Applications for the Chevening Scholarships, a program that offers fully funded master’s degrees at universities in the United Kingdom, are now open from 5 August to 7 October.
Uzum Secures $70M Equity Financing Led by Tencent and VR Capital, Reaches $1.5B Valuation
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Funding to accelerate the expansion of Uzbekistan’s leading fintech platform and e-commerce ecosystem
- Uzum raises nearly $70 million in equity financing led by Tencent and VR Capital, with participation from FinSight Ventures
- Uzum’s valuation surges to ~$1.5 billion post-money, reflecting the company’s rapid growth across fintech and e-commerce
- Uzum Bank has emerged as the fastest-growing digital bank in Uzbekistan, issuing over 2 million co-branded Visa debit cards with embedded credit limits
- Fintech services deeply integrated with Uzum’s e-commerce ecosystem
- Fresh capital will be used to help drive the rollout of digital lending and deposit products, expand the Visa debit card program, and further scale financial infrastructure — with AI increasingly embedded across credit scoring, fraud prevention, and personalised user experiences
TASHKENT, Uzbekistan, Aug. 5, 2025 /PRNewswire/ — Uzum, Uzbekistan’s leading digital ecosystem, has secured nearly $70 million in equity financing from Tencent and VR Capital, with participation from FinSight Ventures—a U.S. fund focused on AI, fintech and super-app investments, and lead investor in Uzum’s first equity round completed in March 2024.
Tencent is a world-leading internet and technology company with a diverse portfolio of innovative products and services. It is listed on the Stock Exchange of Hong Kong.
VR Capital is a global alternative asset management firm with over $8 billion in assets under management. The firm has managed external capital for institutional investors since 1999, with a focus on investments in emerging and developed markets. VR Capital operates via its principal offices in New York and London.
This funding marks a significant increase in Uzum’s valuation since the March 2024 fundraise, bringing the company’s post-money valuation to approximately $1.5 billion, and comes against a backdrop of strong operating and financial traction delivered across key business segments.
Fintech momentum: Uzum Bank, the company’s digital banking unit, is now the fastest-growing bank in the country. Since launching its co-branded Visa debit card with pre-approved credit limits in August 2024, Uzum has issued over 2 million cards in 1H 2025, introducing Uzbekistan’s first embedded credit limit tied to a debit instrument. At the same time, Uzum’s consumer credit business, anchored by its market-leading BNPL offering, has more than tripled its total financed volume (TFV) in the first half of 2025.
E-commerce engine: The e-commerce segment—powered by Uzum Market (the largest national marketplace) and Uzum Tezkor (Uzbekistan’s leading express delivery service)—grew gross merchandise value (GMV) ~1.5x year-over-year in H1 2025. Uzum remains the only vertically integrated platform combining commerce and financial services at a national scale.
The company’s breakthrough valuation and new investment reflect its unparalleled market position and ambition. The proceeds from this round will be used to accelerate the buildout of Uzum’s proprietary fintech infrastructure, broaden its product suite, cementing its leadership across key verticals, and capture the full potential of Uzbekistan’s rapidly expanding digital economy.
Richard Deitz, Founder and President, VR Capital:
“Uzum embodies a unique confluence of a proven business model and first-mover advantage in a structurally underserved market. We are deeply impressed by the quality of the team and the remarkable progress the Company has achieved to date. It is our privilege to support Uzum’s continued growth through our investment.”
Alexey Garyunov, Managing Partner at FinSight Ventures:
“We believe Uzum represents one of the most compelling fintech and e-commerce growth stories in Central Asia. Since our initial investment last year, the company has achieved remarkable milestones — rapidly expanding its user base, launching new products, and driving monetization. The synergy across its diverse verticals has not only improved unit economics and reduced delinquency, but also lifted customer satisfaction and retention, reflected in a rising NPS and LTV. These dynamics mirror patterns we’ve seen in other breakout super-apps globally, and they’re reinforcing Uzum’s leadership in Uzbekistan’s digital economy. We see enormous untapped potential to layer new services for both consumers and merchants on top of Uzum’s existing platform. That’s exactly why we’re excited to double down in this new round and continue supporting Uzum on its journey.”
Djasur Djumaev, Founder and CEO of Uzum:
“In just two years, Uzum has built the most comprehensive digital ecosystem in Uzbekistan. Today, we’re reshaping how people shop, pay, and manage money. This new round of funding empowers us to deepen our fintech offerings and expand our leadership in digital banking and lending. We are delighted to welcome Tencent and VR Capital as new shareholders and proud to be working with tier-1 global investors who share our vision. It’s also a vote of confidence in our strategy to integrate financial services directly within the country’s largest e-commerce infrastructure.”
About Uzum
Uzum is a digital ecosystem and the largest digital platform in Uzbekistan, providing services spanning e-commerce, express delivery, banking and fintech, and business development. The ecosystem includes Uzum Market, an online marketplace with a wide range of products and one-day delivery across the country; Uzum Tezkor, an express delivery service from restaurants and stores; Uzum Bank, a digital bank; Kapitalbank, the country’s largest privately owned bank; Uzum Nasiya, an online unsecured lending service; and Uzum Business, an app for business customers. More than 17 million people — over half of Uzbekistan’s population, use Uzum services every month. Learn more at https://uzum.com/en/.
The Company is compliant with AML/FATFA proceedings and observes international sanctions regime in terms of its business operations and incoming and outcoming investments.
About Uzbekistan
Uzbekistan, Central Asia’s most populous country and second-largest economy by nominal GDP, is undergoing a generational digital and financial transformation. With nearly 60% of its 37 million citizens under the age of 30, the country combines favourable demographics with strong GDP growth (6.5% in 2024) and rising consumer demand.
Despite high mobile penetration and rapidly expanding internet access (projected to exceed 87% by 2027), Uzbekistan remains significantly underbanked: over 40% of adults lack access to formal financial services, and digital lending and card issuance are still nascent. This creates a vast opportunity for fintech disruption — particularly embedded finance models integrated with commerce.
E-commerce in Uzbekistan is expected to grow at a CAGR of 40–47% to reach $2.2 billion by 2027, according to KPMG, making it the fastest-growing digital consumer market in Central Asia. With strong government backing for financial inclusion, investment in digital infrastructure, and favourable regulatory reforms, Uzbekistan has become a launchpad for scalable digital finance and technology-driven platforms.
World Intelligent Vehicle Conference 2025 Successfully Concludes
Writing a New Chapter for the Development of Intelligent Vehicles
CHONGQING, China, Aug. 5, 2025 /PRNewswire/ — World Intelligent Vehicle Conference (WIV) 2025 successfully concluded at the Chongqing Yuelai International Conference Center on July 31. Hosted by Asia Digital Group, the two-day event featured one opening ceremony and one main forum, 6 topic forums, and 8 thematic activities. Dozens of intelligent vehicle-related brands and over 100 Chinese and foreign distinguished guests from over 20 countries and regions participated in the WIV 2025, along with tens of thousands of visitors. They explored the worldwide intelligent vehicle development trends, and compared notes on Chinese-foreign automotive cooperation and development experiences. The conference showcased the fruits of intelligent vehicle progress, facilitated the accelerated convergence of worldwide high-end factors to China, and injected new impetus into Chongqing’s intelligent mobility industry development.
The brilliant minds come together to discuss the future development of intelligent vehicles
Efforts need to be made on policy, capital, talent and other sectors in order to propel the advancement of intelligent vehicle-related industries. Achieving high-quality development in the intelligent vehicle industry demands collaborative efforts across all levels and from a wider range of stakeholders.
The WIV 2025 received strong support from all sectors across the world. On the government side, a number of senior officials attended the conference, including Fu Baozong, Deputy Director-General of the International Cooperation Center, National Development and Reform Commission, Tu Xingyong, Deputy Director-General of Chongqing Municipal Commission of Economy and Information Technology, and Fabio Schina, Consul General of Italy in Chongqing. Their comprehensive strategic support for the intelligent vehicle industry, which encompasses national policies, local development plans, and international collaborations, reinforces the overall framework of smart mobility development. At the expert level, several distinguished scholars and company executives identified the development trends across the academic, technological, and R&D dimensions and emphasized the current focus of intelligent vehicle development in their addresses and keynote speeches. The speakers included Professor C.C.Chan, Academician of Chinese Academy of Engineering, Fellow of Royal Academy of Engineering, Founding President of World Electric Vehicle Association, Founder of International Academicians Science & Technology Innovation Centre, and Distinguished Chair Professor of Hong Kong Polytechnic University, Professor Jianwei Zhang, Foreign Academician of Chinese Academy of Engineering, and Zhu Dongfang, President of Asia Digital Group. At the enterprise level, industry leaders from various sectors offered their perspectives on the current situation and prospects for intelligent vehicles, informed by both their specialized expertise and corporate operational realities. The corporate executives included Zhang Xinghai, Chairman and Founder of SERES Group, Wayne Liu, Chairman of PCI Technology Group Co., Ltd., Leng Yan, Executive Vice President of Mercedes-Benz Group China, Frank Meng, Chairman of Qualcomm China, and Wu Xiaoru, President of iFLYTEK Co., Ltd. In his speech, Mr. Leng mentioned that Mercedes-Benz is not only the inventor of automobile, but also a pioneer and sustained innovator in autonomous driving. Mercedes-Benz stands out as the first luxury automaker to mass-produce cars equipped with Highway Pilot Assist. As the world’s only automotive company certified for both L3 and L4 autonomous driving, it has also become the first international brand to gain approval for conditional L3 and L4 road testing in Beijing, marking a methodical advancement in intelligent driving technology deployment. Its conditional L3 system is now commercially available in both Germany and the US.
During the summit dialogue session of the main forum, focusing on the theme of “Smart Mobility Powers Dual Circulation”, the moderator, Wang Jiping (Antonio Wang), Vice President of IDC China, talked with Kuang-I Shu, Academician of the Russian Academy of Engineering and Chief Scientist of Jiangsu Pulsar Technology Co., Ltd., Ye Shengji, Chief Engineer and Deputy Secretary General of China Association of Automobile Manufacturers, Wang Tan, Co-Founder of XPeng AEROHT, and Yang Hong, Chairman and President of Shenzhen Hangsheng Electronics Co., Ltd. Mr. Kuang-I Shu shared his insight on 6G technology. He highlighted that 6G communication will provide ubiquitous coverage across space, air, sea, and land, making it especially well-suited for high-altitude transmission. With exceptional real-time performance, ultra-low latency, and supreme reliability, it enables direct wireless data transmission without compression. Mr. Ye indicated that the ultimate aim of both China’s vehicle-road-cloud integration and the global pursuit of fully implemented single-vehicle intelligence (SVI) is to advance the large-scale industrialization of the automotive industry, specifically within the new energy vehicle (NEV) and intelligent connected vehicle (ICV) segments. Mr. Wang stated that XPeng will deliver the world’s first mass-produced flying cars in 2026. While the current definition of low-altitude economy covers airspace below 1,000 meters, there remains a gap between signal coverage and actual flight range. He hopes that combining aerial vehicles, roads, and cloud technology can boost the land aircraft carrier industry’s progress. Mr. Yang said that Chinese automakers going global is mandatory, not optional. In today’s globalized automotive industry, no single company or country can achieve everything alone. True integration requires an ecosystem approach, emphasizing shared creation and reciprocal benefits over a one-sided incorporation into the global landscape.
Collaborative discussions on the evolving landscape of intelligent vehicle technology
If we unravel the production chain of an intelligent vehicle—from the motor to the intelligent cockpit—it may involve hundreds of suppliers, thousands of modules, and tens of thousands of parts. The conference focused on key topics in intelligent vehicle development, encompassing a wide array of dimensions and fields. Each of the six topic forums was overflowing with participants immersed in deep discussions.
