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 ...

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) | ...

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 ...

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].

Core Viewpoint - Yum China Holdings reported a revenue of $2.98 billion for the quarter ended March 2025, showing a year-over-year increase of 0.8%, but fell short of the Zacks Consensus Estimate of $3.11 billion, resulting in a surprise of -4.19% [1] Financial Performance - Earnings per share (EPS) for the quarter was $0.77, compared to $0.71 a year ago, indicating an increase [1] - The EPS surprise was -1.28%, with the consensus EPS estimate being $0.78 [1] Key Metrics - Total number of restaurants: 16,642, below the average estimate of 16,807 [4] - Number of Pizza Hut restaurants: 3,769, compared to the average estimate of 3,841 [4] - Number of KFC restaurants: 11,943, slightly below the average estimate of 11,950 [4] Revenue Breakdown - Revenues from transactions with franchisees: $121 million, compared to the average estimate of $124.88 million, representing a year-over-year change of +13.1% [4] - Other revenues: $32 million, below the average estimate of $34.35 million, with no change year-over-year [4] - Franchise fees and income: $27 million, compared to the average estimate of $29.98 million, showing a year-over-year increase of +8% [4] - Company sales: $2.80 billion, below the average estimate of $2.91 billion, with a year-over-year change of +0.3% [4] - KFC company sales: $2.21 billion, compared to the average estimate of $2.30 billion, reflecting a +0.7% change year-over-year [4] - KFC franchise fees and income: $21 million, slightly below the average estimate of $21.62 million, with a year-over-year increase of +16.7% [4] - KFC other revenues: $1 million, significantly below the average estimate of $4.52 million, showing a year-over-year decline of -80% [4] - KFC revenues from transactions with franchisees: $16 million, compared to the average estimate of $16.71 million, with a year-over-year increase of +14.3% [4] Stock Performance - Shares of Yum China have returned -11.8% over the past month, while the Zacks S&P 500 composite changed by -0.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Yum China Holdings (YUMC) reported quarterly earnings of $0.77 per share, slightly missing the Zacks Consensus Estimate of $0.78 per share, but showing an increase from $0.71 per share a year ago, resulting in an earnings surprise of -1.28% [1] - The company posted revenues of $2.98 billion for the quarter ended March 2025, which was 4.19% below the Zacks Consensus Estimate, and a slight increase from $2.96 billion year-over-year [2] - Yum China has surpassed consensus EPS estimates three times over the last four quarters, but has not beaten revenue estimates in the same period [2] Company Performance - Since the beginning of the year, Yum China shares have declined by approximately 3.1%, while the S&P 500 has decreased by 5.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.59 on revenues of $2.84 billion, and for the current fiscal year, it is $2.51 on revenues of $11.86 billion [7] Industry Outlook - The Retail - Restaurants industry, to which Yum China belongs, is currently ranked in the bottom 17% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Yum China's stock performance [5][6]

