Q4 2024 for Yum China (USD 2.595B revenue) delivered modest year-over-year top-line growth of 4.1%, but faced meaningful sequential declines (QoQ revenue down 15.5% and gross profit down ~35% QoQ). The company posted a net income of USD 115M and diluted EPS of USD 0.30, with an EBITDA of USD 289M and an operating margin of about 5.8%. Despite a CFO of USD 167M, free cash flow was negative by USD 15M as working capital outflows (~USD 203M) and capital expenditure (~USD 182M) weighed on cash generation. Balance-sheet metrics show a robust asset base (total assets USD 11.11B) and liquidity (cash USD 723M) but a leveraged position (net debt USD 1.69B; total debt USD 2.41B). Management communicated a continued emphasis on store-level investments, digital/delivery acceleration, and menu/offering optimization, though the company did not publish explicit forward targets in this QQ4 release. Investors should monitor same-store sales, delivery penetration, capex efficiency, and working capital dynamics as key near-term drivers of profitability and cash generation.