Core Viewpoint - The company, Dasheng Holdings (01405), has granted 394,800 stock options to four option grantees under its first share incentive plan of 2022, effective October 2, 2025 [1] Group 1 - The stock options granted amount to 394,800 [1] - The grant is part of the company's first share incentive plan established in 2022 [1] - The options were awarded to four individuals [1]

达势股份(01405)发布公告，于2025年10月2日，公司根据2022年第一次股份激励计划向4名购股权承授 人授出39.48万份购股权(购股权授出)。 ...

根據2022年第一次股份激勵計劃授出購股權 根據上市規則第17.06A條，董事會宣佈，於2025年10月2日，本公司根據2022年 第一次股份激勵計劃向4名購股權承授人授出394,836份購股權（「購股權授出」）。 購股權授出的詳情載列如下： 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） 股份於授出日期的 收市價： 1 每股股份85.75港元 授出日期： 2025年10月2日 購股權承授人人數： 4名僱員參與者 所授出購股權的數目： 394,836份 購股權獲悉數行使時 將發行的股份總數： 394,836股股份，約佔本公司截至本公告日期已發行股本 總額的0.30% 所授出購股權的 行使價： 每股股份85.75港元，為以下各項之最高者： (i) 聯交所每日報價表所示股份於2025年10月2日（即授 出購股權的日期）的收市價每股股份85.75港元； ...

Core Viewpoint - The report from Tianfeng Securities indicates that Dashih Holdings (01405) is a leading player in the pizza sector with strong growth potential, expecting continuous expansion in the Chinese market and improvements in profitability through store expansion, cost reduction, and overhead expense dilution [1] Financial Performance - In the first half of 2025 (25H1), the company reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, with operating profit at 380 million yuan, up 28.0% year-on-year, and an operating profit margin of 14.6%, which is an increase of 0.1 percentage points compared to 24H1 and 0.2 percentage points compared to 24H2 [1] - Adjusted net profit for 25H1 was 90 million yuan, representing a year-on-year growth of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points year-on-year and stable compared to 24H2 [1] Store Expansion and Operations - The company aims to achieve a store opening target of approximately 98% for the year, with a total of 1,198 stores by the end of 25H1, reflecting a year-on-year growth of 31.1% [2] - In 25H1, the company opened 190 new stores, with an additional 43 stores opened by August 15, and 27 stores under construction, aiming for a total of 300 new stores by 2025 [2] - By the end of 25H1, the company had entered 48 cities, with 9 new cities added in 25H1 [2] Same-Store Sales and Revenue by Region - Same-store sales in 25H1 declined by 1.0%, primarily due to high base effects from new market entries after December 2022, while first-tier cities maintained positive growth [2] - Revenue from first-tier markets reached 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier markets was 1.51 billion yuan, up 46.6%, with the revenue share increasing to 58.2% [3] Membership Growth - By the end of 25H1, the number of members reached 30.1 million, a year-on-year increase of 55%, with membership contributing to 66.0% of total revenue, up 2.4 percentage points year-on-year [3] Cost Management - In 25H1, the raw material cost ratio was 27.3%, stable year-on-year, while the overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% [4] - The cash compensation expense ratio for store employees was 27.7%, up 0.3 percentage points, while the headquarters' cash compensation expense ratio decreased by 0.4 percentage points to 5.1% [4]

Core Viewpoint - The report from Tianfeng Securities indicates that Dashih Holdings (01405) is a leading player in the pizza sector with strong growth potential, expecting continuous expansion in the Chinese market and improvements in profitability through store expansion, cost reduction, and headquarters expense dilution [1] Financial Performance - For the first half of 2025 (25H1), the company reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, and a store-level operating profit of 380 million yuan, up 28.0% year-on-year [1] - The adjusted net profit for 25H1 was 90 million yuan, reflecting a significant year-on-year growth of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points from 24H1 [1] Store Expansion and Operations - As of the end of 25H1, the total number of stores reached 1,198, representing a year-on-year growth of 31.1%, with a net addition of 190 stores in 25H1 [2] - The company aims to achieve a target of 300 new stores by 2025, with 43 additional stores opened by August 15, 2025, and 27 stores under construction [2] - In terms of same-store sales, there was a decline of 1.0% in 25H1, primarily due to high base effects from new market entries after December 2022 [2] Revenue by Market Segment - In 25H1, revenue from first-tier markets was 1.08 billion yuan, a year-on-year increase of 7.2%, while revenue from non-first-tier markets reached 1.51 billion yuan, up 46.6%, with the revenue share from non-first-tier markets increasing to 58.2% [3] Membership Growth - By the end of 25H1, the number of members reached 30.1 million, a year-on-year increase of 55%, with membership contributing to 66.0% of total revenue, up 2.4 percentage points [3] Cost and Expense Management - The raw material cost ratio for 25H1 was 27.3%, remaining stable year-on-year, while the overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% [4] - The rental expense ratio was 10.0%, depreciation expense ratio was 4.8%, and advertising and promotion expense ratio was 5.3%, all maintaining relative stability year-on-year [4]

