---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-048036"
form_type: "8-K"
ticker: "YUMC"
cik: "0001673358"
company_name: "Yum China Holdings, Inc."
filed_at: "2023-09-14T23:59:59+00:00"
generated_at: "2026-06-10T17:41:13.460074+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Yum China targets 20,000 stores by 2026, $3B shareholder return, double-digit EPS CAGR

## Summary
- KFC to accelerate net new store openings to >1,200 annually (15-20% franchise); Pizza Hut to 400-500 net new stores yearly.
- Targets double-digit EPS CAGR and $3B shareholder return (dividends + buybacks) from 2024 to 2026.
- 2023 net new store target raised to 1,400-1,600 (from 1,100-1,300); same-store sales ~90% of 2019 level.
- Lavazza joint venture aims for 1,000 stores in 3-5 years; capex $3.5-5B over three years.

## SEC filing metadata
- accession: 0000950170-23-048036
- form_type: 8-K
- ticker: YUMC
- cik: 0001673358
- company_name: Yum China Holdings, Inc.
- filed_at: 2023-09-14T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1673358/000095017023048036/0000950170-23-048036-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1673358/000095017023048036/yumc-20230914.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-048036
- JSON: https://secwatch.observer/filing/0000950170-23-048036.json
- Plain text: https://secwatch.observer/filing/0000950170-23-048036.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.