] - UBS attributes the same-store sales growth to menu innovation and category expansion, believing that the company's strong supply chain capabilities and operational efficiency will continue to support healthy profit margin expansion [1] - UBS raised Yum China's US stock price target from $59 to $67.6, maintaining a "Buy" rating [1]

Core Viewpoint - Yum China (09987) announced a share buyback program, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Buyback Details - The company repurchased 19,700 shares at a total cost of HKD 7.7233 million, with a price range of HKD 389.4 to HKD 395.6 per share [1] - Additionally, the company spent USD 299.99 million to buy back 57,400 shares, with a price range of USD 50.61 to USD 53.4 per share [1] - The company also issued 15,800 shares under its long-term incentive plan and canceled 59,400 shares that had been repurchased [1]

Group 1 - The core announcement is that Yum China (09987.HK) repurchased 19,700 shares at a total cost of HKD 7.7233 million on February 4, 2026, with the repurchase price ranging from HKD 389.4 to HKD 395.6 per share [1]

Group 1 - The core viewpoint of the article highlights that U.S. listed Chinese stocks are mostly rising in pre-market trading on February 5, with notable increases in several companies [1] Group 2 - Bilibili saw a rise of 3% [1] - Yum China and NIO both increased by 2% [1] - Alibaba experienced a 2% increase, while Futu Holdings rose by 1% and Pinduoduo saw a slight increase of 0.3% [1]

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： 2026年2月5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 ...