香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 2 0 2 3年第三 季度財務業績公告 百勝中國控股有限公司（「本公司」）謹此發佈截至2023年9月30日止第三季度的未經審核 業績公告（「2023年第三季度業績公告」）。本2023年第三季度業績公告可於香港聯交所網 站www.hkexnews.hk及本公司網站http://ir.yumchina.com閱覽。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2023年11月1日 於本公告日期，董事會包括董事會主席及獨立董事胡祖六博士、董事屈翠容女士以及獨立董事 Peter A. BASSI先生、 Edouard ETTEDGUI先生、David HOFFMANN先生、盧蓉女士、邵子力先生、汪洋先生、張敏女士及朱 ...

Yum China Holdings, Inc. 百勝中國控股有限公司 紐交所代號: YUMC 港交所代號: 9987 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告 百勝中國控股有限公司（「本公司」或「百勝」）（紐交所代號：YUMC及港交所代號：9987）謹此發佈本公司 截至2023年6月30日止六個月的未經審核簡明合併業績，連同2022年同期可對比數字，該等資料乃根據 美國公認會計準則編製，並由本公司董事會下屬審計委員會審閱。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2023年8月9日 於本公告日期，董事會包括董事會主席及獨立董事胡祖六博士、董事屈翠容女士以及獨立董事Peter A. BASSI先生、 Edouard ETTEDGUI先生、David HOFFMANN先生、盧蓉女士、邵子力先生、汪洋先生、張敏女士 ...

Yum China Holdings, Inc. (NYSE:YUMC) Q2 2023 Earnings Conference Call July 31, 2023 8:00 PM ET Company Participants Michelle Shen - Director of Investor Relations Joey Wat - Chief Executive Officer Andy Yeung - Chief Financial Officer Conference Call Participants Michelle Cheng - Goldman Sachs Group, Inc. Brian Bittner - Oppenheimer & Co. Chen Luo - Bank of America Merrill Lynch Anne Ling - Jefferies Sijie Lin - CICC Lillian Lou - Morgan Stanley Christine Peng - UBS Operator Thank you for standing by, and w ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 2 0 2 3 年 第 季 度 財 務 業 績 公 告 二 百勝中國控股有限公司（「本公司」）謹此發佈截至2023年6月30日止第二季度的未經審 核業績公告（「2023年第二季度業績公告」）。本2023年第二季度業績公告可於香港聯交所 網站www.hkexnews.hk及本公司網站http://ir.yumchina.com閱覽。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2023年8月1日 於本公告日期，董事會包括董事會主席及獨立董事胡祖六博士、董事屈翠容女士以及獨立董事Peter A. BASSI先生、 Edouard ETTEDGUI先生、David HOFFMANN先生、盧蓉女士、邵子力先生、汪洋先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 2 0 2 3 年 第 季 度 財 務 業 績 公 告 一 百勝中國控股有限公司（「本公司」）謹此發佈截至2023年3月31日止第一季度的未經審核 業績公告（「2023年第一季度業績公告」）。本2023年第一季度業績公告可於香港聯交所網 站www.hkexnews.hk及本公司網站http://ir.yumchina.com閱覽。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2023年5月3日 於本公告日期，董事會包括董事會主席及獨立董事胡祖六博士、董事屈翠容女士以及獨立董事Peter A. BASSI先生、 Edouard ETTEDGUI先生、韓歆毅先生、謝東螢先生、盧蓉女士、邵子力先生、汪洋先生及張敏女 ...

