DPC Dash (1405) investor relations material

Executive summary

• Revenue rose 27.0% year-over-year to RMB2,593.4 million for H1 2025, driven by rapid store expansion and strong new market performance, with 190 net new stores added, bringing the total to 1,198 across 48 cities.

• Net profit attributable to owners increased to RMB65.9 million, up 504.4% year-over-year, while adjusted net profit surged 79.6% to RMB91.4 million, with margin improving to 3.5%.

• Store-level EBITDA rose 27.7% to RMB502.8 million, and adjusted group EBITDA increased 38.3% to RMB322.9 million, with margins up to 19.4% and 12.4% respectively.

• Loyalty membership grew to 30.1 million, up 55% year-over-year, with loyalty members contributing 66% of total revenue and 13.2 million new customers in the past 12 months.

• Achieved #2 ranking in China pizza market by 2024 sales, with strong brand recognition, digital adoption, and customer engagement.

Financial highlights

• Tier 1 city revenue reached RMB1,084.7 million (41.8% of total), up 7.2% year-over-year, with positive same-store sales growth.

• Non-Tier 1 city revenue surged 46.6% to RMB1,508.7 million (58.2% of total), driven by 184 net new stores.

• Average daily sales per store declined 4.4% year-over-year to RMB12,915, attributed to normalization in new high-performing stores.

• Raw materials and consumables cost ratio stable at 27.3% of revenue; advertising expenses as a percentage of revenue decreased to 5.3%.

• Cash and bank balances stood at RMB1,016.8 million as of June 30, 2025, with strong liquidity and a new RMB200 million bank loan maturing in 2028.

Outlook and guidance

• Targeting 300 new store openings in 2025, with 190 net new stores opened in H1 and 43 more by mid-August; ~98% of the opening target already secured.

• Focus remains on network expansion, sustainable profitability, and cost efficiency improvements.

• No material events after the reporting period.