At the topic forum with the theme of “Towards a Future of Intelligent Mobility Tackling Core Technological Challenges in Intelligent Vehicles”, Yang Hong, Chairman and President of Shenzhen Hangsheng Electronics Co., Ltd., delivered a keynote speech titled “AI-empowered and Ecosystem-supported Electronic Reconstruction and Evolution of Intelligent Vehicles”. Xu Jian, Vice President of PCI Technology Group Co., Ltd., shared his thoughts with the presentation titled “From Laboratory to Open Roads: Reflections and Explorations on Autonomous Vehicle Safety Testing and Regulation”. Wang Haowei, Global Head of ADAS at JOYNEXT Technology Co., Ltd., elaborated on the idea of “How CCU supports AI-defined Vehicles”. Jiang Sheng, SVP of NavInfo, discussed the topic of “AI Infra and Data Closed Loop under the New Paradigm in Intelligent Driving”. Ning Wang, Vice President of Neusoft Reach, gave a speech on “Vehicle-Cloud Integration Platform Drives the Upgrade of AI-Powered Scenario Experiences”. Kai Yan, Vice President of CARLINX, explained the approach of “The Hyper Flow Platform Enabling Full-Scenario Application of Vehicle-Cloud Integration at a Faster Pace”. Dr. Erkang Cheng, Nullmax Chief Scientific Officer, presented the solution of “One Model Decoder-Advancing Autonomous Driving Intelligence”. Sun Jie, Co-Founder & CEO of LightIC Technologies, delivered a keynote titled “On-chip FMCW Laser Radar – The Compliers and Pioneers of Perception Stringency in Autonomous Driving”. Centered on the topic of “Critical Tech Innovations Drive Industrial Growth”, Chen Zifeng, Chief Editor of Intelligent Vehicles of Pacific Auto, Ning Wang, Vice President of Neusoft Reach, Deng Xing, Product Director of Wuhan Xuanyuan Idrive Technology Co., Ltd., Zhang Lu, Head of Volcano Engine’s Intelligent Driving Cloud Solution, and Jason Hu, AI Product Expert of Chongqing TINNOVE Technology Intelligence Ltd., had an in-depth communication. The topic forums with the theme of “Global Expansion: Seizing Opportunities in International Markets”, “Collaborative Innovation: Driving Cross-Sector Integration”, “Capital Empowerment: Pioneering New Frontiers in Industrial Investment”, “Link the World: Co-Create New Cross-Border Growth” and “Pilot Projects: Creating Diverse Application Scenarios” attracted many leaders and representatives from government, industry, academia, research, finance, service, and application sectors. The attendees spanned from Electric Vehicle Association Of Malaysia, Association Pour le Développement de la Nouvelle Route de la Soie (ADNRS), IDC, Volcano Engine, North American Auto Professional Association (NAAP), Equal Ocean, Gosuncn Technology Group, CHIPSEA, VANJEE Technology, CICT Connected and Intelligent Technologies, Shanghai Taifang Technology, Volcanics Venture, HYGOAL Capital, HSBC, QuestMobile, World Trade Point Federation, China Brand Institute, China Automotive Engineering Research Institute, Chongqing Liangjiang International Economic Cooperation Center, Meetsocial, MiracoMotor, KargoBot.ai, Rino.ai, QCraft, Neolix, UISEE, BJCW, to Auto Planet. They provided multidimensional insights into the development trends of intelligent vehicles from their respective perspectives.
Bringing the intelligent vehicle industry to the next level with multi-dimensional support
China’s auto sector, with “AI+intelligent driving” as the core driving force, is accelerating the global autonomous driving race. Maintaining this momentum requires both visionary leadership and ongoing critical evaluation.
The WIV 2025 featured 8 thematic activities, including Leaders’ Roundtable, Chongqing Intelligent Vehicle Closed-Door Think Tank Meeting, Product Launch of Intelligent Vehicle Ecosystem, Resource Matchmaking Conference of Intelligent Vehicle Ecosystem, Intelligent Vehicle Technology Innovation Competition, Business Investigation of Chongqing Intelligent Vehicle Ecosystem, Experience of Chongqing Intelligent Driving, and Exhibition of Sci-Tech Innovation Achievements in Intelligent Vehicle. From brainstorming and strategy discussion to achievement exhibition, followed by resource matchmaking and cooperative communication—this comprehensive platform provides robust support for China’s intelligent vehicle industry and Chongqing’s intelligent mobility future landscape.
At the Chongqing Intelligent Vehicle Closed-Door Think Tank Meeting, the participating panelists and local government officials discussed the approach to vehicle-road-cloud integration under the theme of “Jointly Drawing up the Blueprint for the Automotive Industry through Government-Enterprise Discussion and by Pooling the Wisdom of the Elites”. During the meeting, Fu Baozong, Deputy Director-General of the International Cooperation Center, National Development and Reform Commission, and Lin Geng, Chief Engineer of Chongqing Municipal Commission of Economy and Information Technology, detailed the national and local governments’ work plans for intelligent vehicle development, covering policy direction, development strategies, and overall deployment from both state and local perspectives. Professor C.C.Chan, Academician of Chinese Academy of Engineering, Fellow of the Royal Academy of Engineering, Founding President of World Electric Vehicle Association, Founder of the International Academicians Science & Technology Innovation Centre, and Distinguished Chair Professor of Hong Kong Polytechnic University, Kuang-I Shu, Academician of the Russian Academy of Engineering and Chief Scientist of Jiangsu Pulsar Technology Co., Ltd., Li Yidong, Dean of the School of Computer Science & Technology at Beijing Jiaotong University, Professor, and Doctoral Supervisor, and Zhu Dongfang, President of Asia Digital Group, proposed future development strategies, informed by their research and the latest intelligent vehicle technologies. Taking a global outlook, Fabio Schina, Consul General of Italy in Chongqing, Dennis Chuah, Chairman of Electric Vehicle Association Malaysia, and Chen Chaozhuo, Director of North American Auto Professional Association and automotive industry overseas expansion consultant, proactively analyzed intelligent vehicle development and proposed strategies to facilitate the international expansion of China’s intelligent cars, highlighting the importance of global collaboration for achieving win-win outcomes. Drawing upon their companies’ unique strengths, Wang Tan, Co-Founder of XPeng AEROHT, Yang Hong, Chairman and President of Shenzhen Hangsheng Electronics Co., Ltd., Zhu Chuanqin, Chairman of Chongqing VDL Electronics Co., Ltd., Gao Ming, Vice President of Black Sesame Technologies, and Dongsheng Wu, Senior Vice President of Gosuncn Technology Group, discussed the current state and emerging trends in intelligent vehicle development, with the goal of advancing the entire industry during this new phase of growth.
During the two-day conference, representatives from various sectors across the world visited Chongqing Yongchuan manufacturing base of Great Wall Motor (GWM) Company Limited, and carried out a detailed on-site investigation at GWM’s smart plant through the Business Investigation of Chongqing Intelligent Vehicle Ecosystem. They went to Chang’an Automobile Global Research and Development Center (Liangjiang New Area) and visited the State Key Laboratory of Intelligent Vehicle Safety Technology, gaining firsthand experience with smart manufacturing and technological innovations, and engaging directly with industry experts, technical specialists, and corporate executives to discuss advancements and the future of the sector.
Another highlight of the conference is the display of the latest intelligent vehicles made by a host of well-known brands, including Tesla, Yangwang, Denza, Fang Cheng Bao, Li Auto, XPeng, NIO, ONVO, Deepal, Avatr, Wey, Voyah, Leapmotor, and BYD’s Dynasty and Ocean series; MiracoMotor, Neolix, and Rino.ai presented their self-driving vehicles; Guangzhou Frontop Digital, Automotive Software Innovation Center (Chongqing), Kernelsoft, World Trade Point Federation (Switzerland) Chongqing Representative Office, Chongqing Automobile Supplies Industry Association, BIZMEDIA Group and other automotive industry chain enterprises also showcased their latest achievements in intelligent vehicle technology at the Exhibition of Sci-Tech Innovation Achievements in Intelligent Vehicle.
The WIV 2025 has concluded, but the synergy of technology, capital, and policy driving China’s intelligent vehicle revolution is undeniably intensifying. Let’s look forward together to a future of intelligent mobility that will reshape the automotive landscape.
Yum China Board Welcomes New Board Member
SHANGHAI, Aug. 5, 2025 /PRNewswire/ — Yum China Holdings, Inc. (the “Company” or “Yum China“) (NYSE: YUMC and HKEX: 9987) announced today the appointment of Mr. Zhe (David) Wei to the Board of Directors, effective August 6, 2025. In connection with the appointment, the Board has increased the size of the Board of Directors to 13 directors, 11 of whom are independent.
“We warmly welcome David as the newest member of our Board,” said Yum China’s Chairman Dr. Fred Hu. ”David brings deep insights in global and China consumer sectors and significant leadership experience in digital and e-commerce. I am confident that David will be a valuable contributor to our Board.”
Joey Wat, CEO of Yum China commented, “On behalf of the management team, I am delighted to welcome David to our Board of Directors. His extensive expertise in the consumer industry and digital will add immense value as we advance our dual focus on operational efficiency and innovation. I look forward to David’s contribution to our Board as we collaborate to drive sustainable and long-term shareholder value.”
Zhe (David) Wei is the founding partner and chairman of Vision Knight Capital, a private equity fund manager focusing on investments in China. Prior to launching Vision Knight Capital in 2011, Mr. Wei served from 2007 to 2011 as an executive director and the chief executive officer of Alibaba.com Limited, a leading global e-commerce company wholly owned by Alibaba Group (NYSE: BABA; HKEx: 9988). Mr. Wei was the president from 2002 to 2006, and chief financial officer from 2000 to 2002 of B&Q (China) Co., Ltd., a subsidiary of Kingfisher PLC, a leading home improvement retailer in Europe and Asia. From 2003 to 2006, Mr. Wei was also the chief representative for Kingfisher’s China sourcing office. Prior to joining B&Q and Kingfisher, Mr. Wei served as the head of investment banking at Orient Securities Company Limited from 1998 to 2000 and as corporate finance manager at Coopers & Lybrand (now part of PricewaterhouseCoopers) from 1995 to 1998. Mr. Wei is currently a non-executive director of PCCW Ltd. (HKEx: 0008), JNBY Design Limited (HKEx: 3306) and Sansure Biotech Co., Ltd. (SHSE: 688289), and an independent director of Oriental Pearl Group Co., Ltd. (SHSE: 600637). Mr. Wei served on the boards of Leju Holdings Limited (formerly listed on NYSE) from April 2014 to March 2021, OneSmart International Education Group Limited (formerly listed on NYSE) from March 2018 to April 2021, Zall Smart Commerce Group Ltd. (HKEx: 2098) from April 2016 to January 2023, and Polestar Automotive Holding UK PLC (NASDAQ: PSNY) from June 2022 to June 2025. He was also a promoter and executive chair of Vision Deal HK Acquisition Corp. from January 2022 to June 2025 (formerly listed on HKEx). Mr. Wei holds a bachelor’s degree in international business management from Shanghai International Studies University.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook,” “commit” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth and business plans. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factor” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company operates over 16,000 restaurants under six brands across over 2,400 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. In addition, Yum China has partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain, which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world’s most innovative pioneer in the restaurant industry. For more information, please visit https://ir.yumchina.com/.
