凭借优异业绩，达势股份连续七年获达美乐全球Gold Franny奖，并连续第六年斩获International Cornerstone Award。据弗若斯特沙利文，以2024年比萨销售额计，达美乐比萨已稳居中国比萨市场第 二。未来，公司将继续推进"4D"战略，聚焦门店开发、质价比产品、高效外送与数字化能力，持续巩 固市场领先地位。 期内新店表现突出，邯郸首店首月销售额突破680万元，位列全球前五；徐州首店单日销售额超68万 元，创全球新纪录。运营效率再攀新高，在达美乐全球超21500家门店的首30日销售额排行榜中，达美 乐中国包揽了前50名中的49席。数字化建设成效显著，会员计划"达人荟"规模增至3290万人，过去12个 月新增约1440万名首单顾客。 2025年第三季度，达势股份(01405)凭借门店扩张、创新与数字化三大战略驱动，业绩表现强劲。达势 股份持续推进"走广走深"的门店网络扩张战略，截至9月30日，集团在中国内地51个城市运营门店达 1283家，季度净新增275家，全年300家开业目标已完成约100%，集团与一线城市同店销售均实现正增 长。 ...

凭借优异业绩，达势股份连续七年获达美乐全球Gold Franny奖，并连续第六年斩获International Cornerstone Award。据弗若斯特沙利文，以2024年比萨销售额计，达美乐比萨已稳居中国比萨市场第 二。未来，公司将继续推进"4D"战略，聚焦门店开发、质价比产品、高效外送与数字化能力，持续巩 固市场领先地位。 期内新店表现突出，邯郸首店首月销售额突破680万元，位列全球前五；徐州首店单日销售额超68万 元，创全球新纪录。运营效率再攀新高，在达美乐全球超21500家门店的首30日销售额排行榜中，达美 乐中国包揽了前50名中的49席。数字化建设成效显著，会员计划"达人荟"规模增至3290万人，过去12个 月新增约1440万名首单顾客。 智通财经APP获悉，2025年第三季度，达势股份(01405)凭借门店扩张、创新与数字化三大战略驱动，业 绩表现强劲。达势股份持续推进 "走广走深" 的门店网络扩张战略，截至9月30日，集团在中国内地51个 城市运营门店达1283家，季度净新增275家，全年300家开业目标已完成约100%，集团与一线城市同店 销售均实现正增长。 ...

Group 1 - The A-share market is experiencing a bull run, with consumer stocks gaining attention, particularly those that resonate with public sentiment and consumption trends [1] - Traditional consumer sectors like liquor, duty-free, and home appliances are not leading the market; instead, niche leaders that align with consumer interests are emerging [1][3] - A recent viral video about a pot that burned for 27 days without incident sparked interest in the brand Aishida, leading to a significant stock price increase of 4.75% on September 8 [3] Group 2 - The success of Aishida is part of a broader trend where domestic consumer brands are gaining recognition and market share, replacing foreign products [3][7] - Similar consumer-driven phenomena have been observed with other brands, such as Mixue Ice City, which saw a surge in stock price and consumer interest after confirming the use of fresh lemon slices in their drinks [5][7] - The positive feedback loop between media attention, consumer enthusiasm, and investment interest is creating a new dynamic in the consumer market [5][7] Group 3 - Domino's Pizza set a sales record in China, highlighting the potential for consumer brands to achieve significant growth in the market [5][7] - The performance of companies like Domino's in the U.S. stock market, where it has increased nearly 30 times over 16 years, illustrates the vast growth opportunities for quality consumer products [7] - The trend of domestic consumer goods evolving from "strong pots" to "strong stocks" is expected to continue, indicating a long-term positive outlook for A-share consumer stocks [7]

Core Viewpoint - Domino's Pizza is experiencing remarkable growth in the Chinese market, achieving record sales and expanding its store network despite challenges faced by the broader restaurant industry in China [1][2][6]. Group 1: Business Performance - In the first half of 2025, Domino's China reported revenue of 2.59 billion yuan, a year-on-year increase of 27.0%, and adjusted net profit of 91.42 million yuan, up 79.6% [2][4]. - The number of Domino's stores in China reached 1,198, with a net increase of 190 stores compared to the end of 2024 [4][5]. - The company's net profit attributable to shareholders surged by 504.4% to 65.92 million yuan [2]. Group 2: Market Strategy - Domino's China has successfully implemented a dual strategy of expanding its store network and penetrating lower-tier markets, with 57% of its stores located in non-first-tier cities [5][6]. - The company has leveraged its extensive supply chain management to maintain product quality and cost advantages, allowing it to offer competitive pricing [5][6]. - The brand's ability to attract consumer demand is evidenced by the strong interest in new store openings, indicating significant growth potential in untapped markets [5][6]. Group 3: Product and Service Innovation - Domino's China maintains a stable menu while introducing new products every 6 to 8 weeks to keep the offerings fresh and appealing to consumers [10][11]. - The company emphasizes delivery efficiency, promising delivery within 30 minutes, which has resulted in a 94% on-time delivery rate [12][14]. - A focus on high cost-performance ratio is central to Domino's strategy, with clear pricing tiers and an attractive membership system that enhances customer loyalty [14][15]. Group 4: Consumer Engagement - The brand's marketing strategies resonate with younger consumers, utilizing popular collaborations and social media engagement to maintain relevance [19][20]. - Domino's has tapped into the growing demand for affordable Western cuisine in lower-tier cities, aligning its offerings with consumer preferences for value [17][18]. - The emotional connection consumers have with Domino's, viewing it as a source of comfort and social interaction, enhances brand loyalty [21][22][23].

