百胜中国2025年度报告

Yum China Holdings, Inc.百勝中國控股有限公司 紐交所代號 : YUMC港交所代號 : ���� . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .127. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .150 193327A193421E1995 (i)(ii) 2025123118,1012,500 202512 3183% Lavazza 202520251182025123118,101Lavazza 20251939(Colonel Harland D. Sanders)(Corbin)19872025123112,9972,500® 19872025 20251231135 2025202512 31199020254,1681,000 2016122025123128Yum! Brands Inc.YUM Lavazza 2021RGM202511RGM 3.0202620,000203030,000 Lavazza20204Luigi Lavazza S.p.A.LavazzaGroupLavazzaLavazzaLavazzaLavazza20251231146LavazzaLavazza 20204200420251231627 WOW202512 3117%202430%202537%202410%202531%2026202840%50%2028 202527020302,5004,5002,0001,500 Lavazza 2025 20235020252,20020295,00020204Lavazza GroupLavazza202512 31146Lavazza20291,000Lavazza i-kitchen60% O2OO2O2025 48% MegaRGM2025 202512315.9202510094%AI 202512 3117% 20167,562202518,10110% 20251.31.0 2024Red Eye 8501,000 342,5005,000 GenAI 2025600 27 2021 2016122018AppsAppApp AppAppAppK202594% WOW202512 3170% 201562016201633%202599% Apps2016AppApps AppsApps202512315.90122.65202561% 20102015Apps 2024202539%48% 10-K 20209 2025123178310%5%202512311,023 20253531,136202282022IRAIRA202212311%13 2025152025 20252024202312 31 (1)(2)(3) (i)(ii) 100 10%50% 2016516%5%[2016]362016516%9%13%201717%13%11%6%13%9%6%7%13%2024122520261113%9%6% 25% 10%10% 25%5%201820185%10% 10% 10%10%0.05% (i)(ii)20191 1 20152 20% 20171221%(1)20171231(2)2017 20192019 2022IRA20228IRAIRA15%CAMT202212 311%202212272023-7 CAMTCAMT20251121 2021122202012182021PCAOB202212292023(ConsolidatedAppropriations Act) 16.5%201828.25%16.5%202212FSIE202311FSIE 20211216PCAOBPCAOBPCAOB202112162022330HFCAA20228PCAOBPCAOB20221215PCAOB2021 OECDOECD15%20241 1 OBBBA20257OBBBAOBBBA2025 201610315020224 155050YUM3%YUMYUM20224 15YUM2025225123128YUMYUM PCAOB2021PCAOBPCAOBPCAOBPCAOB 10-KPCAOB Yum! Brands, Inc.YUM202011YRI China Franchising LLCYUM2016103120191231Yum! Restaurants Asia Pte. Ltd.YUM YUM20161031YUMYUMYUMYUM Lavazza 20251231290,000130,000160,000 202557,5603% 2022 201220257080300 2025800 (BenchPlanning) 202550%202550% (RSUs)20162,000202515,300202123,00020256,20020257.8% YUMC Care17,000 20257,500 20353202066.3% 20252025202020% 1.5°CTCFDTCFDCDP 2025 2050 20502035(SBT) 2030202010% 203512202063% 100%2025201930% ISO 27001 18 2018ISO/IEC27001 202017 202515,06014,99862 10,985 3,816 197 1020 1309 202252020720225199820072015 2018320177 2025320193202022025320223202412Lavazza2024102025320182019002299 201711201610201710201512016102012320138 202111201862021111995 202382019112023720211120235 201832016102018320142016101996YUM20172YUM19921996 201812016112013201610 20241201652019520243202005720137Shearman & SterlingLLPA&O Shearman2002920056Arnold & Porter LLP (o)(p)(q)(r)(s)(t)(u)(v)(w)(x)GenAI(y)(z)(aa)(bb)(cc)(dd) (a)(b)(c)(d)(e)YUM(f)(g)YUM(h)(i)(j)(k)(l)(m)(n) (h)(i)(j)(k)(l)(m)(n)(o)(p)(q)(r)(s)(t) (ee)(ff)(gg)(hh)(ii)(jj)(kk)(ll)(mm) (a)(b)(c)10-KPCAOB(d)(e)(f)(g) YUM (a)YUM(b)YUMYUM(c)YUM(d)YUM(e)YUM(f) (a)(b)(c)(d) 2019102019121 20122014 202020212022 YUM201711(5)201711202112 312016112016123120181120221231201711201712 31 2021123120211231YUMYUM YUM20221231YUM 225202520251231282025YUMYUM YUMYUMYUMYUMYUMYUMYUMYUM2025 YUM YUMYUMYUMYUMYUMYUM YUMYUM202511 2019 202620,000203030,000 202515,000 10206%2026 (i)(ii)(iii) 202212 20081120121228 202512 3117%2026202840%50%2028 YUM 202594%20255.90202561% 120222 1520229120249 242025111,000 290,000 (i)(ii) 20176120261 120219 1202111 202599% 202590%95%202548% 20182019237 20235020252,20020295,0002020Lavazza GroupLavazza20