DPC Dash Ltd 达势股份有限公司 （於英屬維爾京群島註冊成立的有限公司） 股份代號 : 1405 中期報告 2025 DPC Dash Ltd 达势股份有限公司 Interim Report 2025 中期報告 目錄 公司資料 摘要 業務概覽 管理層討論及分析 10 企業管治及其他資料 22 中期財務資料的審閱報告 37 中期簡明綜合全面收益表 38 中期簡明綜合資產負債表 40 中期簡明綜合權益變動表 42 中期簡明綜合現金流量表 44 中期簡明綜合財務資料附註 45 釋義 74 2 4 7 公司資料 董事會 執行董事 王怡女士 （首席執行官） 聯席公司秘書 吳婷女士 何詠雅女士 註冊辦事處 非執行董事 Frank Paul Krasovec先生 （董事長） James Leslie Marshall先生 Zohar Ziv先生 Matthew James Ridgwell先生 Weiking Ng先生 （自2025年4月29日起獲委任） Joseph Hugh Jordan先生 （自2025年4月29日起辭任） 獨立非執行董事 David Brian Barr先生 王勵弘女士 余濱女士 審核及風 ...

Core Viewpoint - The company is experiencing strong growth and expansion, with a focus on increasing its store network and improving profitability, leading to positive revenue and profit forecasts for the coming years [1][2]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 2.59 billion yuan, representing a year-on-year growth of 27.0% [2]. - The operating profit at the store level was 380 million yuan, up 28.0% year-on-year, with an operating profit margin of 14.6%, an increase of 0.1 percentage points [2]. - The net profit attributable to shareholders was 6.6 million yuan, showing a significant increase of 504.4% year-on-year, with a net profit margin of 2.5%, up 2.0 percentage points [2]. - Adjusted net profit, excluding equity expenses, was 910 million yuan, reflecting a 79.6% year-on-year growth, with an adjusted net profit margin of 3.5%, an increase of 1.0 percentage points [2]. Group 2: Cost Management - The company has optimized various cost components, with the proportion of raw material costs, employee costs, right-of-use asset depreciation, variable lease costs, store operation maintenance costs, and fixed asset depreciation to revenue being 27.3%, 33.8%, 7.3%, 2.7%, 6.1%, and 4.8% respectively, showing a decrease in several areas [3]. - The store operating profit margin and group net profit margin have continued to improve during the period [3]. Group 3: Store Expansion - The company added 190 new stores in H1 2025, bringing the total number of stores to 1,198 across 48 cities, with 9 new cities entered during the period [4]. - In first-tier cities, there are 515 stores, with a net increase of 6 stores since the end of 2024, while other markets saw a net increase of 184 stores, totaling 683 [4]. - The company maintains its plan to open 300 new stores throughout the year, continuing its aggressive expansion strategy [4].

Core Viewpoint - The company is experiencing strong growth with an expansion of its store network and improving profitability, leading to a positive outlook for future revenue and net profit growth [1][2]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 2.59 billion, a year-on-year increase of 27.0% [2]. - The operating profit at the store level was 380 million, up 28.0% year-on-year, with an operating profit margin of 14.6%, an increase of 0.1 percentage points [2]. - The net profit attributable to the parent company was 6.6 million, a significant increase of 504.4% year-on-year, with a net profit margin of 2.5%, up 2.0 percentage points [2]. - Adjusted net profit, excluding equity expenses, was 910 million, reflecting a 79.6% year-on-year growth, with an adjusted net profit margin of 3.5%, an increase of 1.0 percentage points [2]. Group 2: Cost Optimization - The company has optimized various costs, with the proportion of raw material costs, employee costs, right-of-use asset depreciation, variable lease costs, store operation maintenance costs, and fixed asset depreciation to revenue being 27.3%, 33.8%, 7.3%, 2.7%, 6.1%, and 4.8% respectively, showing a decrease in several categories [3]. - The store operating profit margin and group net profit margin have continued to improve [3]. Group 3: Store Expansion - The company added 190 new stores in H1 2025, bringing the total number of stores to 1,198 across 48 cities, with 9 new cities entered during the period [4]. - In first-tier cities, there are 515 stores, with a net increase of 6 stores since the end of 2024, while other markets saw a net increase of 184 stores [4]. - The company maintains its plan to open 300 new stores throughout the year, continuing its aggressive expansion strategy [4].

