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RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

Global foodservice chain intelligence. Every figure should link back to a source.

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Company card

Yum China

Medium
Group★Golden 50

HKEX 09987 · HKEX

Listing status
listed
Operating model
Franchise / master franchise
Scale basis
Revenue proxy
Confidence
Medium
Segment
coffee tea milk tea

Large China restaurant platform with equity and franchise hybrid model. Use the formula-implied licensed-brand net system sales per restaurant as a scale proxy; keep the formula and brand-scope limitation visible.

Scale basis note

Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.

Scale overlap

System sales here include China operations run by licensee Yum! Brands — the two are not additive.

View Yum! Brands → (opens in new tab)
Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
18,101 stores
FY2025: Total store count reached 18,101 as of December 31, 2025.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Total store count reached 18,101 as of December 31, 2025.
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Scale
Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
$11.8B
FY2025: Total revenues increased 4% YoY to $11.8 billion, also a 4% increase excluding F/X.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Total revenues increased 4% YoY to $11.8 billion, also a 4% increase excluding F/X.
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Revenue proxy
Precision: Source-backed
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$651,898
Screening proxy
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$929M
FY2025: Net Income – Yum China Holdings, Inc. [was] $929 [million] for the year ended December 31, 2025.
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Net Income – Yum China Holdings, Inc. [was] $929 [million] for the year ended December 31, 2025.
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$11.8B
USD 11.8 billion
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Manual override

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$15.56B
Directional proxy
2026-05-22: Unverified: no citable primary disclosure with a verbatim excerpt found. No date-specific May 22 2026 excerpt available. Aggregators show June 22 2026 market cap ~$14.35B. Stored $15.56B is plausible for mid-May 2026 when stock was higher b
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Directional proxy
S3 supplementary (opens in new tab)
Media Or Aggregator · Unverified: no citable primary disclosure with a verbatim excerpt found. No date-specific May 22 2026 excerpt available. Aggregators show June 22 2026 market cap ~$14.35B. Stored $15.56B is plausible for mid-May 2026 when stock was higher b
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

17/20 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
chickenS2 official secondary (opens in new tab)
Cuisine (secondary)
pizzaS2 official secondary (opens in new tab)
Service model
QSRS4 (opens in new tab)
Price tier
valueS4 (opens in new tab)
Company
Founded
2,016S4 (opens in new tab)
HQ country
ChinaS3 supplementary (opens in new tab)
CEO
Joey WatS1 official primary (opens in new tab)
Employees
290,000 headcountS1 official primary (opens in new tab)
Ownership
Parent
Independent / public-standalone (Yum China Holdings; spun off from Yum! Brands Oct 31, 2016; Yum! Brands holds no equity, receives 3% royalty). Dual-listed NYSE:YUMC / HKEX:9987S2 official secondary (opens in new tab)
PE / holding
Primavera Capital Group made strategic investment ($410M) at 2016 spinoff; no longer a controlling holder — now widely held by institutionsS2 official secondary (opens in new tab)~
Recent M&A
not disclosed
Growth
System sales YoY
7%S2 official secondary (opens in new tab)
Revenue YoY
4%S2 official secondary (opens in new tab)
Net new units
1,706 unitsS2 official secondary (opens in new tab)
Pricing & digital
Avg check
$5.29S3 supplementary (opens in new tab)
Digital sales
94%S3 supplementary (opens in new tab)
Off-premise
48%S3 supplementary (opens in new tab)
Loyalty members
590S3 supplementary (opens in new tab)
Franchise terms
Royalty
6%S1 official primary (opens in new tab)
Franchise fee
not disclosed
By-market footprint
China / Hong Kong
18,101 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed7/7 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
18,101 stores
as reported in current seed source
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

KFC China
Stores
12,997 stores
source period
Source-backedS1 official primary (opens in new tab)
Pizza Hut China
Stores
4,168 stores
source period
Source-backedS1 official primary (opens in new tab)
Lavazza China
Stores
146 stores
source period
Source-backedS1 official primary (opens in new tab)
Huang Ji Huang
Stores
627 stores
source period
Source-backedS1 official primary (opens in new tab)
Little Sheep
Stores
135 stores
source period
Source-backedS1 official primary (opens in new tab)
Taco Bell China
Stores
28 stores
source period
Source-backedS1 official primary (opens in new tab)

