In 2025, China's catering industry entered a phase of intense competition for market share. Data from the National Bureau of Statistics showed annual catering revenue reached 5,798.2 billion yuan, a year-on-year increase of 3.2%, with growth significantly slowing from the 5.3% recorded in 2024, indicating substantial pressure on the overall sector. Although its proportion of total retail sales of consumer goods slightly increased to 11.6%, "marginal growth" has become the market's dominant theme. However, amidst these industry headwinds, DPC DASH (01405) has demonstrated a strong ability to navigate economic cycles with its impressive performance. The company's latest 2025 financial report reveals rapid growth in both revenue and profit, alongside simultaneous improvements in scale expansion and profitability. Furthermore, the successful openings of new stores have frequently trended on social media, with remarkable market performance solidifying its robust vitality.
As the exclusive master franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, DPC DASH leverages the globally popular "Domino's" brand. However, its success in the Chinese market stems more from the unique competitive advantages of its "4D Strategy" (High-Quality Store Development, Delicious Pizza with High Value-for-Money, Efficient Delivery Experience, and Digital Capabilities). Fundamentally, the company has demonstrated the rare value of a high-quality growth asset, with its long-term investment thesis becoming increasingly clear.
**Revenue Growth for Five Consecutive Years, Profitability Reaches New Heights** In 2025, DPC DASH achieved progress in both the "quality" and "quantity" of its performance, with several core financial indicators reaching record highs, highlighting its strong operational resilience. The company's full-year revenue grew by 24.8% to 5.382 billion yuan, marking the fifth consecutive year of double-digit growth and demonstrating powerful momentum. The group's adjusted net profit surged by 43.3% to 188 million yuan, with profit growth outpacing revenue growth by nearly 20 percentage points. Adjusted EBITDA increased by 28.2% to 635 million yuan, indicating that profitability has ascended to a new level.
The unit economic model is a critical metric for chain restaurant operators. In 2025, DPC DASH's store-level EBITDA reached 1.001 billion yuan, with a store-level EBITDA margin of 18.6%. This figure not only confirms the health of its store model but also indicates that its operational profitability continues to lead the industry.
**Store Network Expands in Depth and Breadth, New Stores Set Sales Records** Guided by its strategy to deepen penetration in existing markets and expand into new ones, DPC DASH maintained an aggressive store opening pace in 2025, accelerating its penetration into lower-tier cities. By the end of 2025, the total number of stores reached 1,315, with a net increase of 307 stores, representing a significant growth rate of 30.5%. The company entered 21 new cities throughout the year, expanding its coverage from 39 cities at the start of the year to 60 cities. This scale has elevated it to become Domino's third-largest international market globally.
In terms of store mix, the "core market" in Tier 1 cities remains stable, accounting for 39.3% of stores, with positive same-store sales growth (SSSG) recorded for both the full year and each half-year, demonstrating exceptional operational resilience. Stores in non-Tier 1 cities now account for 60.7% of the total, becoming the core engine for the company's future growth.
The company continued its trend of highly successful new store openings in 2025, with new stores in new cities repeatedly setting global sales records. The first store in Dalian achieved sales approaching 700,000 yuan on its opening day, setting a new record for Domino's China. The first store in Shenyang exceeded annual sales of 31 million yuan within 198 days of opening, breaking Domino's global annual sales record. According to company data, among over 22,100 Domino's stores worldwide, mainland China stores occupied the top 50 spots in the ranking for sales within the first 30 days, indicating sales efficiency that leads significantly on a global scale.
Furthermore, the company plans to open approximately 350 new stores in 2026. Based on financial report data, the average payback period for new DPC DASH stores in new markets is about one year. This distinct advantage in investment return efficiency will help the company maintain a healthy cash flow cycle during its expansion, creating a "snowball" growth effect.
**Innovation Aligns with Trends, "High Value-for-Money" Brand Image Strengthened** While rapidly expanding its store network, DPC DASH understands that "great taste" is the core consumer demand, continuously reinforcing its brand moat through product innovation. In 2025, the company continued to focus on pizza as its core category, frequently launching creative new pizza offerings to deepen its "high value-for-money" brand image. Examples include a "Wealth and Fortune" pizza launched for the Lantern Festival, featuring a square "coin" design that cleverly incorporates traditional auspicious symbolism. Tapping into popular food trends, it introduced pizzas like the "Dubai Chocolate Flavored Musang King" and "Musang King Durian and Rambutan" pizzas, leading taste trends with innovative combinations. Throughout the year, it continuously launched new items with international flavors, such as Singapore Claypot Sausage Chicken Pizza, Tuscan Style Rich Salmon Pizza, and British Wellington Beef Tenderloin Pizza, accurately capturing diverse and personalized consumer demands.
Entering 2026, the company's product innovation momentum remains strong. It launched two key new cheese-themed pizzas—Snowball Cheese Margherita and Four-Cheese Supreme—and upgraded its classic popular Italian Meat Sauce Pizza. The new "Italian Meat Sauce MEAT PLUS" pizza features increased meat content and innovatively incorporates Cantonese-style sausage and Texas-style meat chunks, offering a multi-layered taste experience. The company has also continued to innovate with its pizza crusts and edges, introducing options like the Cocoa "Volcano" Crust and Cocoa Lava Cheese Flow Edge. The unique chocolate flavor adds another dimension, providing a rich and delicate taste experience.
**Engaging Youthful Marketing, High-Loyalty Membership Ecosystem Builds Long-Term Moat** Precisely capturing and deeply engaging the young consumer demographic is another key to DPC DASH's sustained brand vitality. The company integrates product innovation with holiday marketing, social media topics, and IP collaborations, cementing a "delicious and fun" brand image. For holiday campaigns, it tapped into the family gathering and travel atmosphere of the Labor Day holiday, offering special meal deals bundled with a "Good Luck Sticky" pizza dart board toy to enhance family interaction. Regarding IP collaborations, it partnered multiple times throughout the year with popular IPs like Snoopy and Eggy Party to launch limited-edition blind boxes, fostering emotional connections with young consumers and achieving sustained "breakout" visibility on social media.
Driven by these factors, the company's membership ecosystem expanded significantly in 2025, with user loyalty strengthening consistently. By the end of 2025, the total number of "Domino's China Rewards" members reached 35.6 million, an increase of 45.3% from 24.5 million at the end of 2024, setting another historical record. From 2024 to the first half of 2025, member sales contribution remained stable at nearly two-thirds of the total. Simultaneously, the ability to attract new customers was robust, with 15.4 million new first-time customers (including orders from both proprietary and third-party channels) added throughout 2025, an increase of over 30% compared to 2024. In an environment of rising customer acquisition costs and intensifying competition, this large, highly loyal, and continuously growing user community constitutes a deep "reservoir" for DPC DASH's future predictable growth.
Looking back at 2025, a year of industry consolidation, DPC DASH delivered a high-quality report card demonstrating an ability to thrive across cycles, thanks to its clear brand positioning, continuous product innovation, and efficient operational system. Looking ahead, as the "4D" strategy continues to be deepened, the long-term value of this unique and growth-oriented catering enterprise is poised for further release.