DPC Dash (1405) H1 2025 earnings summary

Executive summary

• Revenue rose 27% year-over-year to RMB 2,593.4 million in H1 2025, driven by rapid store expansion and strong new market performance, with 190 net new stores added, reaching 1,198 stores across 48 cities.

• Net profit attributable to owners increased to RMB 65.9 million, up 504.4% year-over-year, while adjusted net profit surged 79.6% to RMB 91.4 million, with margin improving to 3.5%.

• Loyalty membership grew to 30.1 million, with member revenue contribution rising to 66% 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 and customer engagement.

• Maintained strong liquidity with RMB 1.02 billion in cash and cash equivalents as of June 30, 2025.

Financial highlights

• Store-level operating profit increased 28% to RMB 379.2 million, with margin at 14.6%.

• Group adjusted EBITDA rose 38.3% to RMB 322.9 million, margin up to 12.4%.

• Reported net profit after tax reached RMB 65.9 million, up from RMB 10.9 million in H1 2024.

• Raw materials and consumables cost ratio remained stable at 27.3% of revenue.

• Basic EPS was RMB 0.50, up from RMB 0.08; diluted EPS was RMB 0.49.

Outlook and guidance

• On track to achieve the goal of opening 300 new stores in 2025, with 190 net new stores opened in H1 and 43 more by mid-August.

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