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8月8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 | ...

Group 1: Market Overview - The Hong Kong stock market showed strong performance with the Hang Seng Index rising by 0.69%, the Hang Seng China Enterprises Index increasing by 0.55%, and the Hang Seng Tech Index up by 0.26% [2] - The total market turnover increased to HKD 245.7 billion, with the short-selling amount on the main board at HKD 17.795 billion, accounting for 14.47% of the total trading volume [2] - Southbound trading saw a net inflow of HKD 661 million, a significant decrease compared to previous levels [2] Group 2: Northbound Trading Insights - On August 7, the northbound trading volume reached HKD 221.015 billion, representing 12.11% of the total market turnover [3] - Major stocks in the northbound trading included Kweichow Moutai, Industrial Fulian, and Lanke Technology, with transaction amounts of HKD 2.227 billion, HKD 1.650 billion, and HKD 1.520 billion respectively [3] Group 3: Real Estate Sector Performance - The real estate sector showed improvement in July sales data due to a low base effect from the previous year, with total bond financing in the real estate industry reaching CNY 71.39 billion, a year-on-year increase of 90.3% [3] - Notable stock performances included Yuexiu Property up by 3.04%, Longfor Group up by 3.26%, and China Overseas Land & Investment up by 3.08% [3] Group 4: Logistics Sector Trends - The logistics sector experienced a broad increase in stock prices due to a rise in express delivery base prices in Guangdong and the upcoming peak season in September, which is expected to stabilize prices [4] - Key performers in this sector included ZTO Express up by 4.15% and JD Logistics up by 3.38% [4] Group 5: Company-Specific Analysis - Yum China - Yum China reported a 4% year-on-year increase in total revenue for Q2 2025, reaching USD 2.8 billion, with system sales also up by 4% [7] - The operating profit increased by 14% to USD 304 million, and net profit rose by 1% to USD 215 million, driven by improved efficiency and a rise in delivery revenue [8] - KFC's same-store sales grew by 1%, with total revenue reaching USD 2.09 billion, while Pizza Hut's same-store sales increased by 2% [9][10] Group 6: Future Outlook for Yum China - The company maintains a strong competitive advantage and brand influence in the fast-food sector, with projected net profits of USD 940 million, USD 1.02 billion, and USD 1.05 billion for 2025, 2026, and 2027 respectively [11] - The expected EPS for the same years is HKD 20.1, HKD 21.6, and HKD 22.2 [11]

Group 1: Yum China (百胜中国) - In the first half of the year, Yum China's total revenue reached $5.768 billion, a year-on-year increase of 2% [2] - Operating profit increased by 10% to $703 million, with a second-quarter revenue growth of 4% to $2.8 billion [2] - The company opened 583 new stores, bringing the total to 16,978, with KFC and Pizza Hut achieving significant franchise store targets [2][3] - Same-store sales grew by 1% in Q2, marking the first positive growth since Q1 2024, driven by increased order volume [2] Group 2: Novo Nordisk (诺和诺德) - Novo Nordisk's Q2 total revenue was 76.857 billion Danish Krone, a year-on-year increase of 12.93%, but below analyst expectations [7] - The company lowered its 2025 sales growth forecast to 8-14%, down from 13-21% previously [8] - The diabetes and obesity care segment saw total sales of 71.938 billion Danish Krone, with obesity care sales growing by 47% [8] Group 3: Uber - Uber's Q2 revenue reached $12.65 billion, a year-on-year increase of 18%, exceeding analyst expectations [11] - The total order volume grew by 17% to $46.8 billion, with a significant increase in the food delivery segment [11][12] - Uber announced a new $20 billion stock buyback authorization, planning to return 50% of free cash flow to shareholders [12] Group 4: AMD - AMD's Q2 revenue grew by 32% to $7.7 billion, surpassing analyst expectations, but adjusted EPS fell by 30% [16] - The data center business revenue increased by 14% to $3.2 billion, while client and gaming segments showed strong growth [16][17] - AMD expects Q3 revenue of approximately $8.7 billion, higher than analyst forecasts [17] Group 5: Vistra Energy - Vistra Energy's Q2 total revenue was $4.25 billion, a year-on-year increase of 10.4%, but below analyst expectations [21] - The company is acquiring $1.9 billion worth of natural gas generation assets, expected to enhance free cash flow [22] - The stock price increased by 49.12% over the year, with a target price indicating a potential upside of 15.27% [22]

