DPC DASH (01405) Q2 2026 Earnings Call Transcript

DPC Dash Ltd 1H2026 Financial Results Call Transcript

达势股份 2026 中期业绩电话会议记录

Wednesday, August 26, 2026 / 07:00 PM HKT. 2026 年 8 月 26 日（星期三）香港时间晚上 7:00

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

Disclaimer 免责声明 This document is an on-site shorthand transcript prepared by independent third parties other than DPC Dash Ltd (the “Company") about the relevant meeting. There may be errors, omissions, or inaccuracies in this transcript and it may be adjusted for reasons such as ensuring the smoothness of the sentences, so it will not be completely consistent with the original language. This document includes the speeches of independent third parties who have access to this conference, and does not necessarily represent the Company's endorsement of their speeches. The contents contained in this document are only for reference. 本文件由与达势股份有限公司（“本公司”）独立的第三方机构为有关会议准备的现场速记，本文 件可能存在错误、遗漏或不准确之处并出于确保语句通顺等原因或有调整，因此与原文不会完全 一致。本文件包括接入本会议的独立第三方人士发言内容，并不一定代表本公司对其发言的认可。 本文件所载内容仅供参考。

Contents contained in this document are statements of historical facts and should not be regarded as any prediction or guidance of the Company's future results or performance. In addition to statements of historical facts, this document may contain certain forward-looking statements, and all forecast objectives, estimates and business plans (including but not limited to) that the Company forecasts or expects to occur in the future are forward-looking statements. You should carefully consider the relevant risk factors and do not rely on the forward-looking statements of the Company.

Please see our disclaimer regarding “Forward-Looking Statements” in our

earnings release for further details. 本文件包含的内容为历史事实陈述，不应被视为本公司未来业绩或表现的任何预测或指引。除历 史事实陈述外，本文件可能包含若干前瞻性陈述，所有本公司预计或期待未来可能发生的（包括 但不限于）预测、目标、估计及经营计划均属于前瞻性陈述。阁下需审慎考虑有关风险因素，而 不可依赖本公司的前瞻性陈述。就更多详情，请参阅本公司业绩报告有关“前瞻性陈述”的免责 声明。

This document is a shorthand transcript the content of which has not been reviewed by the Company. The contents of this document have not been independently verified, and the Company does not make any express or implied representations or warranties as to the fairness, accuracy,

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

completeness, reliability or authenticity of any information or opinions contained in this document, nor should you rely on the information or opinions contained in this document. Neither the Company nor its subsidiaries, affiliates or financial advisors, or their respective directors, officers, employees, advisors or representatives and associates shall be liable for any loss arising from the use of or reliance on this document or other acts (whether negative or not) in connection with the use of or reliance on this document. This document shall not be regarded as a consideration of investment objectives, financial position or the designation of any investor, nor shall it constitute a solicitation, offer or invitation to buy and sell any securities or related financial instruments in any jurisdiction. 本文件为未经本公司审阅的速记稿。本文件的内容未经独立核实，本公司对本文件所载任何信息 或意见的公正性、准确性、完整性、可靠性或真实性不作任何明示或暗示的陈述或保证，阁下亦 不应依赖本文件所载的信息或意见。本公司或本公司的子公司、联属公司及财务顾问，或彼等各 自的董事、高级管理人员、雇员、顾问或代表以及其他任何联系人均不会就使用或依赖本文件或 其他与使用或依赖本文件相关的行为（无论是否出于疏忽）引起的任何损失承担任何责任。本文 件并不能视为投资目标、财务状况或任何投资者的指定需要的考虑，亦不构成在任何司法管辖区 买卖任何证券或相关金融工具的招揽、要约或邀约。

The relevant meeting was held in English, and the Chinese version is a crude translation of such for your easy reference. In case of discrepancy, the English version shall prevail. 有关会议以英文召开，中文版为粗略译稿，以便您快速阅览。如有分歧，则以英文版为准。

By accepting this document, you have read and agreed to comply with the requirements of this disclaimer. 阁下接受本文件，即表示已阅读并同意遵守本免责声明的各项要求。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

PARTICIPANTS Company Speakers: Aileen Wang, CEO & Executive Director Helen Wu, CFO Cathy Zhang, IR Director

