10 Feb 2026
Yum China is China’s largest restaurant operator with >18,100 stores across >2,500 cities at end‑2025, operating KFC (QSR), Pizza Hut (casual), and other concepts including Taco Bell, Lavazza (JV), Little Sheep and Huang Ji Huang. Its digital ecosystem, delivery network and supply chain scale underpin margins and speed of expansion. Total KFC and Pizza Hut membership exceeded 590m, with 265m+ active members in the past 12 months. Management’s “RGM 3.0” (Resilience, Growth, Moat) prioritizes front‑end segmentation (e.g., KCOFFEE cafés, KPRO modules) and back‑end consolidation to lower unit costs and lift store density. Targets include >20,000 stores in 2026 and >30,000 by 2030, with rising franchise mix and annual capital returns of US$1.5bn through 2026. 2026–2028 guidance calls for mid‑to‑high single‑digit system sales CAGR, high single‑digit OP CAGR, and double‑digit EPS and FCF/share CAGR from a 2025 base.