百胜中国(09987)发布公告，于2026年2月12日斥资约300万美元回购5.52万股;斥资770.29万港元回购1.77 万股;注销5.28万股已回购股份;公司采纳的长期激励计划项下的授予而发行11.29万股股票。 ...

格隆汇2月13日丨百胜中国(09987.HK)公告，2月12日耗资770.3万港元回购1.8万股。 ...

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： 2026年2月13日 FF305 | 9). | 於2025年12月16日在香港購回之股份 | | 16,000 | 0 % | HKD | 370.94 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年12月16日 | | | | | | 10). | 於2025年12月17日在香港購回之股份 | | 16,700 | 0 % | HKD | 370.25 | | | 變動日期 | 2025年12月17日 | | | | | | 11). | 於2025年12月18日在香港購回之股份 | | 16,800 | 0 % | HKD | 372.04 | | | 變動日期 | 2025年12月18日 | | | | | | 12). | 於2025年12月19日在香港購回之股份 | | 15,950 | 0 % | HKD | 374.9 ...

Core Viewpoint - The Hong Kong Consumption ETF (159735) has shown positive growth in both share count and fund size since the beginning of the year, indicating increased investor interest and market activity [1][2]. Group 1: Fund Performance - As of February 12, 2023, the Hong Kong Consumption ETF has a total share count of 1.09 billion and a total size of 941 million yuan [1]. - The fund's share count has increased by 18.49% and its size has grown by 29.67% since December 31, 2022, when the share count was 920 million and the size was 726 million yuan [1]. Group 2: Trading Activity - The cumulative trading amount for the Hong Kong Consumption ETF over the last 20 trading days is 1.973 billion yuan, with an average daily trading amount of 98.67 million yuan [1]. - In the year to date, the cumulative trading amount over 30 trading days is 2.655 billion yuan, with an average daily trading amount of 88.51 million yuan [1]. Group 3: Fund Management - The current fund manager of the Hong Kong Consumption ETF is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -12.98% during the management period [2]. - The fund's top holdings include Pop Mart, Yum China, Anta Sports, Nongfu Spring, WH Group, Haier Smart Home, Shenzhou International, Midea Group, Li Ning, and Mengniu Dairy, with varying ownership percentages [2].

Core Insights - The company achieved a total revenue of $11.8 billion for the year 2025, with a year-on-year growth of 4%, and $2.8 billion for Q4, reflecting a 9% increase [1] - Adjusted net profit reached $929 million for the year, up 2% year-on-year, and $140 million for Q4, showing a 22% increase [1] - 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 [1] Financial Performance - KFC and Pizza Hut's profit margins were 17.4% and 12.8% respectively, with year-on-year increases of 0.5 and 0.8 percentage points [2] - The company benefited from a decrease in food costs and rental expenses, which fell by 0.5 and 1.0 percentage points respectively, successfully offsetting the rise in labor costs due to increased delivery service [2] - The company slightly raised prices on some delivery products without affecting customer traffic, leading to improved profit quality [2] Store Expansion and Strategy - The total number of stores exceeded 18,000 by the end of 2025, with a net addition of over 1,700 stores during the year [2] - KFC opened 1,349 new stores (totaling nearly 13,000), while Pizza Hut added 444 stores (totaling 4,168) [2] - New store formats, such as K Coffee and KPro, performed well, with 2,200 and 200 locations respectively, and Lavazza stores numbering 146, enhancing multi-format coverage [2] Shareholder Returns - The company continues to fulfill its commitment to high shareholder returns, with a planned total return of $4.5 billion from 2024 to 2026, averaging $1.5 billion annually [2] - In 2026, the quarterly dividend was raised by 21% to $0.29, with an expected total dividend of approximately $400 million for the year [3] - A share buyback of $460 million was initiated for the first half of the year, with expected annual returns of $900 million to $1 billion from 2027 to 2028 [3] Investment Outlook - The long-tail clearance in the Western fast-food industry solidifies the advantages of leading brands [3] - There remains room for store expansion, supporting stable free cash flow and profitability, which underpins high shareholder returns [3] - The company forecasts a net profit of $1 billion and $1.1 billion for 2026 and 2027 respectively, with current stock prices reflecting a PE ratio of 20 and 18 times [3]

