Group 1 - The core point of the article highlights that Yum China reported a 3% year-on-year increase in system sales for the first half of the year, excluding foreign currency translation effects [1] - The growth in system sales was primarily driven by the contribution of net new store openings, with same-store sales reaching 100% of the previous year's level [1] - Total revenue increased by 2% to $5.8 billion, or 3% when excluding foreign currency translation effects [1] Group 2 - The company added a net total of 583 new stores, with 151 of these being franchise stores, accounting for 26% of the total new openings [1] - As of June 30, 2025, the total number of stores reached 16,978, including 12,238 KFC stores and 3,864 Pizza Hut stores [1] - Operating profit grew by 10% to $703 million, with core operating profit increasing by 11% [1] Group 3 - The company returned $536 million to shareholders in the six months ending June 30, 2025, which included $356 million in stock buybacks and $180 million in cash dividends [1]

Core Insights - Yum China (09987) reported total revenue of $5.768 billion for the six months ending June 30, 2025, representing a year-on-year increase of 2.32% [1] - Net profit for the same period was $507 million, up 1.6% year-on-year, with diluted earnings per share of $1.35 [1] - Operating profit grew by 10% or 11% (excluding foreign currency translation effects), driven by revenue growth, favorable raw material prices, and operational efficiency improvements [1] Financial Performance - Total revenue increased to $5.768 billion, a 2.32% rise compared to the previous year [1] - Net profit reached $507 million, reflecting a 1.6% increase year-on-year [1] - Diluted earnings per share stood at $1.35 [1] - Operating profit growth was attributed to revenue increase and cost efficiencies, despite rising delivery costs and low single-digit wage increases [1] Store Expansion Plans - The company anticipates adding approximately 1,600 to 1,800 new stores in fiscal year 2025, with capital expenditures estimated between $600 million and $700 million, down from the initial target of $700 million to $800 million due to optimized store investment costs [1] - For 2025, the company expects that the proportion of franchise stores among new openings will reach 40-50% for KFC and 20-30% for Pizza Hut, achieving earlier targets [1] - Future plans include increasing the franchise proportion within new store openings within established targets [1] Shareholder Returns - Following a $1.5 billion return to shareholders in 2024, the company plans to return $3 billion to shareholders between 2025 and 2026 [1] - The expected shareholder return for the full year of 2025 is at least $1.2 billion [1]

Core Viewpoint - Yum China reported a total revenue of $5.8 billion for the six months ending June 30, 2025, representing a year-on-year growth of 2%, or 3% excluding foreign exchange impact [1] Financial Performance - Operating profit increased by 10% to $703 million, with core operating profit rising by 11% [1] - Operating profit margin improved by 80 basis points to 12.2%, driven by an increase in restaurant profit margins [1] - Diluted earnings per share grew by 7% to $1.35, or 8% excluding foreign exchange impact; adjusted for a $0.07 equity investment valuation and foreign exchange effects, diluted earnings per share increased by 13% [1] Shareholder Returns - The company returned $536 million to shareholders, which included $356 million in stock buybacks and $180 million in cash dividends [1] Sales Performance - System sales rose by 3% excluding foreign exchange impact, primarily due to contributions from net new stores [1] - Same-store sales reached 100% of the level from the same period last year [1] Store Expansion - A total of 583 net new stores were added, with 151 of these being franchise stores, accounting for 26% of the total [1] - As of June 30, 2025, the total number of stores reached 16,978, including 12,238 KFC stores and 3,864 Pizza Hut stores [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） 截 至 2025 年 6 月 3 0 日止六個月之中期業績公告 百勝中國控股有限公司（「本公司」或「百勝」）（紐交所代號：YUMC及港交所代號：9987）謹此發佈本公司 截至2025年6月30日止六個月（「報告期」）的未經審核簡明合併業績，連同2024年同期可對比數字，該等 資料乃根據美國公認會計準則編製，並由本公司董事會（「董事會」）下屬審計委員會審閱。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2025年8月11日 於本公告日期，本公司董事會包括董事會主席及獨立董事胡祖六博士、執行董事屈翠容女士、非執行董 事Robert B. AIKEN先 生、 以 及 獨 立 董 事Mikel A. DURHAM女 士、Edouard ETTEDGUI ...

