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 - Domino's Pizza is launching new summer products, including the Toscana Creamy Salmon Pizza and a series of 12 durian pizzas, enhancing the summer dining experience with unique flavors and promotions [1][5][6]. Product Launch - The Toscana Creamy Salmon Pizza features fresh salmon paired with creamy spinach, inspired by traditional Italian cuisine, and includes a rich flavor profile with a combination of sauces [5]. - The durian pizza series includes three types: Sudan King Durian, Cat Mountain King Durian, and Fruit Durian, each offering a unique taste experience with the combination of durian and lychee [1][5]. Promotional Activities - Domino's Pizza is collaborating with the popular IP Snoopy to offer limited edition keychain blind boxes, available for an additional cost with any online order [2][6]. - The promotion includes six different designs of Snoopy keychains, aimed at attracting both pizza lovers and collectors [8][9]. Market Presence - As of Q1 2025, Domino's Pizza operates over 21,000 restaurants in more than 90 countries, with nearly 1,200 stores in mainland China [9]. - The company emphasizes quality ingredients and efficient delivery services, promising a 30-minute delivery guarantee in most cities [9].