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） 根據2022年第一次股份激勵計劃授出股份獎勵 根據上市規則第17.06A條，董事會宣佈，於2026年1月12日，本公司根據2022年 第一次股份激勵計劃向5名承授人授出111,066份股份獎勵（「獎勵授出」）。 獎勵授出的詳情載列如下： 股份獎勵的購買價： 零 股份於授出日期 每股股份71.95港元 的收市價： 所授出股份 獎勵的代價： 1 零 授出日期： 2026年1月12日 承授人人數： 5名僱員參與者，即非執行董事Frank Paul Krasovec 先生、James Leslie Marshall先生、Zohar Ziv先生 及Matthew James Ridgwell先生以及獨立非執行董事 David Brian Barr先生 所授出股份 獎勵的數目： 111,066份股份獎勵，約佔本 ...

Core Viewpoint - The recovery of the restaurant industry since the beginning of 2023 is driven by demand and paced by supply, with leading tea brands showing signs of recovery in Q1 2025, while Western fast food and casual dining are expected to stabilize in Q2 and Q3 2025 respectively [1][2]. Industry Trends - The restaurant industry is experiencing a survival of the fittest, with top brands becoming stronger. The recovery pace in the tea segment is ahead of Western fast food and casual dining by about 1 to 2 quarters [2]. - As of November 2025, the overall restaurant sector is seeing a net closure of stores, while specific segments like coffee, self-service, light meals, and regional cuisines are showing net openings [2]. - Leading brands such as Heytea, Luckin Coffee, KFC, and Haidilao are demonstrating superior net opening speeds, indicating brand resilience [2]. Performance Outlook - Most leading brands are expected to achieve same-store sales stabilization or growth starting in H2 2025, with a normalization of customer traffic anticipated [3]. - The average transaction value (ATV) for many leading brands is stabilizing or increasing, with brands like Haidilao, McDonald's, and Luckin Coffee showing year-on-year increases in ATV as of November 2025 [3]. - The restaurant sector is viewed as a valuation opportunity, with brands like Haidilao and Yum China expected to show strong recovery and shareholder returns [4]. Specific Company Insights - Haidilao is expected to see improved revenue growth in H2 2025 due to enhanced table turnover rates, with a projected dividend yield of around 5% [4]. - Yum China is accelerating its expansion, with expected system sales growth in the mid-single digits and a total shareholder return of approximately $3 billion for 2025-2026 [4]. - Special mention of Teahouse International as a unique player in the Chinese restaurant sector, with significant growth potential and improving profitability [5]. - Green Tea Group is actively expanding into second and third-tier cities, with an anticipated store opening growth rate of about 30% in H2 2025 [5]. - Dashi Co. is also expected to achieve around 25% revenue growth in H2 2025, benefiting from rapid store openings [6]. - The tea segment is highlighted as a key area for growth, with brands like Gu Ming and Mixue Group expected to continue high growth rates due to strong same-store sales and accelerated openings [6].

Core Insights - The article highlights that Dami Le (达势股份) has been awarded the "Annual Outstanding Consumer Brand Enterprise" by the Golden Award, recognizing its strong market presence and innovative practices in the consumer sector [1] Group 1: Company Performance - Dami Le has rapidly expanded its store network, opening 1,315 stores across 60 cities in mainland China by December 31, 2025, with a net addition of 307 stores [2] - The company has maintained positive same-store sales growth in first-tier cities, demonstrating strong brand momentum despite market challenges [2] - New store openings have generated significant local consumer interest, with record sales achieved in various locations, such as over 31 million RMB in 198 days for its Shenyang store [2] Group 2: Strategic Expansion - The company employs a "deep and wide" store opening strategy, effectively navigating a challenging restaurant market where 161,000 establishments closed in the first half of 2025 [1][2] - Dami Le's expansion strategy is characterized by a focus on efficiency, optimizing capital turnover and operational processes to support sustainable growth [4][5] - The average cash investment recovery period for new stores in mature markets remains under 36 months, indicating a strong return on investment [4] Group 3: Operational Efficiency - Dami Le's operational efficiency is bolstered by a robust supply chain, ensuring consistent product quality and enabling rapid product iteration [5] - The company has established three central kitchens in Shanghai, Beijing, and Dongguan, enhancing production capacity and supporting efficient market expansion [5] - The ability to introduce new products every 6 to 12 weeks allows Dami Le to adapt its menu and pricing strategies effectively, reinforcing its value proposition in the market [5]

Core Insights - In 2025, Domino's China achieved significant growth in store numbers, reaching a total of 1,315 stores with a net addition of 307 stores, exceeding its annual opening target [1] - The expansion strategy has focused on second and third-tier cities, with new stores primarily located in shopping centers to leverage the "first store effect" [5] - The membership program "Da Ren Hui" has seen rapid growth, surpassing 35.6 million members, with approximately 15.4 million new customers placing their first orders within a year [4] Expansion and Market Presence - The number of cities covered by Domino's China increased by 21, bringing the total to 60 cities [2] - In early 2026, the company continued its momentum by opening 62 new stores across 46 cities on January 1, including 8 cities where it had not previously established a presence [3] - The store count nearly doubled in two years, with an additional 220 stores opened in 2024 [4] Sales Performance and Challenges - Despite the rapid expansion, same-store sales growth fell below -1% in the first half of 2025, marking the lowest rate since 2017 [6] - The decline in same-store sales is attributed to a high base effect from the previous year, with expectations for stabilization in the latter half of 2025 [6] - Competitive pressures from rivals like Pizza Hut, which has implemented aggressive pricing strategies, have contributed to the challenges faced by Domino's [6] Future Outlook - Analysts project that Domino's China has room for further growth, with expectations of reaching 2,000 stores by 2027 and potentially exceeding 3,000 stores by 2029-2030 [6] - The recent decline in average sales per order is seen as a temporary issue related to new store capacity constraints and business restructuring, with a recovery anticipated as new stores mature [6] Strategic Considerations - The company must navigate the balance between self-owned channels and third-party platforms, product innovation, cost control, and the trade-offs between delivery reliance and dine-in experiences [7]

致：香港交易及結算所有限公司 公司名稱: 达势股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01405 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 1 USD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 1 USD | | 500,000,000 | 本月底法定/註冊股本總額： USD 500,000,000 第 1 頁 共 10 頁 v 1.1.1 FF ...

