Yum China Reports Third Quarter Results

2024-11-05 Yum China Holdings, Inc. HaiPress

Robust Sales Growth,Margin Expansion and 33% Diluted EPS Growth

Sequential Improvement in Same-Store Sales Index and Seventh Consecutive Quarter of Same-Store Transaction Growth

Operating Profit Increased by 15% to $371 Million and Core Operating Profit1 Grew 18%

Stepping up Capital Returns to Shareholders by 50% to $4.5 Billion for 2024-2026

SHANGHAI,Nov. 4,2024 -- Yum China Holdings,Inc. (the "Company" or "Yum China") (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the third quarter ended September 30,2024.

Third Quarter Highlights

Total system sales grew 4% year over year ("YoY"),excluding foreign currency translation ("F/X"). The growth was primarily attributable to 7% of net new unit contribution.2

Total store count reached 15,861 as of September 30,2024,including 11,283 KFC stores and 3,606 Pizza Hut stores. The Company opened 438 net new stores in the third quarter. 145 net new stores,or 33%,were opened by franchisees.

Total revenues increased 5% YoY to $3.07 billion,an all-time quarter high (a 4% increase excluding F/X).

Delivery sales grew 18% YoY,maintaining the double-digit annual growth Yum China has sustained over the past decade. Delivery contributed approximately 40% of KFC and Pizza Hut's Company sales.

Same-store sales reached 97% of the prior year's level,improved from 96% in the second quarter. Same-store transactions grew 1% YoY,the seventh consecutive quarter of growth.

Operating profit grew 15% YoY to $371 million (a 14% increase excluding F/X). Core operating profit1 grew 18% YoY.

OP margin3was 12.1%,an increase of 100 basis points YoY,supported by resilient restaurant margins and savings in G&A expenses.

Restaurant margin was 17.0%,steady YoY. Excluding $15 million in items affecting comparability,restaurant margin increased by 50 basis points YoY,driven by improved operational efficiencies.

Diluted EPS increased33% YoY to $0.77 (a 32% increase excluding F/X). Excluding the impact of the mark-to-market equity investments in the third quarter of 2024 and 2023,Diluted EPS increased 19% YoY.

Digital sales4reached $2.61 billion,with digital ordering accounting for approximately 90% of total Company sales.

Total membership of KFC and Pizza Hut exceeded 510 million. Member sales accounted for approximately 64% of KFC and Pizza Hut's system sales in aggregate.

Yum China returned $248 million to shareholders in the third quarter,through $187 million in share repurchases and$61 million in cash dividends. In the first nine months,the Company returned $1.24 billion to shareholders,nearly three times the amount returned in the same period last year.

Joey Wat,CEO of Yum China,commented,"We delivered strong results again in the third quarter. Operating profit increased by 15%,core operating profit grew 18%,and diluted EPS increased by 33%. OP margin expanded by 100 basis points,and restaurant margin improved year-over-year on a comparable basis. We also achieved seven consecutive quarters of same-store transaction growth and decade-long double-digit delivery sales growth. Our RGM 2.0 strategy is executing effectively,with a dual focus on operational efficiency and innovation. Savings generated from improved efficiency allowed us to reinvest in food innovation and our value-for-money offerings,driving incremental traffic to our stores. Same-store sales index improved sequentially for both KFC and Pizza Hut. These results demonstrate the effectiveness of our strategy and our ability to outperform in a challenging and fluid environment."

Wat added,"We regard both system sales and same-store sales growth as equally important. With these priorities in mind,we continue to drive menu innovations,infusing fresh energy into our flagship products. By optimizing our delivery strategy,we have captured more smaller order transactions and gained market share on aggregator platforms. Our breakthrough business models,side-by-sideKCOFFEE Cafes and Pizza Hut WOW,enabled us to broaden our addressable market and capture new customer demand,reaching 500 and 150 stores,respectively."

Wat concluded,"We see ample opportunities across China to enter underserved markets and enhance customer access. With tailored store models,we are accelerating franchise store openings to unlock additional opportunities. Our franchise strategy focuses on accessing strategic and remote locations as well as lower tier cities previously beyond our reach. We anticipate the franchise mix of net new stores will gradually increase to 40-50% for KFC and 20-30% for Pizza Hut over the next few years. Looking ahead,we are committed to returning excess capital to shareholders as we continue investing in driving business growth. With our confidence in our cash generating capabilities,we plan to step up capital returns to shareholders,increasing from $3 billion to $4.5 billion between 2024 and 2026."

[1] Core operating profit is defined as operating profit adjusted for special items,further excluding items affecting comparability and the impact of F/X. The Company uses core operating profit for the purposes of evaluating the performance of its core operations. Please refer to "Reconciliation of Reported GAAP Results to Non-GAAP Measures" included in the accompanying tables of this release for further details.

[2] Net new unit contribution refers to sales contribution from net new stores.

[3] OP margin refers to operating profit as a percentage of total revenues.

[4] Digital sales refer to sales at Company-owned stores where orderings were placed digitally.

