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2月12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 | ...

Group 1 - The article provides an update on Yum China Holdings (NYSE: YUMC) following a previous buy recommendation due to a robust growth outlook [1] - The author emphasizes a fundamentals-based approach to value investing, focusing on companies with long-term durability and strong balance sheets [1] - There is a common misconception that low multiple stocks are necessarily cheap, but the author argues that price matters less when the growth potential is significant [1] Group 2 - The article does not contain any disclosures related to stock positions or business relationships with the companies mentioned [2] - It is noted that past performance does not guarantee future results, and no specific investment advice is provided [3]

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2月11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 ...

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 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 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | | 已發行股份（不包括 ...

Core Insights - Yum China Holdings, Inc. (YUMC) reported fourth-quarter 2024 results with earnings exceeding expectations but revenues falling short, showing year-over-year growth in both metrics [1][3]. Financial Performance - Adjusted earnings per share (EPS) for Q4 were 30 cents, beating the Zacks Consensus Estimate of 29 cents by 3.5%, and reflecting a 20% increase year-over-year [3]. - Total revenues reached $2,595 million, missing the consensus estimate of $2,638 million, but still showing a 4% year-over-year increase [3]. - Total costs and expenses were $2.44 billion, slightly below the expected $2.51 billion, while the restaurant margin improved to 12.3%, up 160 basis points year-over-year [5]. - Adjusted net income was $115 million, compared to $103 million in the prior-year quarter, aligning closely with the estimate of $114.1 million [6]. Operational Highlights - Total system sales, excluding foreign currency translation, increased by 4% year-over-year, driven by a net new unit contribution of 5% [4]. - Same-store sales reached 99% of the previous year's level, with same-store transactions growing by 4% year-over-year [4]. - Yum China opened 534 net new stores in Q4, bringing the total restaurant count to 16,395 [9]. Shareholder Returns - The company announced a 50% increase in its cash dividend to 24 cents per share, scheduled for payment on March 27, 2025 [8]. - Yum China aims to return $4.5 billion to shareholders between 2024 and 2026, having delivered a record $1.5 billion in returns in 2024 [7]. Future 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 [11]. - The company anticipates a steady increase in the proportion of net new franchised stores, targeting 40-50% for KFC and 20-30% for Pizza Hut in the coming years [10].

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2月7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 | ...

Fourth Quarter and Fiscal Year 2024 Results 6 February 2025 NYSE: YUMC and HKEX: 9987 Cautionary Statement This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not rel ...

