Group 1 - The core announcement indicates that Yum China (09987) plans to repurchase shares, spending HKD 7.7265 million to buy back 19,600 shares [1] - The company will also invest approximately USD 3 million to repurchase 59,300 shares [1] - Additionally, Yum China will cancel 59,700 shares that have been repurchased and issue 22,800 shares under its long-term incentive plan [1]

Group 1 - The core point of the article is that Yum China (09987.HK) announced a share buyback on January 29, 2026, spending HKD 7.7265 million to repurchase 19,600 shares at a price range of HKD 387 to 399 per share [1] Group 2 - The total expenditure for the buyback was HKD 7.7265 million [1] - The number of shares repurchased was 19,600 [1] - The price range for the repurchase was between HKD 387 and 399 per share [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1月30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 ...

Group 1 - The core point of the article is that KFC has adjusted the prices of some delivery products starting from January 26, with an average increase of 0.8 yuan per order to better manage operational costs [2] - KFC's price increase is limited to delivery services, while dine-in product prices remain unchanged, including popular promotional packages [2] - The adjustment reflects a strategic shift in KFC's business model, as delivery sales accounted for 51% of KFC's restaurant revenue by the third quarter of 2025, indicating a significant reliance on delivery [2] Group 2 - This is not the first price adjustment for KFC, as a previous increase of approximately 2% occurred in December 2024, indicating a cautious pricing strategy in response to market changes [3] - Competitors like McDonald's have also raised prices, with increases of 0.5 to 1 yuan announced for certain menu items, suggesting that such adjustments are common in the industry [3] - Maintaining a competitive edge in a challenging market with rising costs is an ongoing challenge for KFC, which operates over 12,600 stores in China [3]

Core Viewpoint - Broad Peak Investment Advisers sold all 644,905 shares of Yum China Holdings in Q4 2025, reflecting a significant capital reallocation strategy amid underperformance compared to the S&P 500 [1][2][11] Company Overview - Yum China Holdings operates over 16,000 restaurants across various brands, including KFC, Pizza Hut, and Taco Bell, leveraging global brand recognition and local market expertise [6][9] - The company reported a market capitalization of $17.69 billion, with a revenue of $11.57 billion and a net income of $904 million for the trailing twelve months [4] Financial Performance - As of January 28, shares of Yum China were priced at $49.96, showing an 11.7% increase over the past year but underperforming the S&P 500 by approximately 3.31 percentage points [3][11] - In Q3, Yum China achieved an operating profit of $400 million, marking an 8% year-over-year increase, and maintained 11 consecutive quarters of same-store transaction growth [10] Digital and Operational Strength - The company has a strong digital presence, with around 95% of sales generated through digital channels, indicating robust digital penetration [10] - Yum China returned $950 million to shareholders in the first nine months of 2025 through buybacks and dividends, showcasing its shareholder-friendly approach [10] Investment Implications - Despite operational strength and cash generation, the stock's relative performance has lagged, prompting a strategic exit by Broad Peak Investment Advisers to focus on higher-conviction investments [11][12] - The exit highlights the potential for well-run companies to fall out of favor when capital is directed towards more promising opportunities [12]

Group 1 - The company Yum China (09987) announced a share buyback on January 28, 2026, spending HKD 7.7225 million to repurchase 19,500 shares at a price range of HKD 390.8 to 399.4 per share [1] - On the same date, the company also repurchased approximately USD 3 million worth of 59,700 shares at a price range of USD 49.96 to 51.38 per share [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1月29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 ...

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a favorable investment outlook for Yum China [5]. Core Insights - Yum China has raised delivery menu prices for KFC, which is seen as a necessary step to expand profit margins while transitioning to a delivery-focused model. The report suggests that the timing is appropriate due to potential reductions in delivery subsidies [5][6]. - The average price increase for delivery items at KFC is 0.8 yuan, with the last adjustment occurring at the end of 2023. The report notes that the impact on consumers is relatively minor, especially for orders under 200 yuan [5]. - The report highlights that while the increase in delivery volume may lead to higher platform fees, the dilution of profit margins in delivery compared to dine-in could weaken the benefits of the price hike [6]. Summary by Sections Company Overview - Yum China Holdings, Inc. is the largest chain restaurant operator in China, exclusively owning the operational and licensing rights for brands such as KFC, Pizza Hut, Taco Bell, and Little Sheep. KFC and Pizza Hut are the company's two main brands [9]. Revenue Breakdown - KFC accounts for 77.7% of revenue, while Pizza Hut contributes 20.6%. The remaining 1.7% comes from other sources [11]. Stock Information - As of January 27, 2026, the stock price is $50.17, with a market capitalization of $17.05 billion. The consensus target price is $58.28 [11].

Core Viewpoint - Yum China Holdings is expected to report a year-over-year increase in earnings and revenues for the quarter ended December 2025, with the actual results being crucial for near-term stock price movements [1][2]. Earnings Expectations - The upcoming earnings report is anticipated to be released on February 4, with a consensus EPS estimate of $0.35, reflecting a +16.7% year-over-year change, and revenues projected at $2.73 billion, up 5.3% from the previous year [3]. - The consensus EPS estimate has been revised 1.14% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +2.86% for Yum China, suggesting analysts are optimistic about the company's earnings prospects [12]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [10]. Historical Performance - Yum China has matched consensus EPS estimates in the last reported quarter, with earnings of $0.76 per share, resulting in no surprise [13]. - Over the last four quarters, the company has beaten consensus EPS estimates two times [14]. Investment Considerations - While an earnings beat may influence stock movement, other factors can also affect stock performance, making it essential to consider the broader context [15][17]. - Investors are encouraged to check the Earnings ESP and Zacks Rank before the quarterly release to identify potential investment opportunities [16].

Group 1 - The company, Yum China (09987), announced a share buyback on January 27, 2026, spending HKD 7.724 million to repurchase approximately 20,000 shares at a price range of HKD 384.2 to 388.6 per share [1] - Additionally, the company allocated around USD 3 million to buy back about 60,000 shares at a price range of USD 49.63 to 50.44 per share [1] - On the same day, the company issued 13,800 shares under its share plan [1]