智通财经APP讯，达势股份(01405)发布公告，于2025年12月29日-12月31日，根据股份计划发行合计 4.42万股。 ...

达势股份(01405)发布公告，于2025年12月29日-12月31日，根据股份计划发行合计4.42万股。 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 达势股份有限公司 呈交日期： 2025年12月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證 ...

Core Viewpoint - The article highlights the contrasting performance of Domino's Pizza and Pizza Hut in the Chinese market, emphasizing Domino's rapid expansion and unique strategies that have allowed it to thrive amid a broader industry downturn. Group 1: Market Performance - Domino's has opened new stores in China despite a trend of closures in the restaurant industry, achieving record sales on opening days, such as 680,000 yuan on its first day in Xuzhou [5][10]. - In contrast, Pizza Hut's average weekly revenue for mature stores is around 100,000 to 150,000 yuan, with monthly revenues averaging 400,000 yuan [8]. - As of Q3 this year, Domino's has 1,283 stores in mainland China, while Pizza Hut has 4,022, indicating a significant difference in store count and market penetration [10]. Group 2: Financial Performance - Domino's achieved profitability for the first time in 2024, reporting a net profit of 55 million yuan, while it had accumulated losses of 1.177 billion yuan from 2019 to 2023 [12]. - In the first half of 2025, Domino's reported a net profit of 91.42 million yuan, showcasing a significant turnaround [12]. - The sales growth in non-first-tier cities has been particularly strong, with a 46.6% year-on-year increase in revenue from these locations [16]. Group 3: Strategic Insights - Domino's has successfully implemented a "store opening effect" strategy, particularly in lower-tier cities, which has driven initial sales surges [17][20]. - The leadership change in 2017, with a focus on expanding into non-first-tier cities, has been pivotal for Domino's growth [20]. - Pizza Hut has responded to competition by lowering prices, with average customer spending dropping from 119 yuan to 76 yuan [23]. Group 4: Consumer Behavior and Preferences - Domino's has leveraged product innovation, introducing new pizza flavors every 6-10 weeks, which has attracted a younger demographic [28][30]. - The brand's ability to create a "custom menu" experience has enhanced customer engagement and social media presence [30]. - Despite initial excitement, there are concerns about declining same-store sales growth, indicating a potential saturation of the novelty effect [34]. Group 5: Operational Challenges - Domino's faces challenges with maintaining quality control and managing customer expectations, particularly in terms of product consistency across locations [38]. - The company's commitment to a "30-minute delivery" promise has led to high labor costs, with a significant portion of revenue allocated to employee compensation [41][48]. - The reliance on a large number of dedicated delivery personnel may not be sustainable in the long term, especially as competition intensifies [45][51].

Core Insights - Domino's Pizza is experiencing significant growth in China, opening new stores while many competitors are closing down. The company has set sales records for its first-day openings in various cities, indicating strong consumer interest and demand [1][5][7]. Group 1: Store Performance and Market Strategy - Domino's opened its first store in Xuzhou on October 1, achieving a daily sales record of 680,000 yuan, surpassing previous records in other cities [1]. - The company has expanded its presence to 1,283 stores in mainland China, focusing on non-first-tier cities, which has been crucial for its profitability [5][9]. - In the first half of 2025, Domino's China reported a net profit of 91.42 million yuan, marking a turnaround after previous losses totaling 1.177 billion yuan from 2019 to 2023 [7][9]. Group 2: Competitive Landscape - Domino's is viewed as the only significant competitor to Pizza Hut in the Chinese market, with a notable difference in sales growth between first-tier and non-first-tier cities [9][12]. - While Domino's has a higher growth rate in non-first-tier cities (46.6% year-on-year), Pizza Hut's sales growth is more stable but slower [9][12]. - The average weekly sales for a mature Pizza Hut store are around 100,000 to 150,000 yuan, compared to Domino's first-month sales exceeding 1 million yuan for new stores [3][9]. Group 3: Consumer Behavior and Marketing - The "first-store effect" has driven initial sales, but as more stores open, repeat purchases may decline due to market saturation and changing consumer preferences [21][22]. - Domino's has successfully attracted a younger demographic through social media marketing and innovative product offerings, including customizable pizzas [16][18][20]. - The company has a membership base of 32.9 million, with 14.4 million new customers ordering for the first time in the past year [20]. Group 4: Operational Challenges - Despite its growth, Domino's faces challenges with same-store sales growth, which fell below -1% in the first half of 2025, indicating potential issues with customer retention [21][23]. - The company has a high employee cost structure, with labor expenses significantly impacting profitability compared to competitors like KFC and Pizza Hut [29][31]. - Delivery logistics remain a challenge, as many new stores do not offer delivery services, limiting potential sales growth in certain markets [33][34].