Revenues increased to RMB2.59 billion, representing 27.0% year-over-year growth
Adjusted net profit reached RMB91.4 million, representing 79.6% year-over-year growth
Store-level operating profit grew by 28.0%; Adjusted group EBITDA increased by 38.3%
EPS increased 525.0% YoY to RMB0.50, Diluted EPS increased 512.5% YoY to RMB0.49
DPC Dash Ltd – Domino's Pizza China (“DPC Dash” or the “Company”, together with its subsidiaries, the “Group”) (1405.HK), Domino's Pizza's exclusive master franchisee in the China Mainland, the Hong Kong Special Administrative Region of China, and the Macau Special Administrative Region of China, today announced its unaudited condensed consolidated interim financial results for the six months ended June 30, 2025 (the “Interim Results”).
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FIRST HALF OF 2025 HIGHLIGHTS[1]
— Revenues reached RMB2.59 billion, representing an increase of 27.0% from RMB2.04 billion in the same period of 2024.
— Opened 190 net new stores and entered into 9 new cities in the first half of 2025. Total stores reached 1,198, across 48 cities, with 515 stores in Tier 1 cities and 683 stores in non-Tier 1 cities, as of June 30, 2025.
— Average daily sales per store was RMB12,915 for the six months ended June 30, 2025, compared to RMB13,515 in the same period last year.
— Same-store sales growth (SSSG) was -1.0%, compared to 3.6% in the same period of 2024 and 2.5% in the year ended December 31, 2024.
— Store-level EBITDA was RMB502.8 million, representing an increase of 27.7% from RMB393.9 million in the same period of 2024. Store-level EBITDA margin was 19.4%, compared to 19.3% in the same period of 2024.
— Store-level operating profit was RMB379.2 million, representing an increase of 28.0% from RMB296.2 million in the same period of 2024. Store-level operating profit margin was 14.6%, compared to 14.5% in the same period of 2024.
— Adjusted EBITDA was RMB322.9 million, representing an increase of 38.3% from RMB233.4 million in the same period of 2024. Adjusted EBITDA margin was 12.4%, compared to 11.4% in the same period of 2024.
— Adjusted net profit was RMB91.4 million, representing an increase of 79.6% from RMB50.9 million in the same period of 2024. Adjusted Net Profit margin was 3.5%, compared to 2.5% in the same period of 2024.
— As of June 30, 2025, the Group held RMB1,016.8 million in cash and bank balances, as compared to RMB1,069.3 million as of December 31, 2024.
— Delivery sales contribution in Tier 1 cities reached approximately 73.7%, compared to 70.4% in the same period of 2024.
— Total loyalty program membership was 30.1 million, representing an increase of 55.2% from 19.4 million in the same period of 2024. Loyalty members revenue contribution reached 66.0% in the six months ended June 30, 2025, compared to 63.6% in the six months ended June 30, 2024.
Ms. Aileen Wang, CEO & Executive Director of DPC Dash commented, “We are pleased to report another period of robust growth, with revenues reaching RMB2.59 billion, representing a 27% year-over-year increase. Our 4D strategy continues to deliver exceptional results as we successfully expanded our footprint to 1,198 stores across 48 cities, adding 190 net new stores during the period. The remarkable performance of our new market entries demonstrates the strength of our brand and execution capabilities. In addition to continued solid performance in the new markets we entered after December 2022, the same store sales growth in the markets we entered before December 2022 remained positive despite high base built up and intense competition, which demonstrated our strong execution capability. Looking ahead, we remain confident in our ability to capture the significant opportunities in China's underserved pizza market and are well-positioned to deliver sustainable growth and long-term value for our shareholders.”
Ms. Helen Wu, CFO of DPC Dash, added, “We delivered another half year strong result, with our revenue grew 27% year-over-year. Our store operating profit grew 28% to RMB379.2 million with margin improved slightly to 14.6%. In addition, the benefit of scale continued to unfold at corporate level with a high operational efficiency. As a result, the adjusted EBITDA grew 38.3% to RMB322.9 million and adjusted net profit increasing 79.6% to RMB91.4 million. With RMB1.02 billion in cash and a solid balance sheet, we are well-positioned to continue executing our growth strategy.”