Contacts
Investor Relations Contact:
Tel: +86 21 2407 7556
IR@YumChina.com
Media Contact:
Tel: +86 21 2407 8288 / +852 2267 5807
Media@YumChina.com
Yum China Reports Second Quarter 2025 Results
Operating Profit Increased 14% YoY; OP Margin Expanded 100 Basis Points to 10.9%, a Second-Quarter Record High
Same-Store Sales Growth Turned Positive, Driven by 10th Consecutive Quarter of Same-Store Transaction Growth
Diluted EPS Up 5%, or 15% Excluding Mark-to-Market and F/X Impact
SHANGHAI, Aug. 5, 2025 /PRNewswire/ — Yum China Holdings, Inc. (the “Company” or “Yum China“) (NYSE: YUMC and HKEX: 9987) today reported unaudited results for the second quarter ended June 30, 2025.
Second Quarter Highlights
- Total system sales grew 4% year over year (“YoY”), excluding foreign currency translation (“F/X”). The growth sequentially improved from the first quarter and was primarily attributable to 4% of net new unit contribution and 1% same-store sales growth.
- Same-store sales growth turned positive at 1%. Same-store transactions grew 2% YoY, the tenth consecutive quarter of growth.
- Total revenues increased 4% YoY to $2.8 billion, also a 4% increase excluding F/X.
- The Company opened 336 net new stores in the quarter, with 89 net new stores opened by franchisees, accounting for 26%.
- Total store count reached 16,978 as of June 30, 2025, including 12,238 KFC stores and 3,864 Pizza Hut stores.
- Operating profit grew 14% YoY to $304 million, a second-quarter record high. Core operating profit grew 14% YoY.
- OP margin was 10.9%, an increase of 100 basis points YoY and also record high for the second quarter, supported by restaurant margin expansion and G&A savings.
- Restaurant margin was 16.1%, an increase of 60 basis points YoY, driven primarily by savings in Food and Paper cost and Occupancy and Other Operating expenses.
- Diluted EPS increased 5% YoY to $0.58, another second-quarter record-high, also a 5% increase excluding F/X. Excluding the negative impact of $0.04 from the mark-to-market equity investments in the 2025 and 2024 second quarters and F/X, Diluted EPS increased 15% YoY.
- Returned $274 million to shareholders in the second quarter through $184 million in share repurchases and $90 million in cash dividends.
- Delivery sales grew 22% YoY. Delivery contributed approximately 45% of total Company sales.
- Digital sales reached $2.4 billion, with digital ordering accounting for approximately 94% of total Company sales.
- Total membership of KFC and Pizza Hut was approximately 560 million, up 13% versus the prior year. Member sales accounted for approximately 64% of KFC and Pizza Hut’s system sales in aggregate.
CEO Comments
Joey Wat, CEO of Yum China, commented, “I am pleased to announce that we achieved solid results in the second quarter. We turned same-store sales growth positive while expanding our store portfolio to nearly 17,000 locations. We delivered double-digit growth in operating profit and substantially expanded our margins. KFC stayed resilient and Pizza Hut sustained its momentum. Our dual focus on innovation and operational efficiency enabled us to deliver compelling value and experiences to our customers. We sparked cravings with innovative and great-tasting food, including the Crazy Spicy Zinger at KFC and the upgraded hand-crafted thin-crust pizza at Pizza Hut. In addition to great value for money, our meal sets with IP-themed toys brought emotional value to our customers and helped us set a new 2025 daily sales record on Children’s Day.”
Wat continued, “We are always exploring ways to broaden our addressable market. KFC has expanded KCOFFEE cafes to over 1,300 locations, leveraging KFC’s store space, various in-store resources and membership. Pizza Hut’s new menu has widened our price ranges, reaching previously underserved customer segments and contributing to double-digit same-store transactions growth for the quarter. At the same time, we are reinforcing our strategic moat via our membership programs and Super Apps, and enhancing the in-store experience, while capturing additional traffic on delivery platforms. We are also fortifying our end-to-end digitalization to streamline operations and elevate our customer experience. With the strength of our brands and our strategies, we are confident in delivering sustainable, long-term value for our shareholders.”
Key Financial Results
Second Quarter |
Year to Date Ended 6/30 |
|||||||||||||||||||||||||||||||
%/ppts Change |
%/ppts Change |
|||||||||||||||||||||||||||||||
2025 |
2024 |
Reported |
Ex F/X |
2025 |
2024 |
Reported |
Ex F/X |
|||||||||||||||||||||||||
System Sales Growth (1) (%) |
4 |
4 |
NM |
NM |
3 |
5 |
NM |
NM |
||||||||||||||||||||||||
Same-Store Sales Growth (1) (%) |
1 |
(4) |
NM |
NM |
Even |
(3) |
NM |
NM |
||||||||||||||||||||||||
Operating Profit ($mn) |
304 |
266 |
+14 |
+14 |
703 |
640 |
+10 |
+11 |
||||||||||||||||||||||||
Adjusted Operating Profit (2) ($mn) |
304 |
266 |
+14 |
+14 |
703 |
640 |
+10 |
+11 |
||||||||||||||||||||||||
Core Operating Profit (2) (3) ($mn) |
303 |
266 |
NM |
+14 |
708 |
640 |
NM |
+11 |
||||||||||||||||||||||||
OP Margin (4) (%) |
10.9 |
9.9 |
+1.0 |
+1.0 |
12.2 |
11.4 |
+0.8 |
+0.8 |
||||||||||||||||||||||||
Core OP Margin (2) (5) (%) |
10.9 |
9.9 |
NM |
+1.0 |
12.2 |
11.4 |
NM |
+0.8 |
||||||||||||||||||||||||
Net Income ($mn) |
215 |
212 |
+1 |
+1 |
507 |
499 |
+1 |
+2 |
||||||||||||||||||||||||
Adjusted Net Income (2) ($mn) |
215 |
212 |
+1 |
+1 |
507 |
499 |
+1 |
+2 |
||||||||||||||||||||||||
Diluted Earnings |
0.58 |
0.55 |
+5 |
+5 |
1.35 |
1.26 |
+7 |
+8 |
||||||||||||||||||||||||
Adjusted Diluted Earnings |
0.58 |
0.55 |
+5 |
+5 |
1.35 |
1.26 |
+7 |
+8 |
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(1) System sales and same-store sales percentages exclude the impact of F/X. Effective January 1, 2018, temporary store closures are |
||||||||||||||||||||||||||||||||
(2) See “Reconciliation of Reported GAAP Results to Non-GAAP Measures” included in the accompanying tables of this release for further details. |
||||||||||||||||||||||||||||||||
(3) Core operating profit is defined as operating profit adjusted for special items, further excluding items affecting comparability and the |
||||||||||||||||||||||||||||||||
(4) OP margin refers to operating profit as a percentage of total revenues. |
||||||||||||||||||||||||||||||||
(5) Core OP margin refers to core operating profit as a percentage of total revenues excluding F/X. |
||||||||||||||||||||||||||||||||
Note: All comparisons are versus the same period a year ago. |
||||||||||||||||||||||||||||||||
Percentages may not recompute due to rounding. |
||||||||||||||||||||||||||||||||
NM refers to not meaningful. |
Capital Returns to Shareholders
- The Company is on track to return a total of $3 billion to shareholders in 2025 through 2026, in addition to the $1.5 billion delivered to shareholders in 2024. The average annual amount of capital return over the three years is around 9% of our market capitalization as of August 4, 2025.
- In the first half of 2025, the Company returned $536 million in capital to shareholders through $356 million in share repurchases and $180 million in cash dividends. Including the previously announced $510 million share repurchase agreements for the second half of 2025 and assuming a quarterly dividend of $0.24 per share, the Company expects the total return of capital for 2025 to be at least $1.2 billion.
- As of June 30, 2025, approximately $936 million remained available for future share repurchases under the current authorization program.
- The Board declared a cash dividend of $0.24 per share on Yum China’s common stock, payable on September 23, 2025 to shareholders of record as of the close of business on September 2, 2025.
KFC
Second Quarter |
Year to Date Ended 6/30 |
|||||||||||||||||||||||||||||
%/ppts Change |
%/ppts Change |
|||||||||||||||||||||||||||||
2025 |
2024 |
Reported |
Ex F/X |
2025 |
2024 |
Reported |
Ex F/X |
|||||||||||||||||||||||
Restaurants |
12,238 |
10,931 |
+12 |
NM |
12,238 |
10,931 |
+12 |
NM |
||||||||||||||||||||||
System Sales Growth (%) |
5 |
5 |
NM |
NM |
4 |
6 |
NM |
NM |
||||||||||||||||||||||
Same-Store Sales Growth (%) |
1 |
(3) |
NM |
NM |
Even |
(3) |
NM |
NM |
||||||||||||||||||||||
Total Revenues ($mn) |
2,096 |
2,014 |
+4 |
+4 |
4,342 |
4,244 |
+2 |
+3 |
||||||||||||||||||||||
Operating Profit ($mn) |
292 |
264 |
+11 |
+10 |
678 |
636 |
+6 |
+7 |
||||||||||||||||||||||
Core Operating Profit ($mn) |
291 |
264 |
NM |
+10 |
682 |
636 |
NM |
+7 |
||||||||||||||||||||||
OP Margin (%) |
14.0 |
13.1 |
+0.9 |
+0.9 |
15.6 |
15.0 |
+0.6 |
+0.6 |
||||||||||||||||||||||
Restaurant Margin (%) |
16.9 |
16.2 |
+0.7 |
+0.7 |
18.4 |
17.8 |
+0.6 |
+0.6 |
- System sales for KFC grew 5% YoY. Same-store sales increased 1% YoY, with flat same-store transactions. Ticket average was 1% higher YoY, driven mainly by increased delivery mix.
- Delivery sales grew 25% YoY, contributing approximately 45% of KFC’s Company sales.
- KFC opened 295 net new stores during the quarter, with 119 net new stores opened by franchisees, accounting for 40%. Total store count reached 12,238 as of June 30, 2025.
- Operating profit grew 11% YoY to $292 million, a record level for the second quarter. Core operating profit increased 10% YoY.
- OP margin was 14.0%, an increase of 90 basis points YoY.
- Restaurant margin was 16.9%, expanding 70 basis points YoY, primarily due to favorable commodity prices and streamlined operations, partially offset by the impact of higher rider cost due to the increased delivery mix, increased value-for-money offerings and wage inflation.
Pizza Hut
Second Quarter |
Year to Date Ended 6/30 |
|||||||||||||||||||||||||||||
%/ppts Change |
%/ppts Change |
|||||||||||||||||||||||||||||
2025 |
2024 |
Reported |
Ex F/X |
2025 |
2024 |
Reported |
Ex F/X |
|||||||||||||||||||||||
Restaurants |
3,864 |
3,504 |
+10 |
NM |
3,864 |
3,504 |
+10 |
NM |
||||||||||||||||||||||
System Sales Growth (%) |
3 |
1 |
NM |
NM |
3 |
3 |
NM |
NM |
||||||||||||||||||||||
Same-Store Sales Growth (%) |
2 |
(8) |
NM |
NM |
1 |
(7) |
NM |
NM |
||||||||||||||||||||||
Total Revenues ($mn) |
554 |
540 |
+3 |
+3 |
1,149 |
1,135 |
+1 |
+2 |
||||||||||||||||||||||
Operating Profit ($mn) |
46 |
40 |
+16 |
+15 |
106 |
87 |
+22 |
+23 |
||||||||||||||||||||||
Core Operating Profit ($mn) |
46 |
40 |
NM |
+15 |
107 |
87 |
NM |
+23 |
||||||||||||||||||||||
OP Margin (%) |
8.3 |
7.4 |
+0.9 |
+0.9 |
9.2 |
7.7 |
+1.5 |
+1.5 |
||||||||||||||||||||||
Restaurant Margin (%) |
13.3 |
13.2 |
+0.1 |
+0.1 |
13.9 |
12.8 |
+1.1 |
+1.1 |
- System sales for Pizza Hut grew 3% YoY. Same-store sales increased 2% YoY. Same-store transactions grew 17% YoY, the tenth consecutive quarter of growth. Ticket average was 13% lower YoY, consistent with our strategy and driven mainly by better value-for-money.