"肯优麦瑞蜜"组成的超大屏品牌矩阵，有业内新零售专家指出，这五家企业是商圈内最吸引消费者的五个品牌，商场挂出"肯优麦瑞蜜"的宣传图，旨在宣 示自己商圈的竞争力。 有趣的是，"肯优麦瑞蜜"还不是唯一的排列组合。有的商场版本是肯德基+优衣库+麦当劳+瑞幸+蜜雪冰城，组合成网友最熟悉的"肯优麦瑞蜜"。但也有 地方加入了邮政咖啡，硬是把"优"换成了"邮"，组成"肯邮麦瑞蜜"，于是"can you marry me"的英文谐音梗就此成立，连邮政咖啡都被迫营业参与了一场全 国范围的"品牌大联名"。 一个有趣的现象正在全国各大商场蔓延——"肯优麦瑞蜜"品牌矩阵的集体亮相。 从武汉、太原到淄博、合肥，这些商场不约而同地将肯德基（肯）、优衣库（优）、麦当劳（麦）、瑞幸（瑞）和蜜雪冰城（蜜）的品牌标识组合成超大 宣传图，以此作为吸引顾客的"黄金招牌"。 这种现象不仅反映了当下商业地产的招商逻辑，更揭示了这五家企业在消费者心智和商业生态中的特殊地位。为何它们能成为中国商场竞相争夺的"金字 招牌"？ "肯优麦瑞蜜"为何火了？ "肯优麦瑞蜜"这一品牌组合的兴起绝非偶然，它深刻反映了中国消费市场的结构性变化和商业地产的运营新思路。这一现 ...

Group 1: Trade and Economic Data - In July, China's exports grew by 6.7% year-on-year, with total trade value reaching 3.91 trillion yuan, including exports of 2.31 trillion yuan and imports of 1.6 trillion yuan [2] - High-tech product trade contributed significantly to overall growth, with a total of 5.1 trillion yuan in the first seven months, marking an 8.4% increase [2] - ASEAN became China's largest trading partner, with trade value of 4.29 trillion yuan, a 9.4% increase, while trade with the US decreased by 11.1% [2] Group 2: Brain-Computer Interface Industry - Seven Chinese government departments issued guidelines to support the development of the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [4] - The industry is expected to grow significantly, with plans to establish 2-3 development clusters and cultivate globally influential companies by 2030 [4] - China focuses on semi-invasive technologies, while the US emphasizes invasive methods, indicating different strategic approaches in the development of brain-computer interfaces [5] Group 3: Urban Renewal Projects - Shanghai plans to initiate comprehensive urban village renovation projects by 2026, with a focus on improving living conditions and optimizing real estate supply [6][7] - The project aims to address local government financial pressures and improve the housing environment, although its impact on the real estate market may be limited [6][7] Group 4: Apple Manufacturing Investment - Apple announced a commitment to invest an additional $100 billion in US manufacturing, aiming to localize more supply chain processes [8][9] - This investment is part of a broader strategy to mitigate potential tariffs and enhance domestic production capabilities [8][9] Group 5: Fast Food Industry Performance - Yum China reported a 4% year-on-year revenue increase in Q2, with KFC's same-store sales growing by 1% and delivery sales accounting for 45% of total revenue [10][11] - The competitive landscape in the food delivery market has led to increased sales but also rising labor costs for delivery services [10][11] Group 6: AI Talent Recruitment - Major tech companies like Tencent and Alibaba are ramping up recruitment for AI-related positions, reflecting a strong demand for AI talent in the industry [12][13] - The average salary for AI engineers is significantly higher than other professions, indicating a competitive job market [12][13] Group 7: DJI's Entry into Home Robotics - DJI launched its first series of robotic vacuum cleaners, leveraging its expertise in technology from the drone industry [14][15] - The market for robotic vacuums is crowded, and while DJI has technological advantages, its success will depend on effective marketing strategies [14][15]

智通财经APP讯，百胜中国(09987)发布公告，于2025年8月6日斥资626.98万港元回购股份1.785万股，每 股回购价格为347.2-355.4港元。 于同日，斥资320万美元回购股份7.115万股，每股回购价格为44.66-45.46美元。 ...