Financial Performance - Yum China recorded revenue of $9.6 billion in 2022, with nearly 13,000 restaurants as of December 31, 2022[6] - Total revenue for 2022 was $9.569 billion, a decrease from $9.853 billion in 2021[190] - Net profit attributable to Yum China Holdings, Inc. was $442 million in 2022, down from $990 million in 2021[190] - Operating profit in 2022 was $629 million, compared to $1.386 billion in 2021[190] - Total assets as of December 31, 2022, were $11.826 billion, down from $13.223 billion in 2021[190] - Yum China's total liabilities were $4.666 billion as of December 31, 2022, down from $5.301 billion in 2021[190] - Yum China's total equity was $7.148 billion as of December 31, 2022, compared to $7.908 billion in 2021[190] - Total revenue decreased by 3% to $9.569 billion in 2022 compared to $9.853 billion in 2021[198] - Net profit attributable to Yum China Holdings decreased by 55% to $442 million in 2022 from $990 million in 2021[198] - Restaurant profit increased by 4% to $1.281 billion in 2022, with a restaurant profit margin of 14.1%, up 0.4 percentage points[198] - System sales declined by 8% in 2022, with a 5% decline excluding foreign currency translation[200] - Same-store sales decreased by 7% in 2022[200] - Adjusted EBITDA was $1.286 billion in 2022, compared to $1.330 billion in 2021[198] - Adjusted net profit was $446 million in 2022, down from $525 million in 2021[198] - Adjusted diluted earnings per share were $1.05 in 2022, compared to $1.21 in 2021[198] Restaurant Network and Expansion - Yum China operates nearly 13,000 restaurants across over 1,800 cities in China as of December 31, 2022[192] - KFC operates over 9,000 restaurants in China, approximately double the number of its closest competitor[192] - Pizza Hut operates over 2,900 restaurants in more than 650 cities in China, making it the largest casual dining brand by system sales and restaurant count, with approximately five times the number of restaurants compared to its closest competitor[193] - The number of self-operated restaurants increased by 11% to 11,161 in 2022[200] - The number of franchise restaurants increased by 3% to 1,786 in 2022[200] - Yum China plans to focus on expanding its footprint in existing and new cities within China[5] - Accelerating store network expansion towards the milestone of 20,000 stores, with a focus on driving growth for core brands and emerging brands like Taco Bell and Lavazza[10] - Tracking over 900 cities in China without KFC or Pizza Hut coverage, aiming to expand in both existing and new cities, particularly in lower-tier cities[11] - The company aims to expand its restaurant network in China to 20,000 stores, but new stores may not achieve profitability and could cannibalize sales from existing locations[109] Digital and Delivery Services - Digital orders accounted for approximately 89% of KFC and Pizza Hut company restaurant revenue in 2022[33] - Digital payments increased from 33% of total sales in 2016 to 99% in 2022[34] - KFC and Pizza Hut loyalty programs collectively had over 410 million members as of December 31, 2022, contributing to 62% of system sales[35] - Delivery revenue as a percentage of company restaurant revenue increased from 21% in 2019 to 39% in 2022[37] - The company introduced a smart ordering system in 2022 to reduce customer wait times and display real-time order status[33] - Approximately 90% of KFC restaurants and over 95% of Pizza Hut restaurants offered delivery services by the end of 2022, contributing to about 39% of the company-owned restaurant revenue for both brands[124] - The company relies on third-party delivery platforms, and any increase in commission rates charged by these platforms could negatively impact its operating performance[123] - The company's delivery services depend on the performance of third-party platforms, and any disruptions or failures in these services could harm its business and reputation[124] Supply Chain and Operations - The company collaborates with over 800 independent suppliers, most of which are located in China, and employs more than 1,400 staff in its internal integrated supply chain management system[27] - In 2022 and 2021, the company acquired land to establish eight new logistics centers to further consolidate its supply chain network[27] - The company operates a global-class logistics management system and utilizes 33 logistics centers to distribute supplies to its self-operated and franchised restaurants, as well as third-party customers[27] - The company has a seasoning factory for its Chinese cuisine division, which produces and sells seasonings to Huang Ji Huang and Little Sheep franchisees[27] - The company adopts a centralized procurement model to enhance the efficiency and effectiveness of its purchasing process, ensuring quality control and better pricing through bulk purchasing[27] - The company's ability to maintain consistent food quality depends on the effectiveness of its and its franchisees' quality assurance systems, which are subject to various risks[99] Franchise and Brand Management - Approximately 86% of Yum China's restaurants are