Core Viewpoint - Domino's China has achieved remarkable financial performance in the first half of 2025, with significant growth in revenue and profit despite a slowdown in the overall restaurant industry in China [1][2]. Financial Performance - In the first half of 2025, Domino's China reported a revenue increase of 27% to 2.593 billion RMB, maintaining double-digit growth for several years [1][2]. - Adjusted net profit reached 91.42 million RMB, a substantial increase of 79.6% year-on-year, while group net profit soared by 504.4% to 65.92 million RMB [1][2]. - The company's EBITDA grew by 27.7% to 503 million RMB, and operating profit increased by 28% to 379 million RMB [3]. Store Expansion - As of June 30, 2025, Domino's China had opened 1,198 stores across 48 cities, with plans to open an additional 300 stores by the end of 2025 [2][3]. - The company has demonstrated a strong performance in new markets, with new stores showing robust sales figures [5][6]. Market Strategy - Domino's China is focusing on both deepening its presence in existing markets and expanding into new ones, aiming to enhance brand awareness and national influence [2][3]. - The "first store" phenomenon has generated significant consumer interest, with new openings often leading to long queues and high sales [5][6]. Product Innovation - The company emphasizes product innovation, launching new items approximately every 6 to 8 weeks to cater to diverse consumer tastes [7]. - Recent product launches, such as the "volcano" pizza and various new side dishes, have attracted attention on social media, enhancing brand engagement [7][8]. Marketing and Brand Engagement - Domino's China employs a youthful and diverse marketing strategy, including collaborations with popular IPs and digital marketing initiatives on platforms like Douyin [9]. - The brand's innovative marketing approaches, such as interactive experiences and promotional events, have successfully increased customer participation and brand visibility [9].

Financial Performance - The company reported a strong performance for the first half of the year, with revenue reaching 2.59 billion RMB, a year-on-year increase of 27% [1] - Net profit surged by 504.4% to 65.92 million RMB, with a net profit margin increase of 200 basis points to 2.5% [1] - Adjusted net profit grew by 79.6% to 91.42 million RMB, with an adjusted net profit margin rising by 100 basis points to 3.5% [1] - Adjusted EBITDA increased by 38.3% to 323 million RMB, with an adjusted EBITDA margin up by 100 basis points to 12.4% [1] Market Expansion - As of June 30, 2025, the company operates 1,198 stores across 48 cities in mainland China, ranking third in the global market for Domino's Pizza by store count [2] - The company has become the second-largest pizza brand in mainland China based on sales [2] - Since entering the Midwest market in December 2022, the company has opened over 100 new stores in two and a half years, demonstrating rapid expansion [2] - New market openings have set global records, including a store in Shenyang achieving over 31 million RMB in sales within 198 days, and a store in Handan recording over 540,000 RMB in sales on its first day [2] Membership Growth - The company's "Da Ren Hui" membership program has surpassed 30.1 million members, reflecting a year-on-year growth of 55.2% and reaching a historical high [2]

Core Viewpoint - The company has demonstrated significant revenue growth and profitability improvements due to its ongoing expansion strategy and strong performance in new markets [1][2][3][4] Financial Performance - Total revenue for the first half of 2025 reached RMB 2,593.4 million, a 27.0% increase from RMB 2,041.5 million in the same period of 2024 [1] - EBITDA at the store level increased by 27.7% to RMB 502.8 million, with an EBITDA margin of 19.4% compared to 19.3% in 2024 [1] - Adjusted EBITDA for the group rose by 38.3% to RMB 322.9 million, with a profit margin increase from 11.4% to 12.4% [2] - Adjusted net profit grew by 79.6% to RMB 91.4 million, with a profit margin increase from 2.5% to 3.5% [2] Market Expansion - The company opened 190 new stores during the reporting period, bringing the total to 1,198 stores across 48 cities in China [3] - Revenue from new growth markets (non-first-tier cities) increased by 46.6% to RMB 1,508.7 million, contributing 58.2% of total revenue [2][3] - The company plans to open 300 new stores in 2025, with 43 additional stores opened by mid-August 2025 [4] Customer Growth - Membership numbers reached 30.1 million, up from 19.4 million a year earlier, indicating effective customer recruitment [3] - In the past 12 months, 13.2 million new customers placed their first orders, showcasing the company's successful marketing efforts [3]