Key Financial Results

Third Quarter

Year to Date Ended 9/30

%/ppts Change

2024

2023

Reported

ExF/X

2024

2023

Reported

ExF/X

System Sales Growth (5) (%)

Same-Store Sales Growth (5) (%)

(3)

Operating Profit ($mn)

371

323

+15

+14

1,011

996

Adjusted Operating Profit (6) ($mn)

371

327

+13

1,011

1,005

Core Operating Profit (6) (7) ($mn)

369

312

+18

1,040

951

+10

OP Margin (%)

12.1

11.1

+1.0

11.6

11.7

(0.1)

—

Core OP Margin (6) (8) (%)

12.1

10.7

+1.4

11.7

11.2

+0.5

Net Income ($mn)

297

244

+22

+21

796

730

+12

Adjusted Net Income (6) ($mn)

297

248

+20

+19

796

739

+11

Diluted Earnings

Per Common Share ($)

0.77

0.58

+33

+32

2.03

1.73

+17

+20

Adjusted Diluted Earnings

Per Common Share (6) ($)

0.77

0.59

+31

+30

2.03

1.75

+16

+19

[5] System sales and same-store sales percentages exclude the impact of F/X. Effective January 1,2018,temporary store closures are normalized in the same-store sales calculation by excluding the period during which stores are temporarily closed.

[6] See "Reconciliation of Reported GAAP Results to Non-GAAP Measures" included in the accompanying tables of this release for further details.

[7] Current period amounts are derived by translating results at average exchange rates of the prior year period.

[8] Core OP margin refers to core operating profit as a percentage of total revenues excludingF/X.

Note: All comparisons are versus the same period a year ago.

Percentages may not recompute due to rounding.

NM refers to not meaningful.

Stepping Up Capital Returns to Shareholders

The Company plans to step up the capital returns to shareholders from $3 billion to $4.5 billion between 2024 and 2026,representing an increase of 50%.

As part of the enlarged capital returns program,the Company plans to return $1.5 billion for the full year 2024. In the first nine months,the Company returned a record $1.24 billion to shareholders,including $1.06 billion in share repurchases and $187 million in cash dividends. Yum China repurchased 27.3 million shares of common stock,which is equivalent to approximately 7% of its outstanding shares as of December 31,2023.

In November 2024,Yum China's board of directors (the "Board") increased the Company's share repurchase authorization by $1 billion,bringing total authorization since 2017 to an aggregate of $4.4 billion. From 2017 to November 1,the Company repurchased approximately 71.8 million shares of common stock for $3.0 billion. Our remaining authorization is approximately $1.4 billion.

The Board declared a cash dividend of $0.16 per share on Yum China's common stock,payable on December 17,to shareholders of record as of the close of business on November 26,2024.

KFC

Third Quarter

Year to Date Ended 9/30

%/ppts Change

2024

2023

Reported

Ex F/X

2024

2023

Reported

Ex F/X

Restaurants

11,283

9,917

+14

11,917

+14

System Sales Growth (%)

Same-Store Sales Growth (%)

(2)

Total Revenues ($mn)

2,311

2,186

6,555

6,368

Operating Profit ($mn)

364

342

1,000

1,035

(3)

(1)

Core Operating Profit ($mn)

362

332

1,027

991

OP Margin (%)

15.7

15.6

+0.1

+0.2

15.2

16.3

(1.1)

(1.0)

Restaurant Margin (%)

18.3

18.6

(0.3)

18.0

19.4

(1.4)

System sales for KFC grew 6% YoY in the quarter,primarily driven by net new unit contribution of 8%.

Same-store sales reached 98% of the prior year's level,improved from 97% in the second quarter.

Delivery sales grew 19% YoY,continuing the double-digit annual growth trend since the spin-off and contributing approximately 40% of KFC's Company sales for the quarter. Off-premises dining accounted for approximately 68% of KFC's Company sales.

KFC opened 352 net new stores during the quarter. 134 net new stores,or 38%,were opened by franchisees. Total store count reached 11,283 as of September 30,2024.

Operating profit grew 6% YoY to $364 million,a record level for the third quarter since the spin-off. Core operating profit increased 9% YoY.

OP margin was 15.7%,an increase of 10 basis points YoY.

Restaurant margin was 18.3% for the quarter. Excluding items affecting comparability,restaurant margin increased by 30 basis points,primarily due to improved operational efficiency and favorable commodity prices,partially offset by increased value-for-money offerings to drive traffic and wage inflation.

Pizza Hut

Third Quarter

Year to Date Ended 9/30

%/ppts Change

2024

2023

Reported

Ex F/X

2024

2023

Reported

Ex F/X

Restaurants

3,606

3,202

+13

3,202

+13

System Sales Growth (%)

Same-Store Sales Growth (%)

(6)

Total Revenues ($mn)

615

599

1,750

—

Operating Profit ($mn)

+13

139

137

Core Operating Profit ($mn)

+20

143

129

+12

OP Margin (%)

8.6

7.8

+0.8

8.0

7.8

+0.2

Restaurant Margin (%)

12.8

12.7

+0.1

12.8

13.1

(0.3)

System sales for Pizza Hut grew 2% YoY in the quarter,primarily driven by net new unit contribution of 7%.

Same-store sales reached 94% of the prior year's level,improved from 92% in the second quarter.

Delivery sales grew 11% YoY,contributing approximately 39% of Pizza Hut's Company sales for the quarter. Off-premises dining accounted for approximately 49% of Pizza Hut's Company sales.

Pizza Hut opened 102 net new stores during the quarter. 15 net new stores,or 15%,were opened by franchisees. Total store count reached 3,606 as of September 30,2024.

Operating profit grew 13% YoY to $52 million. Core operating profit increased 20% YoY.

OP margin was 8.6%,an increase of 80 basis points YoY.

Restaurant margin was 12.8% for the quarter. Excluding items affecting comparability,restaurant margin was up 60 basis points YoY. Higher operational efficiency and favorable commodity prices offset the impact of increased value-for-money offerings to drive traffic and wage inflation,resulting in an increased margin.

Outlook

The Company's targets for the 2024 fiscal year remain unchanged from the prior period's disclosures.

Open approximately 1,500 to 1,700 net new stores.