Analysts: Lisa Liao, Jefferies Lucy Yu, BofA Securities Miao Zhang, CMBI Shengwei Lai, CICC Cong Xie, CITIC Securities PRESENTATION Operator Good day, and welcome to the DPC Dash Ltd First Half 2026 Earnings Conference Call. (Operator Instructions). After today’s presentation, there will be an opportunity to ask questions. (Operator Instructions). Please note today's event is being recorded. I would now like to turn the conference over to Cathy Zhang with Investor Relations. Please go ahead. 大家好，欢迎参加达势股份 2026 年中期业绩电话会。（主持人播读操作提示）管理层发言结束 后，我们将进入问答环节。（主持人播读操作提示）请注意，今天的会议将全程录音。下面把电 话交给投资者关系部的 Cathy Zhang。Cathy，请开始。

Cathy Zhang Investor Relations Director, DPC Dash Ltd

Thank you, Operator. Hello, everyone, and thank you for joining us on today's call. Again, as a reminder, you are all currently on mute. We will open up the floor during Q&A session. After management's prepared remarks, we will try to answer as many questions as time allows. Today,

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

you will hear from Ms. Aileen Wang, Executive Director and CEO of DPC Dash; Ms. Helen Wu, CFO of DPC Dash; and Mr. Michael Xu, CPO of DPC Dash. Aileen will provide insights into the Company's overall performance and share recent developments; Helen will go a bit deeper into the first half financial results. The management team will address your questions after their remarks. 谢谢主持人。大家好，感谢各位参加今天的电话会。再次提醒一下，目前所有参会者均处于静音 状态。管理层发言结束后，我们将进入问答环节，并在时间允许的范围内尽量多回答一些问题。 今天出席电话会的管理层包括达势股份执行董事兼 CEO Aileen Wang、CFO Helen Wu，以及 CPO Michael Xu。Aileen 将介绍公司的整体表现和近期进展，Helen 将进一步解读上半年的财务 业绩。管理层将在发言结束后回答大家的提问。

Before we continue, I'd like to remind you that our earnings call and investor materials contain forward-looking statements about our business that may be considered as forward-looking statements under applicable securities laws, which are based on various assumptions and other factors that are beyond the Company's control and are subject to risks, future events and uncertainties. Accordingly, actual results may differ materially and adversely from those anticipated or implied in the forward-looking statements. You can identify these forward-looking statements because they include terminology such as “may,” “will,” “expect,” “estimate,” “believe,” “going forward,” “plan,” “projection,” “aim,” or other similar expressions. Statements that are not historical facts, including but not limited to the statements about the Company's beliefs, plans, and expectations, are forward-looking statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the Hong Kong Stock Exchange. Also, this call includes discussions of financial information and certain non-IFRS financial measures. Please refer to our results announcements and interim report to be published in accordance with the Rules Governing the Listing of the Securities on The Stock Exchange of Hong Kong Limited, which contain a reconciliation of the non-IFRS measures to IFRS measures. All information provided in this earnings call is as of the date of this call. The Company, our affiliates, advisors and representatives undertake no obligation to update any forward-looking statements except as required by law.

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

在继续之前，提醒各位注意，本公司的业绩电话会及投资者材料中包含有关本公司业务的前瞻性 陈述；根据适用的证券法律，这些陈述可能被视为前瞻性陈述。该等陈述基于各种假设以及超出 本公司控制范围的其他因素，并受到风险、未来事件和不确定性的影响。因此，实际结果可能与 前瞻性陈述所预期或暗示的结果存在重大且不利的差异。 该等前瞻性陈述可通过“可能”“将”“预计”“估计”“相信”“未来”“计划”“预测”“目标”或其他类似表述加以 识别。非历史事实的陈述，包括但不限于有关本公司信念、计划和预期的陈述，均属于前瞻性陈 述。所有前瞻性陈述均应与本公司业绩公告中的警示性陈述，以及本公司向香港联交所提交的文 件中所载风险因素一并考虑。 本次电话会还将讨论财务信息和若干非国际财务报告准则财务指标。请参阅本公司将根据《香港 联合交易所有限公司证券上市规则》发布的业绩公告及中期报告，其中载有非国际财务报告准则 财务指标与国际财务报告准则财务指标的对账。 本次业绩电话会提供的所有信息均截至本次电话会召开之日。除适用法律要求外，本公司、其关 联公司、顾问和代表均不承担更新任何前瞻性陈述的义务。

With that, I will turn the call over to Ms. Aileen Wang, Executive Director and CEO of DPC Dash. Aileen, please go ahead. 下面把电话交给达势股份执行董事兼 CEO Aileen Wang。Aileen，请开始。

Aileen Wang CEO & Executive Director, DPC Dash Ltd

Hello, everyone, and thank you for joining us today as we discuss DPC Dash Ltd’s results for the first half of 2026. 大家好，感谢各位参加今天的电话会。今天我将和大家交流达势股份 2026 年上半年的业绩。

As the exclusive master franchisee for Domino's Pizza in the Chinese mainland, Hong Kong SAR and Macau SAR, we continue to operate in a market with substantial growth opportunities. Our global franchisor, Domino's Pizza, Inc., remains one of the largest pizza companies in the world, with more than 22,500 stores across over 90 markets as of the end of the Reporting Period.