Core Viewpoints - The company benefits from the global brand effect of Domino's Pizza and has accumulated rich experience in the domestic market over nearly 30 years, indicating strong brand recognition and local adaptation [1] - The pizza industry possesses characteristics such as staple food attributes, standardization, innovation, convenience, takeout properties, and cost-effectiveness, suggesting significant growth potential in domestic pizza penetration and consumer habits [1] - The company is expected to achieve long-term stable growth by leveraging its product excellence, innovative operations, digital capabilities, and comprehensive supply chain management amidst the optimization of the domestic catering supply [1] Competitive Advantages - The company has built a strong competitive moat through a focused product strategy, mature R&D, and store operation SOPs, ensuring its product quality, innovation frequency, and cost-effectiveness remain industry-leading [2] - A differentiated delivery strategy with proprietary riders and digital precision matching enhances delivery efficiency and quality [2] - Strong online membership growth and precise marketing channel operations contribute to increased offline store traffic and expansion potential, supported by a high proportion of digital orders and takeout coverage [2] - The company’s organizational structure is efficient, with a reasonable management hierarchy and a robust training system, positioning it well for revenue and profit growth in the rapidly developing domestic pizza market [2] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 137 million, 208 million, and 305 million yuan from 2025 to 2027, corresponding to PE ratios of 74X, 49X, and 33X respectively, with an initial "buy" rating [2]

Core Viewpoint - The company is expected to achieve long-term stable growth amidst the optimization of domestic food supply, supported by its strong product offerings, innovative operations, and digital capabilities [1][2] Group 1: Company Positioning and Market Potential - The company is the exclusive franchisee of Domino's Pizza in mainland China, Hong Kong, and Macau, benefiting from the brand's strong market presence and nearly 30 years of localized experience [1] - The fast-food sector, particularly the pizza segment, is experiencing rapid growth in China, with a high concentration of leading brands, indicating significant potential for consumer habit development [1][2] Group 2: Competitive Advantages and Operational Efficiency - The company has established a strong competitive moat through a focused product strategy, mature operational SOPs, and superior product quality, innovation frequency, and cost-effectiveness [2] - The differentiated delivery strategy, utilizing in-house riders and digital precision matching, enhances delivery efficiency and quality [2] - Strong online membership growth and precise marketing channel operations contribute to increased foot traffic and sales at physical locations, supported by a high proportion of digital orders [2] Group 3: Organizational Structure and Growth Outlook - The company has an efficient organizational structure with a reasonable hierarchy, strong control, and a well-developed training system, which positions it favorably for navigating market cycles [2] - The combination of its leading position in the pizza market and the ongoing cultivation of consumer demand presents substantial revenue and profit growth opportunities [2]

Core Insights - 达美乐中国 has been recognized as one of the "Top 100 High-Quality Consumption Brands" and awarded the "Top Ten High-Quality Consumption Brands" at the 2025 High-Quality Consumption Brand Innovation Ecological Conference, highlighting the company's effective brand-building efforts [1] - As of June 30, 2025, 达美乐中国 has expanded to 48 cities with a total of 1,198 stores, marking a significant increase in both network scale and quality [1][8] - The company has successfully penetrated the central and western markets of China, opening over 100 new stores in cities like Wuhan, Chengdu, Changsha, and Chongqing since December 2022 [1] Product Innovation - The company has launched several differentiated pizza and crust innovations, including the "Cocoa Lava Cheese Flow Crust" and a new "Tuscany Style Salmon Pizza," which have been well-received by consumers [2] - The "Durian Pizza Family" series features 12 innovative flavors, incorporating unique ingredients like Dubai chocolate and Thai rambutan, enhancing the variety of offerings [2] Marketing Strategies - The company employs creative marketing strategies targeting young consumers, such as interactive "blind box" promotions and holiday-themed campaigns, which enhance customer engagement and social sharing [5] - Collaborations with popular brands, like the Snoopy-themed blind box, have successfully attracted young consumers and increased brand interaction [5] User Growth and Digital Strategy - As of June 30, 2025, the membership program "达人荟" has surpassed 30.1 million members, reflecting a 55.2% year-on-year growth [8] - The company has seen a significant increase in first-time consumers, with 13.2 million new users added in the past year, showcasing strong market penetration and operational capabilities [8] Operational Performance - The company maintains a robust growth trajectory, with same-store sales in first-tier cities steadily increasing and new market expansions achieving record sales [8] - 达美乐中国 holds 48 out of the top 50 sales positions in the first 30 days of sales among over 21,000 global stores, demonstrating exceptional operational capabilities [9] - According to Frost & Sullivan, 达美乐比萨 has become the second-largest pizza brand in China by sales in 2024, indicating a strong competitive position in a rapidly growing industry [9] Market Outlook - The company's stock price has shown an upward trend since the beginning of the year, reflecting optimistic market expectations for its future [9] - Analysts predict that the company is still in a store expansion phase, with significant potential for increasing store numbers and market penetration in untapped areas [9]