Make capital expenditures in the range of approximately $700 million to $850 million.

Return a Company record-setting $1.5 billion to shareholders through quarterly cash dividends and share repurchases.

Note on Non-GAAP Measures

Reported GAAP results include items that are excluded from non-GAAP measures. See "Reconciliation of Reported GAAP Results to Non-GAAP Measures" and "Segment Results" within this release for non-GAAP reconciliation details.

Conference Call

Yum China's management will hold an earnings conference call at 7:00 a.m. U.S. Eastern Time on Monday,November 4,2024 (8:00 p.m. Beijing/Hong Kong Time on Monday,2024).

This change from the Company's previous practice of releasing earnings after the U.S. market closes (before the trading hours of the Hong Kong Stock Exchange) is designed to better serve our global investor base by offering a more convenient time.

A live webcast of the call may be accessed at https://edge.media-server.com/mmc/p/asco39nb.

To join by phone,please register in advance of the conference through the link provided below. Upon registering,you will be provided with participant dial-in numbers,a passcode and a unique access PIN.

Pre-registration link: https://s1.c-conf.com/diamondpass/10042700-y56ut2.html

A replay of the conference call will be available one hour after the call ends until Monday,November 11,and may be accessed by phone at the following numbers:

U.S.:

1 855 883 1031

Mainland China:

400 1209 216

Hong Kong:

800 930 639

U.K.:

0800 031 4295

Replay PIN:

10042700

Additionally,this earnings release,the accompanying slides,as well as the live and archived webcast of this conference call will be available at Yum China's Investor Relations website at http://ir.yumchina.com.

For important news and information regarding Yum China,including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange,visit Yum China's Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors,some of which may contain material and previously non-public information.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,including under "2024 Outlook." We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook," "commit" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends,current conditions and expected future developments,as well as other factors that we believe are appropriate and reasonable under the circumstances,but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include,without limitation,statements regarding the future strategies,growth,business plans,investments,store openings,capital expenditures,dividend and share repurchase plans,CAGR for system sales,operating profit and EPS,earnings,performance and returns of Yum China,anticipated effects of population and macroeconomic trends,pace of recovery of Yum China's business,the anticipated effects of our innovation,digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations,estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release,and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances,except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements,including,without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated,if at all,the success of our marketing campaigns and product innovation,our ability to maintain food safety and quality control systems,changes in public health conditions,our ability to control costs and expenses,including tax costs,as well as changes in political,economic and regulatory conditions in China,and those set forth under the caption "Risk Factors" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Our plan of capital returns to shareholders is based on current expectations,which may change based on market conditions,capital needs or otherwise. In addition,other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.

About Yum China Holdings,Inc.

Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company has approximately 400,000 employees and operates over 15,000 restaurants under six brands across around 2,200 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China,respectively. In addition,Yum China has partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class,digitalized supply chain,which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world's most innovative pioneer in the restaurant industry. For more information,please visit http://ir.yumchina.com.

Contacts

Investor Relations Contact:

Tel: +86 21 2407 7556

IR@YumChina.com

Media Contact:

Tel: +86 21 2407 8288 / +852 2267 5807

Media@YumChina.com

Yum China Holdings,Inc.

Condensed Consolidated Statements of Income

(in US$ million,except per share data)

(unaudited)

Quarter Ended

% Change

Year to Date Ended

% Change

9/30/2024

9/30/2023

B/(W)

9/30/2024

9/30/2023

B/(W)

Revenues

Company sales

$ 2,895

$ 2,759

$ 8,217

$ 8,048

Franchise fees and income

Revenues from transactions with franchisees

116

100

319

282

Other revenues

100

Total revenues

3,071

2,914

8,708

8,485

Costs and Expenses,Net

Company restaurants

Food and paper

918

858

(7)

2,611

2,466

(6)

Payroll and employee benefits

728

699

(4)

2,102

2,047

(3)

Occupancy and other operating expenses

755

732

(3)

2,126

2,098

(1)

Company restaurant expenses

2,401

2,289

(5)

6,839

6,611

(3)

General and administrative expenses

139

169

412

485

Franchise expenses

(11)

(6)

Expenses for transactions with franchisees

110

(16)

306

270

(13)

Other operating costs and expenses

(10)

(17)

Closures and impairment expenses,net

—

(32)

Other expenses (income),net

—

(1)

Total costs and expenses,net

2,700

2,591

(4)

7,697

7,489

(3)

Operating Profit

371

323

1,011

996

Interest income,net

(32)

100

124

(19)

Investment gain (loss)

(4)

(32)

Income Before Income Taxes and

Equity in Net Earnings (Losses) from

Equity Method Investments

436

365

1,161

1,088

Income tax provision

(119)

(100)

(19)

(309)

(296)

(5)

Equity in net earnings (losses) from

equity method investments

(11)

Net income – including noncontrolling interests

319

267

854

794

Net income – noncontrolling interests

Net Income – Yum China Holdings,Inc.

$ 297

$ 244

$ 796

$ 730

Effective tax rate

27.3%

27.5%

0.2

ppts.

26.6%

27.2%

0.6

ppts.

Basic Earnings Per Common Share

$ 0.77

$ 0.59

$ 2.04

$ 1.75

Weighted-average shares outstanding

(in millions)

384

416

391

417

Diluted Earnings Per Common Share

$ 0.77

$ 0.58

$ 2.03

$ 1.73

Weighted-average shares outstanding

(in millions)

385

420

393

421

OP margin

12.1%

11.1%

1.0

ppts.

11.6%

11.7%

(0.1)

ppts.

Company sales

100.0%

Food and paper

31.7

31.1

(0.6)

ppts.

