- Revenue reached RMB3.13 billion, representing 20.8% year-over-year growth
- Transaction volume grew 33.7% YoY; same-store transaction count grew 7.1%
- Net profit reached RMB81.0 million, representing 22.9% year-over-year growth
- Net addition of 235 new stores in the first half; total network expanded to 1,550 stores across 75 cities
HONG KONG, Aug. 26, 2026 /PRNewswire/ -- DPC Dash Ltd - Domino's Pizza China ("DPC Dash" or the "Company", together with its subsidiaries, the "Group") (1405.HK), Domino's Pizza's exclusive master franchisee in the Chinese Mainland, the Hong Kong Special Administrative Region of China, and the Macau Special Administrative Region of China, today announced its unaudited condensed consolidated interim financial results for the six months ended June 30, 2026 (the "Interim Results").
FIRST HALF OF 2026 HIGHLIGHTS [1]
- Revenue reached RMB3,133.8 million, representing an increase of 20.8% from RMB2,593.4 million in the same period of 2025.
- Opened 235 net new stores and entered 15 new cities during the first half of 2026. Total stores reached 1,550, across 75 cities, with 532 stores in Tier 1 cities and 1,018 stores in non-Tier 1 cities, as of June 30, 2026.
- New stores opened in 2026 New City markets [2] generated average daily sales of RMB28,230 during the first half of 2026, with a weighted average expected payback period of approximately 14.8 months.
- Transaction volume increased 33.7% YoY, supported by continued national store network expansion. Same-store transaction count grew 7.1%.
- Average Transaction Price (ATP) was RMB72.9, compared with RMB80.7 in the same period of 2025, primarily reflecting heavy consumer subsidies offered by third-party aggregator platform (3PP) campaigns from mid-2025.
- Average daily sales per store (ADS) declined by 8.4% during the first half of 2026 as compared to the same period of 2025, primarily due to lower realized average transaction prices (ATP), which declined by 9.6% during the period.
- Same-store Transaction Count Growth (SSTG) was 7.1%, compared to 3.9% in the same period of 2025.
- Initial City markets: SSTG was 8.5%, compared with 6.8% in the same period of 2025 and 12.0% in the second half of 2025.
- New City markets: SSTG was 2.2%, its first positive reading, compared with -19.1% in the same period of 2025 and -7.9% in the second half of 2025, negativity in SSTG gradually narrowing.
- Same-store Sales Growth (SSSG) was -4.8%, primarily reflecting lower realized ATP, compared with -1.0% in the same period of 2025 and -1.9% in the second half of 2025.
- Initial City markets: SSSG was -3.5%, compared with 1.1% in the same period of 2025 and 0.5% in the second half of 2025.
- New City markets: SSSG was -9.4%, showing consistent half-on-half narrowing compared with -19.6% in the same period of 2025 and -13.2% in the second half of 2025.
- Delivery sales grew 44.7% to RMB1,618.8 million, compared to RMB1,118.5 million in the same period of 2025.
- Total loyalty program membership reached 41.9 million, an increase of 39.2% from 30.1 million a year earlier. Loyalty members' revenue contribution was 60.1% in the six months ended June 30, 2026.
- Store-level EBITDA was RMB544.5 million, representing an increase of 8.3% from RMB502.8 million in the same period of 2025. Store-level EBITDA margin was 17.4%, compared to 19.4% in the same period of 2025.
- Store-level operating profit was RMB390.4 million, representing an increase of 2.9% from RMB379.2 million in the same period of 2025. Store-level operating profit margin was 12.5%, compared to 14.6% in the same period of 2025.
- Adjusted EBITDA was RMB350.7 million, representing an increase of 8.6% from RMB322.9 million in the same period of 2025. Adjusted EBITDA margin was 11.2%, compared to 12.4% in the same period of 2025.
- Adjusted Net Profit was RMB98.2 million, representing an increase of 7.4% from RMB91.4 million in the same period of 2025. Adjusted Net Profit margin was 3.1%, compared to 3.5% in the same period of 2025.
