DPC Dash (1405) H2 2025 earnings summary

Executive summary

• Revenue reached RMB 5,382.0 million in 2025, up 24.8% year-over-year, with 307 net new store openings, expanding to 1,315 stores across 60 cities and entry into 21 new cities.

• Net profit rose 157.1% to RMB 141.9 million, with adjusted net profit up 43.3% to RMB 187.9 million.

• Store level EBITDA rose 20.4% to RMB 1,001.0 million, with a margin of 18.6%; store level operating profit grew 18.5% to RMB 739.7 million.

• Loyalty program membership surged 45.3% year-over-year to 35.6 million, with 15.4 million new customers in the past 12 months.

• Non-Tier 1 cities became the main growth engine, contributing 58.8% of revenue, up from 51.2% in 2024.

Financial highlights

• Group adjusted EBITDA increased 28.2% to RMB 634.6 million, with margin expanding to 11.8%.

• Adjusted net profit margin improved to 3.5%, up 0.5 ppt year-over-year.

• Store level operating profit margin was 13.7% (down from 14.5%); store level EBITDA margin was 18.6% (down from 19.3%).

• Average daily sales per store declined 5.3% year-over-year to RMB 12,428, mainly due to normalization in post-December 2022 stores.

• Cash and bank balances at year-end were RMB 1,001.5 million, with an interest-bearing bank loan of RMB 199.8 million maturing in 2028.

Outlook and guidance

• Plans to open 350 stores in 2026, with 140 net new stores already opened by March 20, 2026, and ~63% of the target already secured.

• Store allocation for 2026: 25% to pre-December 2022 markets, 50% to recently opened markets, 25-30% to new markets.

• Continued focus on expanding into new cities, deepening presence in existing markets, and improving cost efficiency.