Summary of the Conference Call for Dashi Co., Ltd. (达实股份) Industry Overview - The global pizza industry has been growing, with retail sales increasing from $15.1 billion in 2010 to approximately $21.5 billion by 2024, reflecting a compound annual growth rate (CAGR) of about 3% [7] - In contrast, the Chinese pizza market has experienced a much higher CAGR of 12% during the same period, indicating significant growth potential [7] - As of 2022, the scale of the Chinese chain pizza market reached 37.5 billion RMB, with a CAGR of 9% from 2016 to 2022 [8] - The number of pizza stores per million people in China is only 11, compared to 5% in the U.S., 11% in the U.K., and 39% in Japan, highlighting a substantial opportunity for expansion [8] Company Performance and Strategy - Dashi Co., Ltd. plans to open approximately 300 new stores in 2025 and 350 in 2026, focusing on lower-tier and untapped markets [2][3] - Revenue growth is projected to be stable at 23%-25% from 2025 to 2027, with net profit expected to reach 151 million RMB, 250 million RMB, and 311 million RMB in those years, reflecting year-on-year growth rates of 173%, 66%, and 24% respectively [2][4][28] - The company has a robust and growing membership system, contributing significantly to user retention and repeat purchases, with membership revenue reaching 2.483 billion RMB, accounting for 65% of total revenue [26] Competitive Position - Dashi Co., Ltd. holds a leading position in the global pizza market, with a market share of 33%, ahead of competitors like Little Caesars (11%), Pizza Hut (10%), and Papa John's (9%) [9] - In the Chinese market, Dashi has steadily increased its market share to 5.3%, ranking second after Pizza Hut [9][12] - The company benefits from a unique product offering, including specially formulated dough and a diverse product matrix, catering to various consumer segments [13] Operational Efficiency - Dashi Co., Ltd. has established a self-built delivery network and an intelligent scheduling system, ensuring efficient delivery services and enhancing user experience [14] - The company maintains a strict delivery radius of 1.5 kilometers, which is more rigorous than competitors [14] - The operational cost structure has improved, with advertising, employee salaries, and rent as a percentage of revenue decreasing by 2%, 1%, and 1% respectively from 2021 to 2024 [23] Future Outlook - By 2030, Dashi aims to achieve a profit of approximately 1.6 billion RMB, with a projected market value ranging from 25.3 billion to 33.8 billion RMB based on price-to-sales (PS) valuation methods [4][6] - The company plans to expand its store count to 3,000 by 2030, with a focus on lower-tier cities where the majority of its current stores are located in higher-tier cities [24] - The company is currently in a store expansion phase, with a net increase of 233 stores in the first half of the year and a target of 300 for the full year [29] Key Risks and Considerations - Short-term fluctuations in same-store sales are expected due to the rapid expansion phase, but the long-term outlook remains positive [32] - The company has faced challenges in maintaining delivery order ratios due to prioritizing dine-in and takeout services in newly opened stores [15][25] This summary encapsulates the key points from the conference call, providing insights into the company's performance, market position, and future strategies.

Group 1 - The core viewpoint indicates that despite the ongoing adjustment period in the industry, leading restaurant companies are showing signs of recovery in revenue and net profit [1][3][5] - Among 29 listed restaurant companies, 17 reported year-on-year revenue growth, with Gu Ming leading at a growth rate of 41.26% [3][5] - The overall trend shows an increase in profitable companies, with notable improvements in profitability for several firms [5][6][7] Group 2 - The challenges include a weak consumer environment, policies like alcohol bans, and competition from food delivery services, which necessitate exploration of new growth avenues [2][10][11] - Companies like Da Shi and Wei Qian have shown significant profit increases, with Da Shi's net profit growing by 504.4% year-on-year [6][7] - Some companies, such as Dao Xiang Holdings and Tang Gong China, have transitioned from profit to loss due to various market pressures [10][11] Group 3 - The restaurant industry is experiencing uneven recovery, with some segments like casual dining performing better than traditional high-end dining [11][12] - Fast food brands are generally faring well, with companies like Da Shi and Ba Bi Food achieving revenue and profit growth [12][13] - The trend of closing underperforming stores is evident, as companies aim to enhance operational efficiency [13][22] Group 4 - The shift towards delivery services is becoming increasingly important, with companies like Nai Xue's Tea reporting that nearly half of their revenue comes from delivery [32][36] - Traditional dining establishments are also adapting by exploring delivery options and new business models to remain competitive [39][40] - Many companies are diversifying their offerings by launching sub-brands and entering new markets, such as coffee and light meals [41][44][46]

Group 1 - UBS maintains a "Buy" rating for Innovent Biologics, raising the target price to HKD 137.4, citing the promising product line and significant global R&D potential for IBI363 [1] - CMB (Hong Kong) maintains a "Buy" rating for China Life, increasing the target price to HKD 29, with a projected 7% YoY net profit growth in H1 2025 and a 20.3% increase in new business value [1] - CMB (Hong Kong) maintains a "Buy" rating for ZTE Corporation, raising the target price to HKD 42, with a 15% YoY revenue growth expected in H1 2025, driven by strong enterprise business performance [2] Group 2 - DBS reaffirms a "Buy" rating for China Merchants Bank, lowering the target price to HKD 53.5, with a projected CAGR of 2.5% for earnings from 2025 to 2027 [3] - Huatai Securities maintains a "Buy" rating for Li Auto, reducing the H-share target price to HKD 105.43, optimistic about the sales performance of the new i6 model [4] - CMB (Hong Kong) maintains an "Outperform" rating for Cha Bai Dao, with a target price of HKD 12, reporting a 4.3% YoY revenue growth and a 37.5% increase in net profit for H1 2025 [5] Group 3 - CMB (Hong Kong) maintains an "Outperform" rating for Chaoyun Group, setting a target price of HKD 3.65, with a 7.2% YoY revenue growth and a 101.4% increase in pet business revenue [6] - CMB (Hong Kong) maintains an "Outperform" rating for He Yu-B, raising the target price to HKD 20, highlighting the approval of a key clinical trial and strong financial position [7] - UBS gives a "Buy" rating to CanSino Biologics, setting a target price of HKD 224.3, anticipating updates on key data and potential collaborations [8]

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 | 截至月份: | 2025年8月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 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 | | | | | | 呈交日期: | 2025年9月3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 ...

