DPC Dash Ltd released its audited results for the year ended 31 December 2025. Revenue climbed 24.8% year-on-year to RMB 5.38 billion, driven by the addition of 307 net new stores and solid performance in new markets.

Profit attributable to shareholders rose 157.1% to RMB 141.93 million, while profit before tax more than doubled to RMB 203.00 million. Basic earnings per share increased to RMB 1.08 from RMB 0.42.

Store-level operating profit expanded 18.5% to RMB 739.67 million, although the corresponding margin eased 0.8 percentage point to 13.7%. Store-level EBITDA moved up 20.4% to RMB 1.00 billion, with margin slipping 0.7 percentage point to 18.6%.

At the consolidated level, adjusted EBITDA advanced 28.2% to RMB 634.61 million, and the margin improved to 11.8%. Adjusted net profit reached RMB 187.90 million, lifting the adjusted net margin 0.52 percentage point to 3.5%.

Operationally, the company ended 2025 with 1,315 stores across 60 mainland Chinese cities, comprising 517 units in Tier-1 markets and 798 in non-Tier-1 locations. Non-Tier-1 cities generated 58.8% of total revenue as sales in those markets jumped 43.4% to RMB 3.17 billion. Tier-1 revenue grew 5.2% to RMB 2.22 billion and continued to post positive same-store sales growth.

Group-wide same-store sales slipped 1.5% amid the high base effect from post-December 2022 openings, while loyalty membership expanded to 35.6 million from 24.5 million a year earlier. Average daily sales per store stood at RMB 12,428, down 5.3% year-on-year.

Cost metrics were stable to slightly lower as a share of revenue. Staff compensation accounted for 34% of sales versus 35% in 2024, and rental expenses held steady in percentage terms despite network expansion. Net finance costs rose 12.0% to RMB 64.92 million, mainly reflecting higher lease-related interest.

Cash and bank balances totaled RMB 1.00 billion at year-end, down 6.3% after RMB 454.30 million of capital expenditure. The current ratio remained at 0.9, and the gearing ratio declined to 8.2%. The company had RMB 199.80 million of bank borrowings outstanding and undrawn credit facilities of RMB 300.00 million.

Management targets 350 new stores in 2026; by 20 March 2026, 140 net openings had already been completed. No final dividend was proposed for FY2025.