Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

PAY VERSUS PERFORMANCE


Year (1)	Summary Compensation Table Total for PEO ($) (2)		Compensation Actually Paid (CAP) to PEO ($) (3)		Average Summary Compensation Table Total for Non-PEO NEOs ($) (2)		Average Compensation Actually (CAP) Paid to Non-PEO NEOs ($) (3)		Value of Initial Fixed $100 Investment Based on: (4)				Net Income ($ in millions)		rTSR against Constituents of the MSCI China Consumer Discretionary Index (6)
Year (1)	Summary Compensation Table Total for PEO ($) (2)		Compensation Actually Paid (CAP) to PEO ($) (3)						Total Shareholder Return ($) (4)		MSCI China Consumer Discretionary Index Total Shareholder Return ($) (5)		Net Income ($ in millions)
(a)	(b)		(c)		(d)		(e)		(f)		(g)		(h)		(i)

2025		19,591,868		18,758,979		3,184,847		3,130,230		89		57		929		31.7	%

2024		14,222,077		17,016,684		2,390,234		2,737,242		88		47		911		62.2	%

2023		20,335,792		9,041,796		3,392,452		1,569,060		76		42		827		36.2	%

2022		15,892,879		18,178,125		3,577,110		3,947,038		97		50		442		89.1	%

2021		16,555,672		6,689,317		3,737,910		2,243,769		88		65		990		36.9	%

(1)

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402 (v) of Regulation

S-K,

are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. For further information concerning the Company’s variable

pay-for-performance

philosophy and how the Company’s executive compensation aligns with the Company’s performance, refer to “Executive Compensation – Compensation Discussion and Analysis.” Ms. Wat served as the Company’s principal executive officer (“

PEO

”) for the entirety of 2021, 2022, 2023 and 2024 and 2025 and the Company’s other NEOs for the applicable years were as follows:

•

2025: Adrian Ding, Warton Wang, Jeff Kuai and Duoduo (Howard) Huang.

•

2024: Adrian Ding, Warton Wang, Jeff Kuai, Leila Zhang and Andy Yeung.

•

2023: Andy Yeung, Warton Wang, Johnson Huang and Joseph Chan.

•

2022: Andy Yeung, Joseph Chan, Johnson Huang and Aiken Yuen.

•

2021: Andy Yeung, Johnson Huang, Joseph Chan, Aiken Yuen and Danny Tan.

(2)

Amounts reported in this column represent (i) the total compensation reported in the Summary Compensation Table for the applicable year in the case of Ms. Wat and (ii) the average of the total compensation reported in the Summary Compensation Table for the applicable year for the Company’s NEOs reported for the applicable year other than Ms. Wat.

(3)

To calculate compensation actually paid, adjustments were made to the amounts reported in the Summary Compensation Table for the applicable year. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Ms. Wat during the applicable year, nor the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Ms. Wat) during the applicable year. A reconciliation of the adjustments for Ms. Wat and for the average of the other NEOs is set forth following the footnotes to this table.

(4)

For each fiscal year, the amount included in the table is the cumulative total shareholder return as of the end of that year, assuming that the value of the investment in our common stock and peer group was $100 on December 31, 2020 and that all dividends were reinvested. Historic stock price performance is not necessarily indicative of future stock price performance.

(5)	The TSR Peer Group consists of the MSCI China Consumer Discretionary Index, which is a free-float adjusted market cap weighted gross total return index, based on MSCI’s Global Investable Market Indexes Methodology and an index referenced in our annual LTI program.

(6)

RTSR percentile ranking reported in this column measures performance for the applicable year. As noted in the CD&A, our rTSR percentile ranking against the constituents of the MSCI China Consumer Discretionary Index was utilized as a component in the 2025 Annual PSU Awards, and is viewed as the most important measure by the Company to link pay and performance.