- Pizza Hut opened 95 net new stores during the quarter, with 21 net new stores opened by franchisees, accounting for 22%. Total store count reached 3,864 as of June 30, 2025.
- Delivery sales grew 15% YoY, contributing approximately 43% of Pizza Hut’s Company sales.
- Operating profit grew 16% to $46 million, a record level for the second quarter. Core operating profit increased 15% YoY.
- OP margin was 8.3%, an increase of 90 basis points YoY and a record level for the second quarter.
- Restaurant margin was 13.3%, expanding 10 basis points YoY, primarily due to favorable commodity prices, streamlined operations and automation, partially offset by the impact of increased value-for-money offerings, increased cost associated with higher delivery sales mix and wage inflation.
Outlook
- The Company targets:
-
- Approximately 1,600 to 1,800 net new stores in 2025.
- The franchise mix of net new stores to reach 40-50% for KFC and 20-30% for Pizza Hut in 2025, ahead of schedule and to moderately increase the mix within the guided range over the next few years.
- Capital expenditures in the range of approximately $600 million to $700 million for the 2025 fiscal year, revised down from the initial target of $700 million to $800 million, mainly due to lower capital expenditures per store.
- The Company plans to return $3 billion to shareholders in 2025 through 2026, adding to the $1.5 billion it delivered to shareholders in 2024.
Note on Non-GAAP Measures
Reported GAAP results include items that are excluded from non-GAAP measures. See “Reconciliation of Reported GAAP Results to Non-GAAP Measures” and “Segment Results” within this release for non-GAAP reconciliation details.
Conference Call
Yum China’s management will hold an earnings conference call at 7:00 a.m. U.S. Eastern Time on Tuesday, August 5, 2025 (7:00 p.m. Beijing/Hong Kong Time on Tuesday, August 5, 2025).
A live webcast of the call may be accessed at https://edge.media-server.com/mmc/p/kij3u6kb.
To join by phone, please register in advance of the conference through the link provided below. Upon registering, you will be provided with participant dial-in numbers and a unique access PIN.
Pre-registration Link: https://register-conf.media-server.com/register/BIb7706c47c6cf42db8f213a8ac7f0329c
A replay of the webcast will be available two hours after the event and will remain accessible until August 4, 2026. Additionally, earnings release accompanying slides will be available at the Company’s Investor Relations website http://ir.yumchina.com.
For important news and information regarding Yum China, including our filings with the U.S. Securities and Exchange Commission and the Hong Kong Stock Exchange, visit Yum China’s Investor Relations website at http://ir.yumchina.com. Yum China uses this website as a primary channel for disclosing key information to its investors, some of which may contain material and previously non-public information.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements relating to our projected capital return for 2025 and those set forth under the section titled “Outlook.” We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “project,” “likely,” “will,” “continue,” “should,” “forecast,” “outlook,” “commit” or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future strategies, growth, business plans, investments, store openings, franchise mix of net new stores, capital expenditures, dividend and share repurchase plans, CAGR for system sales, operating profit and EPS, earnings, performance and returns of Yum China, anticipated effects of population and macroeconomic trends, pace of recovery of Yum China’s business, the anticipated effects of our innovation, digital and delivery capabilities and investments on growth and beliefs regarding the long-term drivers of Yum China’s business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, changes in public health conditions, our ability to control costs and expenses, including tax costs, changes in political, economic and regulatory conditions in China, as well as changes in political, business, economic and trade relations between the U.S. and China, and those set forth under the caption “Risk Factors” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Our plan of capital returns to shareholders is based on current expectations, which may change based on market conditions, capital needs or otherwise. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China is the largest restaurant company in China with a mission to make every life taste beautiful. The Company operates over 16,000 restaurants under six brands across over 2,400 cities in China. KFC and Pizza Hut are the leading brands in the quick-service and casual dining restaurant spaces in China, respectively. In addition, Yum China has partnered with Lavazza to develop the Lavazza coffee concept in China. Little Sheep and Huang Ji Huang specialize in Chinese cuisine. Taco Bell offers innovative Mexican-inspired food. Yum China has a world-class, digitalized supply chain, which includes an extensive network of logistics centers nationwide and an in-house supply chain management system. Its strong digital capabilities and loyalty program enable the Company to reach customers faster and serve them better. Yum China is a Fortune 500 company with the vision to be the world’s most innovative pioneer in the restaurant industry. For more information, please visit http://ir.yumchina.com.
Contacts
Investor Relations Contact:
Tel: +86 21 2407 7556
IR@YumChina.com
Media Contact:
Tel: +86 21 2407 8288 / +852 2267 5807
Media@YumChina.com
Yum China Holdings, Inc. |
||||||||||||||||||||||||||
Condensed Consolidated Statements of Income |
||||||||||||||||||||||||||
(in US$ million, except per share data) |
||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||
Quarter Ended |
% Change |
Year to Date Ended |
% Change |
|||||||||||||||||||||||
6/30/2025 |
6/30/2024 |
B/(W) |
6/30/2025 |
6/30/2024 |
B/(W) |
|||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||
Company sales |
$ |
2,613 |
$ |
2,528 |
3 |
$ |
5,414 |
$ |
5,322 |
2 |
||||||||||||||||
Franchise fees and income |
24 |
22 |
11 |
51 |
47 |
9 |
||||||||||||||||||||
Revenues from transactions with franchisees |
115 |
96 |
20 |
236 |
203 |
16 |
||||||||||||||||||||
Other revenues |
35 |
33 |
6 |
67 |
65 |
3 |
||||||||||||||||||||
Total revenues |
2,787 |
2,679 |
4 |
5,768 |
5,637 |
2 |
||||||||||||||||||||
Costs and Expenses, Net |
||||||||||||||||||||||||||
Company restaurants |
||||||||||||||||||||||||||
Food and paper |
810 |
797 |
(2) |
1,684 |
1,693 |
— |
||||||||||||||||||||
Payroll and employee benefits |
712 |
666 |
(7) |
1,431 |
1,374 |
(4) |
||||||||||||||||||||
Occupancy and other operating expenses |
669 |
674 |
1 |
1,357 |
1,371 |
1 |
||||||||||||||||||||
Company restaurant expenses |
2,191 |
2,137 |
(3) |
4,472 |
4,438 |
(1) |
||||||||||||||||||||
General and administrative expenses |
131 |
133 |
2 |
269 |
273 |
2 |
||||||||||||||||||||
Franchise expenses |
10 |
9 |
(8) |
21 |
19 |
(10) |
||||||||||||||||||||
Expenses for transactions with franchisees |
110 |
92 |
(20) |
227 |
196 |
(16) |
||||||||||||||||||||
Other operating costs and expenses |
30 |
29 |
(3) |
59 |
58 |
(1) |
||||||||||||||||||||
Closures and impairment expenses, net |
12 |
13 |
11 |
18 |
14 |
(25) |
||||||||||||||||||||
Other income, net |
(1) |
— |
NM |
(1) |
(1) |
19 |
||||||||||||||||||||
Total costs and expenses, net |
2,483 |
2,413 |
(3) |
5,065 |
4,997 |
(1) |
||||||||||||||||||||
Operating Profit |
304 |
266 |
14 |
703 |
640 |
10 |
||||||||||||||||||||
Interest income, net |
25 |
31 |
(21) |
51 |
69 |
(26) |
||||||||||||||||||||
Investment (loss) gain |
(18) |
8 |
NM |
(15) |
16 |
NM |
||||||||||||||||||||
Income Before Income Taxes and |
311 |
305 |
2 |
739 |
725 |
2 |
||||||||||||||||||||
Income tax provision |
(80) |
(77) |
(4) |
(199) |
(190) |
(5) |
||||||||||||||||||||
Equity in net earnings (losses) from |
2 |
— |
NM |
6 |
— |
NM |
||||||||||||||||||||
Net income – including noncontrolling interests |
233 |
228 |
2 |
546 |
535 |
2 |
||||||||||||||||||||
Net income – noncontrolling interests |
18 |
16 |
(9) |
39 |
36 |
(6) |
||||||||||||||||||||
Net Income – Yum China Holdings, Inc. |
$ |
215 |
$ |
212 |
1 |
$ |
507 |
$ |
499 |
1 |
||||||||||||||||
Effective tax rate |
25.8 |
% |
25.2 |
% |
(0.6) |
ppts. |
26.9 |
% |
26.2 |
% |
(0.7) |
ppts. |
||||||||||||||
Basic Earnings Per Common Share |
$ |
0.58 |
$ |
0.55 |
$ |
1.36 |
$ |
1.27 |
||||||||||||||||||
Weighted-average shares outstanding |
373 |
389 |
374 |
395 |
||||||||||||||||||||||
Diluted Earnings Per Common Share |
$ |
0.58 |
$ |
0.55 |
$ |
1.35 |
$ |
1.26 |
||||||||||||||||||
Weighted-average shares outstanding |
374 |
391 |
376 |
397 |
||||||||||||||||||||||
OP margin |
10.9 |
% |
9.9 |
% |
1.0 |
ppts. |
12.2 |
% |
11.4 |
% |
0.8 |
ppts. |
||||||||||||||
Company sales |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
||||||||||||||||||
Food and paper |
31.0 |
31.5 |
0.5 |
ppts. |
31.1 |
31.8 |
0.7 |
ppts. |
||||||||||||||||||
Payroll and employee benefits |
27.2 |
26.3 |
(0.9) |
ppts. |
26.4 |
25.8 |
(0.6) |
ppts. |
||||||||||||||||||
Occupancy and other operating expenses |
25.7 |
26.7 |
1.0 |
ppts. |
25.1 |
25.8 |
0.7 |
ppts. |
||||||||||||||||||
Restaurant margin |
16.1 |
% |
15.5 |
% |
0.6 |
ppts. |
17.4 |
% |
16.6 |
% |
0.8 |
ppts. |
||||||||||||||
Percentages may not recompute due to rounding. NM refers to not meaningful. |
Yum China Holdings, Inc. |
||||||||||||||||||||||||||
KFC Operating Results |
||||||||||||||||||||||||||
(in US$ million) |
||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||
Quarter Ended |
% Change |
Year to Date Ended |
% Change |
|||||||||||||||||||||||
6/30/2025 |
6/30/2024 |
B/(W) |
6/30/2025 |
6/30/2024 |
B/(W) |
|||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||
Company sales |
$ |
2,059 |
$ |
1,983 |
4 |
$ |
4,267 |
$ |
4,176 |
2 |
||||||||||||||||
Franchise fees and income |
19 |
16 |
16 |
40 |
34 |
14 |
||||||||||||||||||||
Revenues from transactions with franchisees |
17 |
