事件 7 月 31 日，公司公告 24 年中期业绩预告，预计 1H24 收入不低于 20 亿元、同比增长不低于 45%，归母净亏损不低于 1000 万元、同 比增长不低于 14%，经调整净利不低于 4800 万元，同比 1H23 的 -1745 万元增长 6545 万元。 点评 H1 净开店 146 家、完成全年计划 61%，扩张速度超预期。根据公 司公告，截至 1H24 末，门店总数 914 家、较 2023 年末净增 146 家、增长 19.0%，完成年初制定的全年新开计划（240 家）60.8%， 开店速度超预期。 预计新增长市场表现持续强劲，门店、公司层面效率提升，收入、 盈利表现均超预期。考虑 1H23 公司归母净利润受可转换优先股的 公允价值收益 1.2 亿元影响，若剔除该部分一次性影响，则归母 净利润同比增长约 1.2 亿元；经调整净利润同比增长 6545 万元， 经调整归母净利率约 2.4%（按收入、经调整净利下限计算），盈利 能力改善幅度超预期。预计盈利能力提升主要源于 1）门店扩张速 度超预期；2）上半年存量门店同店持续增长，新增长市场新店表 现强劲；3）门店层面及公司层面运营效率均有提升 ...

华福证券 餐饮 2024年05月23日 公 司 达势股份（ ） 01405.HK 买入（首次评级） 研 究 外卖披萨赛道龙头，新城新店扩张提速 当前价格： 56.30港元 基本数据 投资要点：公司主打高性价比与高效外送，从一线城市向高潜力城市积 总股本/流通股本(百万股) 130.33/130.33 极扩张，精细化运营下单店模型持续优化，量价齐升，规模效应及品牌效 流通市值(百万港元) 7,337.56 每股净资产(港元) 17.82 应下盈利能力逐步改善、看好利润拐点显现。 资产负债率(%) 49.37 一年内最高/最低价(港元) 77.30/42.00  达势股份：比萨外卖领先者。达势股份是达美乐比萨在中国大陆、香 一年内股价相对走势 港及澳门独家特许经营商，自2017年扩大特许经营范围以来加速扩张：（1） 产品力兼具差异化和性价比：兼具本地特色与创新，SKU属业内最多，树 公 立产品壁垒并提高复购率，多品类全价格带覆盖；（2）主打外送业务、打 司 开消费场景：25年专业经验、达美乐承诺“30 分钟必达”的品牌，且完 首 成率高达 91%，数字化基建建设成效显著；（3）品牌认知：外卖比萨定 次 位者稀少 ...

Financial Performance - Domino's Pizza achieved revenue of RMB 3.05 billion and adjusted net profit of RMB 88 million for the year ended December 31, 2023[5] - Revenue for 2023 reached RMB 3,050.715 million, a 51.0% increase compared to RMB 2,020.789 million in 2022[10] - Store-level operating profit surged by 105.1% to RMB 419.732 million in 2023, with the profit margin improving to 13.8% from 10.1% in 2022[10] - Adjusted EBITDA increased by 117.7% to RMB 301.736 million in 2023, with the margin rising to 9.9% from 6.9% in 2022[10] - Store-level EBITDA increased by 80.1% to RMB 576.622 million in 2023, with the margin improving to 18.9% from 15.8% in 2022[10] - The company achieved a net loss attributable to equity holders of RMB 26.603 million in 2023, significantly narrowing from RMB 222.632 million in 2022[10] - Total revenue for 2023 reached RMB 3,050.7 million, a 51.0% increase compared to RMB 2,020.8 million in 2022[19] - Revenue from new growth markets surged 102.9% to RMB 1,505.6 million in 2023, contributing 49.4% of total revenue[19] - Adjusted EBITDA grew by 117.7% to RMB 301.7 million in 2023, compared to RMB 138.6 million in 2022[21] - Total revenue increased to RMB 3,050.7 million in 2023, up 50.9% from RMB 2,020.8 million in 2022[24] - Revenue from Beijing and Shanghai grew by 20.8% to RMB 1,545.1 million in 2023, driven by the addition of 39 new stores[25] - Revenue from new growth markets surged by 102.9% to RMB 1,505.6 million in 2023, with 141 new stores added[26] - Adjusted EBITDA increased to RMB 301.7 million in FY2023 from RMB 138.6 million in FY2022, with adjusted EBITDA margin improving to 9.9% from 6.9%[44] - Store-level operating profit increased to RMB 419,732 thousand in 2023, up from RMB 204,689 thousand in 2022[45] - Store-level EBITDA rose to RMB 576,622 thousand in 2023, compared to RMB 320,194 thousand in 2022, with a margin increase from 15.8% to 18.9%[45] - The company recorded a net loss of RMB 26.6 million in FY2023, significantly reduced from RMB 222.6 million in FY2022[41] Store Expansion and Operations - The company added 180 new stores in 2023, bringing the total number of stores to 768 across 29 cities[6] - The company operated 835 stores across 30 cities as of March 31, 2024, with plans to open approximately 240 new stores in 2024, aiming to reach 1,000 stores by the end of Q4 2024[9] - The company plans to open 300-350 new stores annually in 2025 and 2026, supported by the expansion of central kitchens, including a new one for Central and Western China[9] - The company opened 180 new stores in 2023, bringing the total number of stores to 768 across 29 cities[19] - Average daily sales per store in the six newly entered cities (Jinan, Wuhan, Chengdu, Qingdao, Wenzhou, and Changzhou) reached RMB 32,354, with an average payback period of approximately 9 months[19] - Four new stores in Xi'an, Changsha, Xiamen, and Hefei