Compensation Actually Paid Adjustments (1)
Year	Summary Compensation Table (SCT) Total ($) (2)		Minus Value of Stock Option/ SAR and Stock Awards Reported in SCT ($) (3)		Plus Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Option/SAR and Stock Awards Granted in Fiscal Year ($) (4)		Plus/(Minus) Change in Fair Value of Outstanding and Unvested Stock Option/SAR and Stock Awards Granted in Prior Fiscal Years ($) (5)			Plus Fair Value at Vesting of Stock Option/ SAR and Stock Awards Granted in Fiscal Year that Vested During Fiscal Year ($) (6)		Plus/(Minus) Change in Fair Value as of Vesting Date of Stock Option/SAR and Stock Awards Granted in Prior Fiscal Years for which Applicable Vesting Conditions Were Satisfied During Fiscal Year ($) (7)			Minus Fair Value as of Prior Fiscal Year-End of Stock Option/ SAR and Stock Awards Granted in Prior Fiscal Years that Failed to Meet Applicable Vesting Conditions During Fiscal Year ($) (8)		Equals Compensation Actually Paid ($)

Joey Wat

2025		19,591,868		10,654,832		11,144,068		(528,170	)		—		(793,955	)		—		18,758,979

2024		14,222,077		10,000,081		11,173,884		1,587,107			—		33,697			—		17,016,684

2023		20,335,792		10,000,132		6,436,699		(4,405,524	)		—		(3,325,039	)		—		9,041,796

2022		15,892,879		9,285,127		8,595,753		2,864,570			—		110,050			—		18,178,125

2021		16,555,672		8,703,924		6,661,504		(7,555,976	)		—		(267,959	)		—		6,689,317

Other NEOs (9)

2025		3,184,847		1,351,996		1,419,652		(48,722	)		—		(73,551	)		—		3,130,230

2024		2,390,234		1,270,081		1,419,166		215,882			—		(17,959	)		—		2,737,242

2023		3,392,452		1,500,086		965,547		(864,490	)		—		(424,363	)		—		1,569,060

2022		3,577,110		1,751,225		1,606,822		500,217			—		14,114			—		3,947,038

2021		3,737,910		1,772,973		1,374,102		(1,160,113	)		—		64,843			—		2,243,769

(1)	This table excludes any YUM shares received by the NEOs upon conversion of their outstanding YUM equity awards in connection with the spin-off.

(2)	Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other NEOs, amounts shown represent averages.

(3)

Represents the grant date fair value of the stock option/SAR awards and stock awards granted during the indicated fiscal year as reported in the Summary Compensation Table, computed in accordance with ASC 718. See Note 12 to the Consolidated Financial Statements included in the Annual Report on Form

10-K

for the year ended December 31, 2025.

(4)

Represents the fair value as of the indicated fiscal

year-end

of the outstanding and unvested stock option/SAR awards and stock awards granted during such fiscal year, computed in accordance with ASC 718 and, for awards subject to performance-based vesting conditions, based on the probable outcome of such performance-based vesting conditions as of the last day of the fiscal year. Methodology adopted in calculating the fair value as of the indicated fiscal

year-end

is consistent with those used in calculating the grant date fair value and the relevant assumptions reflect the Company’s estimates based on historical data existing on each valuation date.

(5)

Represents the change in fair value during the indicated fiscal year of each stock option/SAR award and stock award that was granted in prior fiscal years and that remained outstanding and unvested as of the last day of the indicated fiscal year, computed in accordance with ASC 718 and, for awards subject to performance-based vesting conditions, based on the probable outcome of

such performance-based vesting conditions as of the last day of the fiscal year. Methodology adopted in calculating the fair value as of the indicated fiscal

year-end

is consistent with those used in calculating the grant date fair value and the relevant assumptions reflect the Company’s estimates based on historical data existing on each valuation date.

(6)	Represents the fair value at vesting of the stock option/SAR awards and stock awards that were granted and vested during the indicated fiscal year.

(7)	Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock option/SAR award and stock award that was granted in prior fiscal years and which vested during the indicated fiscal year, computed in accordance with ASC 718.

(8)	Represents the fair value as of the last day of the prior fiscal year of the stock option/SAR awards and stock awards that were granted in prior fiscal years which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accor-dance with ASC 718.

(9)	See footnote (1) on page 90 for the non-PEO NEOs included in the average for each fiscal year.

Company Selected Measure Name

rTSR percentile ranking against the constituents of the MSCI China Consumer Discretionary Index

Named Executive Officers, Footnote

•

2025: Adrian Ding, Warton Wang, Jeff Kuai and Duoduo (Howard) Huang.

•

2024: Adrian Ding, Warton Wang, Jeff Kuai, Leila Zhang and Andy Yeung.

•

2023: Andy Yeung, Warton Wang, Johnson Huang and Joseph Chan.

•

2022: Andy Yeung, Joseph Chan, Johnson Huang and Aiken Yuen.

•

2021: Andy Yeung, Johnson Huang, Joseph Chan, Aiken Yuen and Danny Tan.

