UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-37762 Yum China Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 81-2421743 (State or Other Jurisdiction of (I.R. ...

Financial Data and Key Metrics - Total revenue declined 9% YoY in reported currency to $2.1 billion in Q4 2022, but grew 2% in constant currency [18] - System sales and same-store sales both declined 4% YoY in Q4 2022 [19] - Restaurant margin improved by 290 basis points YoY to 10.4% in Q4 2022, driven by labor productivity, operational efficiency, and temporary relief [19] - Free cash flow for 2022 was $734 million, with $668 million returned to shareholders through dividends and share repurchases [23] - Cash and short-term investments decreased to $3.2 billion from $4 billion in Q3 2022, mainly due to reclassification of $600 million to long-term deposits [23] Business Line Performance - KFC same-store sales were 97% of prior year levels in Q4 2022, with same-store traffic at 84% and ticket average up 16% due to higher delivery mix [19] - Pizza Hut same-store sales were 92% of prior year levels, with same-store traffic at 98% and ticket average at 95% [19] - Delivery sales mix doubled from 20% in 2019 to 39% in 2022, with off-premise sales reaching almost two-thirds of total sales in Q4 2022 [5] - Digital ordering increased from 55% of sales in 2019 to 89% in 2022, generating over $20 billion in digital sales over three years [6] - Packaged food sales grew 90% in 2022, reaching nearly CNY 900 million [14] Market Performance - KFC entered 200 new cities in 2022, focusing on white space in lower-tier cities and increasing density in higher-tier cities [37] - Pizza Hut opened a record 300+ stores in 2022, with a focus on satellite and smaller store formats [70][72] - Lavazza expanded to 85 stores by the end of Q4 2022, with loyalty members more than doubling to 1 million [15] - Taco Bell doubled its store count to 91 stores in 2022, with a focus on menu localization and improving unit economics [15] Strategy and Industry Competition - The company plans to open 1,100 to 1,300 new stores in 2023, with capital expenditure of $700 million to $900 million [26] - Focus on driving sales through product innovation, value promotions, and digital initiatives, while maintaining disciplined store expansion [52][53] - Continued investment in supply chain, digital, and automation to enhance operational efficiency and resilience [7][81] - The company remains committed to returning capital to shareholders, with a raised cash dividend from $0.12 to $0.13 per share [27] Management Commentary on Operating Environment and Future Outlook - The company faced significant challenges in Q4 2022 due to COVID-related labor shortages and temporary store closures, but managed to improve restaurant margins despite lower sales [17][19] - Management is cautiously optimistic about the recovery in 2023, but expects it to be gradual and uneven due to macroeconomic uncertainties and cautious consumer spending [25][45] - The company plans to focus on driving sales growth while maintaining operational efficiency and cost control [25][53] Other Important Information - The company hosted its 2023 Investor Day in Shanghai in September, with plans to share more details about the event [4] - The company has maintained profitability every quarter since the start of the pandemic in 2020, generating $1.9 billion in free cash flow and returning over $1 billion to shareholders [8] Q&A Session Summary Question: New store performance and margins post-COVID [30] - New stores opened during the pandemic have shown strong performance, with KFC stores breaking even within three months and Pizza Hut stores achieving a payback period of two to three years [31][32] - The company has focused on smaller store formats and flexible rent terms, reducing CapEx per store and improving unit economics [33][36] Question: Restaurant margin recovery potential in 2023 [41] - Management expects restaurant margins to improve with sales recovery, but cautions that inflationary pressures and the end of temporary relief measures could impact margins [43][44] - Cost of sales and labor are expected to remain stable, with a focus on reducing occupancy and other operating expenses [46][47] Question: Competitive landscape and promotion strategy [58] - The company has gained market share during the pandemic and plans to continue driving sales through effective promotions and product innovation [59][60] - Pricing strategy includes a mix of lower entry-point products and high-end offerings to cater to different customer segments [61] Question: Recovery pace for KFC and Pizza Hut [63] - KFC performed slightly better than Pizza Hut during the Chinese New Year period, with off-premise sales playing a key role in protecting margins [64][67] - Pizza Hut is focusing on increasing store count and improving resiliency through satellite and smaller store formats [70][72] Question: Regional recovery differences [74] - Recovery has been strong across regions, with lower-tier cities performing better during the Chinese New Year period [75] - Management remains cautious about post-holiday consumer spending and plans to focus on value promotions to drive traffic [76] Question: Supply chain and ESG initiatives [80] - The company plans to continue investing in supply chain infrastructure and automation, with a focus on reducing carbon footprint and working with suppliers to achieve net-zero emissions by 2050 [81][82] - Supply chain innovations, such as the use of rail and sea freight, have improved resilience during disruptions [86] Question: New store opening targets for 2023 [88] - The company plans to open 1,100 to 1,300 new stores in 2023, with a focus on quality of growth over quantity [89][90] - Store expansion will depend on market conditions and unit economics, with a disciplined approach to investment [91]

Fourth Quarter and Fiscal Year 2022 Results 8 February 2023 NYSE: YUMC and HKEX: 9987 Cautionary Statement on Forward-Looking Statements & Non-GAAP Measures Thispresentation contains“forward-lookingstatements” withinthemeaningof Section 27Aof the SecuritiesAct of 1933and Section 21E ofthe SecuritiesExchangeActof1934.Weintendallforward-lookingstatementstobecovered bythesafe harbor provisionsofthePrivateSecurities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fac ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________________ Commission file number 001-37762 Yum China Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) Delawa ...

Yum China Holdings, Inc. (NYSE:YUMC) Q3 2022 Earnings Conference Call November 1, 2022 8:00 PM ET Company Participants Michelle Shen - Director, Investor Relations Joey Wat - CEO & Director Andy Yeung - CFO Conference Call Participants Chen Luo - Bank of America Merrill Lynch Lillian Lou - Morgan Stanley Xiaopo Wei - Citigroup Michelle Cheng - Goldman Sachs Anne Ling - Jefferies LLC, Research Division Veronica Song - Crédit Suisse Christine Peng - UBS Operator Thank you for standing by, and welcome to the Y ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________________ Commission file number 001-37762 Yum China Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 81 ...

Yum China Holdings, Inc. (NYSE:YUMC) Q2 2022 Earnings Conference Call July 28, 2022 8:00 PM ET Corporate Participants Michelle Shen - Director, Finance Joey Wat - Chief Executive Officer Andy Yeung - Chief Financial Officer Conference Call Participants Lillian Lou - Morgan Stanley Michelle Cheng - Goldman Sachs Brian Wong - CMS Xiaopo Wei - Citi CJ Lin - CICC Anne Ling - Jefferies Christine Peng - UBS Lucy Yu - Bank of America Walter Woo - CMB International Operator Thank you all for standing by, and welcom ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________________ Commission file number 001-37762 Yum China Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 8 ...