31.8

30.6

(1.2)

ppts.

Payroll and employee benefits

25.1

25.3

0.2

ppts.

25.6

25.4

(0.2)

ppts.

Occupancy and other operating expenses

26.2

26.6

0.4

ppts.

25.8

26.1

0.3

ppts.

Restaurant margin

17.0%

—

ppts.

16.8%

17.9%

(1.1)

ppts.

Percentages may not recompute due to rounding. NM refers to not meaningful.

Yum China Holdings,Inc.

KFC Operating Results

(in US$ million)

(unaudited)

Quarter Ended

% Change

Year to Date Ended

% Change

9/30/2024

9/30/2023

B/(W)

9/30/2024

9/30/2023

B/(W)

Revenues

Company sales

$ 2,276

$ 2,154

$ 6,452

$ 6,274

Franchise fees and income

Revenues from transactions with franchisees

Other revenues

(63)

(29)

Total revenues

2,186

6,368

Costs and Expenses,Net

Company restaurants

Food and paper

713

666

(7)

2,033

1,914

(6)

Payroll and employee benefits

558

528

(6)

1,613

1,538

(5)

Occupancy and other operating expenses

588

560

(5)

1,647

1,603

(3)

Company restaurant expenses

1,859

1,754

(6)

5,293

5,055

(5)

General and administrative expenses

183

203

Franchise expenses

(10)

(6)

Expenses for transactions with franchisees

(19)

(21)

Other operating costs and expenses

Closures and impairment expenses,net

—

(33)

Other expenses,net

—

(151)

—

Total costs and expenses,net

1,947

1,844

(6)

5,555

5,333

(4)

Operating Profit

$ 364

$ 342

$ 1,000

$ 1,035

(3)

OP margin

15.7%

15.6%

0.1

ppts.

15.2%

16.3%

(1.1)

ppts.

Company sales

100.0%

Food and paper

31.3

30.9

(0.4)

ppts.

31.5

30.5

(1.0)

ppts.

Payroll and employee benefits

24.5

—

ppts.

25.0

24.5

(0.5)

ppts.

Occupancy and other operating expenses

25.9

26.0

0.1

ppts.

25.5

25.6

0.1

ppts.

Restaurant margin

18.3%

18.6%

(0.3)

ppts.

18.0%

19.4%

(1.4)

ppts.

Percentages may not recompute due to rounding. NM refers to not meaningful.

Yum China Holdings,Inc.

Pizza Hut Operating Results

(in US$ million)

(unaudited)

Quarter Ended

% Change

Year to Date Ended

% Change

9/30/2024

9/30/2023

B/(W)

9/30/2024

9/30/2023

B/(W)

Revenues

Company sales

$ 606

$ 591

$ 1,723

$ 1,728

—

Franchise fees and income

Revenues from transactions with franchisees

Other revenues

(4)

Total revenues

615

599

1,750

—

Costs and Expenses,Net

Company restaurants

Food and paper

202

187

(7)

567

537

(5)

Payroll and employee benefits

167

—

479

496

Occupancy and other operating expenses

160

162

457

469

Company restaurant expenses

529

516

(2)

1,503

1,502

—

General and administrative expenses

Franchise expenses

(6)

(3)

Expenses for transactions with franchisees

(6)

Other operating costs and expenses

(7)

(43)

Closures and impairment expenses,net

—

(17)

Total costs and expenses,net

563

552

(1)

1,611

1,613

—

Operating Profit

$ 52

$ 47

$ 139

$ 137

OP margin

8.6%

7.8%

0.8

ppts.

8.0%

7.8%

0.2

ppts.

Company sales

100.0%

Food and paper

33.2

31.7

(1.5)

ppts.

32.9

31.1

(1.8)

ppts.

Payroll and employee benefits

27.5

28.1

0.6

ppts.

27.8

28.7

0.9

ppts.

Occupancy and other operating expenses

26.5

27.5

1.0

ppts.

26.5

27.1

0.6

ppts.

Restaurant margin

12.8%

12.7%

0.1

ppts.

12.8%

13.1%

(0.3)

ppts.

Percentages may not recompute due to rounding. NM refers to not meaningful.

Yum China Holdings,Inc.

Condensed Consolidated Balance Sheets

(in US$ million)

9/30/2024

12/31/2023

(Unaudited)

ASSETS

Current Assets

Cash and cash equivalents

$ 1,193

$ 1,128

Short-term investments

1,338

1,472

Accounts receivable,net

Inventories,net

359

424

Prepaid expenses and other current assets

348

339

Total Current Assets

3,317

3,431

Property,plant and equipment,431

2,310

Operating lease right-of-use assets

2,215

2,217

Goodwill

1,955

1,932

Intangible assets,net

150

Long-term bank deposits and notes

933

1,265

Equity investments

388

332

Deferred income tax assets

145

129

Other assets

267

265

Total Assets

11,801

12,031

LIABILITIES,REDEEMABLE NONCONTROLLING INTEREST AND EQUITY

Current Liabilities

Accounts payable and other current liabilities

2,103

2,164

Short-term borrowings

315

168

Income taxes payable

160

Total Current Liabilities

2,578

2,422

Non-current operating lease liabilities

1,880

1,899

Non-current finance lease liabilities

Deferred income tax liabilities

406

390

Other liabilities

158

157

Total Liabilities

5,073

4,912

Redeemable Noncontrolling Interest

Equity

Common stock,$0.01 par value; 1,000 million shares authorized; 382 million shares

and 407 million shares issued at September 30,2024 and December 31,2023,respectively;

381 million shares and 407 million shares outstanding at September 30,2024 and

December 31,respectively.