achieved over RMB 5 million in sales within the first 30 days, ranking among the top four globally for Domino's[20] - The company plans to open approximately 240 new stores in 2024, with an estimated capital expenditure of RMB 370 million[22] - A new central kitchen in Wuhan is planned for Q4 2024, with an estimated capital expenditure of RMB 20-25 million[22] - The company aims to further penetrate existing markets and expand into new cities while improving cost efficiency and profitability[22] - The company operates 768 directly-owned stores in 29 cities across Mainland China as of December 31, 2023[58] Membership and Customer Engagement - Membership program grew by 69.8% year-over-year, reaching 14.6 million members by the end of 2023[7] - Member customers contributed 59.2% of the company's total revenue in 2023[7] - Membership numbers grew to 14.6 million by the end of 2023, up from 8.6 million at the end of 2022[16] Awards and Recognition - The company received the "Kincentric Best Employer in China 2023" award for the second consecutive year[7] - Domino's Pizza, Inc. awarded the company the prestigious Domino's Pizza Gold Franny award for five consecutive years from 2018 to 2022[7] - The company also received the Cornerstone Award in 2021 and 2022 for outstanding new store growth[7] - One of the company's trainers was recognized as the 2022 International Franchise Trainer of the Year[7] Costs and Expenses - Raw material and consumables costs rose by 52.2% to RMB 836.8 million in 2023, accounting for 27.4% of total revenue[28] - Employee compensation expenses increased by 50.1% to RMB 1,178.7 million in 2023, with store-level compensation rising to RMB 819.6 million[29][30] - Rental expenses grew by 42.1% to RMB 307.7 million in 2023, driven by the expansion of the store network to 768 stores[32] - Depreciation of plant and equipment increased by 31.9% to RMB 159.2 million in 2023, reflecting higher equipment and renovation needs[33] - Intangible assets amortization increased by RMB 3.6 million or 7.7% to RMB 51.1 million in FY2023, primarily due to software purchases supporting store network expansion[34] - Water and electricity expenses rose by RMB 31.8 million or 38.4% to RMB 114.8 million in FY2023, driven by increased usage from store network expansion[35] - Advertising and promotion expenses increased by RMB 42.4 million or 36.3% to RMB 159.2 million in FY2023, mainly for revenue enhancement activities[36] - Store operation and maintenance expenses grew by RMB 59.1 million or 45.6% to RMB 188.9 million in FY2023, primarily due to store network expansion[37] - Other expenses increased by RMB 8.1 million or 6.6% to RMB 130.9 million in FY2023, mainly from higher travel and IT-related costs[38] - Net finance costs decreased by RMB 23.7 million or 30.2% to RMB 54.6 million in FY2023, due to lower loan costs and increased interest income[39] Cash Flow and Liquidity - Cash and bank balances surged by 87.2% to RMB 1,019.2 million in 2023, driven by net proceeds from the global offering and cash inflows from operating activities[46] - Net cash generated from operating activities reached RMB 536.1 million in 2023, up from RMB 298.2 million in 2022[46] - The company's current ratio improved to 1.19 in 2023, compared to 0.87 in 2022, indicating better liquidity[47] - Total borrowings remained stable at RMB 200.0 million in 2023, with repayment dates set for 2025[47] - The debt-to-equity ratio decreased significantly to 9.5% in 2023 from 26.6% in 2022, primarily due to increased equity from the global offering[48] Employee and Workforce - Full-time employees increased to 6,536 in 2023, up from 3,916 in 2022, with 94.6% working in store development and operations[52][53] - Total employee costs rose to RMB 1,178.7 million in 2023, compared to RMB 785.0 million in 2022[54] - The company had 15,635 part-time employees in 2023, up from 10,616 in 2022, primarily working as delivery