Group 1 - Company announced a share buyback of 18,000 shares at a cost of HKD 6.27 million on August 6 [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") 呈交日期： 2025年8月7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 第 3 頁 共 11 頁 v 1.3.0 | 21). | 於2025年6月30日在香港購回之股份 | 13,150 | 0 % | HKD | 354.62 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2025年6月30日 | | | | | | 22). | 於2025年7月2日在香港購回之股份 | 17,250 | 0 % | HKD | 362.88 | | | 變動日期 2025年7月2日 | | | | | | 23). | 於2025年7月3日在 ...

Core Viewpoint - Yum China has reported its financial results for the period ending June 30, 2025, highlighting its operational strategies and outcomes in a competitive market environment. The CEO emphasized that the company will not pursue market share through excessive spending on sales [1]. Financial Performance - For the first half of 2025, Yum China's revenue reached $5.768 billion, reflecting a 2% year-over-year increase. The second quarter revenue was $2.787 billion, up 4% from the previous year [5]. - The operating profit for the first half of 2025 was $703 million, a 10% increase compared to $640 million in the same period of 2024 [5]. - Net profit for the first half of 2025 was $546 million, a 2% increase from $535 million in the same period of 2024 [5]. Business Expansion - Yum China plans to add approximately 1,600 to 1,800 new stores by 2025, with KFC and Pizza Hut franchise stores expected to account for 40%-50% and 20%-30% of the new openings, respectively [3]. - The company has adjusted its capital expenditure forecast for fiscal year 2025 to between $600 million and $700 million, benefiting from reduced single-store investment costs [3]. Shareholder Returns - Yum China is expected to return $30 billion to shareholders between 2025 and 2026, following an initial $15 billion return in 2024 [3]. - Citibank's analysis suggests that Yum China's management may significantly reduce cash returns to shareholders, with free cash flow expected to drop from twice the shareholder return ratio in 2024-2026 to equal by 2027 [1]. Brand Performance - KFC, as a core brand, reported a revenue of $4.342 billion for the first half of 2025, a 2% increase year-over-year, with 12,238 stores as of June 30, 2025 [5]. - Pizza Hut generated $1.149 billion in revenue for the first half of 2025, marking a 1% increase, with operating profit rising by 22% to $106 million [6]. Management Changes - Yum China appointed Weizhe Wei, founder and chairman of Jia Yu Capital, to its board, bringing extensive management experience from Alibaba and other sectors [3].

Core Insights - The company reported a revenue of $2.787 billion in Q2 2025, representing a 4.0% year-over-year increase, with an operating profit of $304 million, up 14.3% [1] - The net profit attributable to shareholders was $215 million, reflecting a 1.4% increase, impacted by an investment loss of approximately $18 million [1] - The company achieved a same-store sales growth of 1% in Q2 2025, marking the first positive growth since 2024 [2] Financial Performance - Q2 2025 operating profit margin was 10.9%, an increase of 1.0 percentage points [1] - KFC's revenue was $2.096 billion, up 4.1%, with an operating profit of $292 million, a 10.6% increase [1] - Pizza Hut's revenue reached $554 million, a 2.6% increase, with an operating profit of $46 million, up 15.0% [1] Store Expansion and Efficiency - The company added a net of 336 new stores in Q2 2025, maintaining a full-year target of 1,600 to 1,800 new stores [2] - The proportion of franchise stores is increasing, with KFC and Pizza Hut franchise ratios at 40% and 22% respectively [2] - The restaurant profit margin improved to 16.2%, up 0.7 percentage points, while management expense ratio decreased to 4.7%, down 0.3 percentage points [2] Shareholder Returns - The company has returned $536 million to shareholders in the first half of 2025, including $356 million in stock buybacks and $180 million in cash dividends [3] - The total expected shareholder return for 2025 is at least $1.2 billion [3] Future Outlook - The company has adjusted its net profit forecasts for 2025-2027 to $946 million, $993 million, and $1.065 billion, reflecting a decrease of 3.3%, 4.9%, and 4.0% respectively [3] - The expected EPS for 2025-2027 is projected at $2.67, $2.95, and $3.30, with corresponding PE ratios of 17.7, 16.0, and 14.3 [3] - Operating profit is expected to maintain steady growth, with a CAGR of 7.8% from 2024 to 2027 [3]