Group 1 - The company, Dasheng Holdings (01405), announced the issuance of 11,200 ordinary shares based on the stock option plan prior to its initial public offering in 2022, effective September 30, 2025 [1] - On the same day, the company issued 18,400 ordinary shares as part of the first stock incentive plan from 2022 [1]

Core Points - The company, 达势股份 (01405), announced the issuance of 11,200 ordinary shares based on the stock option plan prior to its initial public offering in 2022 [1] - On the same day, the company issued 18,400 ordinary shares as part of its first share incentive plan from 2022 [1]

FF305 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9月30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 。 | 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 | | | 證券代號 (如上市) | 01405 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The overall cost indices for six categories of consumer goods showed mixed trends, indicating stability in the market. Spot cost indices for soft drinks, beer, instant noodles, dairy products, frozen foods, and seasonings changed by +0.97%, +0.51%, +0.26%, -0.13%, -0.44%, and -0.57% respectively, while futures cost indices changed by -1.08%, +1.06%, -1.06%, -1.67%, -0.78%, and -0.06% respectively [31][32][33][34][35][36][37]. Summary by Category Beer - The spot cost index for beer increased by 0.51% month-on-month, while the futures index rose by 1.06%. Year-to-date, the spot and futures indices have decreased by 3.71% and 4.95% respectively [12][32]. Seasonings - The spot cost index for seasonings decreased by 0.57% month-on-month, while the futures index fell by 0.06%. Year-to-date, the indices have changed by -2.41% and -6.71% respectively [15][33]. Dairy Products - The spot cost index for dairy products decreased by 0.13% month-on-month, while the futures index fell by 1.67%. Year-to-date, the indices have changed by -3.36% and -3.93% respectively [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.26% month-on-month, while the futures index decreased by 1.06%. Year-to-date, the indices have changed by -3.23% and -6.06% respectively [22][35]. Frozen Foods - The spot cost index for frozen foods decreased by 0.44% month-on-month, while the futures index fell by 0.78%. Year-to-date, the indices have changed by -2.3% and -3.37% respectively [25][36]. Soft Drinks - The spot cost index for soft drinks rose by 0.97% month-on-month, while the futures index fell by 1.08%. Year-to-date, the indices have changed by -4.19% and -10.86% respectively [28][37].

Core Viewpoint - The report from Huachuang Securities highlights the resilience of Dashi Co., Ltd.'s store model under pressure, projecting rapid profit growth in the coming years, with adjusted net profits expected to reach 1.41/2.47/3.45 billion yuan for 2025-2027 [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.59 billion yuan, a year-on-year increase of 27.0% [1] - Operating profit for the same period was 380 million yuan, up 28.0% year-on-year, while adjusted EBITDA reached 320 million yuan, reflecting a 38.3% increase [1] - Adjusted net profit for the first half was 90 million yuan, showing a significant year-on-year growth of 79.6% [1] Group 2: Store Expansion Strategy - The company estimates that there are approximately 40,000 pizza stores in the Chinese market, with the number of stores continuing to grow annually [2] - As of mid-2025, the company operates 1,198 stores across 48 cities, which is significantly lower than competitors like Pizza Hut [2] - The company plans to open around 300 new stores by 2025, balancing between existing markets and new city expansions [2] Group 3: Store Performance and Resilience - Same-store sales experienced a slight decline of 1.0%, but the company demonstrated strong brand power, achieving high initial sales in newly entered cities [3] - The average payback period for the 64 stores opened in 15 new cities since December 2024 is estimated at only 11 months, indicating strong competitiveness [3] Group 4: Operational Efficiency and Profit Growth - The management has focused on long-term development, resulting in a decrease in headquarters cost ratios, with human resource costs now at 5.1% of revenue [4] - The adjusted net profit margin increased to 3.5% year-on-year, benefiting from economies of scale as the company continues to expand its store network [4] - Future net profit growth is expected to outpace revenue growth due to ongoing store expansion and rising income [4]