百胜中国Yum China Holdings Inc. (YUMC) 2022年年度报告「NYSE」.pdf

1、2022ANNUAL REPORT Dear Stockholders,2022 brought us unprecedented challenges.In just 12 months,we managed sporadic COVID outbreaks,entire city lockdowns,nationwide infections,and the sudden lifting of COVID-related restrictions.Yet throughout this trying period,we outperformed the restaurant industr

2、y in China,overcoming challenges with resilience,agility,and innovations.We delivered total revenue of$9.57 billion for the full year,a 3%decline year over year in reported currency,or a 1%increase at constant foreign exchange rates.Despite the deleveraging impact from our top-line,we managed to inc

3、rease our restaurant margin to 14.1%,leveraging multiple cost initiatives in materials,labor,rental,etc.We generated$1.41 billion in cash flows from operations and$734 million in free cash flow.Our strong balance sheet enabled us to return$668 million to shareholders in cash dividends and share repu

4、rchases.We continued to expand aggressively,opening 1,159 net new stores in 2022.Total store count reached 12,947 units at year end.Net New Stores1,159Net Income$442 millionFree Cash Flow*$734 millionTotal Revenues$9.57 billionJoey WatChief Executive OfficerThis seems to me to be an opportune time t

5、o reflect on how we fared during the pandemic,why,and what we might learn about how we should adapt our strategies as the environment turns more benign.My key learnings are that 1)we are emerging from the pandemic in a much-strengthened competitive position;2)we are doing so partly because of the de

6、cisions taken and extraordinary efforts exerted by Yum China teams over the past three years,and partly because of key capabilities built over the several preceding years;and 3)we are well positioned to grow profitably and with compounding competitive advantage,to capture the ample opportunities tha