- Net Profit was RMB81.0 million, an increase of 22.9% from RMB65.9 million in the same period of 2025. Basic and Diluted EPS were RMB0.62 and RMB0.61, up 24.0% and 24.5% YoY respectively.
- As of June 30, 2026, the Group held RMB934.7 million in cash and bank balances, as compared to RMB1,001.5 million as of December 31, 2025.
[1] Please refer to the "Key Definitions" and "Non-IFRS Measures" sections below for detailed definitions of certain terms used. |
[2] Refers to 15 new cities entered in 1H2026 and 12 cities with first stores opened in late 2025. |
Ms. Aileen Wang, CEO & Executive Director of DPC Dash, commented, "We delivered another period of strong growth in the first half of 2026, with revenue of RMB3.13 billion, up 20.8% year-over-year, and transaction volumes up 33.7%. Our national expansion accelerated, with 235 net new stores added and entry into 15 new cities, bringing our total network to 1,550 stores across 75 cities. Importantly, our same-store transaction counts grew 7.1%, reflecting healthy underlying customer demand and the continued resonance of the Domino's brand in China. Notably, same-store transaction growth in our New City markets turned positive for the first time. These stores had launched with exceptionally strong initial sales, and the ensuing normalization from that elevated base has been a meaningful contributor to our overall same-store sales softness.
We benefited from the industry-wide 3PP subsidy dynamics since mid-2025 and saw our delivery penetration in our Initial City markets further lifted up and the delivery penetration in our New City markets accelerated when we choose to launch delivery services in these markets earlier than planned. However, the temporary downside is a lower ATP, which also weighed on same-store sales growth. Looking ahead, while we will continue our disciplined store expansion, we will also focus on initiatives to elevate the ATP and continue to grow the transaction volumes. We are confident in the long-term structural opportunity ahead as we build the leading pizza platform in China."
Ms. Helen Wu, CFO of DPC Dash, added, "Our first-half results reflect the operating leverage of our scaled model even in a competitive pricing environment. Revenue grew 20.8% to RMB3.13 billion, Store-level EBITDA increased 8.3% to RMB544.5 million, and Adjusted EBITDA rose 8.6% to RMB350.7 million. Adjusted Net Profit was up 7.4% to RMB98.2 million and net profit attributable to owners grew 22.9% to RMB81.0 million. Store operating margin was squeezed, reflecting the impact on ATP decrease on the back of deep subsidies during 3PP campaign. With observed gradual rationalization on subsidies, we are also focused on our own efforts and initiatives to improve the ATP. Corporate-level cost efficiency continued to unfold, with total corporate-level cost charges declining from 8.1% to 7.5% of revenue. We ended the period with RMB934.7 million in cash and bank balances and a gearing ratio of 7.9%, positioning us well to continue investing in our store network, supply chain infrastructure, and digital capabilities while delivering sustainable long-term shareholder value."
FIRST HALF OF 2026 Financial Results
Six months ended June 30, | |||
2026 (RMB '000) | 2025 (RMB '000) (Unaudited) | change (%)/ | |
Revenue | 3,133,808 | 2,593,390 | 20.8 % |
Store-level operating profit[1] | 390,350 | 379,188 | 2.9 % |
Store-level operating profit margin[1] | 12.5 % | 14.6 % | -2.1 |
Profit before income tax | 116,176 | 110,097 | 5.5 % |
Profit for the period attributable to owners of the | 81,045 | 65,924 | 22.9 % |
Basic Profit per share (RMB) | 0.62 | 0.50 | 24.0 % |
Diluted Profit per share (RMB) | 0.61 | 0.49 | 24.5 % |
Non-IFRS Measures | |||
Store-level EBITDA[1] | 544,452 | 502,818 | 8.3 % |
Store-level EBITDA margin (%)[1] | 17.4 % | 19.4 % | -2.0 |
Adjusted EBITDA[1] | 350,675 | 322,877 | 8.6 % |
Adjusted EBITDA margin (%)[1] | 11.2 % | 12.4 % | -1.2 |
Adjusted Net Profit[1] | 98,153 | 91,420 | 7.4 % |
Adjusted Net Profit margin (%)[1] | 3.1 % | 3.5 % | -0.4 |
[1] Please refer to the "Key Definitions" and "Non-IFRS Measures" sections below for detailed | |||
Recent Developments
Based on store count, mainland China has become the second-largest international market within Domino's global system. Among Domino's network of more than 22,500 stores worldwide, Domino's Pizza China now holds all of the top 70 positions in the first 30-day sales ranking.
