YUM CHINA(YUMC)

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YUM CHINA(YUMC) - 2025 Q1 - Quarterly Report

2025-05-09 10:03
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]
百胜中国(09987) - 翌日披露报表

2025-05-09 09:58
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9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日在香港購回 ...
百胜中国(09987) - 授出股权奖励

2025-05-08 11:10
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。 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 百勝中國控股有限公司(「本公司」)謹此宣佈,於2025年5月2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,其詳情載列如下。 承授人身份: 本公司或其附屬公司的僱員。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。 概無承授人須根據香港聯合交易所有限公司證券上市規則第 17章中第17.06A(2)條的規定作個別披露。 歸屬期及條件: 在視乎是否繼續任職的情況下,限制性股票單位將(1)於授出 日期的首三個週年等額分期歸屬,或(2)於2024年7月1日至 2025年12月31日績效期間(惟任何歸屬均不得早 ...
百胜中国(09987) - 翌日披露报表

2025-05-08 11:09
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8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 | | 佔有關事件前的現有已發 | ...
百胜中国(09987) - 翌日披露报表

2025-05-07 09:49
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5日 | | 373,730,246 | | 0 | | | 373,730,246 | | 1). 購回股份 ...
Yum China: Navigating Challenges And Unlocking Growth Potential
Seeking Alpha· 2025-05-06 12:15
Group 1 - Yum China (NYSE: YUMC) reported better-than-expected same-store sales growth (SSSg) and restaurant margins in 1Q25, aided by temporary store closures during the Chinese New Year and the permanent closure of inefficient stores [1] - The company is focusing on enhancing portfolio performance and uncovering alpha opportunities through actionable recommendations [1] - Astrada Advisors emphasizes its expertise in technology, media, internet, and consumer sectors across North America and Asia, which aids in identifying high-potential investments [1] Group 2 - The research provided by Astrada Advisors integrates rigorous fundamental analysis with data-driven insights, offering a nuanced understanding of key trends, growth drivers, and competitive landscapes [1] - The commitment of Astrada Advisors is to empower investors with timely research and a comprehensive view of industry dynamics, especially in volatile markets [1]
百胜中国(09987) - 翌日披露报表

2025-05-06 09:33
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 FF305 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6日 | 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 | 每股發行/出售價 (註4) | 已發行股份總數 | | | 事件 | | | 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) | | 20 ...
百胜中国(09987) - 翌日披露报表

2025-05-05 10:12
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") 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) | ...
百胜中国(09987) - 翌日披露报表

2025-05-02 10:56
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2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 ...
Yum China's Q1 Earnings & Revenues Miss Estimates, Stock Down
ZACKS· 2025-05-01 13:50
Core Viewpoint - Yum China Holdings, Inc. reported disappointing first-quarter 2025 results, with both earnings and revenues falling short of expectations for the fourth consecutive quarter, leading to a 7.2% decline in share price due to weaker-than-expected performance and cautious consumer spending [1][2]. Financial Performance - Adjusted earnings per share (EPS) were 77 cents, missing the Zacks Consensus Estimate of 78 cents by 1.3%, but reflecting an 8.5% year-over-year increase [2]. - Total revenues reached $2,981 million, falling short of the consensus estimate of $3,111 million, although this represented a 1% year-over-year increase; excluding foreign currency translation, revenues increased by 2% [2]. - Same-store sales matched the previous year's level, with same-store transactions growing by 6% year-over-year [3]. Operating Highlights - Total costs and expenses were $2.58 billion, remaining flat year-over-year, while the expected figure was $2.71 billion [4]. - The restaurant margin improved to 18.6%, up 100 basis points year-over-year, exceeding the estimated margin of 17.8% [4]. - Adjusted operating profit was $399 million, compared to $374 million in the prior year, slightly below the estimate of $403.1 million [4]. - Adjusted net income was $292 million, up from $287 million year-over-year, but below the estimate of $296 million [5]. Balance Sheet and Shareholder Returns - As of March 31, 2025, cash and cash equivalents were $825 million, up from $723 million at the end of 2024; net inventories decreased to $329 million from $405 million [6]. - The company plans to return a total of $3 billion to shareholders between 2025 and 2026, building on the $1.5 billion returned in 2024 [6]. - In Q1 2025, Yum China returned $262 million to shareholders, including $172 million in share repurchases and $90 million in cash dividends, with approximately $1.1 billion remaining for future repurchases [7]. Unit Development and Sales Contribution - Yum China opened 247 net new stores in the first quarter, bringing the total restaurant count to 16,642 [8]. - Delivery services contributed approximately 42% to KFC and Pizza Hut's company sales, while digital orders accounted for about 93% of total company sales [9]. - The company anticipates that the proportion of net new franchised stores will increase, targeting 40-50% for KFC and 20-30% for Pizza Hut in the coming years [9]. 2025 Outlook - Yum China expects to open between 1,600 and 1,800 net new stores in 2025, with capital expenditures projected to be between $700 million and $800 million [10].