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 1 頁 共 10 頁 v 1.3.0 | 2). | 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | 2,452 | 0 % | USD | 55.42 | | | --- | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 公司採納的長期激勵計劃項下的授予而發行的股票 | | | | | | | | 變動日期 2026年2月13日 | | | | | | | | 於下列日期結束時的結存 (註5及6) 2026年2月13日 | 354,397,981 | | 0 | | 354,397,981 | | | B. 贖回/購回股份 (擬註銷但截至期終結存日期尚未註銷) (註5及6) | | | | | | | 1). | 於2025年12月4日在香港購回之股份 | 52,750 | 0.01 % | H ...

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。 | 授出股權激勵類別： | 股票增值權 | 限制性股票單位 績效股票單位 | | --- | --- | --- | | 授出股權激勵數目： | 190,046份 | 477,790份，其中 305,204份 ， 其 中 | | | | 86,282份授予本公司 103,538份授予屈 | | | | 首席執行官及董事 女士 | | | | 屈翠容女士（「屈 | | | | 女士」） | | 承授人人數： | 229 | 1,013，包括682名餐 57 | | | | 廳經理 | | 行使價及行使期： | 每份股票增值權為 | 不適用。 | | | 57.95美元。每份股 | | | | 票增值權將可於授 | | | | 出日期後十(10)年 | | | | 期間行使。 | | | 承授人身份： | 承授人為並非本公 | 承授人為屈女士、本公司高級管理人 | | | 司或其附屬公司的 ...

Group 1 - Gao Yi Asset held stocks of 13 companies in the US stock market with a total market value exceeding $600 million as of the end of 2025 [2] - The top ten holdings of Gao Yi Asset prominently feature Chinese concept stocks, with significant increases in positions for Pinduoduo and Beike, and a new investment in Yixian E-commerce [2] - The top ten holdings include Huazhu Group, Pinduoduo, Google, Yum China, Beike, Wuxi AppTec, NetEase, iQIYI, TSMC, and ISHARES TR, indicating a dominant presence of Chinese concept stocks [2] Group 2 - As of the end of last year, Gao Yi Asset held 1.333 million shares of Pinduoduo, having increased its position by 629,000 shares compared to the end of the third quarter [3]

Core Insights - Gao Yi Asset disclosed its US stock holdings as of the end of 2025, indicating a total market value exceeding 600 million USD across 13 companies [2] - The firm increased its positions in Chinese concept stocks such as Pinduoduo and Beike in the fourth quarter of the previous year, and initiated a new investment in Yixian E-commerce [2] - The top ten holdings of Gao Yi Asset in the US stock market include Huazhu Group, Pinduoduo, Google, Yum China, Beike, Wuxi AppTec, NetEase, iQIYI, TSMC, and ISHARES TR, with Chinese concept stocks dominating the portfolio [2]

Economic Indicators - The latest CPI data from the US shows a decrease in the annual rate from 2.7% to 2.4%, the lowest since May 2025, with market expectations at 2.5% [1] - The core CPI annual rate fell from 2.6% to 2.5%, marking the lowest level since March 2021, aligning with market expectations [1] - Following the CPI release, the probability of the Federal Reserve easing policies in June increased from 63% to 69%, with a 50% chance of a third rate cut this year [1] Stock Market Performance - The three major US stock indices showed mixed results, with the Dow Jones up 0.1%, S&P 500 up 0.05%, and Nasdaq down 0.22% [2] - Over the week, the Dow Jones fell by 1.23%, S&P 500 by 1.39%, and Nasdaq by 2.1% [2] Individual Stock Movements - Major tech stocks experienced declines, with Apple and Nvidia down over 2%, while Tesla saw a slight increase of 0.09% [4] - Semiconductor stocks performed well, with the Philadelphia Semiconductor Index rising by 0.66%, driven by significant gains in Applied Materials and ARM [4] - Gold stocks showed strong performance, with several companies like Coeur Mining and Harmony Gold seeing increases of over 6% [4] Commodity Prices - Gold and silver prices surged, with gold closing at $5042.808 per ounce, up over 2.4%, and silver reaching $77.338 per ounce after a rise of over 5% [6] Geopolitical Developments - The US is increasing military presence in the Middle East, with President Trump confirming the deployment of a second aircraft carrier strike group to pressure Iran into negotiations [8] - Trump emphasized the need for a deal with Iran within a month, warning of severe consequences if negotiations fail [9] - Israeli officials expressed skepticism about the potential agreement, stressing the importance of including issues related to Iran's nuclear capabilities and missile programs [9]