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

我们是达美乐比萨在中国大陆、中国香港特别行政区和中国澳门特别行政区的独家总特许经营商， 所在市场仍有巨大的增长空间。于报告期间末，我们的全球特许权授予人 Domino’s Pizza, Inc.仍 是全球规模最大的比萨公司之一，在全球 90 多个市场拥有超过 22,500 家门店。

Before we discuss the figures, I want to contextualize our first-half performance, which provides a clearer perspective on our current trajectory. Revenue grew 20.8% to RMB3,133.8 million, driven primarily by a 33.7% year-over-year increase in transaction volume. This growth was fuelled by both our expanding store network and a 7.1% increase in same-store transactions. 在讨论具体数字之前，我想先结合整体背景，介绍一下上半年的表现，以便更清晰地了解公司目 前的发展态势。收入同比增长 20.8%至人民币 31.34 亿元，主要由交易量同比增长 33.7%带动。 交易量增长一方面来自门店网络持续扩张，另一方面来自同店交易量增长 7.1%。

However, this half was characterized by two opposing forces: robust demand and network expansion versus pricing pressure from industry-wide aggregator subsidy dynamics. I will now outline how these dynamics diverged across our different types of markets. Let's start with our Initial City markets, defined as the markets we entered before 2023, where we have the longest operating history. 然而，上半年业绩受到两股相反力量的影响：一边是强劲的需求和门店网络扩张，另一边是全行 业第三方聚合平台补贴带来的价格压力。这两方面因素在不同类型的市场中表现并不相同。先看 初始城市市场，也就是我们在 2023 年以前进入、经营历史最长的市场。

Transaction counts accelerated, and same-store transaction growth was 8.5%, actually a healthy number. But same-store sales growth (SSSG) turned negative, marking the first such occurrence in these Initial City markets in recent years. We did not see evidence of a broad-based demand deterioration in our Initial City markets; indeed, more customers were visiting us. This shift was primarily attributable to the intensified third-party platforms subsidy campaigns leading to lower average ticket, as they pulled in a meaningful share of orders onto these lower-priced channels. 初始城市市场的交易笔数增速加快，同店交易量增长 8.5%，表现健康；但同店销售增长（SSSG） 转为负数，是近年来首次出现。我们没有看到这些市场的需求普遍走弱，事实上，光顾我们的客 户反而更多。主要原因是第三方聚合平台加大补贴力度，吸引相当一部分订单转向价格较低的渠 道，从而拉低了平均交易价格。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

Now let's turn to our New City markets, the markets we've entered since 2023. SSSG, while still negative at negative 9.4%, has narrowed consistently for 3 consecutive halves. We have improved from negative 19.6%, to negative 13.2%, and now negative 9.4%. This is the normalizing curve we expect to see. When we enter a new city, our first stores open to extraordinary demand, often the strongest sales performance in the entire Domino's system globally. As that initial launch phase settles and we increase more store density to drive operational efficiency, same-store comparisons naturally experience contraction for a period. 再看新城市市场，也就是我们自 2023 年以来进入的市场。同店销售增长虽然仍为-9.4%，但降幅 已经连续 3 个半年度收窄，从-19.6%收窄至-13.2%，再到目前的-9.4%，走势符合我们的预期。 进入新城市时，首批门店往往会迎来非常旺盛的需求，销售表现甚至位居达美乐全球体系前列。 随着开业热度逐渐回归正常，同时我们提高门店密度、提升运营效率，同店销售比较在一段时间 内出现回落是正常现象。

We made a deliberate choice on managing this transition period, and I would like to outline our strategic rationale behind our decision-making. Rather than waited out the 3PP subsidy wave, we viewed this as a one-of-a-kind media window, and then accelerated the rollout of delivery services in our New City stores, ahead of our original plan. As a result, delivery order contribution in these new city stores rose to 25% today, and in a much faster pace as we observed in our Initial City markets in the past. 在这一过渡期，我们作出了明确的战略选择，我想说一下这项决策背后的战略考量。面对第三方 聚合平台的补贴潮，我们没有选择等待，而是把它看作难得的品牌传播窗口，较原计划提前在新 城市门店铺开外送业务。如今，新城市门店的外送订单贡献率已升至 25%，提升速度明显快于初 始城市市场当年。