riders and in-store staff[54] - The company had 6,536 full-time employees as of December 31, 2023, with a gender ratio of 52.7% female and 47.3% male[164] Corporate Governance and Board - The company's board of directors includes executive and non-executive members, with Arthur Patrick D'Elia appointed as a non-executive director on April 28, 2023[56] - The company was renamed "Dash Brands Ltd." to "Dash Brands Co., Ltd." on September 13, 2021, and listed on the Hong Kong Stock Exchange on March 28, 2023[57] - The Board of Directors consists of one executive director, five non-executive directors, and three independent non-executive directors[149] - The Chairman and CEO roles are held by Mr. Frank Paul Krasovec and Ms. Wang Yi, respectively, with clearly defined responsibilities[150] - The company held three Board meetings from the listing date to December 31, 2023, and two meetings from January 1, 2024, to the date of the annual report[151] - The company maintains at least three independent non-executive directors, ensuring compliance with Listing Rules and providing independent perspectives[153] - Directors are subject to retirement and re-election at annual general meetings, with specific directors required to stand for re-election at the next AGM[154][155] - The Board is responsible for overseeing the company's business, strategic decisions, and performance, with senior management handling daily operations[156] - The Board has established three committees (Audit and Risk, Remuneration, and Nomination) to oversee specific aspects of the company's affairs[157] - The Audit and Risk Committee held 3 meetings from the listing date to December 31, 2023, reviewing the group's annual performance and audit reports[158][159] - The Remuneration Committee granted 263,225 and 1,112,720 share options in April and October 2023 respectively, and approved 175,868 award shares in January 2024[160] - The Nomination Committee held 1 meeting from January 1, 2024 to the annual report date, reviewing board structure and director re-election recommendations[163] Shareholder and Dividend Policy - The company did not recommend the payment of a final dividend for the 2023 fiscal year (2022: none)[63] - The company has no distributable reserves as of December 31, 2023 (2022: none)[63] - The company's dividend policy allows for the declaration and distribution of dividends at the discretion of the Board of Directors, subject to legal distributable profits and reserves, and without impairing the company's ability to meet its debts[169] - The company may pay dividends in cash or shares, and unclaimed dividends will be forfeited and revert to the company according to its articles of association and applicable laws[169] - The company does not have a fixed dividend payout ratio but aims to recommend dividends in line with industry averages while maintaining sufficient reserves for operations, cash flow, expansion, and future growth[169] - The Board of Directors will periodically review the dividend policy, but there is no guarantee of any specific dividend amount or even the payment of dividends in any given period[169] Risk Management and Internal Controls - The company has implemented internal control policies and procedures, including maintaining internal procedures for obtaining necessary licenses and permits, and regularly reviewing compliance with relevant laws and regulations[180] - The company has established an Audit and Risk Committee to oversee internal control procedures and review financial statements, with the assistance of an internal audit department[180] - The company has adopted an anti-corruption policy to prevent corrupt practices and bribery, and the internal audit department monitors the implementation of risk management policies[181] - The company's risk management and internal control systems were reviewed annually and deemed effective and adequate by the Board of Directors[182] - The