智通财经APP讯，百胜中国(09987)公布，2026年2月10日耗资约300万美元回购约5.25万股股份。 （原标题：百胜中国(09987)2月10日耗资约300万美元回购约5.25万股） ...

格隆汇2月11日丨百胜中国(09987.HK)发布公告，2026年2月10日耗资300万美元回购5.25万股，回购价 格每股56.7-57.84美元。 ...

Group 1 - Company Yum China (09987) announced a share repurchase plan, spending approximately $3 million to buy back about 52,500 shares on February 10, 2026 [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") 第 3 頁 共 10 頁 v 1.3.0 呈交日期： 2026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 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company achieved revenues of $11.8 billion and $2.8 billion in Q4 2025, with year-on-year growth of 4% and 9% respectively. Adjusted net profit was $929 million and $140 million for the same periods, reflecting a year-on-year increase of 2% and 22% respectively [1][6] - Same-store sales increased by 1% for the year, with Q4 system sales up 7% and same-store sales up 3%, marking three consecutive quarters of positive same-store growth. The dual-brand strategy showed strong performance, with KFC's same-store sales up 3% and Pizza Hut's up 1% [1][6] - Profit exceeded expectations due to effective cost control and improved operational efficiency. KFC and Pizza Hut's store profit margins were 17.4% and 12.8%, respectively, with year-on-year increases of 0.5 and 0.8 percentage points [1] - The company continues to expand its store network, with over 18,000 stores by the end of 2025, adding more than 1,700 stores during the year. KFC opened 1,349 new stores, while Pizza Hut added 444 [2] - The company is committed to high shareholder returns, planning to return a total of $4.5 billion from 2024 to 2026, with a dividend increase of 21% to $0.29 per share in 2026 [2] Financial Projections - Revenue projections for the company are as follows: $11.8 billion in 2025, $12.4 billion in 2026, $13.1 billion in 2027, and $13.9 billion in 2028, with growth rates of 4.4%, 5.2%, 5.9%, and 6.1% respectively [4] - Net profit projections are $929 million in 2025, $1.0 billion in 2026, $1.1 billion in 2027, and $1.2 billion in 2028, with growth rates of 2.0%, 9.1%, 10.4%, and 11.3% respectively [4] - The company’s earnings per share (EPS) are projected to be $2.62 in 2025, $2.86 in 2026, $3.16 in 2027, and $3.52 in 2028 [4]

Core Viewpoint - The company reported a solid performance in Q4 2025, with revenue and net profit growth, alongside a strategic expansion plan targeting over 30,000 stores by 2030 [1][2]. Financial Performance - In Q4 2025, the company achieved revenue of $2.82 billion, a year-on-year increase of 9% - The net profit attributable to shareholders was $140 million, reflecting a 24% year-on-year growth - The operating profit margin and net profit margin for Q4 were 6.6% and 5.0%, respectively, with increases of 0.8 percentage points and 0.5 percentage points year-on-year [1]. Same-store Sales - The company experienced positive same-store sales growth for three consecutive quarters, with a 3% increase in Q4 2025 - KFC's same-store sales grew by 3%, with transaction volume also increasing by 3%, while average ticket size remained flat compared to the same period in 2024 - Pizza Hut's same-store sales rose by 1%, with a 13% increase in transaction volume, although the average ticket size decreased by 11%, aligning with the company's mass-market strategy [1]. Store Expansion Strategy - The company aims to exceed 30,000 stores by 2030, having reached 18,101 stores by the end of 2025, with a net addition of 1,706 stores for the year - In Q4 2025, 587 new stores were opened, with an accelerated opening pace in the second half of the year - The "shoulder-to-shoulder" model and the Gemini store format are key to rapid expansion, with plans to open 2,200 KFC coffee locations and pilot Gemini stores in low-tier cities [2]. Shareholder Returns - The company plans to complete $1.5 billion in share buybacks and dividends in 2026, with average annual shareholder returns of approximately $900 million to over $1 billion from 2027 to 2028 - From 2027, the company intends to return about 100% of free cash flow to shareholders, excluding dividends paid to minority shareholders [3]. Profit Forecast - The projected net profits for 2026, 2027, and 2028 are $1.071 billion, $1.156 billion, and $1.242 billion, respectively, with year-on-year growth rates of 15%, 8%, and 8% - The current price-to-earnings ratios are expected to be 19, 17, and 16 for the years 2026, 2027, and 2028 [3].