Q1 2025 Performance Highlights - System sales grew by 2% YoY[6], while same-store sales indexed at 100% of the 2024 level, marking the first time since Q1 2024[6] - Operating Profit increased by 7% YoY, and Core Operating Profit grew by 8% YoY[6] - Restaurant margin was 18.6%, an increase of 100 bps YoY[6] - Diluted EPS increased by 12% YoY, excluding F/X and mark-to-market impact[6] - Same-store transaction growth achieved its 9th consecutive quarter, with a 6% YoY increase[6] Expansion and Store Growth - The company opened 247 net new stores in Q1, bringing the total store count to 16,642[8] - The company is targeting to open 1,600-1,800 net new stores in 2025 and reach 20,000 stores by 2026[8] - KFC has 11,943 total stores with 13% being franchise stores, while Pizza Hut has 3,769 total stores with 6% being franchise stores[10] Digital and Delivery - Digital sales reached $2.6 billion in Q1[15] - Digital orders accounted for 66% of sales[16] - Delivery sales grew 13% YoY in Q1[13] - Delivery sales mix is around 29% of company sales[13] Brand Performance - KFC system sales grew by 3% YoY, with 295 net new stores and 11,943 total stores[20] - KFC operating profit was $386 million, a 4% YoY increase, with an operating profit margin of 17.2%[20] - Pizza Hut system sales grew by 2% YoY, with 45 net new stores and 3,769 total stores[28] - Pizza Hut operating profit was $60 million, a 27% YoY increase, with an operating profit margin of 10.1%[28] Capital Returns - The company has returned $4.7 billion to shareholders since spin-off[46] - The company is targeting $4.5 billion in capital returns in 2024-2026[47] - The company's net cash position was $2.8 billion by the end of March 2025[47]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved record highs in revenue, net income, and diluted EPS, with diluted EPS increasing by 10% year over year [6][25] - Same store sales index reached 100% of the prior year level for the first time since Q1 2024, with same store transactions growing for nine consecutive quarters [7][12] - Operating profit grew by 8% year over year, and restaurant margin expanded by 100 basis points [7][25] Business Line Data and Key Metrics Changes - KFC system sales grew by 3% year over year, with a restaurant margin of 19.8% and same store sales index at 100% of the prior year level [10][12] - Pizza Hut's system sales increased by 2% year over year, with same store sales index nearly at 100% and a significant 17% growth in same store transactions [15][16] - KFC opened 295 net new stores, bringing the total to 11,943, while Pizza Hut expanded to 3,769 stores with a net addition of 45 stores [11][18] Market Data and Key Metrics Changes - The company noted a complex and evolving market environment, with consumer spending remaining rational [28] - The delivery business for KFC grew by 13%, while Pizza Hut also achieved a 13% growth in delivery [76] - The company is strategically expanding into lower-tier cities with smaller store formats, which contributed to a 4% revenue growth from new units [21][89] Company Strategy and Development Direction - The company is focused on operational efficiency and innovation, with initiatives like Project Fresh Eye and Project Red Eye aimed at streamlining operations and enhancing customer experience [41][42] - KFC's K Coffee Cafe is expanding rapidly, with plans to reach 1,500 locations by the end of 2025, leveraging existing customer bases [38][100] - Pizza Hut is adopting a simpler and more efficient model to appeal to younger consumers and solo diners, with a focus on expanding its addressable market [40][41] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about potential fluctuations in same store sales index but is optimistic about achieving ten consecutive quarters of positive same store transaction growth [29][62] - The company expects mid-single-digit system sales growth for the full year and plans to open 1,600 to 1,800 net new stores [29][88] - Management highlighted the importance of maintaining strong customer connections and adapting to changing consumer preferences [52][76] Other Important Information - The company plans to return $3 billion to shareholders from 2025 to 2026, in addition to $1.5 billion returned in 2024 [27] - The effective tax rate for the quarter was 27.8%, and net income was $292 million, growing 3% year over year [25][26] - The company is exploring optimization opportunities to offset cost increases in various areas, including occupancy and labor costs [34][66] Q&A Session Summary Question: Impact of competition and demand trends post-Q1 - Management noted that April performance was in line with expectations, with no significant negative impact observed so far, but they remain watchful of market conditions [50][51] Question: Pizza Hut's same store sales trajectory - Management indicated that while the market environment is evolving, they expect to maintain steady margins and reaffirmed guidance for mid-single-digit system sales growth [60][64] Question: Consumer environment in China and