DPC Dash (1405) H1 2025 earnings summary

Executive summary

• Revenue rose 27.0% year-over-year to RMB2,593.4 million for H1 2025, driven by rapid store expansion, strong new market performance, and aggressive network growth.

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

• Store count reached 1,198 across 48 cities, with 190 net new stores opened and entry into 9 new cities in H1 2025.

• Loyalty membership grew to 30.1 million, up 38.3% year-over-year, with loyalty members contributing 66% of total revenue.

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

Financial highlights

• Revenue increased 27% year-over-year to RMB2.59 billion, with Tier 1 cities up 7.2% and non-Tier 1 cities up 46.6%.

• Store-level operating profit grew 28% to RMB379.2 million, margin at 14.6%.

• Adjusted EBITDA rose 38.3% to RMB322.9 million, margin up to 12.4%.

• Adjusted net profit reached RMB91.4 million, margin at 3.5%; reported net profit after tax was RMB65.9 million.

• Cash and cash equivalents stood at RMB1,016.8 million as of June 30, 2025.

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.