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.

看好依沃西生存获益潜力 在ITT人群中，依沃西组和帕博利珠组的mPFS为11.14vs5.82mo，PFS HR=0.51(P<0.0001);在39%成熟度 时进行的mOS的期中分析(α分配值仅0.0001)结果显示，依沃西对比帕博利珠单抗具有显著的临床生存获 益，HR=0.777，降低死亡风险22.3%。我们认为，依沃西已初步展现优异的生存获益潜力，考虑到本次 数据分析的成熟度较低、且α分配值较小，依沃西生存获益的统计学获益情况有待后续跟踪观察。 智通财经APP获悉，国泰海通发布研报称，维持康方生物(09926)"增持"评级。公司核心产品接连实现临 床突破，步入收获期维持2025-2027年收入预测37.28/59.28/78.00亿元，采用PS估值法，给予2025年28X PS，对应目标价123.72港元(原128.14港元)。 国泰海通主要观点如下： 依沃西一线治疗NSCLC适应症获批上市 据公司微信公众号披露4月25日，依沃西单药用于PD-L1阳性(TPS≥1%)NSCLC一线治疗适应症获NMPA 批准上市。依沃西为全球首个在头对头"药王"帕博利珠单抗的III期临床研究中获得显著阳性结果的药 物，为 ...