百胜中国 2026年季度报告

(Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _________________Commission file number 001-37762 Yum China Holdings, Inc.(Exact Name of Registrant as Specified in Its Charter) Not Applicable(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐ Accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ The number of shares outstanding of the registrant’s common stock as of May 4, 2026 was 349,147,371shares. Yum China Holdings, Inc. INDEX Part I.Financial InformationItem 1 – Financial Statements3Condensed Consolidated Statements of Income – Quarters Ended March 31, 2026 and 2025 (Unaudited)3Condensed Consolidated Statements of Comprehensive Income – Quarters Ended March 31, 2026 and 2025(Unaudited)4Condensed Consolidated Statements of Cash Flows – Quarters Ended March 31, 2026 and 2025 (Unaudited)5Condensed Consolidated Balance Sheets – March 31, 2026 (Unaudited) and December 31, 20256Condensed Consolidated Statements of Equity – Quarters Ended March 31, 2026 and 2025 (Unaudited)7Notes to Condensed Consolidated Financial Statements (Unaudited)8Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations24Item 3 – Quantitative and Qualitative Disclosures About Market Risk40Item 4 – Controls and Procedures40Part II.Other InformationItem 1 – Legal Proceedings41Item 1A – Risk Factors41Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds41Item 5 – Other Information41Item 6 – Exhibits42Signatures43 Condensed Consolidated Statements of Income (Unaudited)Yum China Holdings, Inc.(in US$ millions, except per share data) Revenues Total Current AssetsProperty, plant and equipment, netOperating lease right-of-use assetsGoodwillIntangible assets, netLong-term bank deposits and notesEquity investmentsDeferred income tax assetsOther assetsTotal Assets LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITYCurrent LiabilitiesAccounts payable and other current liabilities Short-term borrowingsIncome taxes payableTotal Current Liabilities Non-current operating lease liabilitiesNon-current finance lease liabilitiesDeferred income tax liabilitiesOther liabilitiesTotal Liabilities Redeemable Noncontrolling Interest EquityCommon stock, $0.01par value; 1,000million shares authorized; 351million shares *: Shares may not add due to rounding. Notes to Condensed Consolidated Financial Statements (Unaudited) (Tabular amounts in US$ millions, except as otherwise noted) Note 1 – Description of Business Yum China Holdings, Inc. (“Yum China” and, together with its subsidiaries, the “Company,” “we,” “us,” and “our”) wasincorporated in Delaware on April 1, 2016. The Company separated from Yum! Brands, Inc. (“YUM”) on October 31, 2016 (the“separation”). The Company owns, franchises or has ownership in entities that own and operate restaurants (also referred to as “stores” or “units”)under the KFC, Pizza Hut, Lavazza, Huang Ji Huang, Little Sheep and Taco Bell concepts (collectively, the “concepts”). Our rightto use and sublicense the use of intellectual property owned by YUM and its subsidiaries for the development and operation of theKFC, Pizza Hut and Taco Bell brands and their related marks and other intellectual property rig