Group 1 - The company reported a revenue of 2.593 billion yuan for 1H2025, representing a year-over-year increase of 27.04%, and a net profit attributable to shareholders of 66 million yuan, up 504.42% year-over-year [1] - In 1H2025, the gross margin improved to 72.7%, with an adjusted net profit margin of 3.5%, reflecting enhanced profitability [1] - The company has accelerated store openings in non-first-tier cities, achieving over 70% of its 2025 store expansion target by adding 190 new stores in the first half of 2025 [2] Group 2 - Membership numbers grew to 30.1 million, a 55.2% year-over-year increase, with a significant rise in delivery orders from first-tier cities [2] - The average daily GMV per store decreased by 4.4% year-over-year to 13,000 yuan, primarily due to the stabilization of sales in newly opened high-performance stores [2] - The company maintains a positive same-store sales growth in first-tier cities, with a same-store sales decline of only 1.0% in 1H2025 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong revenue growth, with a 27.04% year-on-year increase in revenue for 1H2025, reaching 2.593 billion yuan, and a significant improvement in net profit, which increased by 504.42% year-on-year to 66 million yuan [7] - The company is expanding its store presence, particularly in non-first-tier cities, achieving over 70% of its store opening target for 2025, with a total of 1,198 stores nationwide as of 1H2025 [7] - The brand's momentum is expected to continue driving performance, with projected net profits of 160 million yuan, 225 million yuan, and 301 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 72X, 51X, and 39X [7] Financial Performance - The company reported a gross margin of 72.7% in 1H2025, reflecting a slight year-on-year improvement [7] - The adjusted net profit margin for 1H2025 was 3.5%, up by 1.0 percentage points year-on-year [7] - The company’s revenue growth rates are projected to be 50.97% for 2023, 41.41% for 2024, and gradually declining to 22.00% by 2027 [6][8] Store Expansion and Market Presence - The company has accelerated its store openings in non-first-tier cities, with 96.8% of the new stores opened in these areas during 1H2025 [7] - As of 1H2025, the company had 30.1 million members, a 55.2% increase year-on-year, indicating a growing customer base [7] - The average daily GMV per store was 13,000 yuan in 1H2025, with new stores in 2024 and 2025 achieving an average GMV of 47,000 yuan [7] Profitability and Financial Ratios - The company’s return on equity (ROE) is expected to improve from -1.27% in 2023 to 10.30% by 2027 [6][8] - The projected earnings per share (EPS) are expected to rise from -0.22 yuan in 2023 to 2.30 yuan in 2027 [6][8] - The company’s operating profit margin (OPM) improved to 14.6% in 1H2025, reflecting enhanced store profitability [7]

Core Viewpoint - Domino's Pizza is experiencing remarkable growth in the Chinese market, achieving record sales and expanding its store network despite challenges faced by the broader restaurant industry in China [1][2][6]. Group 1: Business Performance - In the first half of 2025, Domino's China reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, and adjusted net profit of 91.42 million yuan, up 79.6% [2][4]. - The number of Domino's stores in China reached 1,198, with a net increase of 190 stores compared to the end of 2024 [4][5]. - The company's net profit attributable to shareholders surged by 504.4% to 65.92 million yuan [2]. Group 2: Market Strategy - Domino's China has successfully implemented a dual strategy of expanding its store network and penetrating lower-tier markets, with 57% of its stores located in non-first-tier cities [5][6]. - The company has leveraged its extensive supply chain management to maintain product quality and cost advantages, allowing it to offer competitive pricing [5][6]. - The brand's ability to attract consumer demand is evidenced by the strong interest in new store openings, indicating significant growth potential in untapped markets [5][6]. Group 3: Product and Service Innovation - Domino's China maintains a stable menu while introducing new products every 6 to 8 weeks to keep the offerings fresh and appealing to consumers [10][11]. - The company emphasizes delivery efficiency, promising delivery within 30 minutes, which has resulted in a 94% on-time delivery rate [12][14]. - A focus on high cost-performance ratio is central to Domino's strategy, with clear pricing tiers and an attractive membership system that enhances customer loyalty [14][15]. Group 4: Consumer Engagement - The brand's marketing strategies resonate with younger consumers, utilizing popular collaborations and social media engagement to maintain relevance [19][20]. - Domino's has tapped into the growing demand for affordable Western cuisine in lower-tier cities, aligning its offerings with consumer preferences for value [17][18]. - The emotional connection consumers have with Domino's, viewing it as a source of comfort and social interaction, enhances brand loyalty [21][22][23].