DPC Dash Ltd., Domino’s Pizza’s master franchisee in mainland China, Hong Kong SAR and Macau SAR, posted a 20.8% year-over-year revenue increase to RMB 3.13 billion in the first half of 2026, driven by a 33.7% rise in transaction volume and the opening of 235 stores, including 93 net new locations in non-tier 1 markets.
Store-level EBITDA grew 8.3% to RMB 544.5 million, though the margin contracted to 17.4% from 19.4% a year earlier. Adjusted EBITDA rose 8.6% to RMB 350.7 million, with the margin declining to 11.2% from 12.4%. Adjusted net profit increased 7.4% to RMB 98.2 million, while operating cash flow strengthened to RMB 504.9 million.
CEO Aileen Wang attributed revenue growth to expanded store coverage and a 7.1% increase in same-store transactions, noting no broad-based demand deterioration in core markets. However, she highlighted the impact of third-party platform subsidies, which redirected orders to lower-priced channels and pressured realized pricing. CFO Helen Wu emphasized the strategic shift toward building a high-quality customer base to improve average ticket sizes and long-term order economics.
Delivery sales surged 44.7% to RMB 1.62 billion, accounting for 51.7% of total revenue. Third-party delivery sales jumped 81%, while own-channel delivery sales fell 11.8%. The company’s loyalty program grew to 41.9 million members, with 18.1 million new customers placing their first order in the past 12 months.
Store expansion remains on track, with 96% of planned net openings for 2026 already secured. The group opened its fourth supply chain center in Wuhan on August 21, 2026, serving over 200 stores in the western region. Future centers in Chengdu and Nanjing are targeted for H2 2027. DPC Dash also launched new products, including a RMB 79 combo and specialty pizzas, while maintaining a 93.6% on-time delivery rate.
The company’s market capitalization stands at $619.85 million, with shares trading at HKD 1,405 ($37.4), up 1.25% from the prior close. Analysts project a 94% upside potential based on current price targets.