Peer Group Issuers, Footnote

The TSR Peer Group consists of the MSCI China Consumer Discretionary Index, which is a free-float adjusted market cap weighted gross total return index, based on MSCI’s Global Investable Market Indexes Methodology and an index referenced in our annual LTI program.

PEO Total Compensation Amount

$ 19,591,868

$ 14,222,077

$ 20,335,792

$ 15,892,879

$ 16,555,672

PEO Actually Paid Compensation Amount

$ 18,758,979

17,016,684

9,041,796

18,178,125

6,689,317

Adjustment To PEO Compensation, Footnote


Compensation Actually Paid Adjustments (1)
Year	Summary Compensation Table (SCT) Total ($) (2)		Minus Value of Stock Option/ SAR and Stock Awards Reported in SCT ($) (3)		Plus Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Option/SAR and Stock Awards Granted in Fiscal Year ($) (4)		Plus/(Minus) Change in Fair Value of Outstanding and Unvested Stock Option/SAR and Stock Awards Granted in Prior Fiscal Years ($) (5)			Plus Fair Value at Vesting of Stock Option/ SAR and Stock Awards Granted in Fiscal Year that Vested During Fiscal Year ($) (6)		Plus/(Minus) Change in Fair Value as of Vesting Date of Stock Option/SAR and Stock Awards Granted in Prior Fiscal Years for which Applicable Vesting Conditions Were Satisfied During Fiscal Year ($) (7)			Minus Fair Value as of Prior Fiscal Year-End of Stock Option/ SAR and Stock Awards Granted in Prior Fiscal Years that Failed to Meet Applicable Vesting Conditions During Fiscal Year ($) (8)		Equals Compensation Actually Paid ($)

Joey Wat

2025		19,591,868		10,654,832		11,144,068		(528,170	)		—		(793,955	)		—		18,758,979

2024		14,222,077		10,000,081		11,173,884		1,587,107			—		33,697			—		17,016,684

2023		20,335,792		10,000,132		6,436,699		(4,405,524	)		—		(3,325,039	)		—		9,041,796

2022		15,892,879		9,285,127		8,595,753		2,864,570			—		110,050			—		18,178,125

2021		16,555,672		8,703,924		6,661,504		(7,555,976	)		—		(267,959	)		—		6,689,317

Other NEOs (9)

2025		3,184,847		1,351,996		1,419,652		(48,722	)		—		(73,551	)		—		3,130,230

2024		2,390,234		1,270,081		1,419,166		215,882			—		(17,959	)		—		2,737,242

2023		3,392,452		1,500,086		965,547		(864,490	)		—		(424,363	)		—		1,569,060

2022		3,577,110		1,751,225		1,606,822		500,217			—		14,114			—		3,947,038

2021		3,737,910		1,772,973		1,374,102		(1,160,113	)		—		64,843			—		2,243,769

(1)	This table excludes any YUM shares received by the NEOs upon conversion of their outstanding YUM equity awards in connection with the spin-off.

(2)	Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other NEOs, amounts shown represent averages.

(3)

10-K

for the year ended December 31, 2025.

(4)

Represents the fair value as of the indicated fiscal

year-end

is consistent with those used in calculating the grant date fair value and the relevant assumptions reflect the Company’s estimates based on historical data existing on each valuation date.

(5)

such performance-based vesting conditions as of the last day of the fiscal year. Methodology adopted in calculating the fair value as of the indicated fiscal

year-end

is consistent with those used in calculating the grant date fair value and the relevant assumptions reflect the Company’s estimates based on historical data existing on each valuation date.

(6)	Represents the fair value at vesting of the stock option/SAR awards and stock awards that were granted and vested during the indicated fiscal year.

(7)	Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock option/SAR award and stock award that was granted in prior fiscal years and which vested during the indicated fiscal year, computed in accordance with ASC 718.

(8)	Represents the fair value as of the last day of the prior fiscal year of the stock option/SAR awards and stock awards that were granted in prior fiscal years which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accor-dance with ASC 718.

(9)	See footnote (1) on page 90 for the non-PEO NEOs included in the average for each fiscal year.