Market Overview - On February 13, 2026, a significant asset sell-off occurred in global financial markets, particularly impacting U.S. stock indices. The Dow Jones Industrial Average fell by 669.42 points (1.34%) to close at 49,451.98, while the Nasdaq Composite Index dropped 469.32 points (2.03%) to 22,597.15. The S&P 500 Index also declined by 108.71 points (1.57%) to 6,832.76 [1]. Commodity Market Impact - The sell-off extended to the commodity markets, with gold and silver experiencing substantial declines. COMEX gold futures fell by 3.08% to $4,941.4 per ounce, while COMEX silver futures plummeted by 10.62% to $75.01 per ounce [2][3]. Technology Sector Reaction - Major technology companies were severely affected, with Apple’s stock price dropping by 5%, resulting in a market value loss of over $120 billion (approximately 800 billion RMB). Other tech giants like Microsoft, Amazon, Tesla, Meta, and Nvidia also saw significant declines [3][4]. Chinese Concept Stocks - The Nasdaq Golden Dragon China Index, which includes many Chinese concept stocks, fell by 3% on the same day, indicating a collective sell-off in this sector. Over 40 Chinese concept stocks experienced substantial declines, with Tencent Music down 10.57% and Alibaba down 3.40% [3][4][6]. Employment Data Influence - The catalyst for this market turmoil was a strong U.S. employment report released on February 11, showing a non-farm payroll increase of 130,000 in January, significantly above the expected 70,000. This led to a shift in market expectations regarding Federal Reserve interest rate cuts, with the probability of a March rate cut dropping from 19.6% to 6% [5][6]. Capital Expenditure Concerns - Major tech companies announced aggressive capital expenditure plans for 2026, with Alphabet projecting $175 billion to $185 billion and Amazon estimating $200 billion, both nearly doubling their 2025 expenditures. This raised investor concerns about the return on such investments, especially as many companies reported record profits but saw stock price declines [10][11]. Market Sentiment and Volatility - The market's fear and volatility increased sharply, with the VIX index rising significantly. The sell-off was exacerbated by algorithm-driven trading, which triggered stop-loss orders and led to extreme price movements [15][16][17]. Global Market Impact - The financial turmoil that began in Wall Street quickly spread to global markets, with Asian and European stock markets opening lower in response to the U.S. declines [18].

Core Viewpoint - Yum China reported solid growth in key financial metrics for the fourth quarter and full year of 2025, indicating a positive outlook for 2026 [1][2]. Financial Performance - Total revenue for 2025 reached $11.8 billion, a year-on-year increase of 4% [2] - Operating profit was $1.3 billion, up 11%, with an operating margin of 10.9% [2] - Q4 revenue grew by 9% to $2.823 billion, while operating profit surged 25% to $187 million, driven by a 34% increase in delivery sales, which accounted for 53% of restaurant revenue [2] - Same-store sales increased for three consecutive quarters, with Q4 same-store sales up 3% and transaction volume growing for the 12th consecutive quarter [2] - The company added 1,706 net new stores in 2025, bringing the total to over 18,101, with plans to add 1,900 new stores in 2026, aiming for over 20,000 stores by 2030 [2]. Shareholder Returns - Yum China returned $1.5 billion to shareholders in 2025, including a buyback of approximately 7% of shares, with plans to maintain a similar return in 2026 [2]. Stock Performance - As of February 13, 2026, Yum China's Hong Kong stock closed at HKD 437.00, up 0.60% for the day and 18.56% year-to-date [3] - The U.S. stock closed at $54.62, up 1.81% for the day and 14.41% year-to-date [3] - Recent stock price fluctuations showed a range of -0.05% for Hong Kong shares and -1.89% for U.S. shares, with technical indicators suggesting potential short-term volatility [3]. Institutional Insights - Zhongyou Securities highlighted the positive outlook for 2026, driven by accelerated store expansion, innovative formats like KFC Coffee, and high shareholder return plans [4] - The report noted that delivery sales increased to 54% of total sales, with membership exceeding 590 million, supporting long-term growth resilience [4].