12 |
32 |
33 |
26 |
26 |
||||||||||||||||||||
Other revenues |
1 |
3 |
(68) |
2 |
8 |
(74) |
||||||||||||||||||||
Total revenues |
2,096 |
2,014 |
4 |
4,342 |
4,244 |
2 |
||||||||||||||||||||
Costs and Expenses, Net |
||||||||||||||||||||||||||
Company restaurants |
||||||||||||||||||||||||||
Food and paper |
631 |
626 |
(1) |
1,316 |
1,320 |
— |
||||||||||||||||||||
Payroll and employee benefits |
556 |
513 |
(8) |
1,110 |
1,055 |
(5) |
||||||||||||||||||||
Occupancy and other operating expenses |
523 |
524 |
— |
1,055 |
1,059 |
— |
||||||||||||||||||||
Company restaurant expenses |
1,710 |
1,663 |
(3) |
3,481 |
3,434 |
(1) |
||||||||||||||||||||
General and administrative expenses |
61 |
60 |
(2) |
120 |
121 |
1 |
||||||||||||||||||||
Franchise expenses |
9 |
8 |
(9) |
19 |
17 |
(9) |
||||||||||||||||||||
Expenses for transactions with franchisees |
15 |
11 |
(37) |
29 |
23 |
(29) |
||||||||||||||||||||
Other operating costs and expenses |
1 |
2 |
68 |
2 |
6 |
72 |
||||||||||||||||||||
Closures and impairment expenses, net |
8 |
6 |
(15) |
13 |
7 |
(65) |
||||||||||||||||||||
Total costs and expenses, net |
1,804 |
1,750 |
(3) |
3,664 |
3,608 |
(2) |
||||||||||||||||||||
Operating Profit |
$ |
292 |
$ |
264 |
11 |
$ |
678 |
$ |
636 |
6 |
||||||||||||||||
OP margin |
14.0 |
% |
13.1 |
% |
0.9 |
ppts. |
15.6 |
% |
15.0 |
% |
0.6 |
ppts. |
||||||||||||||
Company sales |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
||||||||||||||||||
Food and paper |
30.7 |
31.6 |
0.9 |
ppts. |
30.9 |
31.6 |
0.7 |
ppts. |
||||||||||||||||||
Payroll and employee benefits |
27.0 |
25.9 |
(1.1) |
ppts. |
26.0 |
25.3 |
(0.7) |
ppts. |
||||||||||||||||||
Occupancy and other operating expenses |
25.4 |
26.3 |
0.9 |
ppts. |
24.7 |
25.3 |
0.6 |
ppts. |
||||||||||||||||||
Restaurant margin |
16.9 |
% |
16.2 |
% |
0.7 |
ppts. |
18.4 |
% |
17.8 |
% |
0.6 |
ppts. |
||||||||||||||
Percentages may not recompute due to rounding. |
Yum China Holdings, Inc. |
||||||||||||||||||||||||||
Pizza Hut Operating Results |
||||||||||||||||||||||||||
(in US$ million) |
||||||||||||||||||||||||||
(unaudited) |
||||||||||||||||||||||||||
Quarter Ended |
% Change |
Year to Date Ended |
% Change |
|||||||||||||||||||||||
6/30/2025 |
6/30/2024 |
B/(W) |
6/30/2025 |
6/30/2024 |
B/(W) |
|||||||||||||||||||||
Revenues |
||||||||||||||||||||||||||
Company sales |
$ |
545 |
$ |
530 |
3 |
$ |
1,129 |
$ |
1,117 |
1 |
||||||||||||||||
Franchise fees and income |
2 |
2 |
20 |
4 |
4 |
21 |
||||||||||||||||||||
Revenues from transactions with franchisees |
1 |
1 |
44 |
3 |
2 |
56 |
||||||||||||||||||||
Other revenues |
6 |
7 |
— |
13 |
12 |
9 |
||||||||||||||||||||
Total revenues |
554 |
540 |
3 |
1,149 |
1,135 |
1 |
||||||||||||||||||||
Costs and Expenses, Net |
||||||||||||||||||||||||||
Company restaurants |
||||||||||||||||||||||||||
Food and paper |
177 |
167 |
(6) |
363 |
365 |
1 |
||||||||||||||||||||
Payroll and employee benefits |
154 |
150 |
(3) |
317 |
312 |
(2) |
||||||||||||||||||||
Occupancy and other operating expenses |
141 |
143 |
1 |
292 |
297 |
1 |
||||||||||||||||||||
Company restaurant expenses |
472 |
460 |
(3) |
972 |
974 |
— |
||||||||||||||||||||
General and administrative expenses |
26 |
27 |
5 |
52 |
54 |
4 |
||||||||||||||||||||
Franchise expenses |
1 |
1 |
(14) |
2 |
2 |
(15) |
||||||||||||||||||||
Expenses for transactions with franchisees |
1 |
1 |
(32) |
3 |
2 |
(41) |
||||||||||||||||||||
Other operating costs and expenses |
5 |
6 |
7 |
11 |
11 |
(3) |
||||||||||||||||||||
Closures and impairment expenses, net |
3 |
5 |
37 |
3 |
5 |
38 |
||||||||||||||||||||
Total costs and expenses, net |
508 |
500 |
(2) |
1,043 |
1,048 |
— |
||||||||||||||||||||
Operating Profit |
$ |
46 |
$ |
40 |
16 |
$ |
106 |
$ |
87 |
22 |
||||||||||||||||
OP margin |
8.3 |
% |
7.4 |
% |
0.9 |
ppts. |
9.2 |
% |
7.7 |
% |
1.5 |
ppts. |
||||||||||||||
Company sales |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
||||||||||||||||||
Food and paper |
32.5 |
31.6 |
(0.9) |
ppts. |
32.1 |
32.7 |
0.6 |
ppts. |
||||||||||||||||||
Payroll and employee benefits |
28.3 |
28.3 |
— |
ppts. |
28.1 |
27.9 |
(0.2) |
ppts. |
||||||||||||||||||
Occupancy and other operating expenses |
25.9 |
26.9 |
1.0 |
ppts. |
25.9 |
26.6 |
0.7 |
ppts. |
||||||||||||||||||
Restaurant margin |
13.3 |
% |
13.2 |
% |
0.1 |
ppts. |
13.9 |
% |
12.8 |
% |
1.1 |
ppts. |
||||||||||||||
Percentages may not recompute due to rounding. |
Yum China Holdings, Inc. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in US$ million) |
||||||||
6/30/2025 |
12/31/2024 |
|||||||
(Unaudited) |
||||||||
ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ |
592 |
$ |
723 |
||||
Short-term investments |
1,563 |
1,121 |
||||||
Accounts receivable, net |
94 |
79 |
||||||
Inventories, net |
360 |
405 |
||||||
Prepaid expenses and other current assets |
383 |
366 |
||||||
Total Current Assets |
2,992 |
2,694 |
||||||
Property, plant and equipment, net |
2,415 |
2,407 |
||||||
Operating lease right-of-use assets |
2,103 |
2,146 |
||||||
Goodwill |
1,915 |
1,880 |
||||||
Intangible assets, net |
145 |
144 |
||||||
Long-term bank deposits and notes |
626 |
1,088 |
||||||
Equity investments |
382 |
368 |
||||||
Deferred income tax assets |
142 |
138 |
||||||
Other assets |
263 |
256 |
||||||
Total Assets |
10,983 |
11,121 |
||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY |
||||||||
Current Liabilities |
||||||||
Accounts payable and other current liabilities |
2,056 |
2,080 |
||||||
Short-term borrowings |
— |
127 |
||||||
Income taxes payable |
101 |
76 |
||||||
Total Current Liabilities |
2,157 |
2,283 |
||||||
Non-current operating lease liabilities |
1,760 |
1,816 |
||||||
Non-current finance lease liabilities |
48 |
49 |
||||||
Deferred income tax liabilities |
395 |
389 |
||||||
Other liabilities |
154 |
157 |
||||||
Total Liabilities |
4,514 |
4,694 |
||||||
Redeemable Noncontrolling Interest |
13 |
13 |
||||||
Equity |
||||||||
Common stock, $0.01 par value; 1,000 million shares authorized; 371 million shares |
4 |
4 |
||||||
Treasury stock |
(12) |
(52) |
||||||
Additional paid-in capital |
3,952 |
4,028 |
||||||
Retained earnings |
2,110 |
2,089 |
||||||
Accumulated other comprehensive loss |
(265) |
(341) |
||||||
Total Yum China Holdings, Inc. Stockholders’ Equity |
5,789 |
5,728 |
||||||
Noncontrolling interests |
667 |
686 |
||||||
Total Equity |
6,456 |
6,414 |
||||||
Total Liabilities, Redeemable Noncontrolling Interest and Equity |
$ |
10,983 |
$ |
11,121 |
||||
Yum China Holdings, Inc. |
||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||
(in US$ million) |
||||||||||
(unaudited) |
||||||||||
Year to Date Ended |
||||||||||
6/30/2025 |
6/30/2024 |
|||||||||
Cash Flows – Operating Activities |
||||||||||
Net income – including noncontrolling interests |
$ |
546 |
$ |
535 |
||||||
Depreciation and amortization |
219 |
235 |
||||||||
Non-cash operating lease cost |
199 |
203 |
||||||||
Closures and impairment expenses |
18 |
14 |
||||||||
Investment loss (gain) |
15 |
(16) |
||||||||
Equity in net (earnings) losses from equity method investments |
(6) |
— |
||||||||
Distributions of income received from equity method investments |
9 |
7 |
||||||||
Deferred income taxes |
(3) |
(2) |
||||||||
Share-based compensation expense |
22 |
23 |
||||||||
Changes in accounts receivable |
(13) |
(5) |
||||||||
Changes in inventories |
52 |
52 |
||||||||
Changes in prepaid expenses, other current assets and value-added tax assets |
(8) |
(28) |
||||||||
Changes in accounts payable and other current liabilities |
(53) |
27 |
||||||||
Changes in income taxes payable |
24 |
25 |
||||||||
Changes in non-current operating lease liabilities |
(200) |
(206) |
||||||||
Other, net |
43 |
(21) |
||||||||
Net Cash Provided by Operating Activities |
864 |
843 |
||||||||
Cash Flows – Investing Activities |
||||||||||
Capital spending |
(259) |
(358) |
||||||||
Purchases of short-term investments, long-term bank deposits and notes |
(3,924) |
(1,479) |
||||||||
Maturities of short-term investments, long-term bank deposits and notes |
3,905 |
1,702 |
||||||||
Acquisition of equity investment |
(14) |
— |
||||||||
Other, net |
2 |
3 |
||||||||
Net Cash Used in Investing Activities |
(290) |
(132) |
||||||||
Cash Flows – Financing Activities |
||||||||||
Proceeds from short-term borrowings |
— |
307 |
||||||||
Repayment of short-term borrowings |
(129) |
(52) |
||||||||
Repurchase of shares of common stock |
(368) |
(869) |
||||||||
Cash dividends paid on common stock |
(180) |
(126) |
||||||||
Dividends paid to noncontrolling interests |
(25) |
(28) |
||||||||
Other, net |
(7) |
(17) |
||||||||
Net Cash Used in Financing Activities |
(709) |
(785) |
||||||||
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash |
4 |
(11) |
||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash |
(131) |
(85) |
||||||||
Cash, Cash Equivalents, and Restricted Cash – Beginning of Period |
723 |
1,128 |
||||||||
Cash, Cash Equivalents, and Restricted Cash – End of Period |
$ |
592 |
$ |
1,043 |
In this press release:
- Certain performance metrics and non-GAAP measures are presented excluding the impact of foreign currency translation (“F/X”). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations.
- System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned and franchise restaurants that operate our restaurant concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise restaurants typically generate ongoing franchise fees for the Company at an average rate of approximately 6% of system sales. Franchise restaurant sales are not included in Company sales in the Condensed Consolidated Statements of Income; however, the franchise fees are included in the Company’s revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth.
- Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year, excluding the period during which stores are temporarily closed. We refer to these as our “base” stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, including stores temporarily closed, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores.