company's co-company secretaries, Ms. Wu Ting and Ms. Ho Wing-nga, each received at least 15 hours of relevant professional training during the reporting period, in compliance with the Listing Rules[182] Related Party Transactions - The total fees paid by the company to Domino's Pizza, Inc. under the Master Franchise Arrangement in the 2023 fiscal year amounted to approximately RMB 103.7 million, including franchise fees and royalty fees[120] - The annual cap for the Master Franchise Arrangement is set at RMB 140 million for 2023, RMB 200 million for 2024, RMB 290 million for 2025, RMB 410 million for 2026, and RMB 610 million for 2027[120] - The Master Franchise Agreement, effective from June 1, 2017, will expire on June 1, 2027, with the option to renew for two additional 10-year periods[116] - The royalty fee rate under the Master Franchise Agreement is 3% of the total sales from all stores operated in China[116] - The software license fee for each store in China is capped at USD 4,000, and the annual upgrade fee is capped at USD 1,000 per store[118] - The company has no sub-franchisees during the reporting period, resulting in no additional fees related to sub-franchisees[116] - The company received an exemption from the Hong Kong Stock Exchange for the Master Franchise Arrangement, allowing transactions up to the proposed annual caps without strict compliance with certain disclosure and approval requirements[121] - Independent non-executive directors confirmed that the transactions under the Master Franchise Arrangement were conducted under normal or better commercial terms and are fair and reasonable[122] - The company's auditor, PricewaterhouseCoopers, confirmed that the disclosed related party transactions did not exceed the set annual caps and were conducted in accordance with relevant agreements[123] Share Issuance and Incentive Plans - The company issued or may issue 1,473,829 new shares under the 2021 Plan, 2022 Pre-IPO Plan, and 2022 First Share Incentive Plan, representing approximately 1.21% of the weighted average number of issued shares[78] - The 2021 Plan allows for the issuance of up to 7,000,000 ordinary shares, with 1,035,236 new shares potentially issuable for unvested restricted share units as of the listing date[82] - During the reporting period, 563,720 new shares were issued upon the vesting of restricted share units under the 2021 Plan[82] - As of December 31, 2023, 471,516 new shares remain issuable under the 2021 Plan for unvested restricted share units, representing approximately 0.36% of the total issued shares[82] - The weighted average closing price of the company's shares was HKD 52.00 before the vesting date and HKD 58.27 after the vesting date[85] - A total of 250,012 shares were vested during the reporting period, with 34,563 shares vested in a specific category[85] - As of December 31, 2023, there were 471,516 shares that had not yet been exercised[85] - The 2022 Pre-IPO Plan allows for the issuance of up to 8,000,000 new ordinary shares, with 6,658,375 shares potentially issuable as of the listing date[90] - As of December 31, 2023, 6,347,292 new shares remained issuable under the 2022 Pre-IPO Plan, representing approximately 4.87% of the total issued shares[91] - The 2022 Pre-IPO Plan has a remaining term of approximately 8 years and 5 months as of the latest practicable date[87] - The 2022 Pre-IPO Plan aims to align the interests of directors, employees, and consultants with those of the company's shareholders[88] - The exercise price for options under the 2022 Pre-IPO Plan is determined by the committee and can be a fixed price related to the fair market value of the shares[93] - No new shares were issued during the reporting period due to the exercise of pre-listing options under the 2022 Pre-IPO Plan[91] - The vesting period for shares ranges from approximately 43 weeks to 1 year and 7 days, with some shares subject to a lock-up