Core Insights - Ele.me is experiencing significant growth in rider engagement and income, with a 181% increase in monthly active riders since the launch of Taobao Flash Purchase, and a 236% increase in crowd-sourced riders [1] - The company is committed to enhancing rider experience and support, with plans to continue investing in rider services and rewarding positive contributions [1][2] Group 1: Rider Income and Growth - The number of riders earning over 10,000 yuan in July reached 2.8 times that of the previous year, indicating a strong income growth among riders [1] - On August 7, over 300,000 small restaurants achieved peak transaction volumes, with the total number of Ele.me riders reaching 3.5 times that of the previous year [1] Group 2: Social Security and Rider Support - Ele.me has initiated a pilot program to provide social security for willing riders, addressing varying needs among different rider demographics [2] - The company has implemented various measures to improve rider welfare, including order rewards, weather subsidies, and flexible delivery options during adverse conditions [2] Group 3: Community Engagement and Recognition - Ele.me has recognized riders for their heroic acts, awarding them the title of "Community Hero" and providing rewards for their positive contributions [3] - The company plans to continue enhancing support for riders in areas such as living conditions, development opportunities, and social security [3]

Major Events - Tianyue Advanced (02631) plans to globally offer 47.7457 million H-shares from August 11 to August 14 [1] - Hengrui Medicine (01276) has its injection drugs listed in the proposed breakthrough treatment varieties public notice [1] - Shoucheng Holdings (00697) invests in Southern Universal Data Center REIT and Southern Runze Technology Data Center REIT [1] - Boyaa Interactive (00434) is included in the MSCI Global Small Cap Index [1] Financial Performance - Yum China (09987) reports a net profit of $507 million, an increase of 1.6% year-on-year [1] - Master Kong Holdings (00322) announces a profit attributable to shareholders of 2.271 billion yuan, up 20.5% year-on-year [1] - Q Tech (01478) reports a profit of 308 million yuan, a significant increase of 167.59% year-on-year [1] - Hang Wan Technology (01523) announces a net profit of approximately $21.665 million, up about 13.4% year-on-year, with a dividend of 12.34 HK cents per share [1] - Ruipu Lanjun (00666) reports a gross profit of approximately 829 million yuan, a year-on-year growth of 177.8% [1] - Kingdee International (00268) sees a revenue increase of 11.24% to 3.192 billion yuan, with strong growth in cloud business [1] - Yuyuan Group (00551) reports a profit attributable to shareholders of $171 million, a decrease of 7.2% year-on-year [1] - Boyaa Interactive (00434) reports a profit attributable to shareholders of 226 million HKD, down 27.8% year-on-year [1] - Chongqing Machinery and Electric (02722) expects a net profit attributable to shareholders to increase by about 50% year-on-year [1] - Anton Oilfield Services (03337) anticipates a significant profit increase of 41.6% to 60.5% year-on-year [1] - Sany International (00631) expects a net profit of approximately 1.234 billion to 1.332 billion yuan, an increase of 25% to 35% year-on-year [1] - Datang Renewable (01798) reports a cumulative power generation of approximately 21.3563 million MWh in the first seven months, an increase of 11.75% year-on-year [1] - China Jinmao (00817) reports a cumulative contracted sales amount of 61.807 billion yuan in the first seven months, up 23.12% year-on-year [1] - New Town Development (01030) reports a cumulative contract sales amount of approximately 11.99 billion yuan in the first seven months, down 55.66% year-on-year [1] - Dongfeng Motor Group (00489) reports automobile sales of approximately 978,500 units in the first seven months, a decrease of about 8.9% year-on-year [1] - Hopson Development Holdings (00754) reports a total contracted sales amount of approximately 9.047 billion yuan in the first seven months, down 12.49% year-on-year [1] - Yuyuan Group (00551) reports a net operating income of approximately $667.5 million in July, a year-on-year decrease of 1.9% [1]

Core Insights - Yum China reported a 2% year-over-year increase in total revenue to $5.8 billion, or a 3% increase excluding foreign currency translation effects [1] - Operating profit grew by 10% to $703 million, while core operating profit increased by 11% [1] Store Expansion - The company added a net of 583 new stores, with 151 of those 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 locations and 3,864 Pizza Hut locations [1] Future Outlook - For the fiscal year 2025, Yum China anticipates adding between 1,600 to 1,800 new stores, with capital expenditures estimated at $600 million to $700 million [1] - The company expects that by 2025, the proportion of franchise stores among new KFC and Pizza Hut openings will reach 40-50% and 20-30%, respectively, achieving earlier targets [1] - Yum China plans to return $3 billion to shareholders between 2025 and 2026, with at least $1.2 billion expected in 2025 [1]

Core Viewpoint - Yum China (09987) reported a total revenue of $5.768 billion for the six months ending June 30, 2025, representing a year-on-year increase of 2.32% [1] - The net profit for the same period was $507 million, reflecting a year-on-year increase of 1.6% [1] - Diluted earnings per share for ordinary shares stood at $1.35 [1] Financial Performance - Operating profit grew by 10% or 11% (excluding foreign currency translation effects), driven by increased total revenue, favorable raw material prices, and operational efficiency improvements [1] - The increase in operating profit was partially offset by rising delivery costs due to a higher proportion of affordable products and increased sales from delivery services, as well as low single-digit wage increases [1] Store Expansion and Capital Expenditure - For the fiscal year 2025, the company expects to add approximately 1,600 to 1,800 new stores, with capital expenditures estimated between $600 million to $700 million, a reduction from the initial target of $700 million to $800 million due to optimized single-store investment costs [1] - The company anticipates that the proportion of franchise stores among the net new stores for KFC and Pizza Hut will reach 40-50% and 20-30%, respectively, ahead of previous 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 total shareholder return for 2025 is at least $1.2 billion [1]

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]