Non-PEO NEO Average Total Compensation Amount

$ 3,184,847

2,390,234

3,392,452

3,577,110

3,737,910

Non-PEO NEO Average Compensation Actually Paid Amount

$ 3,130,230

2,737,242

1,569,060

3,947,038

2,243,769

Adjustment to Non-PEO NEO Compensation Footnote


Compensation Actually Paid Adjustments (1)
Year	Summary Compensation Table (SCT) Total ($) (2)		Minus Value of Stock Option/ SAR and Stock Awards Reported in SCT ($) (3)		Plus Fair Value at Fiscal Year-End of Outstanding and Unvested Stock Option/SAR and Stock Awards Granted in Fiscal Year ($) (4)		Plus/(Minus) Change in Fair Value of Outstanding and Unvested Stock Option/SAR and Stock Awards Granted in Prior Fiscal Years ($) (5)			Plus Fair Value at Vesting of Stock Option/ SAR and Stock Awards Granted in Fiscal Year that Vested During Fiscal Year ($) (6)		Plus/(Minus) Change in Fair Value as of Vesting Date of Stock Option/SAR and Stock Awards Granted in Prior Fiscal Years for which Applicable Vesting Conditions Were Satisfied During Fiscal Year ($) (7)			Minus Fair Value as of Prior Fiscal Year-End of Stock Option/ SAR and Stock Awards Granted in Prior Fiscal Years that Failed to Meet Applicable Vesting Conditions During Fiscal Year ($) (8)		Equals Compensation Actually Paid ($)

Joey Wat

2025		19,591,868		10,654,832		11,144,068		(528,170	)		—		(793,955	)		—		18,758,979

2024		14,222,077		10,000,081		11,173,884		1,587,107			—		33,697			—		17,016,684

2023		20,335,792		10,000,132		6,436,699		(4,405,524	)		—		(3,325,039	)		—		9,041,796

2022		15,892,879		9,285,127		8,595,753		2,864,570			—		110,050			—		18,178,125

2021		16,555,672		8,703,924		6,661,504		(7,555,976	)		—		(267,959	)		—		6,689,317

Other NEOs (9)

2025		3,184,847		1,351,996		1,419,652		(48,722	)		—		(73,551	)		—		3,130,230

2024		2,390,234		1,270,081		1,419,166		215,882			—		(17,959	)		—		2,737,242

2023		3,392,452		1,500,086		965,547		(864,490	)		—		(424,363	)		—		1,569,060

2022		3,577,110		1,751,225		1,606,822		500,217			—		14,114			—		3,947,038

2021		3,737,910		1,772,973		1,374,102		(1,160,113	)		—		64,843			—		2,243,769

(1)	This table excludes any YUM shares received by the NEOs upon conversion of their outstanding YUM equity awards in connection with the spin-off.

(2)	Represents Total Compensation as reported in the Summary Compensation Table for the indicated fiscal year. With respect to the other NEOs, amounts shown represent averages.

(3)

10-K

for the year ended December 31, 2025.

(4)

Represents the fair value as of the indicated fiscal

year-end

is consistent with those used in calculating the grant date fair value and the relevant assumptions reflect the Company’s estimates based on historical data existing on each valuation date.

(5)

such performance-based vesting conditions as of the last day of the fiscal year. Methodology adopted in calculating the fair value as of the indicated fiscal

year-end

is consistent with those used in calculating the grant date fair value and the relevant assumptions reflect the Company’s estimates based on historical data existing on each valuation date.

(6)	Represents the fair value at vesting of the stock option/SAR awards and stock awards that were granted and vested during the indicated fiscal year.

(7)	Represents the change in fair value, measured from the prior fiscal year-end to the vesting date, of each stock option/SAR award and stock award that was granted in prior fiscal years and which vested during the indicated fiscal year, computed in accordance with ASC 718.

(8)	Represents the fair value as of the last day of the prior fiscal year of the stock option/SAR awards and stock awards that were granted in prior fiscal years which failed to meet the applicable vesting conditions in the indicated fiscal year, computed in accor-dance with ASC 718.

(9)	See footnote (1) on page 90 for the non-PEO NEOs included in the average for each fiscal year.

Compensation Actually Paid vs. Total Shareholder Return

•

The following graph demonstrates the relationship between compensation actually paid over the period to the PEO and other NEOs, and each of the Company cumulative TSR and the MSCI China Consumer Discretionary Index cumulative TSR.

Compensation Actually Paid vs. Net Income

•

The following graph demonstrates the relationship between compensation actually paid over the period to the PEO and other NEOs and Net Income.

Compensation Actually Paid vs. Company Selected Measure

•

The following graph demonstrates the relationship between compensation actually paid over the period to the PEO and other NEOs and rTSR percentile ranking against the constituents of the MSCI China Consumer Discretionary Index.