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]

7月16日，第三届中国国际供应链促进博览会(链博会)在北京隆重开幕，全球100余个国家、地区及国际 组织齐聚一堂，共话产业链协同发展。期间，百胜中国正式发布 "百胜和羹发展计划"，并联合供应链 核心合作伙伴举办 "和羹之友分享会"，深度探讨供应链协同共生路径。雪川农业集团董事长王登社受 邀出席发布会及分享会，代表国产马铃薯产业力量参与这一行业盛事。 和羹之美 ：共筑互信生态 "百胜和羹发展计划" 将 "共筑互信生态" 列为核心维度，旨在突破传统采供关系的壁垒，打造以信任为 基石的产业协同网络。这一战略方向与雪川 18 年来坚守的发展理念高度契合。在百胜中国严苛的高品 质标准牵引下，雪川持续精进国产马铃薯的品质管控体系，依托百胜中国覆盖广泛的市场渠道与自身深 耕多年的种植加工优势，双方共同搭建起高效稳定的产销闭环，实现了需求端与供给端的精准对接。 在活动现场，王登社详细介绍了雪川的发展实践：通过构建覆盖种植、加工、仓储、物流全链条的质量 管控体系，雪川已连续多年稳居 "亚洲品牌 500 强"和"中国品牌 500 强" 榜单，品牌价值实现跨越式增 长。 在产业协同层面，双方以西北马铃薯主产区为核心阵地，创新采用 ...

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7月21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 1 頁 共 10 頁 v 1.3.0 | 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 | | 212 | 0 % | USD | 46.83 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 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18日 | | | | | | | | | 於下列日期 ...

Group 1 - The article highlights the importance of global supply chains in the food industry, showcasing how ingredients from various countries come together to create popular food items like hamburgers and beer [1][2] - McDonald's China has partnered with 11 suppliers to form a "McChain," emphasizing both local and global collaboration in its supply chain [2][3] - McDonald's China sources nearly 400 types of ingredients annually, with over 90% of these sourced locally [3] Group 2 - China is increasingly recognized as a "global supply chain hub," moving from being the "global kitchen" as agricultural industries upgrade and supplier capabilities improve [5] - Major global grain traders, such as Cargill, are establishing localized operations in China, with significant investments in processing facilities [5] - Chinese suppliers are not only serving local markets but are also expanding internationally, as seen with Qingdao Jiulian Group exporting meat products to Japan and Europe [5] Group 3 - The article discusses the collaborative efforts between companies to promote green development in supply chains, highlighting partnerships that focus on innovation and sustainability [7][8] - Companies like Yum China and Shanghai Miao Ke Lan Duo Foods are working together on food innovation, particularly in cheese products [7] - The article mentions the signing of a procurement cooperation agreement between Yum China and Guolian Aquatic Products to enhance local seafood applications and support farmers [8]