Group 1 - The core index, the China Securities Hong Kong-Shenzhen Connect Leisure Index, has shown a recent increase of 1.28% over the past month, but a decline of 2.96% over the last three months, and a year-to-date increase of 0.93% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities Hong Kong-Shenzhen 500 Index, reflecting the overall performance of securities listed in the Hong Kong, Shenzhen, and Shanghai markets [1] - The top ten holdings in the index include Tencent Holdings (13.02%), Kweichow Moutai (11.14%), Meituan-W (8.38%), and Wuliangye (7.38%) [1] Group 2 - The index's holdings are primarily concentrated in the media sector (41.59%), followed by food, beverage, and tobacco (35.38%), and consumer services (21.05%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, such as when a sample company is delisted or undergoes mergers or acquisitions [2]

Group 1 - The Nasdaq Golden Dragon China Index experienced a preliminary decline of 0.6% [1] - Popular Chinese concept stocks such as Xiaoma Zhixing increased by 5.7%, Xiaomi by 4.2%, and Alibaba and NetEase by up to 1.7% [1] - Stocks like XPeng, WeRide, Fangduoduo, NIO, and Yum China saw declines exceeding 1% [1]

Core Insights - The company reported total revenue of $3 billion in Q1 2025, a year-on-year increase of 1% (2% excluding foreign currency effects) [1] - Adjusted net profit reached $292 million, reflecting a 2% year-on-year growth (3% excluding foreign currency effects) [1] Store Expansion - The company added a net of 247 new stores in Q1 2025, with franchises accounting for 25% of the new openings [1] - By brand, KFC added 295 new stores (41% franchise), while Pizza Hut added 45 new stores (33% franchise) [1] - The total number of stores reached 16,642, with KFC at 11,943 and Pizza Hut at 3,769 [1] - The new brand, KFC Coffee, achieved a milestone of 1,000 stores, with potential for further expansion leveraging KFC's resources and membership system [1] Sales Performance - System sales increased by 2% year-on-year, primarily driven by a 4% contribution from net new stores [2] - Same-store sales remained flat, with KFC's same-store sales holding steady and Pizza Hut's same-store sales also unchanged [2] - KFC's same-store transaction volume grew by 4%, while average ticket price declined by 4% due to a broader price range [2] - Pizza Hut saw a 17% increase in same-store transaction volume, with a 14% decline in average ticket price, attributed to more cost-effective product offerings [2] Profitability - The cost structure improved, with raw material costs decreasing, leading to an increase in operating profit margins [3] - KFC's restaurant-level profit margin rose by 0.5 percentage points to 19.8%, driven by lower raw material prices and operational efficiencies [3] - Pizza Hut's restaurant-level profit margin increased by 1.9 percentage points to 14.4%, also benefiting from reduced raw material costs and automation [3] - Overall, the company's core operating profit margin grew by 0.8 percentage points to 13.4% [3] Future Outlook - The company is expected to add 1,600 to 1,800 new stores in 2025, maintaining a high opening pace [4] - Projected net profits for 2025-2027 are $989 million, $1.06 billion, and $1.127 billion, respectively, with corresponding PE ratios of 17, 16, and 15 [4]

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5月20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 | 每股發行/出售價 (註4) ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the benchmark index by over 20% in the next six months [10][16]. Core Insights - The company demonstrated resilience in its financial performance, with Q1 2025 revenue reaching $2.981 billion, a year-on-year increase of 0.78%, and net profit of $292 million, up 1.74% year-on-year [4][10]. - The company is focusing on store expansion and innovation, aiming to add 1,600 to 1,800 new stores in 2025, with a long-term goal of reaching 20,000 stores by 2026 [9][10]. - The report highlights the continuous improvement in same-store sales and a significant contribution from the delivery segment, which has seen a 13% year-on-year growth [6][10]. Company Overview - The latest closing price is HKD 348.00, with a total market capitalization of HKD 1,299.10 billion [3]. - The company has a total of 16,642 stores, with 247 new stores added in Q1 2025, of which 62 are franchise stores [5][9]. - The first major shareholder is JP Morgan Chase & Co. [3]. Financial Performance - In Q1 2025, the company achieved a restaurant profit margin of 18.6%, an increase of 100 basis points year-on-year, driven by lower raw material costs and improved operational efficiency [6][10]. - The company expects revenue growth rates of 4.6%, 6.3%, and 5.7% for 2025, 2026, and 2027, respectively, with net profit growth rates of 2.2%, 11.0%, and 12.4% [10][12]. - The earnings per share (EPS) are projected to be $2.49, $2.77, and $3.11 for the years 2025, 2026, and 2027, respectively [10][12]. Strategic Initiatives - The company is implementing innovative measures, including menu updates and new business models, to expand its target market and increase market share [9][10]. - The report indicates a strong focus on shareholder returns, with $262 million returned to shareholders in Q1 2025, including $172 million in stock buybacks and $90 million in cash dividends [9][10].