Financial Data and Key Metrics Changes - In Q4 2024, system sales grew 4% year over year, with same-store sales index improving to 99% of prior year levels [7][27] - Core operating profit increased by 35%, with diluted EPS growing by 22% [8][33] - For the full year, system sales grew 5%, and net income reached $911 million, up 13% year over year [35][36] Business Line Data and Key Metrics Changes - KFC system sales increased by 6% in 2024, with a same-store sales index reaching 99% of prior year levels [14][27] - Pizza Hut achieved a 5% growth in same-store transactions and opened a record 412 net new stores [19][20] - The retail segment saw over 30% sales growth and became profitable in 2024 [24] Market Data and Key Metrics Changes - KFC expanded its delivery sales by 16%, continuing a decade-long double-digit growth trend [10] - Pizza Hut's ticket average was 10% lower year over year, aligning with its strategy to become more mass-market [29] - The company opened a record 1,751 net new stores in 2024, ending the year with 16,395 stores [8][35] Company Strategy and Development Direction - The company aims to reach 20,000 stores by 2026, with plans to open 1,600 to 1,800 net new stores in 2025 [40] - Focus on operational efficiency and innovation, with initiatives like Project Fresh Eye and Red Eye enhancing business capabilities [46][48] - The company is committed to maintaining healthy restaurant margins for KFC and improving Pizza Hut's margins in the mid to long run [41][100] Management's Comments on Operating Environment and Future Outlook - Management noted a dynamic external environment but expressed confidence in maintaining positive same-store transaction growth [42][43] - The company anticipates wage inflation in 2025 but aims to offset this through operational efficiency [40][102] - Management highlighted the importance of innovation and operational efficiency in driving long-term sustainable growth [53][54] Other Important Information - The company plans to return $4.5 billion to shareholders from 2024 through 2026, with a 50% increase in quarterly dividends [36][38] - The company generated $714 million in free cash flow in 2024 and ended the year with $2.8 billion in net cash [37] Q&A Session Summary Question: Insights on the competitive landscape and market share opportunities - Management observed rationalization in marketing promotions and modest price increases, indicating a healthier competitive landscape [60][61] - There are still significant opportunities for market share expansion, particularly in lower-tier cities [67] Question: Implications of new store expansion strategy - The company is aggressively pursuing new store openings in both top-tier and lower-tier cities, with a focus on achieving a two-year payback period [75][76] - Franchise stores are being accelerated to capture incremental opportunities in strategic locations [80] Question: Timing for same-store sales and margin improvements - Management indicated that the same-store sales growth strategy is working, with a focus on maintaining stable ticket averages while driving traffic [92] Question: Future margin improvement trends - The company expects core OP margin to remain stable or slightly improve year over year, with ongoing efforts to optimize costs [99][132] Question: Store economics of the Pizza Hut Wow model - The Pizza Hut Wow model is still maturing, with early signs of significant outperformance in dine-in sales, but margins are still being optimized [115][116] Question: Labor cost dynamics and delivery sales - While delivery sales are increasing, the company is implementing efficiency measures to manage labor costs effectively [130][131] Question: Pricing strategy and its impact on same-store sales - Management plans to continue driving down the ticket average for Pizza Hut while maintaining margin neutrality through innovation [140][141]

Core Insights - Yum China Holdings reported $2.6 billion in revenue for Q4 2024, a year-over-year increase of 4.1% and an EPS of $0.30 compared to $0.25 a year ago, with a slight revenue miss against the Zacks Consensus Estimate of $2.64 billion [1] - The company delivered an EPS surprise of +3.45%, exceeding the consensus EPS estimate of $0.29 [1] Financial Performance Metrics - Total number of restaurants reached 16,395, surpassing the average estimate of 16,354 [4] - Company sales revenue was $2.43 billion, below the average estimate of $2.47 billion, reflecting a year-over-year change of +3.9% [4] - Revenues from transactions with franchisees amounted to $101 million, slightly below the average estimate of $103.57 million, with a year-over-year increase of +12.2% [4] - Franchise fees and income were reported at $22 million, compared to the average estimate of $23.47 million, showing a year-over-year change of +10% [4] Segment Performance - Pizza Hut generated revenues of $510 million, below the average estimate of $519.81 million, with a year-over-year change of +2.8% [4] - KFC reported revenues of $1.95 billion, compared to the average estimate of $1.98 billion, reflecting a year-over-year increase of +4.4% [4] - Other revenues from Pizza Hut were $7 million, exceeding the average estimate of $5.99 million, but showing a year-over-year decline of -12.5% [4] Stock Performance - Yum China's shares returned +4.5% over the past month, outperforming the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Earnings Performance - Yum China Holdings reported quarterly earnings of $0.30 per share, exceeding the Zacks Consensus Estimate of $0.29 per share, and up from $0.25 per share a year ago, representing an earnings surprise of 3.45% [1] - Over the last four quarters, the company has surpassed consensus EPS estimates four times [2] - The company posted revenues of $2.6 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 1.64%, compared to year-ago revenues of $2.49 billion [2] Stock Performance and Outlook - Yum China shares have declined approximately 5.5% since the beginning of the year, while the S&P 500 has gained 3.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] Estimate Revisions and Industry Context - The estimate revisions trend for Yum China is currently mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $0.79 on revenues of $3.11 billion, and $2.55 on revenues of $12.13 billion for the current fiscal year [7] - The Retail - Restaurants industry, to which Yum China belongs, is currently in the top 21% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]