company-owned and operated as of December 31, 2022[5] - Approximately 14% of restaurants operated by franchisees as of December 31, 2022, with plans to further develop the franchise model in specific channels and lower-tier cities[13] - The company completed the acquisition of a controlling stake in Huang Ji Huang, a leading Chinese casual dining franchise, in April 2020, and established a Chinese cuisine division to manage its Chinese dining brands[18] - The company owns registered trademarks for brands such as Little Sheep, Huang Ji Huang, COFFii & JOY, and East Dawning, without incurring franchise fees for these brands[63] - The company pays a franchise fee equivalent to 3% of the net system sales of the franchised brands to YUM[62] - The company has exclusive franchise rights for KFC and Pizza Hut in mainland China (excluding Hong Kong, Macau, and Taiwan) for 50 years starting from October 31, 2016, with an automatic renewal option for an additional 50 years[62] - The company plans to expand the Taco Bell store network to at least 225 locations by the end of 2025, securing a 50-year exclusive franchise and sub-licensing rights in China upon achieving development milestones[62] Innovation and Product Development - Over 500 new and improved products were launched across all restaurant brands in 2022[30] - The company operates a 27,000-square-foot innovation center in Shanghai to develop new recipes and menu ideas[30] - Focusing on food innovation and value positioning, with iconic promotions like KFC's "Crazy Thursday" and Pizza Hut's "Scream Wednesday" driving customer engagement[13] - Exploring new restaurant models and formats to cater to diverse customer needs and occasions, leveraging local expertise and first-mover advantages[13] - Expanding new retail offerings, including pre-packaged foods like steak and fried rice, and developing the proprietary retail brand "Shao Fan" to capture at-home consumption opportunities[17] Regulatory and Compliance Risks - The company is subject to Chinese laws on mergers and acquisitions, including the Anti-Monopoly Law, which may impose strict regulatory approval and review requirements, potentially hindering growth through acquisitions[46] - The company must comply with Chinese cybersecurity laws, including the Cybersecurity Law, Data Security Law, and Personal Information Protection Law, which impose strict data privacy and security obligations, particularly for entities handling over 1 million users' personal information[46] - The company is subject to regulations on overseas securities issuance and listing, including cybersecurity reviews for companies with over 1 million users' personal information planning to list abroad[46] - The company's Chinese subsidiaries are restricted in their ability to distribute dividends, as they must allocate at least 10% of post-tax profits to statutory reserves until reserves reach 50% of registered capital[49] - The company is subject to Chinese corporate income tax laws, requiring resident enterprises to pay taxes on taxable income from both domestic and overseas sources[50] - The company has not faced significant adverse impacts from regulatory compliance in the past, but future changes in laws or interpretations could affect capital expenditures, profitability, and competitive position[48] - The company must navigate potential delays or costs in obtaining necessary permits, approvals, or licenses, which could disrupt operations and harm its reputation[48] COVID-19 Impact - The COVID-19 pandemic has significantly impacted the company's operations, with an average of over 2,500 stores temporarily closed or offering limited services during April and May 2022, leading to a year-over-year same-store sales decline of over 20%[101] - In November 2022, the number of stores temporarily closed or offering limited services peaked at over 4,300 due to regional COVID-19 outbreaks and tightened control measures[101] - In December 2022, over 1,300 stores were temporarily closed or offered limited services due to staff shortages caused by widespread infections following the relaxation of COVID-19 restrictions[101] - The company expects continued operational impacts from COVID-19, including potential resurgences of the virus and changes in consumer behavior post-pandemic[102] - The company's insurance does not cover losses incurred due to pandemics, adding financial risk[102] - The company faces inherent risks in the food industry, including supply chain disruptions and increased raw material costs due to health crises like COVID-19[100] Labor and Employee Management - The company employs over 400,000 staff, including approximately 145,000 full-time and 261,000 part-time restaurant service team members as of December 31, 2022[66] - Female employees accounted for over 50% of the company's workforce by the end of 2022, with women holding 53% of director-level and above positions in senior management[69] - The company operates 30 "Angel Restaurants" across 27 cities, providing employment for nearly 200 individuals with special needs as of the end of 2022[70] - Total training hours for employees