Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]

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18日 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 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) ...

Group 1: Fund Manager Dynamics - 11 new fund managers were appointed today, involving 22 funds, primarily from Bosera Fund and Huaan Fund, while 3 fund managers left their positions [1] Group 2: Market Reactions and Adjustments - Multiple public fund industry insiders stated that recent analyses attributing market adjustments to changes in public fund performance benchmarks are inaccurate and unprofessional, indicating no large-scale repositioning among public funds [2] - The Hang Seng Index has added Midea Group and ZTO Express, while the Hang Seng Tech Index has included BYD Company [3] Group 3: Hedge Fund Activities - Michael Burry's Scion Asset Management cleared almost its entire stock portfolio in Q1, establishing new short positions on Nvidia and several Chinese stocks, including Alibaba and JD.com [4] - Soros Capital Management has re-entered Chinese assets, with new positions in Alibaba, Yum China, and iShares China Large-Cap ETF, ranking 5th, 7th, and 8th in their holdings respectively [5] - Soros Fund has heavily invested in AST SpaceMobile and Nvidia while selling shares in AMD and other large tech companies [6] - Bill Ackman's Pershing Square Capital Management bought Uber and completely sold its Nike holdings in Q1 [6] Group 4: Investment Trends and Strategies - PGIM's chairman noted that President Trump's trade war has created uncertainty, leading institutional investors to pause asset allocation decisions regarding investments in the U.S. [7] - The Honghu Fund Phase II, with a scale of 20 billion yuan, is set to invest in the market, focusing on large-cap, liquid, and high-impact quality listed companies [9] - China Life Asset Management has been approved to participate in the third batch of insurance fund long-term investment reform trials [10] Group 5: Fund Market Dynamics - Several money market funds have recently imposed purchase limits to prevent arbitrage impacts and ensure stable operations [11] - Qatar Investment Authority plans to invest $500 billion in the U.S. over the next decade, with current assets totaling $524 billion [12] - Global funds continued to net buy Indian stocks, purchasing 9.3 billion rupees worth of shares [13] Group 6: ETF Market Overview - A-shares saw a collective decline, with the Shanghai Composite Index down 0.4% and total market turnover at 1.1241 trillion yuan, a decrease of 66.3 billion yuan from the previous day [13] - Notable ETF performances included a 3.65% increase in the Invesco S&P Consumer ETF and a 2.37% rise in the Huaan Fund Germany ETF [13] - The engineering machinery ETF experienced a 10% drop, while the financial sector ETFs also saw declines [16]

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16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 ...

央广网北京5月16日消息（总台中国之声记者任梦岩）据中央广播电视总台中国之声《新闻纵横》报道，餐饮等行业的从业人员都需要通过体检获得健 康证才能上岗。食品安全法更有明确规定，从事接触直接入口食品工作的食品生产经营人员应当每年进行健康检查，取得健康证明后方可上岗工作。 成都的外卖员樊先生告诉记者，从去年11月份开始，他和身边的同事们陆续发现体检机构已不再接受外卖员体检，但几家外卖平台都要求他们必须上传 健康证图片，否则接单受限制。 樊先生说："每一个饭馆全部是包装好的，我们只是运输，所以按照规定，就不需要办健康证。但（外卖软件）都要求上传健康证，不然就限单。比 如，有5个人在这家店下了单，并且是一个方向的，如果我没有被限制，可以把这5单全部接下来，但没有健康证最多只能接3单，我收入就减少了。" t 2017 49分钟内(13:33前)送达 ¥7.8 中国 2017年8月11日 4.2 km 商家已确认出餐 抢車 ¥5.2 ● 预 13:20~13:40送达 0 New Your Child States of the S 49 你当前已被限制接单 ◎ 最多只能同时接3单, 完成1个任务可解除限制 十传图隶让 上 ...

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 ...

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 2 頁 共 10 頁 v 1.3.0 | 9). | 於2025年3月24日在香港購回之股份 | 11,650 | 0 % | HKD | 400.88 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2025年3月24日 | | | | | | 10). | 於2025年3月25日在香港購回之股份 | 11,900 | 0 % | HKD | 391.99 | | | 變動日期 2025年3月25日 | | | | | | 11). | 於2025年3月26日在香港購 ...

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9日 | | 373,512,966 | | 0 | | | 373,512,966 | | 1). 購回股份 ...

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") | 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8日 | | 373, ...