Treasury stock

(18)

—

Additional paid-in capital

4,053

4,320

Retained earnings

2,156

2,310

Accumulated other comprehensive loss

(179)

(229)

Total Yum China Holdings,Inc. Stockholders' Equity

6,016

6,405

Noncontrolling interests

699

701

Total Equity

6,715

7,106

Total Liabilities,Redeemable Noncontrolling Interest and Equity

$ 11,801

$ 12,031

Yum China Holdings,Inc.

Condensed Consolidated Statements of Cash Flows

(in US$ million)

(unaudited)

Year to Date Ended

9/30/2024

9/30/2023

Cash Flows – Operating Activities

Net income – including noncontrolling interests

$ 854

$ 794

Depreciation and amortization

355

339

Non-cash operating lease cost

305

301

Closures and impairment expenses

Investment (gain) loss

(50)

Equity in net (earnings) losses from equity method investments

(2)

Distributions of income received from equity method investments

Deferred income taxes

(4)

(6)

Share-based compensation expense

Changes in accounts receivable

(4)

(2)

Changes in inventories

(25)

Changes in prepaid expenses,other current assets and value-added tax assets

(10)

Changes in accounts payable and other current liabilities

(83)

112

Changes in income taxes payable

Changes in non-current operating lease liabilities

(303)

(295)

Other,net

(16)

(46)

Net Cash Provided by Operating Activities

1,252

1,334

Cash Flows – Investing Activities

Capital spending

(523)

(499)

Purchases of short-term investments,long-term bank deposits and notes

(3,330)

(3,287)

Maturities of short-term investments,long-term bank deposits and notes

3,821

2,730

Other,net

Net Cash Used in Investing Activities

(28)

(1,052)

Cash Flows – Financing Activities

Proceeds from short-term borrowings

307

212

Repayment of short-term borrowings

(167)

—

Repurchase of shares of common stock

(1,057)

(280)

Cash dividends paid on common stock

(187)

(162)

Dividends paid to noncontrolling interests

(36)

(37)

Contributions from noncontrolling interests

—

Payment of acquisition related holdback

—

(3)

Other,net

(19)

(5)

Net Cash Used in Financing Activities

(1,159)

(240)

Effect of Exchange Rates on Cash,Cash Equivalents and Restricted Cash

—

(41)

Net Increase in Cash,Cash Equivalents and Restricted Cash

Cash,Cash Equivalents,and Restricted Cash - Beginning of Period

1,128

1,130

Cash,and Restricted Cash - End of Period

$ 1,131

In this press release:

Certain performance metrics and non-GAAP measures are presented excluding the impact of foreign currency translation ("F/X"). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.

System sales growth reflects the results of all restaurants regardless of ownership,including Company-owned and franchise restaurants that operate our restaurant concepts,except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however,the franchise fees are included in the Company's revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers,Company and franchise same-store sales as well as net unit growth.

Effective January 1,the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year,excluding the period during which stores are temporarily closed. We refer to these as our "base" stores. Previously,same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more,including stores temporarily closed,and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores.

Unit Count by Brand

KFC

12/31/2023

NewBuilds

Closures

Acquired

9/30/2024

Company-owned

9,237

904

(185)

9,958

Franchisees

1,059

285

(17)

(2)

1,325

Total

10,296

1,189

(202)

—

11,283

Pizza Hut

12/31/2023

NewBuilds

Closures

9/30/2024

Company-owned

3,155

380

(107)

3,428

Franchisees

157

(5)

178

Total

3,312

406

(112)

3,606

Others

12/31/2023

NewBuilds

Closures

9/30/2024

Company-owned

256

(84)

185

Franchisees

780

(90)

787

Total

1,036

110

(174)

972

Reconciliation of Reported GAAP Results to Non-GAAP Measures

(in millions,except per share data)

(unaudited)

In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in this press release,the Company provides the following non-GAAP measures:

Measures adjusted for Special Items,which include Adjusted Operating Profit,Adjusted Net Income,Adjusted Earnings Per Common Share ("EPS"),Adjusted Effective Tax Rate and Adjusted EBITDA;

Company Restaurant Profit ("Restaurant profit") and Restaurant margin;

Core Operating Profit and Core OP margin,which exclude Special Items,and further adjusted for Items Affecting Comparability and the impact of F/X;

These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather,the Company believes that the presentation of these non-GAAP measures provides additional information to investors to facilitate the comparison of past and present results,excluding those items that the Company does not believe are indicative of our core operations.

With respect to non-GAAP measures adjusted for Special Items,the Company excludes impact from Special Items for the purpose of evaluating performance internally and uses them as factors in determining compensation for certain employees. Special Items are not included in any of our segment results.

Adjusted EBITDA is defined as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments,income tax,interest income,net,investment gain or loss,depreciation and amortization,store impairment charges,and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants,and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired,depreciation of the assets would have been recorded and included in EBITDA. Therefore,store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analysts may find it useful in measuring operating performance without regard to such non-cash items.

Restaurant Profit is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales,including cost of food and paper,restaurant-level payroll and employee benefits,rent,depreciation and amortization of restaurant-level assets,advertising expenses,and other operating expenses. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales. We also use Restaurant profit and Restaurant margin for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe they provide useful information to investors as to the profitability of our Company-owned restaurants.

