Yum China: Plans to return approximately 100% of free cash flow to shareholders starting in 2027.

Qiu Cuirong, CEO of Yum China, stated at the Investor Day event on the 17th that starting in 2027, the company plans to return approximately 100% of its free cash flow to shareholders after deducting the dividends paid to minority shareholders of its subsidiaries. According to the company's financial goals: the full-year free cash flow per share is expected to be between $2.2 and $2.3 in 2025; with 2025 as the base year, the free cash flow per share is expected to achieve double-digit annual compound growth from 2026 to 2028.