FF305 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) | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的 ...

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [5][15] Core Insights - The company reported a revenue of $2.823 billion for Q4 2025, a year-on-year increase of 9%, with operating profit rising by 25% to $187 million and net profit increasing by 24% to $140 million [5][6] - For the full year 2025, the company achieved a revenue of $11.797 billion, up 4% year-on-year, with operating profit of $1.29 billion, an 11% increase, and net profit of $929 million, a 2% increase [5][6] Summary by Sections Company Overview - Latest closing price: HKD 445.60 - Total shares: 354 million - Total market capitalization: HKD 1,578.99 billion - 52-week high/low: HKD 450.00 / HKD 363.80 - Debt-to-asset ratio: 42.21% - Price-to-earnings ratio: 22.05 [4] Financial Performance - Q4 2025 saw a same-store sales growth of 3%, marking the third consecutive quarter of growth, with same-store transaction volume increasing for twelve consecutive quarters [6][7] - The company added 587 new stores in Q4 2025, the highest for the quarter, with a 36% increase in franchise store ratio [7] - The restaurant profit margin for Q4 2025 was 13%, up 70 basis points year-on-year, while the operating profit margin was 6.6%, up 80 basis points [7][8] Growth Drivers - The company’s delivery sales grew by 34% year-on-year, accounting for 53% of restaurant revenue, up from 42% the previous year [8][11] - Membership numbers for KFC and Pizza Hut exceeded 590 million, with active members growing by 13% [8] Future Outlook - The company plans to add 1,900 new stores in 2026, aiming for over 20,000 total stores, with capital expenditures projected at $600-700 million [14] - Revenue growth is expected to be 6.3% in 2026, with net profit growth of 10.1% [15][17]

智通财经APP讯，百胜中国(09987)公布，2026年2月10日耗资约300万美元回购约5.25万股股份。 （原标题：百胜中国(09987)2月10日耗资约300万美元回购约5.25万股） ...

格隆汇2月11日丨百胜中国(09987.HK)发布公告，2026年2月10日耗资300万美元回购5.25万股，回购价 格每股56.7-57.84美元。 ...

Group 1 - Company Yum China (09987) announced a share repurchase plan, spending approximately $3 million to buy back about 52,500 shares on February 10, 2026 [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") 第 3 頁 共 10 頁 v 1.3.0 呈交日期： 2026年2月11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 | | 佔有關事件前的現有已發 | 庫存股份 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company achieved revenues of $11.8 billion and $2.8 billion in Q4 2025, with year-on-year growth of 4% and 9% respectively. Adjusted net profit was $929 million and $140 million for the same periods, reflecting a year-on-year increase of 2% and 22% respectively [1][6] - 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. The dual-brand strategy showed strong performance, with KFC's same-store sales up 3% and Pizza Hut's up 1% [1][6] - Profit exceeded expectations due to effective cost control and improved operational efficiency. KFC and Pizza Hut's store profit margins were 17.4% and 12.8%, respectively, with year-on-year increases of 0.5 and 0.8 percentage points [1] - The company continues to expand its store network, with over 18,000 stores by the end of 2025, adding more than 1,700 stores during the year. KFC opened 1,349 new stores, while Pizza Hut added 444 [2] - The company is committed to high shareholder returns, planning to return a total of $4.5 billion from 2024 to 2026, with a dividend increase of 21% to $0.29 per share in 2026 [2] Financial Projections - Revenue projections for the company are as follows: $11.8 billion in 2025, $12.4 billion in 2026, $13.1 billion in 2027, and $13.9 billion in 2028, with growth rates of 4.4%, 5.2%, 5.9%, and 6.1% respectively [4] - Net profit projections are $929 million in 2025, $1.0 billion in 2026, $1.1 billion in 2027, and $1.2 billion in 2028, with growth rates of 2.0%, 9.1%, 10.4%, and 11.3% respectively [4] - The company’s earnings per share (EPS) are projected to be $2.62 in 2025, $2.86 in 2026, $3.16 in 2027, and $3.52 in 2028 [4]