in 2022 amounted to approximately 9 million hours[71] - The company's "Bench Planning" program allows most operational leadership talents to grow internally, with college graduates able to become restaurant managers in as little as two years[72] - The company's digital training platform enables employees to participate in training programs conveniently, even during the pandemic[73] - By the end of 2022, approximately 5,000 employees received subsidies and obtained higher education degrees through the company's continuing education program[74] - In 2022, over 12,500 restaurant managers became shareholders of the company through the Restricted Stock Units (RSUs) plan, with a restaurant manager turnover rate of about 9%[75] - The company established a RMB 10 million relief fund to provide financial assistance to employees in need, covering emergency situations, major illnesses, or economic difficulties[77] Sustainability and Environmental Goals - The company aims to achieve net-zero emissions across the entire value chain by 2050, with a target to reduce Scope 1 and 2 greenhouse gas emissions by 63% by 2035 compared to 2020[80] - The company plans to reduce food waste by 10% per restaurant by 2030 compared to the 2020 baseline, using AI/IoT technology to improve sales forecasting and inventory management[83] - The company commits to ensuring 100% of customer-facing plastic packaging is recyclable and aims to reduce non-degradable plastic packaging by 30% by 2025 compared to 2019[84] - The company aims to achieve a "zero deforestation" supply chain and plans to source 100% RSPO-certified sustainable palm oil and 100% FSC-certified paper packaging by 2025[85] Real Estate and Leasing - The company operates 11,161 self-owned stores in China, with 11,105 located on leased properties and 56 on owned properties[87] - KFC accounts for 8,174 of the leased store properties, while Pizza Hut accounts for 2,745, and other restaurants account for 186[87] - The company leases its headquarters in Shanghai and Dallas, Texas, and operates 15 non-store properties, including logistics centers and office buildings[88] - The company has subleased over 150 properties to franchisees and third parties[88] - The company's initial lease terms for self-operated restaurants in China typically range from 10 to 20 years, with no renewal options[88] - Approximately 6% of the company's existing lease agreements will expire by the end of 2023, with potential challenges in renewing leases under favorable terms[110] - Lease agreements typically include fixed rent, a percentage of annual sales revenue, or a combination, with potential rent increases that could impact operating costs[111] - Intense competition in China's retail property market may hinder the company's ability to secure ideal restaurant locations at reasonable lease terms[112] Tax and Financial Risks - The company's Chinese subsidiaries are subject to a 10% withholding tax on dividends paid to their direct offshore parent, but under certain conditions, this rate can be reduced to 5% due to a tax arrangement between Hong Kong and mainland China[40] - The company paid a total of $202 million in dividends and repurchased $466 million worth of common shares in 2022, funded by cash held outside mainland China[40] - The company made a $95 million capital injection from a Hong Kong-registered subsidiary to its mainland Chinese subsidiaries in 2021, with no such injection in 2022[42] - The company's ability to declare and pay dividends may be limited by Chinese laws governing distributable profits[43] - The company's Chinese subsidiaries are required to obtain various approvals and licenses, including food business permits, environmental protection assessments, and fire safety inspections[44] - The transfer of cash from the company's Chinese subsidiaries to offshore subsidiaries is subject to Chinese government currency exchange controls, which could limit the ability to pay dividends or service foreign currency-denominated debts[44] - The company is subject to Chinese regulations limiting loans and direct investments from overseas holding companies to Chinese entities, with loans to wholly-owned Chinese subsidiaries capped at statutory limits and requiring registration with the State Administration of Foreign Exchange (SAFE)[46] - The company's Chinese subsidiaries are subject to a unified corporate income tax rate of 25% on global income, with potential reductions based on specific qualifications[52] - The company's new retail business is subject to a VAT rate ranging from 9% to 13%, with input VAT rates for materials and services adjusted to 13%, 9%, and 6% since 2017[52] - Dividends paid by the company's Chinese subsidiaries to their direct overseas parent companies are subject to a 10% withholding tax, which can be reduced to 5% under the Hong Kong-Mainland tax arrangement[53] - Gains from the direct sale of equity in the company's Chinese subsidiaries are subject to a 10% withholding tax, with a 0.05% stamp duty on the transfer value[55] - Indirect transfers of equity in the company's Chinese subsidiaries may be recharacterized