Financial Performance - Net income for the quarter ended March 31, 2025, was $313 million, a slight increase from $307 million in the same quarter of 2024, representing a growth of 1.9%[10] - Comprehensive income for Yum China Holdings, Inc. increased to $315 million in Q1 2025 from $216 million in Q1 2024, reflecting a growth of 46.0%[10] - For the first quarter of 2025, Yum China reported a net income of $292 million, compared to $287 million in the same period of 2024, reflecting a growth of 1.7%[13] - The comprehensive income for the first quarter of 2025 was $340 million, up from $226 million in the first quarter of 2024, indicating a year-over-year increase of 50.4%[13] - Basic Earnings Per Common Share (EPS) increased to $0.78 for the quarter ended March 31, 2025, compared to $0.72 for the same quarter in 2024, reflecting a growth of approximately 8.3%[53] - Operating profit for the quarter ended March 31, 2025, was $399 million, compared to $374 million for the same quarter in 2024, reflecting an increase of about 6.7%[88] - The company reported a net income before income taxes of $428 million for the quarter ended March 31, 2025, compared to $420 million in the same quarter of 2024, reflecting a slight increase of approximately 1.9%[88] Cash Flow and Dividends - Cash provided by operating activities was $452 million for the quarter, compared to $442 million in the prior year, indicating a year-over-year increase of 2.3%[11] - Cash dividends paid on common stock increased to $90 million from $64 million, representing a rise of 40.6%[11] - Cash dividends declared for the first quarter of 2025 were $90 million, equating to $0.24 per common share[13] - The company declared a cash dividend of $0.24 per share, with a total estimated payout of approximately $90 million, payable on June 18, 2025[96] Assets and Liabilities - Total assets decreased to $11,002 million as of March 31, 2025, down from $11,121 million at the end of 2024, a decline of 1.1%[12] - Total liabilities decreased to $4,563 million from $4,694 million, a decline of 2.8%[12] - Cash and cash equivalents increased to $825 million from $723 million, marking a rise of 14.1%[12] - Inventories decreased to $329 million from $405 million, a reduction of 18.8%[12] - Contract liabilities decreased from $232 million as of December 31, 2024, to $209 million as of March 31, 2025, indicating a reduction of approximately 9.9%[51] - Accounts receivable, net, increased to $81 million as of March 31, 2025, from $79 million as of December 31, 2024, showing a growth of approximately 2.5%[57] Investments and Acquisitions - The company has a controlling interest of 65% in the Lavazza joint venture, which focuses on developing the Lavazza coffee concept in China[18] - The Company completed its investment in a 28% equity interest in Hangzhou Catering, resulting in an approximately 60% equity interest in Hangzhou KFC, consolidating its results from the acquisition date[26] - The Company's investment in Sunner was valued at $220 million as of March 31, 2025, exceeding its interest in Sunner's underlying net assets by $148 million[31] - The Company completed a strategic investment in SnowValley Agricultural Group for a total consideration of $14 million in the first quarter of 2025[36] Revenue Recognition - Revenues from Company-owned restaurants are recognized when a customer takes possession of the food and tenders payment[38] - Franchise fees and income are recognized over the term of the franchise agreement, generally 10 years for KFC and Pizza Hut[41] - The estimated value of loyalty program points earned is recorded as a reduction of revenue at the time the points are earned[47] - Revenue from external customers for the quarter ended March 31, 2025, was $2,981 million, an increase from $2,958 million in the same quarter of 2024, representing a growth of approximately 0.8%[88] Share Repurchases - The company repurchased $173 million worth of common stock during the quarter, compared to $679 million in the same quarter of the previous year, a decrease of 74.6%[11] - The company repurchased 3.6 million shares of common stock for $172 million during the quarter ended March 31, 2025, with approximately $1.1 billion remaining available for future share repurchases[54] Taxation - The income tax provision for the quarter ended March 31, 2025, was $119 million, reflecting an effective tax rate of 27.8%, up from 26.9% in the prior year[80] - The company will monitor the impact of the Corporate Alternative Minimum Tax (CAMT) of 15% on its financial statements[82] - The company has elected to account for Global Intangible Low Taxed Income (GILTI) tax as a period cost as incurred, affecting its annual effective tax rate[81] Lease Obligations - The company leased over 14,000 properties in China, with total lease liabilities amounting to $2,246 million as of March 31, 2025[66] - Operating lease costs for the quarter ended March 31, 2025, were $124 million, compared to $130 million for the same quarter in 2024[66] - The present value of lease liabilities as of March 31, 2025, was $2,246 million, with total undiscounted lease payments of $2,613 million[69] - The weighted-average remaining lease term for operating leases was 6.9 years as of March 31, 2025, down from 7.0 years in the previous year[68] Impairment and Depreciation - The company recorded no restaurant-level impairment for both quarters ended March 31, 2025, and 2024[79] - Impairment charges for the quarter ended March 31, 2025, totaled $6 million, up from $4 million in the same quarter of 2024, marking a 50% increase[89] - The company’s depreciation and amortization expenses for the quarter ended March 31, 2025, were $109 million, down from $117 million in the same quarter of 2024, indicating a decrease of about 6.8%[89] Segment Information - The company has two reportable segments: KFC and Pizza Hut, with other segments combined as All Other Segments due to their insignificance[86] - As of March 31, 2025, Yum China operates 11,943 KFC stores and 3,769 Pizza Hut restaurants in China[17]