Group 1 - The Hong Kong Consumption ETF (159735) closed down 0.57% on February 11, with a trading volume of 74.23 million yuan [1] - The fund was established on May 25, 2021, with a management fee of 0.50% per year and a custody fee of 0.10% per year [1] - As of February 10, 2023, the latest share count of the ETF was 1.09 billion shares, with a total size of 958 million yuan, reflecting an 18.49% increase in shares and a 31.90% increase in size year-to-date [1] Group 2 - The ETF's recent trading activity shows a cumulative trading amount of 1.956 billion yuan over the last 20 trading days, with an average daily trading amount of 97.78 million yuan [1] - Year-to-date, the ETF has recorded a cumulative trading amount of 2.512 billion yuan over 28 trading days, with an average daily trading amount of 89.72 million yuan [1] - The current fund manager is Li Yixuan, who has managed the fund since its inception, with a return of -12.98% during the management period [1] Group 3 - The top holdings of the Hong Kong Consumption ETF include Pop Mart, Yum China, Anta Sports, Nongfu Spring, WH Group, Haier Smart Home, Shenzhou International, Midea Group, Li Ning, and Mengniu Dairy, with respective holding percentages [2] - Pop Mart holds the largest share at 10.42%, followed by Yum China at 9.09% and Anta Sports at 7.76% [2] - The total market value of the top holdings varies, with Pop Mart valued at approximately 75.68 million yuan and Yum China at approximately 66.02 million yuan [2]

Core Viewpoint - The company reported a solid performance in Q4 2025, with revenue and net profit growth, alongside a strategic expansion plan targeting over 30,000 stores by 2030 [1][2]. Financial Performance - In Q4 2025, the company achieved revenue of $2.82 billion, a year-on-year increase of 9% - The net profit attributable to shareholders was $140 million, reflecting a 24% year-on-year growth - The operating profit margin and net profit margin for Q4 were 6.6% and 5.0%, respectively, with increases of 0.8 percentage points and 0.5 percentage points year-on-year [1]. Same-store Sales - The company experienced positive same-store sales growth for three consecutive quarters, with a 3% increase in Q4 2025 - KFC's same-store sales grew by 3%, with transaction volume also increasing by 3%, while average ticket size remained flat compared to the same period in 2024 - Pizza Hut's same-store sales rose by 1%, with a 13% increase in transaction volume, although the average ticket size decreased by 11%, aligning with the company's mass-market strategy [1]. Store Expansion Strategy - The company aims to exceed 30,000 stores by 2030, having reached 18,101 stores by the end of 2025, with a net addition of 1,706 stores for the year - In Q4 2025, 587 new stores were opened, with an accelerated opening pace in the second half of the year - The "shoulder-to-shoulder" model and the Gemini store format are key to rapid expansion, with plans to open 2,200 KFC coffee locations and pilot Gemini stores in low-tier cities [2]. Shareholder Returns - The company plans to complete $1.5 billion in share buybacks and dividends in 2026, with average annual shareholder returns of approximately $900 million to over $1 billion from 2027 to 2028 - From 2027, the company intends to return about 100% of free cash flow to shareholders, excluding dividends paid to minority shareholders [3]. Profit Forecast - The projected net profits for 2026, 2027, and 2028 are $1.071 billion, $1.156 billion, and $1.242 billion, respectively, with year-on-year growth rates of 15%, 8%, and 8% - The current price-to-earnings ratios are expected to be 19, 17, and 16 for the years 2026, 2027, and 2028 [3].

Investment Rating - The report maintains a "Buy" rating for Yum China (09987.HK) [4][6] Core Insights - In 2025, Yum China achieved revenue of $11.797 billion, a year-on-year increase of 4%, and a net profit attributable to shareholders of $929 million, up 2% year-on-year. The core operating profit reached $1.292 billion, reflecting an 11% increase [1] - In Q4 2025, the company reported revenue of $2.823 billion, a 9% year-on-year increase, with net profit attributable to shareholders rising 24% to $140 million, and core operating profit increasing 23% to $185 million [1] - The total number of stores reached 18,101 by the end of 2025, with a net increase of 1,706 stores during the year, and the proportion of franchised stores increased to 31% [1] - For 2026, the company aims to exceed 20,000 stores, with a net increase of over 1,900 stores, and targets for KFC and Pizza Hut franchised stores to reach 40%-50% [1] Financial Performance - Same-store sales growth for the company, KFC, and Pizza Hut in Q4 2025 was 3%, 3%, and 1% respectively, with same-store transaction volume increasing by 4% [2] - The overall restaurant profit margin was 13.0%, with KFC at 14.0% and Pizza Hut at 9.9%, reflecting improvements due to reduced costs in raw materials and rent [2] - The company expects revenues of $12.301 billion, $13.343 billion, and $14.382 billion for 2026, 2027, and 2028 respectively, with net profits projected at $1.003 billion, $1.091 billion, and $1.196 billion [5] Strategic Initiatives - New brands are expanding, with K Coffee reaching 2,200 locations and KPRO expanding to over 200 locations, while Pizza Hut's WOW stores are entering approximately 100 new towns [3] - Single-store investment has been optimized, with KFC's investment decreasing from approximately $1.5 million in 2024 to $1.3 million in 2025, and Pizza Hut's from $1.2 million to $1 million [3] - The company plans to maintain shareholder returns at $1.5 billion in 2026, with expectations of average annual returns of $900 million to $1 billion in 2027-2028 [3]