百胜中国2023中期报告

二零二三中 期 報 告 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36202320226 30. . . . . . . . . . . . . . . . .3820232022630. . . . . . . . . . . . .3920232022630. . . . . . . . . . . . .40202363020221231. . . . . . . . . . . . . . . . .41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 193327A193421E1995 (i)2022(ii) Lavazza 2022202363013,0001,900Lavazza20224Lavazza GroupLavazza1987 35 20236 301,9009,500 20236 306503,000 6% 201811 202320226 30 2022COFFii & JOY14 Lavazza (b) (a)20181 1 (b) 2023630202363016%24%11% 202320226 30 (a) (b) EBITDA 2023 2023 1,1001,300 79 EBITDA (1)(2) (1)202020%200% (2) EBITDAEBITDA EBITDA 202212 318 Lavazza2022COFFii & JOY 1313 3 25%20236 302022 202363020221231 2020120236 30 20236 3012 201620062015YUM12 2023630 920236 30 202267[2022]21202271201933120193 31 2016516%5%6%9%13%201717%13%11%6%13%9%6% [2022]21202263030320236307555 20236 30 [2019]39[2019]87[2022]112019412022123110%15%20231[2023]1202312315%10%[2022]21202271202282023 199 2022522023598 201651 20225132023230 2020922 12202379 202320226 30 20226092023924 20237310.132023918202382854 10%50% 25%10% 20236304,5966343,000414220 20223 17102410b5-1202320226 301242.14009.0 20236 30LPRSOFR 202320226 300.130.12108101 20236302213020236 301221 20236 302712122018 15 20236 302,656202327311,00011 20236 3015 2023630202212312023630202212312 2023630413 20236 3021272022123181 12202363012 20236 301,378 163 202379 2 202320226 30 202332023-018422023-01 2023630430,00090%72% 2023-01202411 64 201898.47420204.2543 20236 3010% 20236 30XV(a)XV78(b)352(c)10 (1)(2)20236 30417,352,861(3)(i)36,682(ii) 1,284,521(a)2023630(b)(c)(4)Best Ease International Limited(5)Darby Settlement Trust (6)Peter A. BassiBassi Family Trust (7)Pollos Investment L.P.Pollos InvestmentPollos Investment(8)WMJ Investing Limited(9)2023525David Hoffmann20237 14 (ii) (3)20222Y&LY&LLavazza GroupLavazzaY&LLavazzaLavazza GroupLavazzaLavazzaLavazza20222LavazzaLavazzaGroupLavazzaY&L 20236 30XV23336 Invesco Advisers, Inc.(3)Invesco Developing Markets Fund(3)BlackRock, Inc.(4)(JP Morgan Chase & Co.)(5) (1)(S) (2)20236 30417,352,861 (3)Invesco Developing Markets Fund24,264,486Invesco Developing Markets FundInvesco Advisers, Inc.Invesco Advisers, Inc.Invesco Ltd.Invesco Advisers, Inc.Invesco Developing Markets Fund Invesco Advisers, Inc.2023630InvescoAdvisers, Inc.32,625,786Invesco Advisers, Inc.32,625,786 (4)BlackRock, Inc.20236 16BlackRock,Inc.28,848,55951,70045,400141,051 (5)202342643,825,6303,372,88324,807,13914,006401,177122,6223 (v) 2022202220222016202210242022(i)(ii)422(iii)(iv) (i)2022 20236 30202230,706,464202228,950,059 2022 (3)4.2%39.3% (4)20231 1202512 31MSCI0%200% (1) (2) (3) (4) 2022 315,0002023620236120245 31 2023520236 225,000 Bassi35,00017,500 25,000Ettedgui12,50020,000 Ettedgui10,00020,000BassiEttedgui10,000 2022 (1)(2)(3)57.13(4)Bassi202250,00050%50%(5)(6)2023525202262022620235 2022 (1)10 (2) (3)7183.9%6.536.3%0.8% (4)25% (1) (2) (3)4.2%39.3% (4)20221 1202312 31202411202512 310%200% (5)20231 1202512 31MSCI0%200% (1) (2) (3) (5)50% (6) 20220.2%(1)20236 30(2) (ii)2016 2016Yum! Brands, Inc.YUM2022202210 2420162016201620222016 (1)1025% (2) (2)20201120231231EBITDA0%200% (3)20211 1202312 31MSCI0%200% (4)20221 1202412 31MSCI0%200% (1) (2) (4)25% (1)25%YUM (2)37.18YUM21.74 (3) (1)MSCI (1) (2) E.1.2(a)(c)(d)(i)(ii)(iii)3.25 142 20236 30 A.2.1B.3.1 D.3.3D.3.7E.1.2 UXINVolvo Car ABVOLCAR-BiDreamSkyTechnologies LimitedBLCT1996 20234Volvo Car ABVOLCAR-B 202213.51B(1) 2019Atypical Ventures2006DCM ChinaDCM12Ecommerce China Dangdang Inc.Pactera Technology International Ltd.2003DCMGoldman Sachs & Co.UnileverUL 20236 302.1124 * 20236 30 20236 30 20236 302410 162023630 38722023630 2410 2023630 20238 9 1 20164 1 Lavazza2016Yum! Brands, Inc.YUMYUM20201 1YRI China Franchising LLCYUM201610 31201912 31Yum! Restaurants Asia Pte. Ltd.YUMYUM20224201610315020224155050YUM3% 198720236 309,50058%70%83%92%60% 199020236 303,000 2020Luigi Lavazza S.p.A.Lavazza GroupLavazza20219Lavazza GroupLavazzaLavazza65% 2017 Lavazza2022COFFii & JOY2021202232022COFFii & JOY14 YUMC20209 10998741,910,7002220221024 2 20236 30202320226 3010-K20222022 2021102021-088052021-0860620231 1 202232022-012022-0120231 1 202232022-022022-0231032620231 1 202262022-032022-0320231