Yum China 10-K filed Feb 27, 2026

Modified · General

We have the exclusive right to operate and sublicense the KFC, Pizza Hut and, subject to achieving certain agreed-upon milestonesthe 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 35 yearsthree 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 20242025 system sales, with 16,39518,101 restaurants covering over 2,2002,500 cities primarily in China as of December 31, 20242025. We believe that there are significant opportunities to further expand within China, and we intend to focus our efforts on increasing our geographic footprint in both existing and new cities.