Unit Count by Brand |
||||||||||
KFC |
||||||||||
12/31/2024 |
New Builds |
Closures |
Refranchised |
6/30/2025 |
||||||
Company-owned |
10,187 |
526 |
(175) |
(2) |
10,536 |
|||||
Franchisees |
1,461 |
255 |
(16) |
2 |
1,702 |
|||||
Total |
11,648 |
781 |
(191) |
— |
12,238 |
|||||
Pizza Hut |
||||||||||
12/31/2024 |
New Builds |
Closures |
Refranchised |
6/30/2025 |
||||||
Company-owned |
3,525 |
230 |
(125) |
(1) |
3,629 |
|||||
Franchisees |
199 |
41 |
(6) |
1 |
235 |
|||||
Total |
3,724 |
271 |
(131) |
— |
3,864 |
|||||
Others |
||||||||||
12/31/2024 |
New Builds |
Closures |
6/30/2025 |
|||||||
Company-owned |
175 |
9 |
(30) |
154 |
||||||
Franchisees |
848 |
26 |
(152) |
722 |
||||||
Total |
1,023 |
35 |
(182) |
876 |
||||||
Reconciliation of Reported GAAP Results to Non-GAAP Measures
(in millions, except per share data)
(unaudited)
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) in this press release, the Company provides the following non-GAAP measures:
- Measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Net Income, Adjusted Earnings Per Common Share (“EPS”), Adjusted Effective Tax Rate and Adjusted EBITDA;
- Company Restaurant Profit (“Restaurant profit”) and Restaurant margin;
- Core Operating Profit and Core OP margin, which exclude Special Items, and further adjusted for Items Affecting Comparability and the impact of F/X;
These non-GAAP measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these non-GAAP measures provides additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our core operations.
With respect to non-GAAP measures adjusted for Special Items, the Company excludes impact from Special Items for the purpose of evaluating performance internally and uses them as factors in determining compensation for certain employees. Special Items are not included in any of our segment results.
Adjusted EBITDA is defined as net income including noncontrolling interests adjusted for equity in net earnings (losses) from equity method investments, income tax, interest income, net, investment gain or loss, depreciation and amortization, store impairment charges, and Special Items. Store impairment charges included as an adjustment item in Adjusted EBITDA primarily resulted from our semi-annual impairment evaluation of long-lived assets of individual restaurants, and additional impairment evaluation whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. If these restaurant-level assets were not impaired, depreciation of the assets would have been recorded and included in EBITDA. Therefore, store impairment charges were a non-cash item similar to depreciation and amortization of our long-lived assets of restaurants. The Company believes that investors and analysts may find it useful in measuring operating performance without regard to such non-cash items.
Restaurant Profit is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales, including cost of food and paper, restaurant-level payroll and employee benefits, rent, depreciation and amortization of restaurant-level assets, advertising expenses, and other operating expenses. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales. We also use Restaurant profit and Restaurant margin for the purposes of internally evaluating the performance of our Company-owned restaurants and we believe they provide useful information to investors as to the profitability of our Company-owned restaurants.
Core Operating Profit is defined as Operating Profit adjusted for Special Items, and further excluding Items Affecting Comparability and the impact of F/X. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance or trends. Items such as charges, gains and accounting changes which are viewed by management as significantly impacting the current period or the comparable period, due to changes in policy or other external factors, or non-cash items pertaining to underlying activities that are different from or unrelated to our core operations, are generally considered “Items Affecting Comparability.” Examples of Items Affecting Comparability include, but are not limited to: temporary relief from landlords and government agencies; VAT deductions due to tax policy changes; and amortization of reacquired franchise rights recognized upon acquisitions. We believe presenting Core Operating Profit provides additional information to further enhance comparability of our operating results and we use this measure for purposes of evaluating the performance of our core operations. Core OP margin is defined as Core Operating Profit divided by Total revenues, excluding the impact of F/X.
The following tables set forth the reconciliation of the most directly comparable GAAP financial measures to the non-GAAP financial measures. The reconciliation of GAAP Operating Profit to Restaurant Profit and Core Operating Profit by segment is presented in Segment Results within this release.
Quarter Ended |
Year to Date Ended |
|||||||||||||||
6/30/2025 |
6/30/2024 |
6/30/2025 |
6/30/2024 |
|||||||||||||
Reconciliation of Operating Profit to Adjusted Operating Profit |
||||||||||||||||
Operating Profit |
$ |
304 |
$ |
266 |
$ |
703 |
$ |
640 |
||||||||
Special Items, Operating Profit |
— |
— |
— |
— |
||||||||||||
Adjusted Operating Profit |
$ |
304 |
$ |
266 |
$ |
703 |
$ |
640 |
||||||||
Reconciliation of Net Income to Adjusted Net Income |
||||||||||||||||
Net Income – Yum China Holdings, Inc. |
$ |
215 |
$ |
212 |
$ |
507 |
$ |
499 |
||||||||
Special Items, Net Income –Yum China Holdings, Inc. |
— |
— |
— |
— |
||||||||||||
Adjusted Net Income – Yum China Holdings, Inc. |
$ |
215 |
$ |
212 |
$ |
507 |
$ |
499 |
||||||||
Reconciliation of EPS to Adjusted EPS |
||||||||||||||||
Basic Earnings Per Common Share |
$ |
0.58 |
$ |
0.55 |
$ |
1.36 |
$ |
1.27 |
||||||||
Special Items, Basic Earnings Per Common Share |
— |
— |
— |
— |
||||||||||||
Adjusted Basic Earnings Per Common Share |
$ |
0.58 |
$ |
0.55 |
$ |
1.36 |
$ |
1.27 |
||||||||
Diluted Earnings Per Common Share |
$ |
0.58 |
$ |
0.55 |
$ |
1.35 |
$ |
1.26 |
||||||||
Special Items, Diluted Earnings Per Common Share |
— |
— |
— |
— |
||||||||||||
Adjusted Diluted Earnings Per Common Share |
$ |
0.58 |
$ |
0.55 |
$ |
1.35 |
$ |
1.26 |
||||||||
Reconciliation of Effective Tax Rate to Adjusted Effective Tax Rate |
||||||||||||||||
Effective tax rate |
25.8 |
% |
25.2 |
% |
26.9 |
% |
26.2 |
% |
||||||||
Impact on effective tax rate as a result of Special Items |
— |
— |
— |
— |
||||||||||||
Adjusted effective tax rate |
25.8 |
% |
25.2 |
% |
26.9 |
% |
26.2 |
% |
Net income, along with the reconciliation to Adjusted EBITDA, is presented below: |
||||||||||||||||
Quarter Ended |
Year to Date Ended |
|||||||||||||||
6/30/2025 |
6/30/2024 |
6/30/2025 |
6/30/2024 |
|||||||||||||
Net Income – Yum China Holdings, Inc. |
$ |
215 |
$ |
212 |
$ |
507 |
$ |
499 |
||||||||
Net income – noncontrolling interests |
18 |
16 |
39 |
36 |
||||||||||||
Equity in net (earnings) losses from equity method investments |
(2) |
— |
(6) |
— |
||||||||||||
Income tax provision |
80 |
77 |
199 |
190 |
||||||||||||
Interest income, net |
(25) |
(31) |
(51) |
(69) |
||||||||||||
Investment loss (gain) |
18 |
(8) |
15 |
(16) |
||||||||||||
Operating Profit |
304 |
266 |
703 |
640 |
||||||||||||
Special Items, Operating Profit |
— |
— |
— |
— |
||||||||||||
Adjusted Operating Profit |
304 |
266 |
703 |
640 |
||||||||||||
Depreciation and amortization |
110 |
118 |
219 |
235 |
||||||||||||
Store impairment charges |
13 |
15 |
19 |
19 |
||||||||||||
Adjusted EBITDA |
$ |
427 |
$ |
399 |
$ |
941 |
$ |
894 |
Operating Profit, along with the reconciliation to Core Operating Profit, is presented below: |
||||||||||||||||||||||||||
Quarter ended |
% Change |
Year to Date Ended |
% Change |
|||||||||||||||||||||||
6/30/2025 |
6/30/2024 |
B/(W) |
6/30/2025 |
6/30/2024 |
B/(W) |
|||||||||||||||||||||
Operating Profit |
$ |
304 |
$ |
266 |
14 |
$ |
703 |
$ |
640 |
10 |
||||||||||||||||
Special Items, Operating Profit |
— |
— |
— |
— |
||||||||||||||||||||||
Adjusted Operating Profit |
$ |
304 |
$ |
266 |
14 |
$ |
703 |
$ |
640 |
10 |
||||||||||||||||
Items Affecting Comparability |
— |
— |
— |
— |
||||||||||||||||||||||
F/X impact |
(1) |
— |
5 |
— |
||||||||||||||||||||||
Core Operating Profit |
$ |
303 |
$ |
266 |
14 |
$ |
708 |
$ |
640 |
11 |
||||||||||||||||
Total revenues |
2,787 |
2,679 |
4 |
5,768 |
5,637 |
2 |
||||||||||||||||||||
F/X impact |
(7) |
— |
31 |
— |
||||||||||||||||||||||
Total revenues, excluding the impact of F/X |
$ |
2,780 |
$ |
2,679 |
4 |
$ |
5,799 |
$ |
5,637 |
3 |
||||||||||||||||
Core OP margin |
10.9 |
% |
9.9 |
% |
1.0 |
ppts. |
12.2 |
% |
11.4 |
% |
0.8 |
ppts. |
Yum China Holdings, Inc. |
||||||||||||
Segment Results |
||||||||||||
(in US$ million) |
||||||||||||
(unaudited) |
||||||||||||
Quarter Ended 6/30/2025 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
Company sales |
$ 2,059 |
$ 545 |
$ 9 |
$ — |
$ — |
$ 2,613 |
||||||
Franchise fees and income |
19 |
2 |
3 |
— |
— |
24 |
||||||
Revenues from transactions with franchisees(2) |
17 |
1 |
17 |
80 |
— |
115 |
||||||
Other revenues |
1 |
6 |
172 |
17 |
(161) |
35 |
||||||
Total revenues |
$ 2,096 |
$ 554 |
$ 201 |
$ 97 |
$ (161) |
$ 2,787 |
||||||
Company restaurant expenses |
1,710 |
472 |
9 |
— |
— |
2,191 |
||||||
General and administrative expenses |
61 |
26 |
8 |
36 |
— |
131 |
||||||
Franchise expenses |
9 |
1 |
— |
— |
— |
10 |
||||||
Expenses for transactions with franchisees(2) |
15 |
1 |
16 |
78 |
— |
110 |
||||||
Other operating costs and expenses |
1 |
5 |
168 |
17 |
(161) |
30 |
||||||
Closures and impairment expenses, net |
8 |
3 |
1 |
— |
— |
12 |
||||||
Other income, net |
— |
— |
— |
(1) |
— |
(1) |
||||||
Total costs and expenses, net |
1,804 |
508 |
202 |
130 |
(161) |
2,483 |
||||||
Operating Profit (Loss) |
$ 292 |
$ 46 |
$ (1) |
$ (33) |
$ — |
$ 304 |
||||||
Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows: |
||||||||||||
Quarter Ended 6/30/2025 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
GAAP Operating Profit (Loss) |
$ 292 |
$ 46 |
$ (1) |
$ (33) |
$ — |
$ 304 |
||||||
Less: |
||||||||||||
Franchise fees and income |
19 |
2 |
3 |
— |
— |
24 |
||||||
Revenues from transactions with franchisees(2) |
17 |
1 |
17 |
80 |
— |
115 |
||||||
Other revenues |
1 |
6 |
172 |
17 |
(161) |
35 |
||||||
Add: |
||||||||||||
General and administrative expenses |
61 |
26 |
8 |
36 |
— |
131 |
||||||
Franchise expenses |
9 |
1 |
— |
— |
— |
10 |
||||||