DPC Dash further strengthened its marketing leadership with the appointment of Ms. Joanne Xie as Chief Marketing Officer in May 2026. Ms. Xie oversees brand building, digital and data-driven omni-channel marketing, and category innovation, and brings over 20 years of marketing management experience, having previously served as Vice President of Marketing at McDonald's China and held marketing roles at Coca-Cola and Mondelez.
On product innovation, DPC Dash continues to innovate product and collaborate with popular IP to engage with customers, including the Crispy Croissant Crust, American Inspired Pulled BBQ Pork Pizza, and football-themed Mexican Inspired Salsa Roast Chicken and Beef Rectangular Pizza, alongside the new "Energy Bowl" series and new beverages, offering customers a broader range of dining choices. The Company also partnered with Arknights (????) to drive sales and engage with more young customers.
On 21 August, 2026, DPC Dash also commenced operations at its Wuhan Supply Chain Centre ("Wuhan SCC"), the Company's fourth SCC, with an annual production capacity to support over 200 stores. The facility will service stores in Wuhan and surrounding areas - previously supported jointly by the Shanghai, Beijing and Dongguan SCCs to optimize logistics costs for dough delivery. The Company has also secured sites for two additional SCCs in Chengdu and Nanjing, targeted to commence operations in the second half of 2027.
Outlook
The Group plans to open approximately 350 net new stores in 2026 (net of store closures). During the first half of 2026, the Group achieved a net opening of 235 new stores.
As of 14 August 2026, the Group has opened an additional 27 stores, with 38 stores under construction and 36 stores signed or approved, keeping the Group well on track to deliver the 2026 full year opening target.
Looking ahead, the Company will continue to expand its store network, targeting sales improvement at existing outlets as 3PP subsidies gradually abate. As of June 30, 2026, across the 75 cities where the Company has a presence, Domino's store density reached approximately 2.5 stores per million population, versus an estimated 13.9 pizza stores per million population in China overall, demonstrating considerable growth potential.
Conference Call Information
The Company will hold a conference call on Wednesday, August 26, 2026, at 7:00 pm Hong Kong Time (or Wednesday, August 26, 2026, at 7:00 am Eastern Time) to discuss the financial results.
A live audio-only webcast of the call can be accessed directly at https://event.choruscall.com/mediaframe/webcast.html?webcastid=MpPkCWtq
To participate by phone, participants are strongly encouraged to pre-register for the conference call, by using the link provided below. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.
Pre-registration Link: https://dpregister.com/sreg/10211056/1049e3b17b0
An audio-only replay of the call will also be accessible through September 2, 2026, by dialing the following numbers:
USA/Canada Toll-Free: 1-855-669-9658
International Toll: 1-412-317-0088
Replay Access Code: 8351751
Key Definitions
- Store-level operating profit represents revenue less operational costs incurred at the store level, comprising salary-based expense, raw materials and consumables cost, depreciation of right-of-use assets, depreciation of plant and equipment, amortization of intangible assets, variable lease rental payment and short-term rental expenses, utilities expenses, advertising and promotion expenses, store operating and maintenance expenses and other expenses.
- Store-level operating profit margin is calculated by dividing store-level operating profit by revenue for the same period.
- Store-level EBITDA is defined as store-level operating profit for the period and adding back depreciation of plant and equipment and amortization of intangible assets in store-level.
- Store-level EBITDA margin is calculated by dividing Store-level EBITDA by revenue for the same period.
- Adjusted EBITDA is defined as Adjusted Net Profit for the period and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net.
- Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same period.
- Adjusted Net Profit is defined as profit for the period and adding back share-based compensation.
- Adjusted Net Profit margin is calculated by dividing Adjusted Net Profit by revenue for the same period.
Non-IFRS Measures
To supplement the Group's consolidated financial statements that are presented in accordance with the International Financial Reporting Standards ("IFRS"), the Group also use Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.