Investment Rating - The report maintains a "Buy" rating for Yum China (09987.HK) [4][6] Core Insights - In 2025, Yum China achieved revenue of $11.797 billion, a year-on-year increase of 4%, and a net profit attributable to shareholders of $929 million, up 2% year-on-year. The core operating profit reached $1.292 billion, reflecting an 11% increase [1] - In Q4 2025, the company reported revenue of $2.823 billion, a 9% year-on-year increase, with net profit attributable to shareholders rising 24% to $140 million, and core operating profit increasing 23% to $185 million [1] - The total number of stores reached 18,101 by the end of 2025, with a net increase of 1,706 stores during the year, and the proportion of franchised stores increased to 31% [1] - For 2026, the company aims to exceed 20,000 stores, with a net increase of over 1,900 stores, and targets for KFC and Pizza Hut franchised stores to reach 40%-50% [1] Financial Performance - Same-store sales growth for the company, KFC, and Pizza Hut in Q4 2025 was 3%, 3%, and 1% respectively, with same-store transaction volume increasing by 4% [2] - The overall restaurant profit margin was 13.0%, with KFC at 14.0% and Pizza Hut at 9.9%, reflecting improvements due to reduced costs in raw materials and rent [2] - The company expects revenues of $12.301 billion, $13.343 billion, and $14.382 billion for 2026, 2027, and 2028 respectively, with net profits projected at $1.003 billion, $1.091 billion, and $1.196 billion [5] Strategic Initiatives - New brands are expanding, with K Coffee reaching 2,200 locations and KPRO expanding to over 200 locations, while Pizza Hut's WOW stores are entering approximately 100 new towns [3] - Single-store investment has been optimized, with KFC's investment decreasing from approximately $1.5 million in 2024 to $1.3 million in 2025, and Pizza Hut's from $1.2 million to $1 million [3] - The company plans to maintain shareholder returns at $1.5 billion in 2026, with expectations of average annual returns of $900 million to $1 billion in 2027-2028 [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q4 2025, the company reported total revenue of $2.8 billion, a year-on-year increase of 7% excluding foreign currency effects, and adjusted net profit of $140 million, a year-on-year increase of 22% excluding foreign currency effects [2][6]. - For the full year 2025, total revenue reached $11.8 billion, a year-on-year increase of 4% excluding foreign currency effects, with adjusted net profit of $929 million, a year-on-year increase of 2% excluding foreign currency effects [2][6]. - The company is expected to open 1,900 new stores in 2026, maintaining a high store opening pace, which is anticipated to drive continued revenue growth [2][9]. Summary by Sections Financial Performance - In Q4 2025, system sales increased by 7% year-on-year, with same-store sales growth of 3% and same-store transaction volume growth of 4%, marking the twelfth consecutive quarter of growth [9]. - KFC's system sales grew by 8% year-on-year in Q4, with same-store sales increasing by 3% [9]. - Pizza Hut's system sales increased by 6% year-on-year, with same-store sales growth of 1% and same-store transaction volume growth of 13% [9]. Store Expansion - The company added 587 new stores in Q4 2025, the highest for that quarter, with 36% being franchise stores [9]. - For the full year, KFC's store count grew by 12% to 12,997, while Pizza Hut's store count also grew by 12% to 4,168 [9]. Profitability - The operating profit margin and restaurant profit margin for KFC improved to 10.5% and 14%, respectively, while for Pizza Hut, they improved to 3.7% and 9.9% [9]. - The overall operating profit margin increased by 0.8 percentage points year-on-year to 6.6% [9].

Investment Rating - The report maintains a "Buy" rating for Yum China (YUMC.US/9987.HK) based on strong fundamentals, solid performance, and a focus on shareholder returns [1]. Core Insights - The report highlights a significant improvement in market sentiment and potential sales recovery, which may help profit margins exceed market expectations [1]. - In Q4 2025, same-store sales growth and operating profit margins significantly surpassed market expectations, with a 25% year-on-year increase in operating profit [14]. - Management observed a positive trend in short-term sales and has slightly increased delivery prices to alleviate rising delivery costs [1][7]. - The company aims for a modest same-store sales growth of 0-2% in 2026, aligning with its long-term growth targets [7]. Financial Performance Summary - Q4 2025 same-store sales grew by 3% year-on-year, with KFC achieving a 3% increase and Pizza Hut a 1% increase [15]. - System sales (excluding FX) increased by 7% year-on-year in Q4 2025, driven by same-store sales growth and rapid store expansion [14]. - The company reported a net profit of $153 million in Q4 2025, a 21.4% increase year-on-year, with a cash dividend of $0.29 per share, up 21% from the previous quarter [14][15]. - For 2026, the company expects to add 1,900 new stores, with a capital expenditure of $600-700 million [17]. Financial Projections - Revenue projections for 2026 are estimated at $12.594 billion, reflecting a 6.8% year-on-year growth [9]. - The net profit for 2026 is projected to be $1.014 billion, a 9.2% increase from 2025 [11]. - The report anticipates a continued decline in raw material costs, although the rate of decrease is expected to slow [7]. Market Valuation - The target price for Yum China is set at $64.8, representing an upside potential of 11.8% from the current price of $57.95 [2]. - The report indicates a market capitalization of $19.723 billion for Yum China [2].

Group 1 - Company Yum China (09987) announced a share repurchase of 52,400 shares for a total cost of $299.99 million on February 9, 2026 [1] - The company has canceled 52,300 shares that were repurchased [1] - Additionally, the company issued 55,100 shares under its long-term incentive plan [1]