as direct transfers and subject to a 10% corporate income tax if deemed to lack reasonable commercial purpose[55] - The company's Hong Kong subsidiary, which holds equity in the majority of KFC and Pizza Hut restaurants in China, is expected to continue qualifying for a 5% withholding tax reduction on dividends under the Hong Kong-Mainland tax arrangement[53] - The company expects that transfers of its shares by non-individual shareholders in public market transactions will not be subject to taxation under China's indirect transfer rules due to the listed company exception[57] - The Tax Cuts and Jobs Act (TCJA) in the US, enacted in December 2017, set a unified corporate income tax rate of 21% and impacted the company by exempting foreign-source dividends received from foreign subsidiaries starting from the tax year beginning after December 31, 2017[57] - The Inflation Reduction Act (IRA) in the US, signed into law in August 2022, includes a 15% Corporate Alternative Minimum Tax (CAMT) for certain large corporations and a 1% excise tax on net stock repurchases made after December 31, 2022[58] - Hong Kong subsidiaries are generally subject to a profits tax rate of 16.5%, with the first HK$2 million of profits taxed at 8.25% for entities established in Hong Kong from 2018 onwards[58] Legal and Regulatory Challenges - The company is subject to evolving and increasingly stringent laws and regulations on data privacy and cybersecurity, including the Cybersecurity Law, Data Security Law, and Personal Information Protection Law[119] - The company may incur additional costs to update existing information technology systems to comply with data privacy and cybersecurity regulations[120] - The company's ability to manage risks related to information security and protection is critical to avoiding penalties, including fines, business suspension, and license revocation[120] - The company faces risks related to new retail and e-commerce operations, including challenges in predicting customer demand, managing inventory, and handling complex logistics, which could lead to increased inventory write-offs and higher product return rates[127] - Social media can significantly impact the company's brand and reputation, with negative comments or inaccurate information potentially causing severe damage to its business and financial performance[127] - The company is exposed to risks from non-compliance with anti-bribery and anti-corruption laws, which could result in significant penalties, reputational damage, and adverse effects on business operations[129] - The company is subject to both U.S. federal income tax and Chinese corporate income tax, with a standard Chinese corporate tax rate of 25% and an additional 10% withholding tax on profits remitted outside China[129] - The company is impacted by global tax reforms, including the U.S. Tax Cuts and Jobs Act of 2017 and the Inflation Reduction Act of 2022, which could increase its tax liabilities and affect its financial performance[131] - The company's operating performance is highly dependent on consumer discretionary spending, which is influenced by factors such as unemployment rates, disposable income levels, gasoline prices, stock market performance, and consumer confidence levels[132] - The company faces intense competition in the food and beverage industry, including competition from food delivery platforms, shared kitchens, and grocery stores offering convenient meal options[133] - The company must obtain and maintain various licenses and permits to operate its restaurants in China, and failure to do so could adversely affect its business and operating performance[134] - The company's intellectual property, including trademarks and proprietary recipes, is crucial to its success, but may not be adequately protected under Chinese law[135] -

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 2 0 2 2 年 第 三 季 度 財 務 業 績 公 告 百勝中國控股有限公司（「本公司」）謹此發佈截至2022年9月30日止第三季度的未經審核 業績公告（「2022年第三季度業績公告」）。本2022年第三季度業績公告可於香港聯交所網 站www.hkexnews.hk及本公司網站http://ir.yumchina.com閱覽。 | --- | --- | --- | --- | --- | |-------|-------|-------|-------|----------------------| | | | | | 承董事會命 | | | | | | 百勝中國控股有限公司 | | | | | | 屈翠容 | | | | ...

Yum China Holdings, Inc. 百勝中國控股有限公司 紐交所代號 : YUMC 港交所代號 : 9987 t 2022 中期報告 烧范儿 目 錄 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------|-------| | | | | 財 務 報表 簡明合併利潤表 — 截至2022年 及2021年6月30日止季度及止六個月 | 2 | | (未經審核) . 簡明合併綜合收益表 — 截至2022年及2021年6月30日止季度及止六個月 (未經審核) ... ... ... ... ... ... ... . | 2 3 | | 簡明合併現金流量表 — 截至2022年及2021年6月30日止六個月 | | | (未經審核) . | 4 | | 簡明合併資產負債表 — 2022年6月30日(未經審核)及2021年12月31日 | 5 | | 簡明合併財務報表附註(未經審核) | 6 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Yum China Holdings, Inc. 百勝中國控股有限公司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 2022 年第一季度財務業績公告 百勝中國控股有限公司（「本公司」）謹此發佈截至2022年3月31日止第一季度的未經審核 業績公告（「2022年第一季度業績公告」）。本2022年第一季度業績公告可於香港聯交所網 站www.hkexnews.hk 及本公司網站http://ir.yumchina.com 閱覽。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2022年5月4日 於本公告日期，董事會包括董事會主席及獨立董事胡祖六博士、董事屈翠容女士以及獨立董事Peter A. BASSI先生、 Edouard ETTEDGUI先生、韓歆毅先生、謝東螢先生、盧蓉女士、邵子力先生、汪洋先生及張敏女士。 百勝中國發佈 2022 年第一季度 ...