period until the first anniversary of the listing date[85] - The company's 2022 First Share Incentive Plan allows for the issuance of up to 12,000,000 shares, representing approximately 9.33% of the issued shares as of the listing date[100] - As of December 31, 2023, 1,375,945 awards in the form of share options were granted under the 2022 First Share Incentive Plan, with no other awards granted, exercised, canceled, or lapsed during the reporting period[100] - The remaining number of shares available for future grants under the 2022 First Share Incentive Plan as of December 31, 2023, is 10,624,055 shares, representing approximately 8.15% of the total issued shares as of the annual report date[100] - The 2022 First Share Incentive Plan has a remaining term of approximately 9 years as of the latest practicable date[96] - The 2022 First Share Incentive Plan aims to align the interests of eligible participants with those of the company and its shareholders by providing opportunities to acquire company shares[97] - Eligible participants include employees, directors, and senior personnel of the company and its affiliates, as well as employees, directors, and senior personnel of the company's holding company, subsidiaries, and associates[98] - Awards under the 2022 First Share Incentive Plan can take the form of share awards or share options, with the nature, amount, terms, and conditions determined by the board or plan administrator[99] - The maximum quota for any participant under the 2022 First Share Incentive Plan is 1% of the total issued shares over any 12-month period, with additional awards requiring shareholder approval[101] - The vesting period for

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Insights - The company has shown strong performance in new growth markets and has achieved annual profitability for the first time [4] - Revenue is projected to grow significantly, with estimates of 40.9 billion, 52.2 billion, and 65.8 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 34%, 28%, and 26% [5][6] - Adjusted net profit is expected to reach 0.4 billion, 1.2 billion, and 2.6 billion yuan for the same years, with substantial year-on-year growth rates of 389%, 177%, and 122% [5][6] Financial Summary - Revenue (in million yuan): 2021: 3,051; 2022: 4,086; 2023: 5,223; 2024E: 6,577 [4] - Adjusted net profit (in million yuan): 2022: 9; 2023: 43; 2024E: 119; 2025E: 264 [4] - Comprehensive diluted EPS (in yuan): 2023: 0.07; 2024E: 0.35; 2025E: 0.98; 2026E: 2.17 [4] - Gross margin: 72.6% in 2023, expected to remain stable around 73% in the following years [4] - Return on equity: 0.6% in 2023, projected to increase to 11.7% by 2026 [4] Store Expansion and Sales Performance - The company plans to open 240, 300, and 325 new stores from 2024 to 2026 [5] - Average daily sales per store are expected to be 12.8 thousand yuan in 2024, with slight declines in subsequent years [5][6] - The number of stores in Beijing and Shanghai is projected to increase from 351 in 2023 to 491 by 2026 [6] Cost Structure and Profitability - Operating expenses are expected to decrease as a percentage of sales due to scale effects, with labor costs projected to be 36.6%, 34.4%, and 32.6% from 2024 to 2026 [5] - Rent costs are expected to stabilize around 12.3% to 12.7% over the same period [5] - Adjusted net profit margin is projected to improve from 1.1% in 2024 to 4.0% in 2026 [5][6]

海 外 研 证券研究报告 究 ＃industryId＃ 餐饮 ＃01405 .HK ＃达dy势Com股pa份ny＃ dyStockco ＃ d e＃ ＃investSuggestion＃ ＃title＃ 增持 ( i维nve持stS ） 收入保持高速增长，新增长市场延续积极布局 uggesti onC han ge＃ ＃createTime1＃ 2024年 4 月 2 日 投资要点 跟 ＃市场ma数rk据et Data＃ ＃ ⚫ sum 维ma 持ry “＃增 持”评级：公司在北上成熟市场保持稳健拓店；新增长市场爆发力强，门店日销、 踪 日期 2024.3.28 盈利能力、门店数量、城市布局都处于高速增长阶段。尽管ASP整体有所承压，但受益于 报 收盘价(港元) 50.15 订单量增长、收入结构改善、总部费用控制、规模效应提升，公司的收入预计快速增长， 告 总股本(亿股) 1.3 利润率亦持续提升。我们预计公司2024/2025/2026年营业收入为40.9/53.0/66.4亿元，同 比增长33.9%/29.8%/25.3%，净利润为-0.24/0.67/1.78亿元，净利率为-0.6%/1.3%/2.7% ...

