如果把视线聚焦到中国市场，会发现这种"反脆弱"特质更为显著。达美乐中国-达势股份(01405.HK)作 为达美乐在中国大陆、香港和澳门的独家总特许经营商，其2025年第三季度概况也展现出良好的发展态 势。 那么，这种"反脆弱"特质的背后，达势股份究竟做对了什么？ 01 在当前市场环境下，企业需要具备应对不确定性的能力。"黑天鹅"之父塔勒布曾将事物分为脆弱、强韧 和反脆弱三类。面对外部冲击时，反脆弱的事物能够从中获益。这一理论不仅适用于宏观层面，也适用 于商业领域。 近期，美股上市公司达美乐比萨(NASDAQ: DPZ)公布的2025年第三季度财务业绩显示，第三季度达美 乐比萨公司总营收同比增长6.2%，达到11.5亿美元。美国市场同店销售额增长5.2%，国际市场同店销售 额增长1.7%。排除汇率影响后，全球零售额增长6.3%。此外，第三季度营业利润同比增长12.2%，净利 润达到1.39亿美元，展现了企业在复杂环境下的经营韧性。 科学的门店布局，构建增长护城河 达势股份的"反脆弱"能力首先体现在其精准的门店扩张策略上。 在餐饮行业增长整体放缓的背景下，达势股份通过拓展新城市与深化现有市场双轨并行，稳步推进门店 ...

在达美乐中国狂飙的模式之下，仍需找到规模与盈利之间的平衡点。 狂攻下沉市场的达美乐中国，接近完成全年开店目标。 近日，达势股份（01405.HK）官方宣布，截至今年第三季度，净新增门店275家，今年300家门店的开业目标已完成约100%（涵盖新开、在建及已签约门 店）。 规模快速扩张背后，达美乐、必胜客、尊宝等比萨巨头们正在下沉市场血拼。 01 下沉市场开爆店，达美乐加速扩张 近两年，达美乐中国以亮眼的拓店速度渗透中国市场。 据财报数据，2025年上半年，达美乐中国新进驻9座城市，净开190家新店。而据2025年第三季度业绩概况，截至今年第三季度，达美乐中国净新增门店已 经达到275家。 对比2023年达美乐中国净新增180家门店，以及2024年净新增240家门店，扩张速度进一步加快。 加速拓店过程中，达美乐中国不再坚守一线城市，反而将重心转向相对下沉的市场。 截至今年上半年，达美乐在一线城市拥有515家门店，在非一线城市拥有683家门店。 △图片来源：红餐网摄 不过，达美乐中国最让人津津乐道的并不只是快速向下沉市场扩张，而是在餐饮大环境承压的情况下，其多家城市首店不断刷新销售纪录。 10月1日，达美乐中国徐 ...

Core Viewpoint - The company, 达势股份 (Domino's China), has demonstrated significant growth in revenue and profit, indicating strong operational performance and market expansion strategies [1][3][4]. Financial Performance - In the first half of 2025, the company achieved a revenue of RMB 2.593 billion, a year-on-year increase of 27% [1]. - Adjusted net profit reached RMB 91.42 million, reflecting a substantial year-on-year growth of 79.6% [1]. Market Expansion Strategy - The company's revenue growth is attributed to its "deep and broad" store expansion strategy, which has successfully increased its store network across new markets [3][6]. - As of the end of the reporting period, the company had 1,198 stores in mainland China, covering 48 cities, solidifying its leading position in the market [6]. Performance in New Markets - New growth markets generated sales of RMB 1.509 billion, marking a 46.6% year-on-year increase, showcasing the company's resilience in competitive markets [5]. - The company achieved a sales record of over RMB 52 million on the opening day of its new store in Shenyang, setting a global single-store sales record [5]. Store Opening Goals - The company is on track to meet its goal of opening 300 new stores in 2025, having already opened 190 new stores in the first half of the year [7]. - As of August 15, 2025, an additional 43 stores were opened, with 27 under construction and 35 signed for future openings [7]. Brand Development and Consumer Engagement - The company focuses on product innovation to meet diverse consumer preferences, launching popular items like the "Cocoa Lava Cheese Crust" and expanding its durian pizza series [10][12]. - Engaging with younger consumers through creative marketing and brand collaborations has strengthened the brand's appeal and consumer loyalty [10][12]. Industry Trends - The increasing interest in Western fast food has led to market expansion, with Domino's China leveraging its product quality and operational strengths to contribute to the growth of the consumer economy [13].