The Group believes that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company. The Group believes that these measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as they help our management. However, our presentation of Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies. The use of such non-IFRS measures has limitations as an analytical tool, and you should not consider them in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.
Forward-Looking Statements
Certain statements in this document and/or the results announcement of the Company for the six months ended June 30, 2026 are forward-looking statements that are, by their nature, subject to significant risks and uncertainties. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events, or performance (often, but not always, through the use of words or phrases such as "will", "expect", "anticipate", "estimate", "believe", "going forward", "ought to", "may", "seek", "should", "intend", "plan", "projection", "could", "vision", "goals", "aim", "aspire", "objective", "target", "schedules", and "outlook") are not historical facts, are forward-looking and may involve estimates and assumptions and are subject to risks (including but not limited to the risk factors detailed in this document and/or the results announcement of the Company for the six months ended June 30, 2026), uncertainties and other factors some of which are beyond the Company's control. Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's forward-looking statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to the Company about the businesses that it operates. The risks, uncertainties and other factors, many of which are beyond the Company's control, that could influence actual results include, but are not limited to: the Company's operations and business prospects; its business and operating strategies and ability to implement such strategies; its ability to develop and manage its operations and business; its ability to control costs and expenses; its ability to identify and satisfy customer demands and preferences; the actions and developments of its competitors; general economic, political and business conditions in the markets in which it operates; and changes to regulatory and operating conditions in the industry and geographical markets in which it operates.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or under applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
Since actual results or outcomes could differ materially from those expressed in any forward-looking statements, the Company's shareholders and potential investors are advised not to place undue reliance on the forward-looking statements and to exercise caution in dealing in securities in the Company.
About DPC Dash - Domino's Pizza China
DPC Dash is Domino's Pizza's exclusive master franchisee in the Chinese Mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. Domino's Pizza, Inc., DPC Dash's global franchisor, is one of the most widely-recognized global consumer brands and the world's largest pizza company. Led by a seasoned and visionary management team, DPC Dash is a market leader that differentiates from competitors with, among others, a continually innovated and localized pizza-focused menu, unique expertise and leadership in delivery, technology focus and scalable and replicable store economic model. As of June 30, 2026, DPC Dash operated 1,550 stores in 75 cities in the Chinese Mainland.
For more information, please visit: www.dpcdash.com
For official company announcements, please visit: www.hkexnews.hk
Contacts
Investor Relations:
DPC Dash Ltd
[email protected]
Christensen Advisory
[email protected]
Media Relations:
Christensen Advisory
[email protected]
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
Six months ended June 30, | |||
2026 | 2025 | ||
RMB'000 | RMB'000 | ||
(Unaudited) | (Unaudited) | ||
Revenue | 3,133,808 | 2,593,390 | |
Raw materials and consumables cost | (865,444) | (706,819) | |
Staff compensation expenses | (1,076,921) | (877,384) | |
Depreciation of right-of-use assets | (230,984) | (188,301) | |
Depreciation of plant and equipment | (153,721) | (123,886) | |
Amortization of intangible assets | (31,695) | (28,720) | |
Utilities expenses | (108,216) | (87,438) | |
