Yum China Holdings, Inc.

B usiness. References to Yum China mean Yum China Holdings, Inc. and references to the Company, we, us, and our mean Yum China and its subsidiaries. U.S. dollars, $ or US$ refers to the legal currency of the United States, and RMB or Renminbi refers to the legal currency of the People’s Republic of China (the PRC or China ). The KFC, Pizza Hut, Lavazza, Huang Ji Huang, Little Sheep and Taco Bell brands are collectively referred to as the brands or concepts. Throughout this Form 10-K, the terms brands and concepts are used interchangeably and restaurants, stores and units are used interchangeably. General Yum China is the largest restaurant company in China in terms of 2025 system sales. We had $11.8 billion of revenues in 2025 and 18,101 restaurants as of December 31, 2025. Our growing restaurant network consists of our flagship KFC and Pizza Hut brands, as well as emerging brands such as Lavazza, Huang Ji Huang, Little Sheep and Taco Bell. We have the exclusive right to operate and sublicense the KFC, Pizza Hut and, subject to the agreed terms, Taco Bell brands in China, excluding Hong Kong, Macau and Taiwan. We own the intellectual property of the Little Sheep and Huang Ji Huang concepts outright. KFC was the first major global restaurant brand to enter China in 1987. With more than three decades of operations, we have developed extensive operating experience in the China market. We have since grown to become the largest restaurant company in China in terms of 2025 system sales, with 18,101 restaurants covering over 2,500 cities primarily in China as of December 31, 2025.