DPC Dash (1405) investor relations material

Executive summary

• Revenue increased 20.8% year-over-year to RMB 3,133.8 million for 1H2026, driven by rapid store expansion, a 33.7% rise in transaction volume, and network growth, despite a decline in average transaction price (ATP) from aggregator subsidies.

• Store count reached 1,550 across 75 cities, with 235 net new stores opened and entry into 15 new cities in H1 2026.

• Same-store transaction count growth (SSTG) was 7.1% overall, with 8.5% in initial cities and 2.2% in new cities, but same-store sales growth (SSSG) declined 4.8% due to lower ATP.

• Loyalty membership reached 41.9 million, with 18.1 million new customers in the past year, supported by product innovation and digital engagement.

• Net profit attributable to owners rose 22.9% to RMB 81.0 million, with basic EPS up 24.0% to RMB 0.62.

Financial highlights

• Initial city markets contributed RMB 1,723.9 million (55% of revenue), while new city markets contributed RMB 1,410 million (45%), up from 34.6% a year ago.

• Non-Tier 1 markets grew 36.5% to RMB 2,059.7 million, now 65.7% of revenue.

• Total delivery sales grew 44.7% to RMB 1,618.8 million, with 3PP delivery up 81% and own channel delivery down 11.8%.

• Store-level EBITDA grew 8.3% to RMB 544.5 million (margin 17.4%), and adjusted EBITDA rose 8.6% to RMB 350.7 million (margin 11.2%).

• Adjusted net profit increased 7.4% to RMB 98.2 million; reported net profit was RMB 81.0 million, up 22.9%.

Outlook and guidance

• SSSG expected to remain negative in H2 2026 due to high base and subsidy normalization, but forecast to turn positive in 2027 as ATP initiatives and cost actions take effect.

• Store operating profit margin anticipated to improve in H2 2026 and further in 2027 as cost initiatives take effect and ATP recovers.

• Store expansion target of 350 net new stores in 2026 is on track, with a medium-term goal of 3,000 stores by 2030.

• Continued investment in supply chain centers, digital infrastructure, and brand building to support long-term growth.