Core Viewpoint - The meeting between Ren Hongbin, President of China Council for the Promotion of International Trade, and Cui Ruoyong, CEO of Yum China Holdings, focused on enhancing international cooperation in the supply chain and industry, leveraging technology in the restaurant sector, and supporting Chinese enterprises in their global expansion [1] Group 1 - The discussion emphasized the importance of international cooperation in the supply chain [1] - There was a focus on strengthening technological empowerment within the restaurant industry [1] - The meeting aimed to assist Chinese companies in their overseas ventures [1]

有關可能宣派季度股息的董事會決議案的日期 百勝中國控股有限公司董事會（「董事會」）僅此宣佈其考慮宣派及支付季度股息 （「股息」）。倘董事會決定進行，宣派將於2025年8月5日（北京/香港時間）或前後以 董事會決議案採納。 由於截至本公告日期尚未採納有關股息的董事會決議案，概不保證將宣派股息。 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） 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7月24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、董事屈翠容女士及 Robert B. AIKEN 先生、以及 獨立董事 Mikel A. DURHAM 女士、 Edouard ETTEDGUI 先生、葛新女士、 David HOFFMANN 先生、盧蓉女士、 ...

公司名稱： 百勝中國控股有限公司("本公司") 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 FF305 | 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 | 53 | 0 % | USD | 49.08 | | | --- | --- | --- | --- | --- | --- | --- | | | 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 2025年7月23日 | | | | | | | | 於下列日期結束時的結存 (註5及6) 2025年7月23日 | 370,014,441 | | 0 | | 370,014,441 | | | 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6月2日在香港購回之股份 | 13,700 | 0 % | HKD | 340.42 | | | | 變動 ...

Group 1: Zhang Kun's Investment Strategy - Zhang Kun maintains a focus on core consumer stocks and is optimistic about the long-term resilience of the economy, with a total fund size of 55.047 billion yuan as of Q2 2025 [1] - The performance of Zhang Kun's funds in the first half of the year shows a return of 15.38% for the E Fund Asia Select fund, while the E Fund Blue Chip Select fund returned only 0.83% [1][3] - The top ten holdings include Tencent Holdings, Alibaba-W, and Wuliangye, with significant increases in positions for JD Health and SF Express, while Tencent Holdings saw a reduction [2][3] Group 2: Market Analysis and Outlook - Zhang Kun emphasizes that the current low valuations of holdings reflect expectations of future profit declines, making them attractive for long-term investors [4] - He believes that the economic growth will be driven by market forces, individual dynamism, and technological advancements, with a vision for GDP per capita to reach the level of moderately developed countries by 2035 [3][4] Group 3: Zhu Shaoxing's Investment Focus - Zhu Shaoxing's fund, the Fortune Tianhui Select Growth Mixed Fund, has a scale of 23.544 billion yuan and a stock position of 94.05%, with the top ten holdings accounting for 34.98% of net value [5][6] - The top ten holdings include Guizhou Moutai and Ningbo Bank, with new entries like Jerry Holdings and Guangdong Hongda, while companies like BYD and Luxshare Precision have exited the top ten [6][7] Group 4: Market Conditions and Future Expectations - Zhu Shaoxing notes that the market experienced volatility due to trade tensions but expects a resolution through negotiations, with monetary and fiscal policies actively supporting the market [7][8] - He highlights that the overall valuation of A-shares remains attractive, and the risk-reward ratio for equity assets is favorable, focusing on collecting high-potential companies for long-term value realization [8]

Core Thesis - Yum China Holdings possesses a wide economic moat characterized by strong brand recognition, experienced management, and an efficient supply chain with significant leverage over suppliers [1] Business Model and Expansion - The company is pursuing an aggressive business model that includes expansion into third-party delivery services [1]

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7月23日 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) 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 ...

