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]
穿越“首店狂欢”：达美乐中国的扩张与隐忧