Core Operating Profit is defined as Operating Profit adjusted for Special Items,and further excluding Items Affecting Comparability and the impact of F/X. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Items such as charges,gains and accounting changes which are viewed by management as significantly impacting the current period or the comparable period,due to changes in policy or other external factors,or non-cash items pertaining to underlying activities that are different from or unrelated to our core operations,are generally considered "Items Affecting Comparability." Examples of Items Affecting Comparability include,but are not limited to: temporary relief from landlords and government agencies; VAT deductions due to tax policy changes; and amortization of reacquired franchise rights recognized upon acquisitions. We believe presenting Core Operating Profit provides additional information to further enhance comparability of our operating results and we use this measure for purposes of evaluating the performance of our core operations. Core OP margin is defined as Core Operating Profit divided by Total revenues,excluding the impact of F/X.

The following tables set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures. The reconciliation of GAAP Operating Profit to Restaurant Profit and Core Operating Profit by segment is presented in Segment Results within this release.

Quarter Ended

Year to Date Ended

9/30/2024

9/30/2023

9/30/2024

9/30/2023

Reconciliation of Operating Profit to Adjusted Operating Profit

Operating Profit

$ 371

$ 323

$ 1,011

$ 996

Special Items,Operating Profit

—

(4)

—

(9)

Adjusted Operating Profit

$ 371

$ 327

$ 1,011

$ 1,005

Reconciliation of Net Income to Adjusted Net Income

Net Income – Yum China Holdings,Inc.

$ 297

$ 244

$ 796

$ 730

Special Items,Net Income –Yum China Holdings,Inc.

—

(4)

—

(9)

Adjusted Net Income – Yum China Holdings,Inc.

$ 297

$ 248

$ 796

$ 739

Reconciliation of EPS to Adjusted EPS

Basic Earnings Per Common Share

$ 0.77

$ 0.59

$ 2.04

$ 1.75

Special Items,Basic Earnings Per Common Share

—

(0.01)

—

(0.02)

Adjusted Basic Earnings Per Common Share

$ 0.77

$ 0.60

$ 2.04

$ 1.77

Diluted Earnings Per Common Share

$ 0.77

$ 0.58

$ 2.03

$ 1.73

Special Items,Diluted Earnings Per Common Share

—

(0.01)

—

(0.02)

Adjusted Diluted Earnings Per Common Share

$ 0.77

$ 0.59

$ 2.03

$ 1.75

Reconciliation of Effective Tax Rate to Adjusted Effective Tax Rate

Effective tax rate

27.3%

27.5%

26.6%

27.2%

Impact on effective tax rate as a result of Special Items

—

0.3%

—

0.2%

Adjusted effective tax rate

27.3%

27.2%

26.6%

27.0%

Net income,along with the reconciliation to Adjusted EBITDA,is presented below:

Quarter Ended

Year to Date Ended

9/30/2024

9/30/2023

9/30/2024

9/30/2023

Net Income – Yum China Holdings,Inc.

$ 297

$ 244

$ 796

$ 730

Net income – noncontrolling interests

Equity in net (earnings) losses from equity method investments

(2)

Income tax provision

119

100

309

296

Interest income,net

(31)

(46)

(100)

(124)

Investment (gain) loss

(34)

(50)

Operating Profit

371

323

1,011

996

Special Items,Operating Profit

—

Adjusted Operating Profit

371

327

1,005

Depreciation and amortization

120

111

355

339

Store impairment charges

Adjusted EBITDA

$ 501

$ 441

$ 1,395

$ 1,368

Details of Special Items are presented below:

Quarter Ended

Year to Date Ended

9/30/2024

9/30/2023

9/30/2024

9/30/2023

Share-based compensation expense for Partner PSU Awards(1)

$ —

$ (4)

$ —

$ (9)

Special Items,Operating Profit

—

(4)

—

(9)

Tax effect on Special Items(2)

—

Special Items,net income – including noncontrolling interests

—

(4)

—

(9)

Special Items,net income – noncontrolling interests

—

Special Items,Inc.

$ —

$ (4)

$ —

$ (9)

Weighted-average Diluted Shares Outstanding (in millions)

385

420

393

421

Special Items,Diluted Earnings Per Common Share

$ —

$ (0.01)

$ —

$ (0.02)

(1) In February 2020,the Company granted PartnerPSU Awards to select employees who were deemed critical to the Company's execution of its strategic operating plan. These PSU awards will only vest if threshold performance goals are achieved over a four-year performance period,with the payout ranging from 0% to 200% of the target number of shares subject to the PSU awards. These awards vested as of December 31,2023 with a payout in the first quarter of 2024. Partner PSU Awards were granted to address increased competition for executive talent,motivate transformational performance and encourage management retention. Given the unique nature of these grants,the Compensation Committee does not intend to grant similar,special grants to the same employees during the performance period. The impact from these special awards is excluded from metrics that management uses to assess the Company's performance.

(2) The tax expense was determined based upon the nature,as well as the jurisdiction,of each Special Item at the applicable tax rate.

Operating Profit,along with the reconciliation to Core Operating Profit,is presented below:

Quarter ended

% Change

Year to Date Ended

% Change

9/30/2024

9/30/2023

B/(W)

9/30/2024

9/30/2023

B/(W)

Operating profit

$ 371

$ 323

$ 1,011

$ 996

Special Items,Operating Profit

—

Adjusted Operating Profit

$ 371

$ 327

$ 1,005

Items Affecting Comparability

Temporary relief from landlords(1)

—

(10)

Temporary relief from government agencies(2)

—

(1)

—

(4)

VAT deductions(3)

—

(14)

—

(42)

Amortization of reacquired franchise rights(4)

—

F/X impact

(2)

—

Core Operating Profit

$ 369

$ 312

$ 1,040

$ 951

Total revenues

3,485

F/X impact

(31)

—

208

—

Total revenues,excluding the impact of F/X

$ 3,040

$ 2,914

$ 8,916

$ 8,485

Core OP margin

12.1%

10.7%

1.4

ppts

11.7%

11.2%

0.5

ppts.