We want to point out that through building delivery penetration, together with launching value and other initiatives, same-store transaction growth in New City markets turned positive at 2.2%, up from negative 19.1% a year ago and negative 7.9% in the second half of last year. 在提高外送渗透率、推出超值推广计划及其他举措的带动下，新城市市场的同店交易量增长已转 正至 2.2%，较一年前的-19.1%和去年下半年的-7.9%明显改善。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

However, embracing aggregator platforms meant accepting a lower realized transaction price in the near term, since 3PP orders carry a lower average price than orders through our own channels. But we believe that the customer habits and brand mindshare we're building today, in what is an early and formative period for delivery in these New Cities, like what we did in the Initial Cities, will yield long-term benefits. 接入第三方聚合平台，意味着短期内已实现平均交易价格会降低，因为平台订单的平均交易价格 低于自有线上渠道订单。不过，新城市的外送市场仍处于早期培育阶段。我们相信，今天建立起 来的消费习惯和品牌认知，将像初始城市市场过去的经历一样，为公司带来长期回报。

And importantly, even at the deep point of same-store sales comparison cycle, the underlying economics level at these stores has remained healthy; our 93 stores opened in new markets this half generated an average daily sales of RMB28,230, with a weighted expected payback period of just 14.8 months. 更重要的是，即使处在同店销售比较周期的低谷，这些门店的单店经济模型依然健康。上半年， 我们在新市场开出的 93 家门店单店日均销售额达到人民币 28,230 元，加权平均预期投资回报期 仅为 14.8 个月。

Beyond the network expansion and same-store story, we continue to innovate our products and collaborate with popular IPs to engage with our customers. To name a few of the highlights, we launched the Crispy Croissant Crust, football field Square-shaped pizza, Durian Roast Chicken pizza and Energy Bowl series, alongside a successful partner with the gaming titled Arknights ( 明日方舟) to capture a larger share of the youth demographic. 除了扩张门店网络、改善同店表现，我们还在持续推进产品创新，并与热门 IP 合作，增强与客户 的互动。上半年推出的新品包括可颂酥脆卷边、足球主题的墨西哥风情莎莎烤鸡牛肉方形比萨、 果肉榴莲烤鸡比萨和“能量碗”系列；与游戏《明日方舟》（Arknights）的合作也取得了良好反响， 帮助我们触达更多年轻客户。

On delivery, we maintained a Delivery-On-Time rate of 93.6% even as volumes grew significantly, which speaks to the quality of our operating system. On digital engagement, our loyalty program grew to 41.9 million members, up from 30.1 million a year ago, with 18.1 million new customers placing their first order over the past 12 months.

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

外送方面，在订单量大幅增长的同时，准时外送（DOT）率仍保持在 93.6%，体现了公司运营体 系的质量。数字化互动方面，会员人数由一年前的 3,010 万增至 4,190 万；过去 12 个月，共有 1,810 万名新客户完成首次下单。

On our supply chain, our fourth supply chain center, in Wuhan, commenced operations on August 21, 2026, serving over 200 stores around Wuhan areas across the West region. We've also secured sites in Chengdu and Nanjing, targeting opening during the second half of 2027. We believe these investments are necessary to solidify our product and operation foundation as we keep scaling. 供应链方面，公司的第四个供应链中心——武汉供应链中心——已于 2026 年 8 月 21 日投入运营， 可为武汉及周边地区超过 200 家门店提供支持。成都和南京供应链中心也已完成选址，计划于 2027 年下半年投入运营。随着业务规模不断扩大，这些投入将进一步夯实公司的产品和运营基础。

Moving forward, our strategy is defined by a distinct approach to our two core business segments. In our Initial City markets, the priority is structural average ticket improvement. Orders placed through our own channels, our application and WeChat mini-program, have consistently carried an ATP, meaning Average Transaction Price, above RMB90, meaningfully higher than 3PP orders. So our focus is migrating more customers back to these higher-value channels through our loyalty program, combo meal innovation, etc. 未来，我们将针对两大核心业务板块采取不同策略。初始城市市场的首要任务，是从结构上提升 平均交易价格。来自我们自有线上渠道（包括官方手机应用程序和微信小程序）的订单，平均交 易价格（ATP）一直在人民币 90 元以上，明显高于第三方聚合平台订单。因此，我们将通过会员 忠诚度计划、套餐创新等方式，引导更多客户回到这些价值更高的渠道。