Core Viewpoint - The company reported strong financial performance for Q4 2025, with revenue growth accelerating and continued improvement in operating profit margins, indicating a positive trend in both sales and operational efficiency [1][2][3][4]. Financial Performance - In Q4 2025, the company achieved revenue of $2.823 billion, a year-on-year increase of 9%, with operating profit of $187 million, up 25%, and net profit attributable to shareholders of $140 million, up 24% [1]. - For the full year 2025, total revenue reached $11.797 billion, a 4% increase year-on-year, with operating profit of $1.29 billion, up 11%, and net profit of $929 million, up 2% [1]. Same-Store Sales - Same-store sales grew by 3% in Q4 2025, marking the third consecutive quarter of growth, while same-store transaction volume increased by 4%, continuing a twelve-quarter growth streak [2][3][4]. - The average transaction value remained stable, with a decline in customer spending offset by an increase in delivery orders [3]. Store Expansion - The company added 587 new stores in Q4 2025, the highest for the fourth quarter, with a 36% increase in the proportion of franchise stores [1][5]. - For the full year, a total of 1,706 new stores were opened, with franchise stores accounting for 31% of the total [1]. Delivery and Membership Growth - Delivery sales grew by 34% year-on-year in Q4 2025, representing 53% of restaurant revenue, up from 42% the previous year [2][3][4]. - The combined membership for KFC and Pizza Hut exceeded 590 million, a 13% increase year-on-year, with active members surpassing 265 million [2]. Profitability Metrics - The restaurant profit margin for Q4 2025 was 13%, up 70 basis points year-on-year, while the operating profit margin was 6.6%, an increase of 80 basis points [2][3]. - For the full year, the restaurant net profit margin was 16.3%, up 60 basis points, and the operating net profit margin was 10.9%, also up 60 basis points [1][2]. New Business Initiatives - The company is expanding its market reach through new business models, including KFC's coffee and light meal offerings, which have seen significant growth [5]. - Pizza Hut is enhancing its value proposition by reducing capital expenditures and streamlining operations, particularly in lower-tier cities [5]. Future Outlook - The company plans to add 1,900 new stores in 2026, aiming to exceed 20,000 total stores, with a capital expenditure of $600-700 million [6]. - Continued innovation and expansion into new markets are expected to drive future growth, with a focus on operational efficiency and cost management [6].

Core Insights - Yum China reported a total revenue of $11.8 billion for the full year 2025, representing a 4% year-over-year increase, with operating profit reaching $1.3 billion, up 11% [1] - The fourth quarter revenue grew by 9% to $2.823 billion, and operating profit surged by 25% to $187 million, driven by a 34% increase in delivery sales, which accounted for 53% of restaurant revenue [1] - The company continued its store expansion with a net addition of 1,706 stores, bringing the total to over 18,101 locations across more than 2,500 towns [1] Financial Performance - The operating profit margin improved to 10.9% due to a decrease in raw material costs and optimization of store models, although the average transaction value slightly declined, reflecting a value-for-money strategy [1] - Yum China plans to return $1.5 billion to shareholders in 2025 through share buybacks and dividends, maintaining a stable payout ratio [2] Store Expansion and Strategy - The company aims to add 1,900 new stores in 2026, targeting a total of over 20,000 stores, with capital expenditures projected between $600 million and $700 million [2] - Innovative formats such as KFC Coffee and KPRO are accelerating expansion, contributing to new growth points [2][4] Recent Events - The financial report was released on February 6, 2026, highlighting robust growth in key metrics [3] - On February 8, 2026, the company repurchased 52,300 shares of its Hong Kong stock for $3 million, indicating management's confidence [3] Stock Performance - As of February 12, 2026, Yum China's Hong Kong stock price closed at HKD 434.40, down 2.51% for the day but up 17.85% year-to-date [5] - The stock has shown a positive MACD histogram and a bullish short-term moving average, although the KDJ indicator is at a high level, suggesting potential short-term volatility [5]

百胜中国(09987)公布，2026年2月11日耗资约300万美元回购约5.28万股股份，耗资约771.19万港元回购 1.74万股股份。 ...

智通财经APP讯，百胜中国(09987)公布，2026年2月11日耗资约300万美元回购约5.28万股股份，耗资约 771.19万港元回购1.74万股股份。 ...

同日耗资771万港元回购1.74万股，回购价格每股441.2-447.4港元。 格隆汇2月12日丨百胜中国(09987.HK)发布公告，2026年2月11日耗资300万美元回购5.28万股，回购价 格每股56.36-57.2美元。 ...