FIRST HALF OF 2025 Financial Results
Recent Developments
On June 10, 2025, the Company celebrated the grand opening of its 100th store in Central and Western China, achieving this milestone within just two and a half years of entering the market in December 2022. This expansion marks a significant step in the Company's strategic growth plan, reinforcing its strong presence and commitment to the region.
As of June 30, 2025, the Chinese mainland market ranks as the third-largest international market within Domino's Pizza's global system in terms of store count.
Demonstrating exceptional operational excellence,as of June 30, 2025, the Company held 48 of the top 50 positions for first 30-day sales among Domino's network of more than 21,500 stores globally.The Company's first store in Shenyang, which has been operational for 198 days, broke the existing global annual sales record of RMB31 million previously set by the Xiamen SM Phase III store. Most recently on August 3, 2025, the Company's first store in Handan opened with record-breaking first-day sales exceeding RMB540,000 and over 6,000 orders, marking a significant milestone in the market expansion.
In the first half of 2025, the Company earned multiple prestigious awards, including being named a Top 20 Digitalized Enterprise by the China Digital Innovation Expo (CDIE) 2025, receiving the Best Digitalization Award (Food and Dining Category) at the 16th Tiger Roar Awards, and receiving the “Outstanding Innovation Brand of the Year” award at the 13th TopDigital Innovation Marketing Awards. The Company was also recognized as an “ESG Innovation Practice Excellence Enterprise” on the 2025 GuruClub Listed Company List and honored as one of the “Top 10 High-Quality Consumer Brands of the Year” at the 2025 TOP100 High-Quality Consumer Brands Innovation Conference hosted by Southern Metropolis Daily. These achievements underscore the Company's strong commitment to innovation, digital leadership, and sustainable growth.
Outlook
The Group plans to open approximately 300 net new stores in 2025. As of August 15, 2025, the Company opened 233 net new stores, with 27 stores under construction, and 35 stores signed, accounting for approximately 98% of the total targeted store opening plan for the full year.
Conference Call Information
The Company will host a conference call today, Thursday, August 28, 2025, at 7:00 pm Hong Kong Time (or Thursday, August 28, 2025, at 7:00 am Eastern Time) to discuss the financial results.
A live audio-only webcast of the call can be accessed directly at https://event.choruscall.com/mediaframe/webcast.html?webcastid=HDxFyanO.
To participate by phone, participants are strongly encouraged to pre-register for the conference call, by using the link provided below. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.
Pre-registration Link: https://dpregister.com/sreg/10200700/ff68b0cb34
An audio-only replay of the call will also be accessible throughSeptember 4, 2025, by dialing the following numbers:
Key Definitions
— Store-level operating profit represents revenue less operational costs incurred at the store level, comprising salary-based expense, raw materials and consumables cost, depreciation of right-of-use assets, depreciation of plant and equipment, amortization of intangible assets, variable lease rental payment and short-term rental expenses, utilities expenses, advertising and promotion expenses, store operating and maintenance expenses and other expenses.
— Store-level operating profit margin is calculated by dividing store-level operating profit by revenue for the same period.
— Store-level EBITDA is defined as store-level operating profit for the period and adding back depreciation of plant and equipment and amortization of intangible assets in store-level.
— Store-level EBITDA margin is calculated by dividing Store-level EBITDA by revenue for the same period.
— Adjusted EBITDA is defined as Adjusted Net Profit for the period and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net.
— Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same period.
— Adjusted Net Profit is defined as profit for the period and adding back share-based compensation.
— Adjusted Net Profit margin is calculated by dividing Adjusted Net Profit by revenue for the same period.
— Net new store openings. The number of gross new stores opened during the period minus the number of stores closed during the period.