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - In Q1 2025, the company reported total revenue of $3 billion, a year-on-year increase of 1% (2% excluding foreign currency effects), and adjusted net profit of $292 million, up 2% (3% excluding foreign currency effects) [2][6]. - The company is expected to add 1,600 to 1,800 new stores in 2025, maintaining a high opening pace, which is anticipated to drive continued revenue growth [2][6]. - The projected net profit for the company from 2025 to 2027 is $989 million, $1.06 billion, and $1.127 billion, respectively, corresponding to a price-to-earnings ratio of 17, 16, and 15 times at the current stock price [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a total revenue of $3 billion, with a 1% year-on-year growth, and an adjusted net profit of $292 million, reflecting a 2% increase [2][6]. - The company’s same-store sales remained flat, with a 4% increase in transaction volume for KFC and a 17% increase for Pizza Hut, while average transaction prices decreased by 4% and 14%, respectively [2][6]. Store Expansion - The company added 247 new stores in Q1 2025, with 25% being franchise stores. KFC accounted for 295 new stores, with 41% being franchises, while Pizza Hut added 45 stores, with 33% being franchises [2][6]. - As of the end of Q1, the total number of stores reached 16,642, including 11,943 KFC stores and 3,769 Pizza Hut stores [2][6]. Profitability - The cost structure improved, with a decrease in the proportion of raw material costs, leading to an increase in operating profit margins. KFC's restaurant profit margin rose by 0.5 percentage points to 19.8%, while Pizza Hut's increased by 1.9 percentage points to 14.4% [2][6]. - Overall, the company's core operating profit margin increased by 0.8 percentage points to 13.4% [2][6].

公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2025年5月18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) 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 | | | 庫存股份變動 | 每股發行/出售價 (註4) ...

Group 1: Fund Manager Dynamics - 11 new fund managers were appointed today, involving 22 funds, primarily from Bosera Fund and Huaan Fund, while 3 fund managers left their positions [1] Group 2: Market Reactions and Adjustments - Multiple public fund industry insiders stated that recent analyses attributing market adjustments to changes in public fund performance benchmarks are inaccurate and unprofessional, indicating no large-scale repositioning among public funds [2] - The Hang Seng Index has added Midea Group and ZTO Express, while the Hang Seng Tech Index has included BYD Company [3] Group 3: Hedge Fund Activities - Michael Burry's Scion Asset Management cleared almost its entire stock portfolio in Q1, establishing new short positions on Nvidia and several Chinese stocks, including Alibaba and JD.com [4] - Soros Capital Management has re-entered Chinese assets, with new positions in Alibaba, Yum China, and iShares China Large-Cap ETF, ranking 5th, 7th, and 8th in their holdings respectively [5] - Soros Fund has heavily invested in AST SpaceMobile and Nvidia while selling shares in AMD and other large tech companies [6] - Bill Ackman's Pershing Square Capital Management bought Uber and completely sold its Nike holdings in Q1 [6] Group 4: Investment Trends and Strategies - PGIM's chairman noted that President Trump's trade war has created uncertainty, leading institutional investors to pause asset allocation decisions regarding investments in the U.S. [7] - The Honghu Fund Phase II, with a scale of 20 billion yuan, is set to invest in the market, focusing on large-cap, liquid, and high-impact quality listed companies [9] - China Life Asset Management has been approved to participate in the third batch of insurance fund long-term investment reform trials [10] Group 5: Fund Market Dynamics - Several money market funds have recently imposed purchase limits to prevent arbitrage impacts and ensure stable operations [11] - Qatar Investment Authority plans to invest $500 billion in the U.S. over the next decade, with current assets totaling $524 billion [12] - Global funds continued to net buy Indian stocks, purchasing 9.3 billion rupees worth of shares [13] Group 6: ETF Market Overview - A-shares saw a collective decline, with the Shanghai Composite Index down 0.4% and total market turnover at 1.1241 trillion yuan, a decrease of 66.3 billion yuan from the previous day [13] - Notable ETF performances included a 3.65% increase in the Invesco S&P Consumer ETF and a 2.37% rise in the Huaan Fund Germany ETF [13] - The engineering machinery ETF experienced a 10% drop, while the financial sector ETFs also saw declines [16]

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5月16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 ...