This article first appeared on GuruFocus .
-
Total Revenue:RMB 5.38 billion, a 24.8% increase from 2024.
-
Net New Store Openings:307 new stores, expanding the store base to 1,315 across 60 cities.
-
Store Level EBITDA:Increased by 20.4% to RMB 1 billion with a margin of 18.6%.
-
Store Level Operating Profit:Grew 18.5% to RMB 739.7 million with a margin of 13.7%.
-
Adjusted EBITDA:Rose 28.2% to RMB 634.6 million, with margin expanding to 11.8%.
-
Adjusted Net Profit:Increased 43.3% to RMB 187.9 million, with margin improving to 3.5%.
-
Reported Profit Attributable to Owners:More than doubled to RMB 141.9 million.
-
Tier One City Revenue:RMB 2.22 billion, a 5.2% year-over-year growth.
-
Non-Tier One City Revenue:Grew 43.4% to RMB 3.17 billion, representing 58.8% of total revenue.
-
Average Daily Sales Per Store:Declined by 5.3% to RMB 12,428.
-
Cash Position:RMB 1 billion in cash and cash equivalents as of December 31, 2025.
-
Interest-Bearing Bank Loan:RMB 199.8 million, maturing in 2028.
Release Date: March 25, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
DPC Dash Ltd ( DPCDF ) reported a 24.8% increase in total revenue for 2025, reaching RMB 5.38 billion, driven by 307 net new store openings.
-
The company achieved a 43.3% growth in adjusted net profit, with margins improving from 3.0% to 3.5%.
-
DPC Dash Ltd ( DPCDF ) expanded its store network to 1,315 stores across 60 cities, becoming the third largest international market in Domino's global system by store count.
-
The loyalty program saw significant growth, reaching 35.6 million members by the end of 2025, up from 24.5 million the previous year.
-
The company maintained a strong cash position with RMB 1 billion in cash and cash equivalents as of December 31, 2025.
Negative Points
-
Store level operating profit margin decreased from 14.5% in 2024 to 13.7% in 2025 due to incremental investments and increased delivery-related costs.
-
Average daily sales per store declined by 5.3% year over year, attributed to the normalization of sales in high-performing stores.
-
The company faced margin compression at the store level, with EBITDA margin decreasing from 19.3% to 18.6%.
-
Staff compensation expenses at the store level increased to 28% of revenue, up from 27.5% in 2024, due to higher staffing for new market expansion.
-
DPC Dash Ltd ( DPCDF ) experienced a negative 1.5% group same-store sales growth, impacted by high base effects and aggregator price wars.
Q & A Highlights
Q: Could you please break down the same-store sales of mature stores in first-tier cities and newly entered cities, based on traffic and average selling price (ASP)? A: Yi Wang, CEO, explained that tier one cities achieved positive same-store sales in 2025, with strong momentum in traffic but a decrease in ASP due to aggregator price wars. In newly entered markets, there was a decline in traffic as new stores diluted average counts per store, and ASP slightly decreased due to value programs and delivery expansions facing aggregator price competition.
Q: Can you share more on the latest trend in same-store sales? A: Yi Wang, CEO, noted that the main factor affecting same-store sales is the high base impact from new market openings. As stores open in new markets, sales spread to other stores, impacting comparisons. While aggregator subsidy cuts had some impact, sales during the Chinese New Year were strong, meeting expectations.
Q: How do you see the influence of aggregator subsidies potentially decreasing this year, and how do you evaluate consumer retention from third-party aggregators to your own platform? A: Yi Wang, CEO, stated that while aggregator subsidies are decreasing, the company is converting traffic from aggregators to its own online channel through targeted programs. The company continues to launch innovative products and maintain strong value propositions to improve customer retention. Over the long term, they expect to benefit from increased delivery penetration.
Q: What is your outlook for gross profit margin given rising upstream raw material prices? A: Ting Wu, CFO, mentioned that they have managed cost of goods sold well and have not seen significant pressure from rising prices. They plan to leverage scale for better procurement terms, source directly from suppliers, increase local procurement, and use supplier bidding processes to manage costs effectively.
Q: How does management plan to optimize labor costs moving forward, given the increase in store-level staff costs as a percentage of revenue in 2025? A: Ting Wu, CFO, explained that labor costs increased due to more delivery orders and new store openings. However, they plan to improve efficiency through scaling, technology enhancements in dispatch systems, and maintaining service quality to manage labor costs without compromising customer service.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