(1) In relation to the effects of the COVID-19 pandemic,the Company was granted lease concessions from landlords. The lease concessions were primarily in the form of rent reduction over the period of time when the Company's restaurant business was adversely impacted. Such concessions were primarily recognized as a reduction of Occupancy and other operating expenses within Company restaurant expenses included in the Condensed Consolidated Statement of Income in the period the concession was granted.

(2) In relation to the effects of the COVID-19 pandemic,the Company received government subsidies for employee benefits and providing training to employees. The temporary relief was primarily recognized as a reduction to Payroll and employee benefits within Company restaurant expenses included in the Condensed Consolidated Statement of Income.

(3) Pursuant to the tax policy issued by relevant government authorities,general VAT taxpayers in certain industries that meet certain criteria are allowed to claim an additional 10% or 15% input VAT,which will be used to offset their VAT payables. This VAT policy was further extended to December 31,2023 but the additional deduction was reduced to 5% or 10% respectively. VAT deductions were primarily recorded as a reduction to Food and paper and Occupancy and other operating expenses within Company restaurant expenses included in the Condensed Consolidated Statements of Income. Such preferential policy was not extended in 2024.

(4) As a result of the acquisition of our previously unconsolidated joint ventures of Hangzhou KFC,Suzhou KFC and Wuxi KFC,$66 million,$61 million and $61 million of the purchase price were allocated to intangible assets related to reacquired franchise rights,respectively,which were amortized over the remaining franchise contract period of 1 year,2.4 years and 5 years,respectively. The reacquired franchise rights were fully amortized as of March 31,2023. The amortization was recorded in Other Expenses (Income),net included in the Condensed Consolidated Statements of Income.

Yum China Holdings,Inc.

Segment Results

(in US$ million)

(unaudited)

Quarter Ended 9/30/2024

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

Company sales

$ 2,276

$ 606

$ 13

$ —

$ 2,895

Franchise fees and income

—

Revenues from transactions with franchisees(2)

—

116

Other revenues

176

(164)

Total revenues

$ 2,311

$ 615

$ 212

$ 97

$ (164)

$ 3,071

Company restaurant expenses

1,859

529

—

(1)

2,401

General and administrative expenses

—

139

Franchise expenses

—

Expenses for transactions with franchisees(2)

—

110

Other operating costs and expenses

172

(163)

Closures and impairment expenses,net

—

Total costs and expenses,947

563

216

138

(164)

2,700

Operating Profit (Loss)

$ 364

$ 52

$ (4)

$ (41)

$ —

$ 371

Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows:

Quarter Ended 9/30/2024

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

GAAP Operating Profit (Loss)

$ 364

$ 52

$ (4)

$ (41)

$ —

$ 371

Less:

Franchise fees and income

—

Revenues from transactions with franchisees(2)

—

116

Other revenues

176

(164)

Add:

General and administrative expenses

—

139

Franchise expenses

—

Expenses for transactions with franchisees(2)

—

110

Other operating costs and expenses

172

(163)

Closures and impairment expenses,net

—

Restaurant profit (loss)

$ 417

$ 77

$ (1)

$ —

$ 1

$ 494

Company sales

2,276

606

—

2,895

Restaurant margin %

18.3%

12.8%

(13.2)%

N/A

17.0%

Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows:

Quarter Ended 9/30/2024

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

GAAP Operating Profit (Loss)

$ 364

$ 52

$ (4)

$ (41)

$ —

$ 371

Special Items,Operating Profit

—

Adjusted Operating Profit (Loss)

$ 364

$ 52

$ (4)

$ (41)

$ —

$ 371

F/X impact

(2)

—

(2)

Core Operating Profit (Loss)

$ 362

$ 52

$ (4)

$ (41)

$ —

$ 369

Quarter Ended 9/30/2023

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

Company sales

$ 2,154

$ 591

$ 14

$ —

$ 2,759

Franchise fees and income

—

Revenues from transactions with franchisees(2)

—

100

Other revenues

162

(151)

Total revenues

$ 2,186

$ 599

$ 201

$ 79

$ (151)

$ 2,914

Company restaurant expenses

1,754

516

—

(1)

2,289

General and administrative expenses

—

169

Franchise expenses

—

Expenses for transactions with franchisees(2)

—

Other operating costs and expenses

160

(150)

Total costs and expenses,844

552

208

138

(151)

2,591

Operating Profit (Loss)

$ 342

$ 47

$ (7)

$ (59)

$ —

$ 323

Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows:

Quarter Ended 9/30/2023

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

GAAP Operating Profit (Loss)

$ 342

$ 47

$ (7)

$ (59)

$ —

$ 323

Less:

Franchise fees and income

—

Revenues from transactions with franchisees(2)

—

100

Other revenues

162

(151)

Add:

General and administrative expenses

—

169

Franchise expenses

—

Expenses for transactions with franchisees(2)

—

Other operating costs and expenses

160

(150)

Restaurant profit (loss)

$ 400

$ 75

$ (6)

$ —

$ 1

$ 470

Company sales

2,154

591

—

2,759

Restaurant margin %

18.6%

12.7%

(36.1)%

N/A

17.0%

Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows:

Quarter Ended 9/30/2023

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

GAAP Operating Profit (Loss)

$ 342

$ 47

$ (7)

$ (59)

$ —

$ 323

Special Items,Operating Profit

—

Adjusted Operating Profit (Loss)

$ 342

$ 47

$ (7)

$ (55)