业绩超预期，门店加速扩张 ——达势股份 23 年报点评 达势股份（1405.HK）/餐饮 证券研究报告/公司点评 2024年03月31日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：50.2港元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,024 3,085 3,925 5,177 6,682 分析师：苏畅 增长率yoy% 25% 52% 27% 32% 29% 执业证书编号：S0740523110001 归母净利润（百万元） -223 -27 38 104 262 Email：suchang@zts.com.cn 增长率yoy% 53% 88% 241% 176% 152% 每股收益（元） -1.71 -0.20 0.29 0.80 2.01 每股现金流量 2.29 4.12 10.50 7.19 10.76 分析师：张友华 净资产收益率 -26% -2% 2% 5% 11% 执业证书编号：S0740523110006 P/E -26.6 -222.6 157. ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 67.38, compared to the current price of HKD 50.15 [1]. Core Insights - The company reported a revenue of RMB 3.05 billion for the fiscal year 2023, representing a year-on-year growth of 51%. In the second half of 2023, revenue reached RMB 1.674 billion, up 50.6% year-on-year. The adjusted net profit was RMB 8.78 million, recovering from a net loss of RMB 110 million in 2022 [1][2]. - The company opened 180 new stores in 2023, expanding into 13 new cities, bringing the total number of stores to 768 across 29 cities in mainland China by the end of 2023 [2]. - Same-store sales growth was strong at 8.9% during the period, with membership numbers increasing to 14.6 million from 8.6 million the previous year [2]. Financial Summary - Total revenue for 2023 was RMB 3,085 million, with a projected revenue of RMB 4,026 million for 2024, reflecting a growth rate of 31% [3]. - The adjusted net profit is expected to rise significantly, with projections of RMB 5 million for 2024 and RMB 138 million for 2025, indicating a growth rate of 118% and 2816% respectively [3]. - The company’s operating profit margin improved to 13.8% in 2023, up 3.7 percentage points from the previous year, with effective cost control across various expense categories [2].

研究报告Research Report 28 Mar 2024 达势股份 DPC Dash (1405 HK) 点评报告： 新增长市场表现强劲，首次实现年度盈利 Review report： Strong Performance For The New Growth Market, First Time Achieved Positive Adjusted NP [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 评级 优于大市OUTPERFORM 事件：达势股份3月27日公布2023年业绩。收入30.5亿元，同比增 现价 HK$53.50 长51%；毛利率72.6%，同比下降0.2pct；经调净利0.1亿元，年度首 目标价 HK$74.60 次实现盈利；经调EBITDA达3亿元，同比增长118%，经调EBITDA 利 润率 9.9%，同比提升3pct。 HTI ESG 4.3-4.0-5.0 E-S-G: 0-5, (Pl ...

达势股份（1405.HK）2023年度业绩点评 新市场成为增长驱动力量，经调整盈利迎来拐点 2024年03月29日 ➢ 事件：2024 年 3 月 27 日。达势股份（1405.HK）发布 2023 年度业绩， 推荐 维持评级 2023 年全年收入 30.51 亿元，yoy+51%；经调整净利润 878 万元，对应利润 当前价格： 50.15港元 率0.3%，上年同期经调整净亏损1.14亿元。2H 2023，公司实现收入16.74亿 元，yoy+51%；经调整净利润 0.26 亿元，对应利润率 1.6%，首次实现半年度 经调整层面利润转正。 [Table_Author] ➢ 新市场逐步成为增长驱动性力量，新门店表现亮眼。2023年公司进入13个 新城市，年末城市覆盖数达到29个，全年净增门店180家，其中北京及上海/新 市场分别净增 39/141 家；截止 2023 年末门店数达 768 家，北京及上海/新市 场分别为351/417家。2023年新增长市场收入增长102.9%达到15.06亿元， 占营收的49.4%；而北京及上海2023年收入增长20.8%达15.45亿元，占营收 的50.6%。新门店表现亮眼 ...

事件 2024 年 3月 27日，公司公告 23年业绩，收入 30.5 亿元/+51.0%， 经调整净利润878 万元、扭亏，经调整EBITDA 3.0 亿元/+118%。 点评 新市场、拓店、订单增长为收入增长主要驱动力。拓店维度，截 至23 年底，公司门店已覆盖29个城市/+13 个，门店总数768 家 /+30.6%，开店速度较 22 年（+25.6%）加快，全年净开门店 180 家，其中北京及上海市场净开店39 家，新增长市场净开141 家、 占净开店数 78%。单店维度，同店销售额增长 8.9%，每家门店日 均销售额 12580 元/+9.9%，其中北京及上海 12881 元/-5.1%、新 增长市场12285 元/+36.4%，日销主要由新增长市场的单量增长驱 港币(元) 成交金额(百万元) 动，23年北京及上海、新增长市场每家门店日均订单量分别为143 82.00 400 单/+2.1%、147 单/+42.7%；北京及上海、新增长市场客单价分别 74.00 350 300 为90 元/-7.1%、84元/-4.3%，主因同期团购订单占比高及新市场 66.00 250 58.00 200 初期堂 ...