Expenses for transactions with franchisees(2) |
15 |
1 |
16 |
78 |
— |
110 |
||||||
Other operating costs and expenses |
1 |
5 |
168 |
17 |
(161) |
30 |
||||||
Closures and impairment expenses, net |
8 |
3 |
1 |
— |
— |
12 |
||||||
Other income, net |
— |
— |
— |
(1) |
— |
(1) |
||||||
Restaurant profit |
$ 349 |
$ 73 |
$ — |
$ — |
$ — |
$ 422 |
||||||
Company sales |
2,059 |
545 |
9 |
— |
— |
2,613 |
||||||
Restaurant margin |
16.9 % |
13.3 % |
(11.5) % |
N/A |
N/A |
16.1 % |
||||||
Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows: |
||||||||||||
Quarter Ended 6/30/2025 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
GAAP Operating Profit (Loss) |
$ 292 |
$ 46 |
$ (1) |
$ (33) |
$ — |
$ 304 |
||||||
Special Items, Operating Profit |
— |
— |
— |
— |
— |
— |
||||||
Adjusted Operating Profit (Loss) |
$ 292 |
$ 46 |
$ (1) |
$ (33) |
$ — |
$ 304 |
||||||
Items Affecting Comparability |
— |
— |
— |
— |
— |
— |
||||||
F/X impact |
(1) |
— |
— |
— |
— |
(1) |
||||||
Core Operating Profit (Loss) |
$ 291 |
$ 46 |
$ (1) |
$ (33) |
$ — |
$ 303 |
||||||
Quarter Ended 6/30/2024 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
Company sales |
$ 1,983 |
$ 530 |
$ 15 |
$ — |
$ — |
$ 2,528 |
||||||
Franchise fees and income |
16 |
2 |
4 |
— |
— |
22 |
||||||
Revenues from transactions with franchisees(2) |
12 |
1 |
16 |
67 |
— |
96 |
||||||
Other revenues |
3 |
7 |
144 |
16 |
(137) |
33 |
||||||
Total revenues |
$ 2,014 |
$ 540 |
$ 179 |
$ 83 |
$ (137) |
$ 2,679 |
||||||
Company restaurant expenses |
1,663 |
460 |
14 |
— |
— |
2,137 |
||||||
General and administrative expenses |
60 |
27 |
10 |
36 |
— |
133 |
||||||
Franchise expenses |
8 |
1 |
— |
— |
— |
9 |
||||||
Expenses for transactions with franchisees(2) |
11 |
1 |
14 |
66 |
— |
92 |
||||||
Other operating costs and expenses |
2 |
6 |
142 |
16 |
(137) |
29 |
||||||
Closures and impairment expenses, net |
6 |
5 |
2 |
— |
— |
13 |
||||||
Total costs and expenses, net |
1,750 |
500 |
182 |
118 |
(137) |
2,413 |
||||||
Operating Profit (Loss) |
$ 264 |
$ 40 |
$ (3) |
$ (35) |
$ — |
$ 266 |
||||||
Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows: |
||||||||||||
Quarter Ended 6/30/2024 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
GAAP Operating Profit (Loss) |
$ 264 |
$ 40 |
$ (3) |
$ (35) |
$ — |
$ 266 |
||||||
Less: |
||||||||||||
Franchise fees and income |
16 |
2 |
4 |
— |
— |
22 |
||||||
Revenues from transactions with franchisees(2) |
12 |
1 |
16 |
67 |
— |
96 |
||||||
Other revenues |
3 |
7 |
144 |
16 |
(137) |
33 |
||||||
Add: |
||||||||||||
General and administrative expenses |
60 |
27 |
10 |
36 |
— |
133 |
||||||
Franchise expenses |
8 |
1 |
— |
— |
— |
9 |
||||||
Expenses for transactions with franchisees(2) |
11 |
1 |
14 |
66 |
— |
92 |
||||||
Other operating costs and expenses |
2 |
6 |
142 |
16 |
(137) |
29 |
||||||
Closures and impairment expenses, net |
6 |
5 |
2 |
— |
— |
13 |
||||||
Restaurant profit |
$ 320 |
$ 70 |
$ 1 |
$ — |
$ — |
$ 391 |
||||||
Company sales |
1,983 |
530 |
15 |
— |
— |
2,528 |
||||||
Restaurant margin |
16.2 % |
13.2 % |
5.9 % |
N/A |
N/A |
15.5 % |
||||||
Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows: |
||||||||||||
Quarter Ended 6/30/2024 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
GAAP Operating Profit (Loss) |
$ 264 |
$ 40 |
$ (3) |
$ (35) |
$ — |
$ 266 |
||||||
Special Items, Operating Profit |
— |
— |
— |
— |
— |
— |
||||||
Adjusted Operating Profit (Loss) |
$ 264 |
$ 40 |
$ (3) |
$ (35) |
$ — |
$ 266 |
||||||
Items Affecting Comparability |
— |
— |
— |
— |
— |
— |
||||||
F/X impact |
— |
— |
— |
— |
— |
— |
||||||
Core Operating Profit (Loss) |
$ 264 |
$ 40 |
$ (3) |
$ (35) |
$ — |
$ 266 |
||||||
Year to Date Ended 6/30/2025 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
Company sales |
$ 4,267 |
$ 1,129 |
$ 18 |
$ — |
$ — |
$ 5,414 |
||||||
Franchise fees and income |
40 |
4 |
7 |
— |
— |
51 |
||||||
Revenues from transactions with franchisees(2) |
33 |
3 |
36 |
164 |
— |
236 |
||||||
Other revenues |
2 |
13 |
342 |
34 |
(324) |
67 |
||||||
Total revenues |
$ 4,342 |
$ 1,149 |
$ 403 |
$ 198 |
$ (324) |
$ 5,768 |
||||||
Company restaurant expenses |
3,481 |
972 |
20 |
— |
(1) |
4,472 |
||||||
General and administrative expenses |
120 |
52 |
16 |
81 |
— |
269 |
||||||
Franchise expenses |
19 |
2 |
— |
— |
— |
21 |
||||||
Expenses for transactions with franchisees(2) |
29 |
3 |
33 |
162 |
— |
227 |
||||||
Other operating costs and expenses |
2 |
11 |
335 |
34 |
(323) |
59 |
||||||
Closures and impairment expenses, net |
13 |
3 |
2 |
— |
— |
18 |
||||||
Other income, net |
— |
— |
— |
(1) |
— |
(1) |
||||||
Total costs and expenses, net |
3,664 |
1,043 |
406 |
276 |
(324) |
5,065 |
||||||
Operating Profit (Loss) |
$ 678 |
$ 106 |
$ (3) |
$ (78) |
$ — |
$ 703 |
||||||
Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows: |
||||||||||||
Year to Date Ended 6/30/2025 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
GAAP Operating Profit (Loss) |
$ 678 |
$ 106 |
$ (3) |
$ (78) |
$ — |
$ 703 |
||||||
Less: |
||||||||||||
Franchise fees and income |
40 |
4 |
7 |
— |
— |
51 |
||||||
Revenues from transactions with franchisees(2) |
33 |
3 |
36 |
164 |
— |
236 |
||||||
Other revenues |
2 |
13 |
342 |
34 |
(324) |
67 |
||||||
Add: |
||||||||||||
General and administrative expenses |
120 |
52 |
16 |
81 |
— |
269 |
||||||
Franchise expenses |
19 |
2 |
— |
— |
— |
21 |
||||||
Expenses for transactions with franchisees(2) |
29 |
3 |
33 |
162 |
— |
227 |
||||||
Other operating costs and expenses |
2 |
11 |
335 |
34 |
(323) |
59 |
||||||
Closures and impairment expenses, net |
13 |
3 |
2 |
— |
— |
18 |
||||||
Other income, net |
— |
— |
— |
(1) |
— |
(1) |
||||||
Restaurant profit (loss) |
$ 786 |
$ 157 |
$ (2) |
$ — |
$ 1 |
$ 942 |
||||||
Company sales |
4,267 |
1,129 |
18 |
— |
— |
5,414 |
||||||
Restaurant margin |
18.4 % |
13.9 % |
(16.0) % |
N/A |
N/A |
17.4 % |
||||||
Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows: |
||||||||||||
Year to Date Ended 6/30/2025 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
GAAP Operating Profit (Loss) |
$ 678 |
$ 106 |
$ (3) |
$ (78) |
$ — |
$ 703 |
||||||
Special Items, Operating Profit |
— |
— |
— |
— |
— |
— |
||||||
Adjusted Operating Profit (Loss) |
$ 678 |
$ 106 |
$ (3) |
$ (78) |
$ — |
$ 703 |
||||||
Items Affecting Comparability |
— |
— |
— |
— |
— |
— |
||||||
F/X impact |
4 |
1 |
— |
— |
— |
5 |
||||||
Core Operating Profit (Loss) |
$ 682 |
$ 107 |
$ (3) |
$ (78) |
$ — |
$ 708 |
||||||
Year to Date Ended 6/30/2024 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
Company sales |
$ 4,176 |
$ 1,117 |
$ 29 |
$ — |
$ — |
$ 5,322 |
||||||
Franchise fees and income |
34 |
4 |
9 |
— |
— |
47 |
||||||
Revenues from transactions with franchisees(2) |
26 |
2 |
36 |
139 |
— |
203 |
||||||
Other revenues |
8 |
12 |
308 |
31 |
(294) |
65 |
||||||
Total revenues |
$ 4,244 |
$ 1,135 |
$ 382 |
$ 170 |
$ (294) |
$ 5,637 |
||||||
Company restaurant expenses |
3,434 |
974 |
31 |
— |
(1) |
4,438 |
||||||
General and administrative expenses |
121 |
54 |
20 |
78 |
— |
273 |
||||||
Franchise expenses |
17 |
2 |
— |
— |
— |
19 |
||||||
Expenses for transactions with franchisees(2) |
23 |
2 |
33 |
138 |
— |
196 |
||||||
Other operating costs and expenses |
6 |
11 |
304 |
30 |
(293) |
58 |
||||||
Closures and impairment expenses, net |
7 |
5 |
2 |
— |
— |
14 |
||||||
Other income, net |
— |
— |
— |
(1) |
— |
(1) |
||||||
Total costs and expenses, net |
3,608 |
1,048 |
390 |
245 |
(294) |
4,997 |
||||||
Operating Profit (Loss) |
$ 636 |
$ 87 |
$ (8) |
$ (75) |
$ — |
$ 640 |
||||||
Reconciliation of GAAP Operating Profit to Restaurant Profit is as follows: |
||||||||||||
Year to Date Ended 6/30/2024 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
GAAP Operating Profit (Loss) |
$ 636 |
$ 87 |
$ (8) |
$ (75) |
$ — |
$ 640 |
||||||
Less: |
||||||||||||
Franchise fees and income |
34 |
4 |
9 |
— |
— |
47 |
||||||
Revenues from transactions with franchisees(2) |
26 |
2 |
36 |
139 |
— |
203 |
||||||
Other revenues |
8 |
12 |
308 |
31 |
(294) |
65 |
||||||
Add: |
||||||||||||
General and administrative expenses |
121 |
54 |
20 |
78 |
— |
273 |
||||||
Franchise expenses |
17 |
2 |
— |
— |
— |
19 |
||||||
Expenses for transactions with franchisees(2) |
23 |
2 |
33 |
138 |
— |
196 |
||||||
Other operating costs and expenses |
6 |
11 |
304 |
30 |
(293) |
58 |
||||||
Closures and impairment expenses, net |
7 |
5 |
2 |
— |
— |
14 |
||||||
Other income, net |
— |
— |
— |
(1) |
— |
(1) |
||||||
Restaurant profit (loss) |
$ 742 |
$ 143 |
$ (2) |
$ — |
$ 1 |
$ 884 |
||||||
Company sales |
4,176 |
1,117 |
29 |
— |
— |
5,322 |
||||||
Restaurant margin |
17.8 % |
12.8 % |
(11.1) % |
N/A |
N/A |
16.6 % |
||||||
Reconciliation of GAAP Operating Profit to Core Operating Profit is as follows: |
||||||||||||
Year to Date Ended 6/30/2024 |
||||||||||||
KFC |
Pizza Hut |
All Other |
Corporate |
Elimination |
Total |
|||||||
GAAP Operating Profit (Loss) |
$ 636 |
$ 87 |
$ (8) |
$ (75) |
$ — |
$ 640 |
||||||
Special Items, Operating Profit |
— |
— |
— |
— |
— |
— |
||||||
Adjusted Operating Profit (Loss) |
$ 636 |
$ 87 |
$ (8) |
$ (75) |
$ — |
$ 640 |
||||||
Items Affecting Comparability |
— |
— |
— |
— |
— |
— |
||||||
F/X impact |
— |
— |
— |
— |
— |
— |
||||||
Core Operating Profit (Loss) |
$ 636 |
$ 87 |
$ (8) |
$ (75) |
$ — |
$ 640 |
||||||
The above tables reconcile segment information, which is based on management responsibility, with our Condensed Consolidated Statements of Income. |
||||||||||||
(1) Amounts have not been allocated to any segment for purpose of making operating decision or assessing financial performance as the transactions are deemed corporate revenues |
||||||||||||
(2) Primarily includes revenues and associated expenses of transactions with franchisees derived from the Company’s central procurement model whereby the Company centrally purchases |
Accelerating Intelligent Education at APAN60 & Huawei Intelligent Education Forum 2025
![]() |
HONG KONG, Aug. 5, 2025 /PRNewswire/ — During the APAN60 held from July 28 to August 1, Huawei as a diamond sponsor, showcased its latest digital and intelligent education technologies at the renowned education event in Asia-Pacific region. Huawei also hosted the Huawei Intelligent Education Forum, under the theme “Accelerate Education Intelligence”, with more than 100 APAC National Research and Education Network (NREN) leaders, university presidents, IT leaders to explore the future of intelligent education together.
