2）同店：25H1同店销售同比下滑1.0%，主要系2022年12月后新进入市场门店前期销售势能强劲的高基 数影响，分拆来看，25H1一线城市同店维持正增长且2022年12月前的市场同店正增长。单店日均销售 额1.3万元。 智通财经APP获悉，天风证券发布研报称，达势股份(01405)是披萨赛道龙头，具备较强成长性，有望在 中国市场实现不断扩张，看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据 25H1业绩，维持25-27年盈利预测，预计25-27年经调整净利润为1.7/2.7/3.8亿元，维持"增持"评级。 天风证券主要观点如下： 公司发布25H1业绩公告 25H1，收入25.9亿元、同比增长27.0%，门店层面经营利润3.8亿元、同比增长28.0%，门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct，经调整净利润0.9亿元、同比增长79.6%，经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 开店及门店运营：全年开店目标已锁定约98%，成熟市场维持同店正增长 1）门店扩张：截至25H1末门店总数1198家、同比增长31.1%，2 ...

Core Viewpoint - The company reported strong growth in revenue and adjusted net profit for the first half of 2025, indicating robust operational performance and effective cost management strategies [1][2][3] Financial Performance - Revenue for 25H1 reached 2.59 billion yuan, a year-on-year increase of 27.0% - 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 from 24H1 and 0.2 percentage points from 24H2 - Adjusted net profit was 90 million yuan, a significant year-on-year increase of 79.6%, with an adjusted net profit margin of 3.5%, up 1.0 percentage points from 24H1 and stable compared to 24H2 [1][2] Store Expansion and Operations - The company aims to achieve approximately 98% of its annual store opening target, with a total of 1,198 stores by the end of 25H1, representing a 31.1% year-on-year increase - 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 stores by 2025 - By the end of 25H1, the company had entered 48 cities, with 9 new cities added in 25H1 [1][2] Same-Store Sales and Membership - Same-store sales declined by 1.0% in 25H1, primarily due to high base effects from new market stores opened after December 2022 - 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%, accounting for 58.2% of total revenue, an increase of 8 percentage points year-on-year - Membership numbers reached 30.1 million by the end of 25H1, a 55% year-on-year increase, with membership contributing 66.0% of total revenue, up 2.4 percentage points [2][3] Cost Management - Raw material cost ratio remained stable at 27.3%, while overall employee compensation expense ratio decreased by 1.1 percentage points to 33.8% - Store-level employee cash compensation ratio increased by 0.3 percentage points to 27.7%, while headquarters employee cash compensation ratio decreased by 0.4 percentage points to 5.1% - Rent expense ratio was 10.0%, depreciation expense ratio was 4.8%, and advertising and promotion expense ratio was 5.3%, all remaining relatively stable year-on-year [2]

智通财经APP获悉，华创证券发布研报称，考虑到达势股份(01405)的门店模型在压力下展示出的韧性， 叠加未来几年盈利的持续快速增长，预计公司25-27年的净利润为1.41/2.47/3.45亿元(此前25-26年为 2.25/3.28亿元)，经调整净利润为1.91/2.92/3.85亿元。参考可比公司，给予26年经调整净利润45xPE，目 标价109.08港元，维持"推荐"评级。 华创证券主要观点如下： 事项： 25年1H实现营收25.9亿元，yoy+27.0%;实现经营利润3.8亿元，yoy+28.0%实现经调整EBITDA3.2亿元， yoy+38.3%;实现经调整净利润0.9亿元，yoy+79.6%。上半年公司门店数量净增190家至1,198家，一线城 市净增6家，新增长市场净增184家;上半年同店总体为-1.0%，其中北、上为正增长，单店日均销售额同 比下降4.4%至12,915元，门店经营利润率同比上升为14.6%。 新开门店进展顺利，长期增长空间巨大 公司估计，目前中国披萨行业共有约四万家门店，行业门店数每年仍在增长。截至今年中期，公司门店 数为1,198家，仅进入了48个城市。公司进入城市数和 ...

Group 1 - The establishment of Domino's Zhejiang headquarters in Hangzhou's Pengbu Street marks a significant milestone for the company, serving as a command center for its operations in the region [1][2] - The process of setting up the headquarters was notably efficient, taking only six months from registration to operation, which is half the usual time in the industry [2] - The local government played a crucial role in facilitating the establishment by forming a dedicated service team that collaborated with various departments to address challenges related to store changes and tax adjustments [2] Group 2 - The presence of Domino's has contributed to a remarkable increase in the revenue of the local catering industry, with reported growth exceeding 130%, making it the highest in the region [2] - The surrounding area is experiencing a rapid expansion in its fashion consumption landscape, with significant increases in foot traffic and retail sales at nearby commercial centers [3] - The local government aims to attract more high-quality projects and enhance the regional economy by focusing on key sectors such as headquarters economy, digital fashion, and smart IoT [4]