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 ...

Core Viewpoint - The recognition of Domino's China as an "ESG Innovative Practice Excellence Enterprise" highlights the increasing importance of ESG principles in driving business value and innovation in the industry [1]. Group 1: ESG Practices and Innovations - Domino's China integrates technology and model innovation to create a unique business model that generates both social and economic value, deeply embedding ESG into its operations [1]. - The company emphasizes food safety and quality from farm to table, with a 100% internal quality assurance audit coverage across all stores, and plans to launch several new products in 2024 [2]. - The implementation of a Transportation Management System (TMS) optimizes logistics routes between central kitchens and stores, ensuring product quality while reducing energy consumption and costs [2]. Group 2: Sustainable Delivery and Safety Measures - Domino's China has established a comprehensive safety and efficiency system for delivery riders, balancing both aspects to ensure sustainable development [2]. - The company employs technology to prevent unnecessary deliveries and speeding, optimizing task distribution through an intelligent delivery system [2]. - Safety measures include providing certified electric bicycles for delivery riders and implementing emergency protocols during extreme weather conditions [2]. Group 3: Value Chain Empowerment and ESG Efficiency - The company extends its ESG capabilities across the entire value chain, including procurement, transportation, processing, and store operations, maximizing ESG effectiveness [4]. - In procurement, Domino's China has reduced the proportion of non-biodegradable plastic packaging from 16% in 2020 to 4% in 2024, promoting sustainable sourcing practices [4]. - The introduction of TMS in transportation aims to optimize costs and minimize environmental impact by prioritizing nearby suppliers [4]. Group 4: Waste Reduction and Circular Economy - Domino's China employs a dual strategy of "smart loss control + recycling" to minimize material waste, targeting a waste loss rate of no more than 0.1% in central kitchens [5]. - The company uses reusable containers for packaging key food ingredients and replaces cardboard boxes with recyclable turnover boxes [5]. - The ongoing introduction of low-carbon equipment and technologies in central kitchens and stores signifies a commitment to sustainable practices [5]. Group 5: Industry Benchmark and Future Potential - The innovative ESG practices of Domino's China set a benchmark in the industry, showcasing a sustainable development model with significant effectiveness [5]. - The company is positioned to find optimal value coordinates within the ESG development wave, continuously unlocking its value potential [5].