公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年7月22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 。 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 | 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 - The third China International Supply Chain Promotion Expo showcased Yum China’s commitment to sustainable practices and innovation in supply chain management, emphasizing its role in promoting green agriculture and food safety [1][3]. Group 1: Event Overview - The expo took place from July 16 to 20, 2025, in Beijing, with Yum China participating for the second consecutive year [1]. - Yum China presented its "Chuan Sheng Supply Chain Platform" alongside brands like KFC and Pizza Hut, focusing on the "Green Agriculture Chain" [1]. - The company created an over 300 square meter exhibition area, collaborating with over 80 suppliers to highlight key supply chain elements such as cold chain logistics and green packaging [1]. Group 2: Sustainability Initiatives - Yum China is actively promoting participation in "dual carbon" goals, including initiatives for green packaging, carbon reduction in transportation, and energy-efficient equipment [2]. - The company aims for net-zero emissions across its value chain by 2050, being the first restaurant enterprise in China to set mid-term carbon reduction targets [2]. Group 3: Quality and Transparency - The launch of the "Yum He Geng Development Plan" focuses on industry transparency, quality co-construction, and capability cultivation, aiming to build trust within the supply chain [2]. - KFC showcased its quality management efforts through interactive spaces and a documentary on the sourcing of its chicken, highlighting modern farming practices and digital traceability [2]. Group 4: Industry Leadership - Yum China aims to respond to societal expectations regarding food safety, green development, and efficient delivery through its modern supply chain management capabilities [3]. - As a leading "chain master" in the Chinese market, Yum China plans to continue its role in platform construction, standard output, and green transformation [3].

Group 1 - The core index of the China Securities Index for Hong Kong Stock Connect leisure consumption theme is reported at 1223.40 points, with a monthly increase of 1.87%, a three-month increase of 17.74%, and a year-to-date increase of 19.70% [1] - The index consists of 40 listed companies involved in the leisure consumption industry, reflecting the overall performance of these companies within the Hong Kong Stock Connect [1] - The index is based on a reference date of December 30, 2016, with a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the index include Yum China (10.65%), Pop Mart (9.78%), Anta Sports (9.59%), Meituan-W (8.81%), Shenzhou International (7.05%), Li Ning (5.81%), Haidilao (4.32%), Tongcheng Travel (4.18%), Mixue Group (3.03%), and Samsonite (2.97%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, consumer services account for 37.02%, textiles, apparel, and jewelry for 36.42%, durable goods for 18.18%, media for 5.55%, and retail for 2.84% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Special circumstances may lead to temporary adjustments of the index, including the removal of companies that are delisted or undergo significant corporate changes [2]

Group 1 - Starbucks China and Haagen-Dazs China are reportedly seeking to attract investors, with several domestic private equity firms eager to participate, likely influenced by the successful investments in McDonald's China and Yum China [1] - In 2017, McDonald's sold 80% of its China operations for $2.08 billion, resulting in a 212% return for Carlyle Group over six years, with an annualized return of 35% [1] - Yum China, which split from Yum Brands in 2016, has seen significant growth, with its revenue increasing from 46.8 billion yuan in 2016 to 81.3 billion yuan in 2024, a 74% increase [9][10] Group 2 - Yum China's store count has grown from over 7,500 at the end of 2016 to an expected 16,400 by the end of 2024, with plans to reach 20,000 by 2026 [3][32] - The company operates major brands including KFC, Pizza Hut, and Taco Bell in China, and is the largest restaurant operator in the country [3] - Spring Capital has joined the consortium to bid for Starbucks China, leveraging its successful investment in Yum China as a significant advantage [4] Group 3 - Yum China's revenue in China accounted for 53% of Yum Brands' total revenue by 2015, highlighting the importance of the Chinese market to the parent company [5] - Despite challenges between 2012 and 2015, where store growth did not translate into revenue growth, Yum China has since rebounded with strong financial performance post-split [6][9] - The company has implemented a stock incentive plan for its management and employees, which has contributed to its operational success and employee retention [25][30] Group 4 - Spring Capital and Ant Group invested a total of $4.6 billion in Yum China during its split, acquiring significant stakes in the company [13][14] - As of 2020, Spring Capital held approximately 6.3% of Yum China, making it one of the largest shareholders [17][18] - The investment has yielded a substantial return, with Spring Capital's total investment value reaching approximately $11.45 billion by 2025, reflecting a 79% return on investment [22] Group 5 - Yum China has been actively acquiring stakes in suppliers to secure its supply chain, including a 5% stake in San Nong Development, its largest poultry supplier [33] - The company also acquired a majority stake in Huang Ji Huang, a hot pot chain, for approximately $1.85 billion, further diversifying its portfolio [34] - As of 2024, Huang Ji Huang operates around 630 locations, and its performance post-acquisition is still under evaluation [34]