DPC DASH (01405): High-quality and steady store expansion in Q4, driven by the "4D strategy" to promote sustainable growth flywheel.

Recently, DPC DASH (01405) disclosed the business overview for the fourth quarter of 2025. This latest report once again confirms the brand resilience, growth potential, and long-term investment value of the company in a complex market environment. Looking back at 2025, facing the dual challenges of the overall industry growth slowdown and increasing competition, DPC DASH still delivered a convincing performance: not only achieving steady expansion of store scale, but also improving in operation quality, user stickiness, and brand awareness, demonstrating the strong strength of a mature consumer brand in a period of rapid growth. Its solid operational performance has also earned dual recognition from capital and consumer markets. Over the past year, the company has successively won numerous important awards such as the GMTEight "Most Valuable Consumer Company" and "Best IR Team" awards, the CHINA FOODS Healthy Seven-Star Covenant Alliance "CHINA FOODS Healthy Seven-Star Award", the Southern Metropolis Daily "Top Ten High-Quality Consumer Brands of the Year", CDI Aviation Digitalization Index "2025 Top 20 Digital Enterprise", Mercer "Best Employer", and Daily Economic News "Listed Company with the Most Social Responsibility", indicating that the company's achievements in investment value, food safety, brand value, digitalization, human resources, and social responsibility have attracted widespread attention in the industry. Specifically, in terms of store network, in 2025 DPC DASH continued its strategy of "widespread expansion" and achieved steady growth in stores with a focus on both speed and quality. By the end of the year, the total number of stores nationwide reached 1,315, with a net addition of 307 stores for the year; entry into 21 new cities over the year expanded store coverage to 60 cities. While expanding rapidly, the company's operations in existing markets remained healthy. In the fourth quarter, same-store sales in first-tier cities continued to grow positively, indicating that the company's brand's consumer base in first-tier markets remains stable. Excluding the impact of new markets and stores entering after December 2022, same-store sales remained positive in the second half of 2025 and the 2025 fiscal year, maintaining a stable overall development momentum. In terms of new store openings, DPC DASH continues to maintain a proactive stance of "opening one and firing one": on New Year's Day 2026, the company opened 62 new stores in 46 cities across the country, with several new market flagship stores performing excellently on opening day, such as the Dalian flagship store achieving sales of nearly 700,000 yuan on the first day, fully verifying its mature store operation model and rapid entry capability into new markets, laying a solid foundation for future scale growth. In the fourth quarter of 2025, the company continued to focus on its core product category of pizza, promoting its brand image of "high quality and value for money" through a dual approach of "product upgrades and scene marketing". On the product side, the company launched two new flavors of pizza: Sicilian Charm Respected Beef Bamboo Fresh Pizza and Madrid Charm Beef Brisket Large Shrimp Pizza, using high-quality ingredients such as imported South American beef and beef brisket, combining regional flavor sauces to create a rich flavor experience; at the same time, it upgraded classic products such as black truffle-flavored mushroom chicken pizza with "more quantity at the same price", enhancing consumers' experience of "getting more value for money". In terms of marketing, the company accurately seized popular consumption points such as Halloween, launching limited edition themed snack combinations and promotions; at the same time, classic promotions such as "Super Week: buy one get one free" returned, providing consumers with diverse discount options. In addition, the company collaborated with popular IPs such as Sanrio to strengthen the brand and products' social attributes and emotional connections among young communities, leaving a deep impression of "delicious and fun". In the current environment of high traffic costs, building up its own user assets has become the core competitiveness of consumer enterprises. DPC DASH adheres to a digital strategy, successfully building a stable and high stickiness consumer community. By the end of 2025, its member program "Talent Gathering" has reached a scale of 35.6 million people, a significant increase from the same period the previous year; in the past year, approximately 15.4 million new customers have placed their first order (covering orders from own channels and third-party channels). Looking back at DPC DASH's performance in the past year, efficient digital operations and a mature store model support sustainable and benign expansion; continuous product innovation and precise marketing attract new customers and retain existing members; a large and highly sticky member community in turn injects momentum for further expansion and innovation, forming a positive cycle of growth. In the current consumer market that pursues certainty, DPC DASH's high-quality and replicable stable growth model makes it one of the few investment targets that combine stability and growth in the sector. In the future, with the company's continued deepening of its "4D" strategy - high-quality store development, delicious pizza at value, efficient delivery experience, and digital capabilities - the company's development is expected to reach new heights.