Single-store model

6/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Company revenue includes multiple brands and business models; this is not net system sales per store.
FY2025 total revenue was USD11.8b across 18,101 restaurants, implying about USD651.9k revenue per restaurant as a listed-company scale proxy.
FY2025
Source-backedS1 official primary (opens in new tab)
Single-store profit
Restaurant margin is not individual-store EBITDA and does not cover franchisee P&L.
FY2025 restaurant margin was 16.3%; KFC restaurant margin was 17.4% and Pizza Hut restaurant margin was 12.8%.
FY2025
Source-backedS1 official primary (opens in new tab)
Initial investment
Do not infer store investment from aggregate capex without a new-store bridge.
—
FY2025
GapS1 official primary (opens in new tab)
Franchise fee / royalty
This is a brand license fee to Yum Brands, not a franchisee royalty paid to Yum China.
Yum China paid USD344m of license fees to Yum Brands in FY2025; the license fee equals 3% of net system sales from company and franchise restaurants for licensed KFC, Pizza Hut and Taco Bell brands.
FY2025
Source-backedS1 official primary (opens in new tab)
Payback period
No numeric payback should be ranked for Yum China from this pass.
—
FY2025
GapS1 official primary (opens in new tab)
Same-store sales
Same-store sales exclude foreign currency effects and normalize temporary closures per company definition.
FY2025 same-store sales increased 1% for Yum China overall; KFC and Pizza Hut each increased 1%.
FY2025
Source-backedS1 official primary (opens in new tab)
Store open / close
Gross openings and closures are not separated in this row.
Yum China opened 1,706 net new stores in FY2025, with 31% opened by franchisees; total store count reached 18,101.
FY2025
Source-backedS1 official primary (opens in new tab)
Company-operated share
Metric value stores KFC franchise share; Pizza Hut franchise share is 8%; all-brand mix requires another table.
At FY2025 year-end, 15% of KFC restaurants and 8% of Pizza Hut restaurants were operated by franchisees; no single all-brand franchise mix was recorded in this row.
FY2025
Source-backedS1 official primary (opens in new tab)

Cost structure

4/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS30%
FY2024· pct_of_revenueS2 official secondary (opens in new tab)Source-backed
Secondary relay of AR/results; confirm vs filing.
Labor24.7%
FY2024· pct_of_revenueS2 official secondary (opens in new tab)Source-backed
Secondary relay of AR/results; confirm vs filing.
Rent / occupancy24.8%
FY2024· pct_of_revenue_bundledS2 official secondary (opens in new tab)Source-backed
Occupancy bundled with other operating expenses (not pure rent). Secondary.
Delivery commission—
Gap
GAP — not fabricated.
Marketing—
Gap
GAP — not fabricated.
Operating margin15.7%
FY2024· restaurant_margin_pctS2 official secondary (opens in new tab)Source-backed
Restaurant-LEVEL margin (pre-G&A), not group operating margin (~9-10%). Secondary.
Not separately disclosed4.8%

Supply chain

8 suppliers · 21 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

千味央厨 Qianwei YangchuSZSE:001215
Ingredients
frozen_dough/速冻面米
discloses as: 百胜中国控股/百胜咨询(上海)
FY202023.37%S1 filingsource (opens in new tab)
FY201930.72%S1 filingsource (opens in new tab)
FY201830.2%S1 filingsource (opens in new tab)
FY202216.11%S2 citedsource (opens in new tab)
FY202119.25%S2 citedsource (opens in new tab)
宝立食品 Baoli FoodSSE:603170
Ingredients
compound_seasoning/QSR_sauces
discloses as: 百胜中国(第一大客户)
FY202414.18%S1 filingsource (opens in new tab)
FY202316.63%S1 filingsource (opens in new tab)
FY202213.99%S1 filingsource (opens in new tab)
FY202121.03%S1 filingsource (opens in new tab)
FY202024.81%S1 filingsource (opens in new tab)
FY201930.53%S1 filingsource (opens in new tab)
FY201832.81%S1 filingsource (opens in new tab)
华宝股份 HuabaoSZSE:300741
Ingredients
food_flavors
FY2024named (no % disclosed)S1 filingsource (opens in new tab)
圣农发展 Sunner DevelopmentSZSE:002299
Ingredients
chicken/poultry
discloses as: 百胜中国(关联方;子公司环胜信息技术持圣农5%)
FY2024named (no % disclosed)S1 filingsource (opens in new tab)
FY200819.48%S1 filingsource (opens in new tab)
FY200723.78%S1 filingsource (opens in new tab)
FY200619.9%S1 filingsource (opens in new tab)
立高食品 Lihigh/LigaoSZSE:300973
Ingredients
frozen_bakery_cream
discloses as: 百胜咨询(上海)有限公司
FY2024named (no % disclosed)S1 filingsource (opens in new tab)
南王科技 Nanwang TechSZSE:301355
Packaging
paper_packaging_bags
discloses as: 必胜(上海)食品有限公司(肯德基)
FY202221.04%S1 filingsource (opens in new tab)
FY202117.92%S1 filingsource (opens in new tab)
FY202021.02%S1 filingsource (opens in new tab)
家联科技 Jialian TechSZSE:301193
Packaging
plastic_biodeg_tableware
discloses as: 必胜(上海)食品有限公司
FY20207.68%S1 filingsource (opens in new tab)
富岭股份 FulingSZSE:001356
Packaging
plastic_tableware/cutlery/straws
discloses as: KFC(肯德基,境内主要客户)
FY2020-2024H1named (no % disclosed)S1 filingsource (opens in new tab)

Peers in this segment

MixueGMV / system salesGumingGMV / system salesChaPandaRevenue proxyAuntea JennyRevenue proxyDOUTOR・NICHIRES Holdings Co.,Ltd.Company-operated revenue (proxy)Saint Marc Holdings Co.,Ltd.Revenue proxy

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.