---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-283928"
form_type: "8-K"
ticker: "YUMC"
cik: "0001673358"
company_name: "Yum China Holdings, Inc."
filed_at: "2025-11-17T23:59:59+00:00"
generated_at: "2026-05-16T19:18:44.296537+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-283928
- form_type: 8-K
- ticker: YUMC
- cik: 0001673358
- company_name: Yum China Holdings, Inc.
- filed_at: 2025-11-17T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1673358/000119312525283928/0001193125-25-283928-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1673358/000119312525283928/d723391d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-283928
- JSON: https://secwatch.observer/filing/0001193125-25-283928.json
- Plain text: https://secwatch.observer/filing/0001193125-25-283928.txt

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