[Table_Tag] [Table_Summary] 投资要点 证券研究报告·海外公司点评·旅游及消闲设施(HS) 达势股份（01405.HK） 2025 年业绩公告点评：拓店顺利，符合预期 2026 年 03 月 28 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,314 | 5,382 | 6,537 | 7,744 | 9,107 | | 同比(%) | 41.41 | 24.76 | 21.46 | 18.46 | 17.61 | | 归母净利润（百万元） | 55.20 | 141.93 | 191.82 | 266.19 | 379.24 | | 同比(%) | 307.48 | 157.15 | 35.15 | 38.77 | 42.47 | | EPS-最新摊薄（元/股） | 0.42 | 1.08 | 1.46 | 2.02 | 2.88 | | P/E（现价&最新摊薄） | 130 ...

2026 年 3 月 26 日 公司研究 全国化布局加速，盈利能力持续提升 ——达势股份（1405.HK）2025 年年报点评 增持（维持） 当前价：62.45 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 1.32 | | 总市值(亿港元)： | 82.14 | | 一年最低/最高(港元)： | 57.75/125.20 | | 近 3 月换手率： | 10.74% | 股价相对走势 -50% -40% -30% -20% -10% 0% 10% 20% 30% 25/03 25/04 25/05 25/06 25/07 25/08 25/09 25/10 25/11 25/12 26/01 26/02 ...

DPC Dash (SEHK:01405) H2 2025 Earnings call March 25, 2026 07:00 AM ET Company ParticipantsAileen Wang - Executive Director and CEOCathy Zhang - IR DirectorHelen Wu - CFOJiwei Liu - Sales AssociateLisa Liao - Senior Associate of Research DivisionMichael Xu - Chief Performance OfficerConference Call ParticipantsMiao Zhang - AnalystShi Liu - AnalystViola Yang - AnalystNone - AnalystOperatorLadies and gentlemen, welcome to DPC Dash Ltd Full Year 2025 Earnings Conference Call. All participants will be in listen ...

DPC Dash (SEHK:01405) H2 2025 Earnings call March 25, 2026 07:00 AM ET Company ParticipantsAileen Wang - Executive Director and CEOCathy Zhang - IR DirectorHelen Wu - CFOJiwei Liu - Sales AssociateLisa Liao - Senior Associate of Research DivisionMichael Xu - Chief Performance OfficerConference Call ParticipantsMiao Zhang - AnalystShi Liu - AnalystViola Yang - AnalystNone - AnalystOperatorLadies and gentlemen, welcome to DPC Dash Limited Full Year 2025 Earnings Conference Call. All participants will be in li ...

DPC Dash (SEHK:01405) H2 2025 Earnings call March 25, 2026 07:00 AM ET Speaker7Ladies and gentlemen, welcome to DPC Dash Ltd Full Year 2025 Earnings Conference Call. All participants will be in listen-only mode during management's prepared remarks, and there will be a question and answer session to follow. Today's conference call will be recorded. At this time, I would like to turn the call over to Cathy Zhang, IR Director of DPC Dash, who will share the process for today's call and provide some important d ...

Disclaimer DPC Dash Ltd (1405.HK) 2025 Full Year Results Presentation March 25, 2026 This presentation has been prepared by DPC Dash Ltd (the "Company" and together with its subsidiaries, the "Group") solely for information purposes and does not constitute a recommendation regarding the securities of the Group or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Group in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 DPC Dash Ltd 達勢股份有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1405） (1) 門店層面的經營利潤指收入減門店層面產生的運營成本，包括以薪金為基礎的開支、原 材料及耗材成本、使用權資產折舊、廠房及設備折舊、無形資產攤銷、可變租賃付款、 短期租金開支、水電費、廣告及推廣開支、門店經營及維護開支及其他開支。 (2) 門店層面的經營利潤率乃按門店層面的經營利潤除以同年的收入計算。 (3) 「門店層面EBITDA」定義為年內門店層面的經營利潤並加回門店層面的廠房及設備折舊 以及無形資產攤銷。 (4) 「門店層面EBITDA利潤率」乃用門店層面EBITDA除以同年收入計算得出。 (5) 「經調整EBITDA」定義為年內經調整淨利潤並加回折舊及攤銷（不包括使用權資產折 舊）、所得稅開支以及利息收入及開支淨額。 (6) 「經調整EBITDA利潤率」按經調整EBITDA除以同年的收入計 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表明概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何 責任。 達勢股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」及各 自為一名「董事」）會（「董事會」）宣佈，本公司將於2026年3月25日（星期三）舉行 董事會會議，以（其中包括）審議及批准本集團截至2025年12月31日止年度的年 度業績及其刊發，及考慮派付末期股息（如有）的建議。 承董事會命 達勢股份有限公司 主席 Frank Paul KRASOVEC 香港，2026年3月13日 截至本公告日期，董事會成員包括執行董事王怡女士、非執行董事Frank Paul KRASOVEC先生、James Leslie MARSHALL先生、Zohar ZIV先生、Matthew James RIDGWELL先生及Weiking NG先生以及獨立非執行董事David Brian BARR 先生、王勵弘女士及余濱女士。 DPC Dash Ltd 達勢股份有限公司 （於英屬維爾京群島註冊成立的有限公司） ...

Investment Rating - The report gives an "Accumulate" rating for the restaurant industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The restaurant industry is showing signs of marginal recovery, with expectations for sustainability in growth. Key restaurant brands are expected to benefit from upcoming service consumption and restaurant stimulus policies [5][10]. - The report highlights that the competitive landscape is improving, with a notable differentiation among brands. Major players are stabilizing after a period of closures and adjustments, indicating potential for upward momentum [5][42]. - The report emphasizes the importance of consumer confidence and the impact of external factors such as stimulus policies on restaurant performance [28][29]. Summary by Sections 1. Introduction - The restaurant data shows improvement, with expectations for enhanced continuity in 2026. Factors such as market effects and high dividend expectations are contributing to positive indicators in customer metrics [10]. 2. Demand Side - Since October, the growth rate of restaurant revenue has outpaced overall retail sales, indicating a strong recovery in consumer spending [11][13]. - The report notes that the external delivery market has intensified competition, leading to a rationalization among brands, which is beneficial for the overall industry structure [23][24]. - Policies aimed at expanding service consumption are expected to have a short-term positive impact on restaurant performance, although long-term consumer confidence recovery remains gradual [28][29]. 3. Supply Side - The competitive landscape is stabilizing, with a significant number of surveyed chain restaurants reporting flat or declining average sales per store in 2025. This indicates a challenging environment for profitability [33][34]. - The report identifies a trend of brand differentiation, with major players like Haidilao and Yum China showing low valuation multiples compared to historical averages, suggesting potential for growth [46][47]. - The number of new store openings is increasingly concentrated among leading brands, with significant growth in stores for those with over 10,000 locations [42][49]. 4. Investment Recommendations - The report recommends focusing on key players in the restaurant sector, including Haidilao, Yum China, and emerging brands like Meet You Noodle and Green Tea Group, as they are expected to continue improving their performance [83].

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].