$ —

$ 327

Items Affecting Comparability

Temporary relief from landlords

—

Temporary relief from government agencies

—

(1)

—

(1)

VAT deductions

(10)

(3)

(1)

—

(14)

F/X impact

—

Core Operating Profit (Loss)

$ 332

$ 43

$ (8)

$ (55)

$ —

$ 312

Year to Date Ended 9/30/2024

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

Company sales

$ 6,452

$ 1,723

$ 42

$ —

$ 8,217

Franchise fees and income

—

Revenues from transactions with franchisees(2)

219

—

319

Other revenues

484

(458)

100

Total revenues

$ 6,555

$ 1,750

$ 594

$ 267

$ (458)

$ 8,708

Company restaurant expenses

5,293

1,503

—

(2)

6,839

General and administrative expenses

183

120

—

412

Franchise expenses

—

Expenses for transactions with franchisees(2)

217

—

306

Other operating costs and expenses

476

(456)

Closures and impairment expenses,net

—

Other expenses (income),net

—

(1)

—

(1)

Total costs and expenses,net

5,555

1,611

606

383

(458)

7,697

Operating Profit (Loss)

$ 1,000

$ 139

$ (12)

$ (116)

$ —

$ 1,011

Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows:

Year to Date Ended 9/30/2024

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

GAAP Operating Profit (Loss)

$ 1,011

Less:

Franchise fees and income

—

Revenues from transactions with franchisees(2)

219

—

319

Other revenues

484

(458)

100

Add:

General and administrative expenses

183

120

—

412

Franchise expenses

—

Expenses for transactions with franchisees(2)

217

—

306

Other operating costs and expenses

476

(456)

Closures and impairment expenses,net

—

(1)

—

(1)

Restaurant profit (loss)

$ 1,159

$ 220

$ (3)

$ —

$ 2

$ 1,378

Company sales

6,452

1,723

—

8,217

Restaurant margin %

18.0%

12.8%

(11.8)%

N/A

16.8%

Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows:

Year to Date Ended 9/30/2024

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

GAAP Operating Profit (Loss)

$ 1,011

Special Items,Operating Profit

—

Adjusted Operating Profit (Loss)

$ 1,011

F/X impact

—

(2)

—

Core Operating Profit (Loss)

$ 1,027

$ 143

$ (12)

$ (118)

$ —

$ 1,040

Year to Date Ended 9/30/2023

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

Company sales

$ 6,274

$ 1,728

$ 46

$ —

$ 8,048

Franchise fees and income

—

Revenues from transactions with franchisees(2)

190

—

282

Other revenues

468

(440)

Total revenues

$ 6,368

$ 1,750

$ 585

$ 222

$ (440)

$ 8,485

Company restaurant expenses

5,055

1,502

—

(2)

6,611

General and administrative expenses

203

161

—

485

Franchise expenses

—

Expenses for transactions with franchisees(2)

188

—

270

Other operating costs and expenses

463

(438)

Closures and impairment expenses,net

—

Other expenses (income),net

—

(1)

—

Total costs and expenses,333

1,613

605

378

(440)

7,489

Operating Profit (Loss)

$ 1,035

$ 137

$ (20)

$ (156)

$ —

$ 996

Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows:

Year to Date Ended 9/30/2023

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

GAAP Operating Profit (Loss)

$ 1,035

$ 137

$ (20)

$ (156)

$ —

$ 996

Less:

Franchise fees and income

—

Revenues from transactions with franchisees(2)

190

—

282

Other revenues

468

(440)

Add:

General and administrative expenses

203

161

—

485

Franchise expenses

—

Expenses for transactions with franchisees(2)

188

—

270

Other operating costs and expenses

463

(438)

Closures and impairment expenses,net

—

(1)

—

Restaurant profit (loss)

$ 1,219

$ 226

$ (10)

$ —

$ 2

$ 1,437

Company sales

6,274

1,728

—

8,048

Restaurant margin %

19.4%

13.1%

(21.6)%

N/A

17.9%

Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows:

Year to Date Ended 9/30/2023

KFC

Pizza Hut

All Other Segments

Corporate

and

Unallocated(1)

Elimination

Total

GAAP Operating Profit (Loss)

$ 1,035

$ 137

$ (20)

$ (156)

$ —

$ 996

Special Items,Operating Profit

—

Adjusted Operating Profit (Loss)

$ 1,035

$ 137

$ (20)

$ (147)

$ —

$ 1,005

Items Affecting Comparability

Temporary relief from landlords

(9)

(1)

—

(10)

Temporary relief from government agencies

(3)

(1)

—

(4)

VAT deductions

(34)

(6)

(2)

—

(42)

Amortization of reacquired franchise rights

—

F/X impact

—

Core Operating Profit (Loss)

$ 991

$ 129

$ (22)

$ (147)

$ —

$ 951

The above tables reconcile segment information,which is based on management responsibility,with our Condensed Consolidated Statements of Income.

(1) Amounts have not been allocated to any segment for purpose of making operating decision or assessing financial performance as thetransactions

are deemed corporate revenues and expenses in nature.

(2) Primarily includes revenues and associated expenses of transactions with franchisees derived from the Company's central procurement model whereby

the Company centrally purchases substantially all food and paper products from suppliers and then sells and delivers to KFC and Pizza Hut restaurants,

including franchisees.

Disclaimer: This article is reproduced from other media. The purpose of reprinting is to convey more information. It does not mean that this website agrees with its views and is responsible for its authenticity, and does not bear any legal responsibility. All resources on this site are collected on the Internet. The purpose of sharing is for everyone's learning and reference only. If there is copyright or intellectual property infringement, please leave us a message.

Yum China Reports Third Quarter Results

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