Yum China unveils RGM 3.0 strategy, targets high-single-digit OP CAGR and double-digit EPS CAGR through 2028

Yum China Holdings, Inc.

Store expansion: on track for 20,000 stores by 2026, accelerating to over 30,000 stores by 2030.
2026-2028 targets: high-single-digit OP CAGR, double-digit diluted EPS CAGR, double-digit FCF per share CAGR vs 2025 base.
2025 full-year outlook: OP margin 10.8%-10.9%, restaurant margin ~16.2%, FCF per share $2.2-$2.3.
Capital return: on track to return $1.5B each year 2024-2026; from 2027 return ~100% of free cash flow after NCI dividends ($900M-$1B+ annually).
KFC targets >17,000 stores and OP >RMB 10B by 2028; Pizza Hut targets >6,000 stores by 2028 and double OP by 2029 vs 2024.

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