Aaron Wang, General Manager of Enterprise Business of Huawei Hong Kong, kicked off the forum with his welcome speech. He emphasized that “The digital transformation of education is a collaborative journey—where global expertise meets regional needs to build an inclusive, future-ready ecosystem. At Huawei, we believe in co-creating solutions that bridge gaps between innovation and accessibility, ensuring technology serves as a force for equitable education.”
Tang Fei, MH, Member of the Legislative Council, Vice President of the Hong Kong Federation of Education Workers, stated that “Over 77% of teachers in Hong Kong have already used AI tools in their teaching. A large majority believe that AI significantly enhances teaching efficiency, reduces their workload, and boosts student engagement. AI is a powerful assistant, not a replacement. It cannot replicate the inspiration, ethical guidance, and human connection that teachers bring. Moving forward, we must strengthen teacher training, develop localized AI tools, and promote digital literacy and responsible AI use.”
Wilson Kwok, Chairman of APAN60 LOC, Director of JUCC, kicked off the forum by introducing JUCC and its mission to enhance collaboration across universities in Hong Kong. He extended that “The main objective for JUCC is to coordinate and provide IT services to facilitate teaching, research, and administration for its members and Hong Kong’s education community.”
Peter Zhang, Vice President of Global Public Sector BU of Huawei, highlighted in his speech, “Huawei has more than 30 years of ICT experience and is the only one supplier with full-stack ICT solutions. With the support of our partners, Huawei has established a well-developed talent development network around the world and accumulated rich experience. Huawei is willing to work closely with the education industry to build a perfect ICT talent development system and contribute to the sustainable development of society.”
Xin Yao, Vice President (Research and Innovation) and the Tong Tin Sun Chair Professor of Machine Learning, Lingnan University, expressed that “Lingnan University (LU) has adopted a holistic and human-centric approach to Trustworthy AI (TAI), placing human well-being at the core of its research efforts. LU believes that technology should serve society and contribute to the betterment of humankind. Building on its strong liberal arts foundation, LU emphasizes interdisciplinary collaboration in its TAI research.”
Justin Mendes, Director of Applied & Technical English and Cross-Cultural Communications, Shenyang Institute of Technology, shared the collaboration with Huawei. “Huawei and Shenyang Institute of Technology jointly pioneer industry-education integration through co-created industrial colleges. Featuring dual-teacher instruction (Huawei engineers + SIT faculty) and hands-on training with Huawei’s full-stack technologies—Kunpeng, Ascend AI, 5G, and HarmonyOS—alongside DeepSeek AI models, this collaboration builds employment pipelines for industry-certified ‘professional + language’ talent, transforming classrooms into innovation engines for an increasingly digital and intelligent world.”
During the panel sessions, under the topic “Sovereign AI Accelerating Intelligent Education and Research”, Flora Ng, CIO & University Librarian, The University of Hong Kong, addressed that “AI is not only a transformative force for teaching, learning, and research, but also a catalyst for rethinking administrative processes and institutional strategies. The importance of responsible and ethical AI adoption, as well as building a collaborative ecosystem among universities, industry partners like Huawei, and policy-makers.”
Roshan G. Ragel, Consultant CEO, Lanka Research and Education Network (LEARN), shared his thought, “The Huawei Intelligent Education Forum was an excellent platform to share Sri Lanka’s journey in building an inclusive and responsible AI-enabled education ecosystem. It was encouraging to see our vision resonate across the Asia-Pacific, reaffirming that the future of education lies in connecting infrastructure, intelligence, and people—ensuring every learner can thrive in a digitally empowered and ethically grounded world.”
The use of AI has significantly transformed people’s lives, stimulated innovation and enhancing efficiency. Puklao Sithithavorn, Deputy CEO of UniNet, mentioned that “AI isn’t just about algorithms — it’s about impact. AI isn’t just about technology — it’s about people. From classrooms to communities, Thailand is using AI to make life smarter, fairer, and more connected. We believe AI should be accessible, ethical, and made for everyone — not just tech experts. Together with right partners, we’re not just talking about the future — we’re building it.”
Hong-Eng Koh, Global Chief Public Services Industry Scientist of Huawei, wrapped up for the panel discussions. “In Asia-Pacific, as elaborated by our panel of experts, sovereign AI is accelerating the intelligent transformation of education and research. From knowledge instructions to coaching and capability development, from uniformity teaching to personalized learning, and from linear hypothesis based to AI-led interdisciplinary research. We also agreed on the various AI implementation critical success factors, especially in the digital and AI training for all,” he said.
Dilan Huang, Vice President of Government & Public Sector for Huawei APAC Enterprise Sales Department, expressed his gratitude at the Huawei Intelligent Education Forum Gala Night, stating that “Over the past few years, thanks to our customers’ trust and our partners’ support, Huawei Asia Pacific has kept growing fast in education. Together, we’ve set a new benchmark in the industry one after another. Looking ahead, Huawei will keep creating more innovative and competitive solutions and products, always aiming to deliver more value to our customers.”
To date, we have served more than 7,800 customers in the education sector across over 120 countries and regions. Huawei will continuously apply ICT technologies in the education sector to cultivate ICT professionals, bridge the digital divide, and drive equity in education.
Fapon Biopharma Announces the enrollment of the First Patient in the Phase I Clinical Trial of FP008, A First-in-Class Immunotherapy for Solid Tumors
DONGGUAN, China, Aug 5, 2025 /PRNewswire/ — Fapon Biopharma, a biotech in developing therapeutic antibodies and fusion proteins, is delighted to announce the completion of the first patient enrollment in China for its Phase I clinical trial of FP008 , a first-in-class immunotherapy for solid tumors, at Zhejiang Cancer Hospital. The patient has completed the Dose Limiting Toxicity (DLT) observation period with a favorable safety profile. The trial aims to evaluate the safety and tolerability of FP008 in patients with advanced solid tumors.
As the latest next generation of immuno-oncology (IO) approach, FP008 is a novel anti-PD-1 × IL-10M fusion protein designed to overcome the limitations of current PD-1 inhibitors by using a proprietary IL-10 mutant that eliminates the toxicity associated with the wild-type protein. It represents a potential new therapeutic option for patients who are refractory to or relapsed from anti-PD-1/PD-L1 therapies. Preclinical studies demonstrated that FP008 significantly reduces PD-1 antibody-mediated CD8⁺ T-cell exhaustion and exhibits potent anti-tumor efficacy. Key findings include:
– Enhanced infiltration of CD8⁺ T-cells into tumors;
– Reduced terminal exhaustion differentiation of CD8⁺ T-cells;
– Increased secretion of IFN-γ and GZMB in terminally exhausted CD8⁺ T-cells.
Additionally, FP008 showed favorable safety and pharmacokinetic (PK) profiles in cynomolgus monkey studies, supporting its clinical potential. FP008 has received Investigational New Drug (IND) approval from both the U.S. FDA and China’s NMPA.
The multi-center Phase I trial in China is led by Zhejiang Cancer Hospital, with two additional sites participating. Professor Zhengbo Song, Principal Investigator at Zhejiang Cancer Hospital, stated: “FP008 offers a promising therapeutic strategy for solid tumor patients resistant to anti-PD-1 antibodies. Its unique mechanism could address a critical unmet clinical need in immuno-oncology. We look forward to further evaluating its safety and efficacy in the clinic.”
About FP008
FP008 is a novel anti-PD-1×IL-10M fusion protein with a unique mechanism of action (MOA) and therapeutic potential for anti-PD-1 naïve or resistant patients. IL-10 monomer (IL-10M) engineering significantly reduces its hematologic toxicity, while the anti-PD-1 antibody enhances IL-10M activity by PD-1 targeted enrichment and cis-activation. This breakthrough offers a new treatment choice for patients who have limited options and could potentially transform the treatment paradigm for solid tumors. Fapon Biopharma is actively seeking strategic partnerships with biopharmaceutical companies worldwide to co-develop FP008 through clinical trials or further commercialization.
About Fapon Biopharma
Fapon Biopharma specializes in discovering and developing biologics for cancer treatment, autoimmune diseases and other diseases where there are unmet medical needs. Leveraging cutting-edge technologies, we have built advanced drug discovery platforms, including an antibody discovery platform based on the globally leading mammalian cell display technology, a platform for generating IL-10M fusion proteins, a TCE platform based on cross-species CD3 nanobody of human and monkey. With a differentiated pipeline of leading drug candidates, we have established capabilities that cover the entire drug development process from drug discovery, preclinical research, Chemistry, Manufacturing and Controls (CMC) to early clinical development. Committed to innovation, we strive to deliver safer, more efficacious, affordable, and accessible biologics for everyone.
For more information about FP008 and partnership opportunities, please visit our website (https://en.faponbiopharma.com/) or contact our Business Development team.
Max Wang: max.wang@fapon.com;
Liyan Gao: liyan.gao@fapon.com
Vietnam Allows All Women to Access Fertility Treatments by Choice
Starting on 1 October, Vietnam will allow all women to access assisted reproductive technologies (ART), including egg freezing and in vitro fertilization (IVF), based on their personal choice.