DPC Dash Ltd., the exclusive master franchisee for Domino’s Pizza in mainland China, Hong Kong SAR and Macau SAR, reported a 20.8% year-over-year increase in first-half 2026 revenue to RMB 3.13 billion. The growth was underpinned by a 33.7% rise in transaction volume, though store-level profitability declined as margins narrowed amid competitive pricing dynamics.
Revenue from initial city markets totaled RMB 1.72 billion, accounting for 55% of the total, while new city markets contributed RMB 1.41 billion, or 45%, up from 34.6% a year earlier. Non-tier 1 markets generated RMB 2.06 billion in revenue, representing 65.7% of the total and growing 36.5% year over year. Same-store transactions rose 7.1%, though average ticket values softened due to channel shifts toward third-party platforms.
Delivery sales surged 44.7% to RMB 1.62 billion, comprising 51.7% of total revenue. Third-party platform delivery sales jumped 81%, while own-channel delivery sales declined 11.8%. Store-level EBITDA increased 8.3% to RMB 544.5 million, but 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 falling to 11.2% from 12.4%.
The company opened 93 net new stores in new markets during the period, bringing total openings to 235 in the first half. Full-year 2026 guidance remains on track for approximately 350 net new stores, with 96% of planned net openings already secured. DPC Dash targets 3,000 stores by the end of 2030, with new-market stores generating average daily sales of RMB 28,230 and an expected payback period of 14.8 months.
Operating cash flow rose to RMB 504.9 million from RMB 361.1 million, while cash and bank balances totaled RMB 934.7 million, alongside RMB 300 million in unused credit facilities. Loyalty program membership grew to 41.9 million, including 18.1 million new customers placing first orders in the past 12 months. The stock was quoted at $37.40, up 1.25%, with a market capitalization of $619.85 million.