Advertising and promotion expenses | (156,677) | (137,401) | |
Store operation and maintenance expenses | (189,378) | (159,368) | |
Variable lease rental payment, short-term rental | (101,520) | (70,870) | |
Other expenses | (84,848) | (74,561) | |
Other income | 10,046 | 7,327 | |
Other gains/(losses), net | 2,939 | (1,298) | |
Finance costs, net | (31,213) | (34,574) | |
Profit before income tax | 116,176 | 110,097 | |
Income tax expense | (35,131) | (44,173) | |
Profit for the period attributable to equity | 81,045 | 65,924 | |
Other comprehensive loss | |||
Item that may be subsequently reclassified to | |||
Currency translation differences | 15,436 | 1,172 | |
Item that may not be subsequently reclassified to | |||
Currency translation differences | (29,750) | (3,112) | |
Other comprehensive loss for the period, net | (14,314) | (1,940) | |
Total comprehensive income for the period | 66,731 | 63,984 | |
Earnings per share for profit attributable to | |||
- Basic earnings per share (RMB) | 0.62 | 0.50 | |
- Diluted earnings per share (RMB) | 0.61 | 0.49 | |
CONSOLIDATED BALANCE SHEET | |||
As at June 30, | As at December 31, | ||
2026 | 2025 | ||
RMB'000 | RMB'000 | ||
(Unaudited) | |||
ASSETS | |||
Non-current assets | |||
Plant and equipment | 1,154,963 | 1,038,359 | |
Right-of-use assets | 1,991,076 | 1,747,209 | |
Intangible assets | 1,201,744 | 1,208,671 | |
Deposits | 117,979 | 104,798 | |
Deferred income tax assets | 168,458 | 161,863 | |
4,634,220 | 4,260,900 | ||
Current assets | |||
Inventories | 129,038 | 132,065 | |
Trade receivables | 17,530 | 17,349 | |
Prepayment, deposits and other receivables | 259,810 | 234,766 | |
Cash and bank balances | 934,706 | 1,001,511 | |
1,341,084 | 1,385,691 | ||
Total assets | 5,975,304 | 5,646,591 | |
EQUITY | |||
Equity attributable to equity holders of the | |||
Share capital | 890,057 | 888,950 | |
Share premium | 2,335,061 | 2,324,731 | |
Other reserves | 141,024 | 148,368 | |
Accumulated losses | (844,077) | (925,122) | |
Shares held for restricted share units | (275) | (525) | |
Total equity | 2,521,790 | 2,436,402 | |
LIABILITIES | |||
Non-current liabilities | |||
Borrowings | 199,200 | 199,400 | |
Lease liabilities | 1,592,489 | 1,413,606 | |
Other payables | 74,182 | 60,178 | |
1,865,871 | 1,673,184 | ||
Current liabilities | |||
Borrowings | 400 | 400 | |
Lease liabilities | 438,612 | 393,684 | |
Trade payables | 319,655 | 279,126 | |
Contract liabilities | 52,109 | 56,008 | |
Accruals and other payables | 757,544 | 778,543 | |
Current income tax liabilities | 19,323 | 29,244 | |
1,587,643 | 1,537,005 | ||
Total liabilities | 3,453,514 | 3,210,189 | |
Total equity and liabilities | 5,975,304 | 5,646,591 | |
CONSOLIDATED CASH FLOW STATEMENT | |||
Six months ended June 30, | |||
2026 | 2025 | ||
RMB'000 | RMB'000 | ||
(Unaudited) | (Unaudited) | ||
Cash flows from operating activities | |||
Cash generated from operations | 556,553 | 440,379 | |
Income tax paid | (51,648) | (79,233) | |
Net cash generated from operating | 504,905 | 361,146 | |
Cash flows from investing activities | |||
Proceeds from withdrawals of financial assets | 205,258 | - | |
Purchases of financial assets | (205,258) | - | |
Purchases of plant and equipment | (249,970) | (174,059) | |
Purchases of intangible assets | (35,084) | (25,114) | |
Interest received | 7,242 | 9,370 | |
Proceeds from disposal of plant and equipment | 12 | 19 | |
Net cash used in investing activities | (277,800) | (189,784) | |
Cash flows from financing activities | |||
Rental deposit payment | (11,647) | (13,932) | |
Proceeds from borrowings | - | 200,000 | |
Repayment to borrowings | (200) | (200,000) | |
Payment of principal element of lease liabilities | (233,309) | (168,959) | |
Payment of interest element of lease liabilities | (35,344) | (38,659) | |
Interests paid | (2,575) | (4,007) | |
Proceeds from exercise of share options | 1,549 | 3,366 | |
Net cash used in financing activities | (281,526) | (222,191) | |
Net decrease in cash and cash equivalents | (54,421) | (50,829) | |
Cash and cash equivalents at beginning of the | 1,001,311 | 1,069,102 | |
Exchange difference on cash and cash | (12,384) | (1,637) | |
Cash and cash equivalents at end of the | 934,506 | 1,016,636 | |
SOURCE DPC Dash Ltd