transaction growth at KFC - Management reported solid transaction growth at KFC and noted an increase in market share, particularly in the delivery business [74][76] Question: New store expansion and revenue growth - Management explained that while new store growth contributes to revenue, the smaller store format may lead to lower revenue per store initially, but payback periods remain healthy [86][90] Question: Long-term view on K Coffee - Management expressed commitment to the K Coffee business, highlighting its potential for top-line growth and profitability through shared resources [99][100] Question: Brand marketing strategies - Management emphasized the importance of staying relevant to consumer preferences and introduced new concepts like K PRO to cater to health-conscious consumers [106][108]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved record highs in revenue, net income, and diluted EPS, with diluted EPS increasing by 10% year over year [6][26] - Same store sales index reached 100% of the prior year level for the first time since Q1 2024, with same store transactions growing for nine consecutive quarters [7][12] - Operating profit grew by 8% year over year, and restaurant margin expanded by 100 basis points [7][26] Business Line Data and Key Metrics Changes - KFC system sales grew by 3% year over year, with restaurant margin expanding to 19.8% [9][13] - Pizza Hut system sales increased by 2% year over year, with same store sales index nearly reaching 100% of the prior year level and same store transactions growing by 17% [15][16] - KFC opened 295 net new stores, bringing the total to 11,943, while Pizza Hut expanded to 3,769 stores with a net addition of 45 stores [11][18] Market Data and Key Metrics Changes - The company noted a complex and evolving consumer environment, with rational spending patterns observed among consumers [29][50] - Delivery business for KFC grew by 13%, while Pizza Hut also achieved a 13% increase in delivery sales [72] Company Strategy and Development Direction - The company is focused on operational efficiency and innovation, with initiatives like Project Fresh Eye and Project Red Eye aimed at streamlining operations and enhancing customer experience [41][42] - KFC is expanding its K Coffee business, targeting 1,500 locations by the end of 2025, while Pizza Hut is introducing new store models to capture additional market share [38][40] - The company aims to maintain or slightly improve core operating profit margins for the full year [31][60] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about potential fluctuations in same store sales index but reiterates guidance for mid-single digit system sales growth for 2025 [30][60] - The company is adapting to competitive pressures, particularly from delivery aggregators, while maintaining strong control over its business [52][53] Other Important Information - The company plans to return $3 billion to shareholders from 2025 to 2026, in addition to $1.5 billion returned in 2024 [28] - The effective tax rate for the quarter was 27.8%, which is 90 basis points higher year over year [26] Q&A Session Summary Question: Impact of competition and demand trends post-Q1 - Management noted that April performance was in line with expectations, with no significant negative impact observed so far, but they remain watchful of market conditions [49][50] Question: Same store sales trajectory for Pizza Hut - Management indicated that while they strive for ten consecutive quarters of positive transaction growth, they remain cautious about potential fluctuations in same store sales index [58][60] Question: Consumer environment in China and transaction growth at KFC - Management reported solid transaction growth at KFC, with a 4% increase in Q1, and noted that they are capturing market share, particularly in the delivery business [70][73] Question: New store expansion and revenue growth - Management confirmed that while new store growth is contributing to revenue, the mix shift towards smaller stores may limit revenue growth from new stores in the near term [81][84] Question: Long-term view on K Coffee - Management expressed commitment to the K Coffee business, highlighting its potential for top line growth and profitability due to shared resources with KFC [93][96] Question: Brand marketing strategies - Management emphasized their focus on staying relevant to consumer preferences and introducing healthier options through new concepts like K PRO [100][102]

EF001 免責聲明 EF001 | 月1日的招股章程"附錄三 — 組織 | | 章程文件及特拉華州普通公司法概 要"中"股份分派"部分的披露。 | | --- | --- | --- | | 發行人所發行上市權證/可轉換債券的相關信息 | | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | | 其他信息 | | | | 其他信息 | 不適用 | | | 發行人董事 | | | | 於本公告日期，董事會包括董事會主席及獨立董事胡祖六博士、董事屈翠容女士及Robert B. AIKEN先生、以及獨立董事Peter A. BASSI先生、Mikel A. DURHAM女士、Edouard ETTEDGUI先生、David HOFFMANN先生、盧蓉女士、邵子力先生、汪洋先生、張 | | | | 敏女士及朱曉靜女士。 | | | 第 2 頁 共 2 頁 v 1.1.1 | 香港交易及結算所有限公司及香港聯合交易所有限公司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，概不對因 | | | | | --- | --- | --- | --- | | 公告全部或任何部份內容而產生或 ...