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Industry Overview - The Zacks Retail – Restaurants industry is facing a challenging macroeconomic environment characterized by high costs and declining traffic, but is experiencing sales growth due to menu price hikes and average check growth [1][3] - Industry participants are leveraging partnerships with delivery channels and digital platforms to enhance sales [1] Industry Description - The industry includes various types of restaurants, from casual to fine dining, and also encompasses operators of specialty coffee and quick-service restaurants [2] Current Trends - The restaurant industry is grappling with persistent inflation and reduced consumer purchasing power, leading to declining traffic due to rising menu prices [3] - Intense competition and high wages are contributing to increased expenses, affecting profit margins [4] Future Outlook - The National Restaurant Association projects U.S. restaurant sales to reach approximately $1.55 trillion by 2026, with slight employment growth expected [5] - Restaurants are investing in technology and workforce development to enhance efficiency and guest experiences [5] Digitalization and Off-Premise Sales - Digital innovation and partnerships with delivery services are driving growth, with operators focusing on cost-saving initiatives [6] - The increase in off-premise sales, including delivery and takeout, is positively impacting the industry [7] Industry Performance - The Zacks Restaurant industry has underperformed the S&P 500, declining 6.6% over the past year compared to the S&P 500's rise of 15.8% [10] - The industry is currently trading at a forward 12-month P/E of 25.08X, higher than the S&P 500's 22.9X [13] Key Company Insights - **Brinker International**: Focused on driving traffic and revenues through menu innovation and better service platforms, with anticipated sales and earnings growth of 8% and 19.8% for fiscal 2026 [16][17] - **Yum China**: Benefiting from strong delivery momentum and plans to open over 1,900 new stores by 2026, with projected sales and earnings growth of 7.4% and 15.9% [20][21] - **BJ's Restaurants**: Enhancing operational efficiency and brand positioning through remodeling and menu innovations, with expected sales and earnings growth of 2.4% and 3.3% for 2026 [24][23]

Core Viewpoint - The Ministry of Commerce and nine other units have launched the "2026 'Shopping New Spring' Special Activity Plan" to boost consumer spending during the Spring Festival, with the Rainflower District quickly responding by reintroducing the "Flower Pollen Food Benefit Consumption Season" campaign, including the sixth round of government dining vouchers to be issued on February 14 [1][5]. Group 1 - The sixth round of dining vouchers will be available starting February 14 at 20:00, with a usage period extending until February 23 at 24:00, effectively covering the Spring Festival holiday [1][6]. - The vouchers will be distributed through Meituan and Dazhong Dianping apps, featuring four tiers: 25 yuan off for 80 yuan, 50 yuan off for 150 yuan, 100 yuan off for 350 yuan, and 180 yuan off for 600 yuan [3][5]. - Each consumer can claim one voucher per round, and the vouchers can be combined with merchant discounts and platform subsidies for additional savings [3][5]. Group 2 - The voucher redemption period lasts for 10 days, covering key consumption dates from the third to the seventh day of the Lunar New Year and before the Lantern Festival, encouraging family gatherings and social events [5]. - The initiative reflects efficient use of fiscal funds and aims to enhance the "Rainflower Consumption" brand while stimulating the holiday market through a collaborative model involving government subsidies, platform support, and merchant discounts [5].