— Same-store sales growth (SSSG). SSSG compares the sales generated by same stores during the relevant period year-on-year: the SSSG for the six months ended June 30, 2025 compares the same-store sales of the six months ended June 30, 2025 and that of the six months ended June 30, 2024; the SSSG for the year ended December 31, 2024 compares the same-store sales of the year ended December 31, 2024 and that of the year ended December 31, 2023; and the SSSG for the six months ended June 30, 2024 compares the same-store sales of the six months ended June 30, 2024 and that of the six months ended June 30, 2023.
— Average Daily Sales per Store is calculated by dividing revenues generated from relevant store in a particular period by the aggregate number of days of operation for such store in the same period.
Non-IFRSMeasures
To supplement the Group's consolidated financial statements that are presented in accordance with the IFRS, the Group also uses Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (Non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.
“Store-level EBITDA” is defined as store-level operating profit for the period and adding back depreciation of plant and equipment and amortization of intangible assets in store-level. “Store-level EBITDA margin” is calculated by dividing Store-level EBITDA by revenue for the same period. “Adjusted Net Profit” is defined as profit for the period and adding back share-based compensation. “Adjusted Net Profit margin” is calculated by dividing Adjusted Net Profit by revenue for the same period. “Adjusted EBITDA” is defined as Adjusted Net Profit for the period and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net. “Adjusted EBITDA margin” is calculated by dividing Adjusted EBITDA by revenue for the same period.
The Group believes that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company. The Group believes that these measures provide useful information to investors and others in understanding and evaluating the Group's results of operations in the same manner as they help the Group's management. However, the Group's presentation of Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies. The use of such non-IFRS measures has limitations as an analytical tool, and shareholders and potential investors of the Company should not consider them in isolation from, or as substitute for analysis of, the Group's results of operations or financial condition as reported under IFRS.
Forward-Looking Statements
Certain statements in this document and/or the Announcement are forward-looking statements that are, by their nature, subject to significant risks and uncertainties. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events, or performance (often, but not always, through the use of words or phrases such as “will”, “expect”, “anticipate”, “estimate”, “believe”, “going forward”, “ought to”, “may”, “seek”, “should”, “intend”, “plan”, “projection”, “could”, “vision”, “goals”, “aim”, “aspire”, “objective”, “target”, “schedules”, and “outlook”) are not historical facts, are forward-looking and may involve estimates and assumptions and are subject to risks (including but not limited to the risk factors detailed in this document and/or the Announcement), uncertainties and other factors some of which are beyond the Company's control. Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's forward-looking statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to the Company about the businesses that it operates. The risks, uncertainties and other factors, many of which are beyond the Company's control, that could influence actual results include, but are not limited to: the Company's operations and business prospects; its business and operating strategies and ability to implement such strategies; its ability to develop and manage its operations and business; its ability to control costs and expenses; its ability to identify and satisfy customer demands and preferences; the actions and developments of its competitors; general economic, political and business conditions in the markets in which it operates; and changes to regulatory and operating conditions in the industry and geographical markets in which it operates.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or under applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
Since actual results or outcomes could differ materially from those expressed in any forward-looking statements, the Company's shareholders and potential investors are advised not to place undue reliance on the forward-looking statements and to exercise caution in dealing in securities in the Company.
About DPC Dash Ltd
DPC Dash is Domino's Pizza's exclusive master franchisee in the Chinese mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. Domino's Pizza, Inc., DPC Dash's global franchisor, is one of the most widely-recognized global consumer brands and the world's largest pizza company. Led by a seasoned and visionary management team, DPC Dash is a market leader that differentiates from competitors with, among others, a continually innovated and localized pizza-focused menu, unique expertise and leadership in delivery, technology focus and scalable and replicable store economic model. DPC Dash operates 1,198 stores in 48 cities in the Chinese mainland as of June 30, 2025.
For more information, please visit www.dpcdash.com For official company announcements, please visit www.hkexnews.hk
Contacts DPC Dash Ltd Investor Relations: DPC Dash Ltd IR@dominos.com.cn
ICR, LLC dpcdashIR@icrinc.com
DPC Dash Ltd Media Relations: ICR, LLC dpcdashPR@icrinc.com
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