Financial Performance - Net income for the quarter ended June 30, 2025, was $233 million, a slight increase from $228 million in the same quarter of 2024, while year-to-date net income reached $546 million compared to $535 million in 2024[9]. - Comprehensive income for Yum China Holdings, Inc. for the quarter ended June 30, 2025, was $268 million, up from $186 million in the same quarter of 2024, and year-to-date comprehensive income was $583 million compared to $402 million in 2024[9]. - Total revenues for the quarter ended June 30, 2025, were $2,787 million, an increase from $2,679 million for the same period in 2024, representing a year-over-year growth of approximately 4%[52]. - Operating profit for the quarter ended June 30, 2025, was $304 million, compared to $266 million for the same quarter in 2024[97]. - Revenue from external customers for the year to date ended June 30, 2025, was $5,768 million, an increase from $5,637 million for the same period in 2024, representing a growth of 2.3%[98]. Cash Flow and Capital Expenditures - Cash provided by operating activities for the year to date ended June 30, 2025, was $864 million, compared to $843 million in the same period of 2024[11]. - Capital spending for the year to date ended June 30, 2025, was $259 million, compared to $358 million in the same period of 2024[11]. - Cash and cash equivalents at the end of the period were $592 million, down from $723 million at the beginning of the period[11]. Assets and Liabilities - Total assets as of June 30, 2025, were $10,983 million, a decrease from $11,121 million as of December 31, 2024[12]. - Total liabilities decreased to $4,514 million as of June 30, 2025, from $4,694 million at the end of 2024[12]. - The total equity of Yum China Holdings, Inc. increased to $6,456 million as of June 30, 2025, from $6,414 million at the end of 2024[12]. Shareholder Returns - The company declared cash dividends of $0.24 per common share, totaling $90 million for the quarter[13]. - Yum China Holdings, Inc. repurchased $368 million worth of common stock during the year to date ended June 30, 2025, compared to $869 million in the same period of 2024[11]. - The company repurchased and retired shares amounting to $186 million during the quarter[13]. Segment Performance - Company sales for KFC were $2,096 million and for Pizza Hut were $554 million for the quarter ended June 30, 2025, compared to $2,014 million and $540 million, respectively, for the same quarter in 2024[52]. - KFC segment revenue for the year to date ended June 30, 2025, was $4,342 million, up from $4,244 million in 2024, marking a growth of 2.3%[98]. - Pizza Hut segment revenue for the year to date ended June 30, 2025, was $1,149 million, an increase from $1,135 million in 2024, representing a growth of 1.2%[98]. Tax and Regulatory Matters - The income tax provision for the quarter ended June 30, 2025, was $80 million, up from $77 million in 2024, with an effective tax rate of 25.8% compared to 25.2% in the prior year[88]. - The effective tax rate for the year to date ended June 30, 2025, was 26.9%, up from 26.2% in 2024, primarily due to higher withholding tax associated with planned repatriation of earnings[88]. - The company is currently evaluating the impact of the One Big Beautiful Bill Act (OBBBA) signed into law in July 2025 on its financial statements[94]. Investments and Acquisitions - The Company acquired a 5% equity interest in Sunner, China's largest white-feathered chicken producer, for $222 million as of June 30, 2025[31][34]. - The Company has strategic equity investments totaling $27 million in eco-system partners as of June 30, 2025[38]. - The Company established a joint venture with Lavazza Group, holding a 65% equity interest, to develop the Lavazza coffee concept in China[20]. Operational Metrics - As of June 30, 2025, the Company operates 12,238 KFC stores and 3,864 Pizza Hut restaurants in China[18][19]. - The company leased over 14,000 properties in China for its restaurants, with lease terms generally ranging from 10 to 20 years[68]. - Total lease liabilities were $2,235 million as of June 30, 2025, down from $2,287 million at the end of 2024[70].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has achieved positive same-store sales growth for the first time since 2024, driven by an increase in transaction volume. In Q2 2025, same-store sales grew by 1%, with transaction volume up by 2%, although the average transaction value declined by 1% due to increased small orders from delivery subsidies [7] - Operational efficiency improvements have led to a continuous rise in restaurant profit margins. The operating profit margin for Q2 was 10.9%, up by 1.0 percentage point year-on-year, while the restaurant profit margin reached 16.1%, an increase of 0.6 percentage points [7] - The company maintains its guidance for a net addition of 1,600 to 1,800 new stores for the year, while lowering capital expenditure guidance. The investment cost per store has decreased, with KFC's cost down to 1.4 million and Pizza Hut's down to 1.1 million [7] - The company plans to return at least $1.2 billion to shareholders through dividends and buybacks in 2025, reflecting confidence in its financial position [7] - Earnings forecasts for 2025-2027 project net profits of $933.54 million, $1.01275 billion, and $1.13752 billion respectively, with corresponding growth rates of 2.5%, 8.5%, and 12.3% [7] Financial Summary - As of August 8, 2025, the company's closing price was HKD 360.00, with a market capitalization of HKD 132,960.66 million. The asset-liability ratio stands at 41.10% [3][6] - Revenue projections for 2025 are estimated at $11,763.26 million, with a year-on-year growth rate of 4.1% [6][8] - The company reported a Q2 2025 revenue of $2.787 billion, a 4% increase year-on-year, and a net profit of $215 million, a 1% increase year-on-year [7]

Group 1 - Yum China (09987) announced a share buyback of 17,500 shares for a total cost of HKD 6.2707 million [1] - The company also repurchased 71,500 shares at a cost of USD 3.2 million [1]

Core Viewpoint - Yum China announced share buybacks on August 8, 2023, indicating a commitment to returning value to shareholders through capital management strategies [1] Group 1: Share Buyback Details - The company repurchased 17,500 shares at a cost of HKD 6.2707 million, with each share priced between HKD 357.6 and HKD 363.8 [1] - Additionally, the company repurchased 71,500 shares on the New York Stock Exchange for a total expenditure of USD 3.2 million [1]

Group 1 - Yum China announced a share buyback plan, spending HKD 6.2707 million to repurchase 17,500 shares [1] - The company also plans to spend USD 3.2 million to buy back 71,500 shares [1]

| 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) | | 2025年8月7日 | | 369,266,628 | | 0 | | | 369,266,628 | | 1). 購回股份 (股份購回並註銷) | | | | -69,855 | 0.02 % | USD | | 45.81 ...