Group 1 - Company Yum China (09987) announced a share buyback on January 26, 2026, spending approximately 3 million USD to repurchase about 61,400 shares on the New York Stock Exchange [1] - The company also repurchased approximately 20,300 shares on the Hong Kong Stock Exchange, spending around 7.7131 million HKD [1]

Group 1 - Yum China announced a share repurchase plan, spending approximately 3 million USD to buy back about 61,400 shares on the NYSE [1] - The company also repurchased approximately 20,300 shares on the Hong Kong Stock Exchange for about 7.7131 million HKD [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27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 ...

Core Viewpoint - Investors in the Retail - Restaurants sector should consider Yum China Holdings (YUMC) and Shake Shack (SHAK) for potential value opportunities, with YUMC currently presenting a more favorable investment outlook [1]. Valuation Metrics - Yum China Holdings has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision activity, while Shake Shack has a Zacks Rank of 5 (Strong Sell), suggesting a less favorable outlook [3]. - YUMC's forward P/E ratio is 17.02, significantly lower than SHAK's forward P/E of 61.86, indicating that YUMC may be undervalued relative to SHAK [5]. - The PEG ratio for YUMC is 1.58, while SHAK's PEG ratio is 2.39, further suggesting that YUMC has a better valuation considering its expected earnings growth [5]. - YUMC's P/B ratio stands at 2.8, compared to SHAK's P/B of 7.36, reinforcing the notion that YUMC is more attractively priced [6]. - These metrics contribute to YUMC's Value grade of A and SHAK's Value grade of D, highlighting YUMC as the superior value option [6]. Earnings Outlook - Yum China Holdings is experiencing an improving earnings outlook, which enhances its attractiveness in the Zacks Rank model, making it a more appealing investment choice compared to Shake Shack [7].

1月26日，肯德基中国对旗下外送产品价格进行小幅调整，平均上涨0.8元，堂食价格保持不变。 仅外送产品涨价 与过往调价不同，肯德基本次涨价范围限定在外送渠道。 继麦当劳之后，另一快餐巨头肯德基也官宣涨价。 2028年经营利润目标100亿元 此番肯德基选择单独在外送渠道涨价，背后或与该渠道日益提升的业绩贡献度有关。 百胜中国2025年三季报显示，肯德基当季外卖销售同比增长33%，约占肯德基公司餐厅收入的51%，而 2024年全年该占比约40%，9个月内得到快速提升。同时，当季肯德基公司总收入仅同比增长4%至24.04 亿美元，外卖已然成为拉动增长的主要驱动力。 具体来看，汉堡品类中，汁汁和牛堡外送价36.5元，较堂食32.5元高出4元；老北京鸡肉卷价差同样为4 元；香辣鸡腿堡、劲脆鸡腿堡价差则在3元。 炸鸡小食板块中，经典单品吮指原味鸡1块装外送与堂食价差2.5元，6块装规格价差则放大至15元；新 品金枕榴莲椰耶蛋挞6只装外送需57元，较堂食价差达5元；黄金脆皮鸡、新奥尔良烤翅、劲爆鸡米花、 薯条等热门小食，外送价较堂食上涨1.5至3元。若叠加6元配送费及若干打包费，消费者单点一份单品 外送，较堂食需多花约10 ...

Group 1 - KFC has initiated a new round of price adjustments for delivery products, effective January 26, with an average increase of 0.8 yuan, while dine-in prices remain unchanged [1] - The price adjustment is aimed at better addressing operational cost changes and maintaining stable and healthy operations, reflecting a common practice among fast-food chains to adjust prices in response to market cost fluctuations [2] - In Q3, KFC's delivery sales grew by 33% year-on-year, increasing the proportion of total restaurant revenue from 40% to 51% compared to the same period last year [3] Group 2 - The company has implemented various strategies to cope with rising delivery costs and the impact on profit margins, including enhancing dine-in efficiency and reducing reliance on third-party platforms through its extensive membership system and self-delivery team [3] - KFC's parent company, Yum China, aims to exceed 25,000 stores by 2028, with a target operating profit margin of no less than 11.5%, while KFC's restaurant profit margin is expected to remain above 17.3% by 2025 [4] - The external environment and internal structure are subject to change, necessitating continuous recalibration of Yum China's economic strategies [5]

Core Viewpoint - KFC has announced a price adjustment for its delivery products, with an average increase of 0.8 yuan, while dine-in prices remain unchanged [1] Group 1: Price Adjustments - The price adjustment for KFC's delivery products ranges from 0.5 yuan to 1.5 yuan, with some items remaining at their original prices [1] - Examples of price changes include: medium fries from 14 yuan to 15 yuan, creamy mashed potatoes from 9 yuan to 10.5 yuan, and New Orleans grilled wings from 15.5 yuan to 16 yuan [1] - Dine-in prices are significantly lower than delivery prices, with dine-in prices for the double-layer beef burger at 22 yuan and medium fries at 9.5 yuan [1] Group 2: Consumer Promotions - KFC's popular promotional packages such as "Crazy Thursday" and "Weekend Crazy Deal" will maintain their prices despite the delivery price adjustments [2] - The last public price adjustment by KFC occurred in December 2024, with an average increase of 2% [2] Group 3: Financial Performance - KFC China's revenue for the first three quarters of 2025 reached 6.746 billion USD, marking a year-on-year growth of 2.91% [3] - The restaurant operating profit margin increased by 0.6 percentage points to 15.8%, and the overall restaurant profit margin rose by 0.4 percentage points to 18.4% [3] - As of September 2025, KFC operates 12,640 stores in China [3]

Core Viewpoint - KFC has made a slight price adjustment on some delivery products, with an average increase of 0.8 yuan, while dine-in prices remain unchanged [1][2]. Company Response - Yum China stated that the price adjustment is a response to changes in operational costs and is necessary for maintaining stable and healthy operations [1][2]. - The company emphasized that popular promotional meal packages such as "Crazy Thursday," "Weekend Crazy Deal," and "OK Meal Set" will not see any price changes [1][2]. - Key products like the "Spicy Chicken Leg Burger" and "New Orleans Grilled Chicken Leg Burger" continue to offer high value in the delivery market despite the price adjustment [1][2]. Market Dynamics - The company views the price adjustment as a normal market practice and a necessary measure for the industry to operate effectively [1][2]. - Yum China plans to continue optimizing its cost structure to provide high-quality and cost-effective products and services to consumers [1][2].

Core Viewpoint - KFC has implemented a slight price increase on some delivery products, averaging 0.8 yuan, while dine-in prices remain unchanged, aimed at adapting to operational cost changes and ensuring stable business health [1][12]. Group 1: Price Adjustments - KFC's recent price adjustment affects only delivery products, with an average increase of 0.8 yuan, while promotional meal prices remain unchanged [1]. - The last price adjustment prior to this was on December 24, 2024, with an average increase of 2% and adjustments ranging from 0.5 yuan to 2 yuan [12]. Group 2: Company Performance - As of September 2025, KFC China operates 12,640 stores, with a third-quarter operating profit of $384 million, reflecting a 6% year-on-year increase [14]. - The operating profit margin for KFC was 16%, up 30 basis points year-on-year, attributed to operational efficiencies and favorable raw material prices [14]. - In the third quarter of 2025, Yum China reported total revenue of $8.974 billion, a 3% increase year-on-year, with a net profit of $789 million [15]. Group 3: Expansion Plans - Yum China plans to add 1,600 to 1,800 new stores in 2025, aiming to reach a total of 20,000 stores by the end of 2026 [15].

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.