In our New City markets, the priority is still expansion and penetration, continuing to scale up delivery from its current base of around 25%, and communicating our iconic value programs, while taking similar initiatives to migrate customers to our own channels and elevating ATP. 新城市市场的重点仍是扩张和提升渗透率。我们会在目前约 25%的基础上继续提高外送渗透率， 推广具有代表性的超值推广计划，同时采取类似措施，引导客户使用自有线上渠道，带动平均交 易价格提升。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

Regarding our network expansion, we remain on track to open approximately 350 net new stores in 2026, have already delivered 235 openings in the first half. To better quantify our long-term growth potential, we are introducing store density as a key performance indicator this period. Currently, China’s overall pizza market density stands at 13.9 stores per million population, while our own national footprint is just 1.1. We believe these metrics provide a more precise illustration of the significant unpenetrated demand available to us, highlighting a substantial runway for growth both through New City entry and further densification of our existing markets. 门店扩张也在按计划推进。2026 年全年净新增约 350 家门店的目标保持不变，上半年已净新增 235 家。为了更准确地衡量长期增长潜力，本期我们首次将门店密度列为一项关键绩效指标。目 前，中国比萨市场整体每百万人口拥有 13.9 家门店，而达美乐全国门店密度仅为每百万人口 1.1 家。这组数据更直观地说明，市场仍有大量需求尚未得到满足。无论是进入新城市，还是在现有 市场进一步加密门店，我们都有很大的增长空间。 With that, I will hand the call over to Helen to discuss our financial results in more detail. 下面把电话交给 Helen，请她进一步介绍财务业绩。

Helen Wu CFO, DPC Dash Ltd

Thank you, Aileen. Our financial results this half, encapsulate the margin dynamics resulting from our continued network scale-up amidst the ongoing market subsidies. I will now detail the specific impacts across our P&L. 谢谢 Aileen。上半年的财务业绩，体现了在持续扩张门店网络、市场补贴仍在延续的背景下，公 司利润率的变化。下面我按损益表逐项说明。

Revenue Performance. The total revenue grew 20.8% year-over-year to RMB3,133.8 million. Alongside our usual Tier 1 versus non-Tier 1 breakdown, we're also sharing a new lens this half, based on market maturity, the Initial City markets versus New City markets, which we think gives a clearer picture of where our growth is coming from.

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

先看收入。总收入同比增长 20.8%至人民币 31.34 亿元。除了一贯采用的一线城市和非一线城市 分类，本期我们还首次增加了市场成熟度这一维度，将市场分为初始城市市场和新城市市场。我 们认为，这种划分可以更清楚地看出收入增长来自哪里。

Looking at this by market maturity, our Initial City markets contributed RMB1,723.9 million, or 55% of revenue, growing modestly as strong transaction growth was largely offset by the ATP pressure Aileen described previously. Our New City markets contributed RMB1,410 million, now accounting for 45% of revenue and up from 34.6% a year ago, growing 57.3% as our expanding new store base scaled up. 按市场成熟度看，初始城市市场贡献收入人民币 17.24 亿元，占总收入的 55%。交易量增长强劲， 但基本被 Aileen 刚才提到的平均交易价格压力抵消，因此收入仅小幅增长。新城市市场贡献收入 人民币 14.10 亿元，占总收入的比例由一年前的 34.6%提高至 45%；随着新店不断增加并逐步爬 坡，收入增长 57.3%。

Looking at the same revenue through our Tier 1 versus non-Tier 1 lens, non-Tier 1 markets grew 36.5% to RMB2,059.7 million and now represent 65.7% of revenue, again reflecting our network growth is concentrated. 再按一线城市和非一线城市划分，非一线城市市场收入增长 36.5%至人民币 20.60 亿元，占总收 入的 65.7%，这也再次说明，门店网络增长主要来自非一线城市。

The channel story reflects the same underlying dynamic playing out again. Total delivery sales grew 44.7% to RMB1,618.8 million, now representing 51.7% of revenue. But within that, delivery through third-party platforms grew 81% while delivery through our own channel actually declined 11.8%, because the subsidies pulled orders toward 3PP. This matters for margin, because our own channel delivery orders carry an ATP, Average Transaction Price, of RMB94, so every order that shifts channel has a direct effect on our realized pricing -- not because the customers are spending less, but because of which door they're walking through. 渠道方面也呈现出同样的趋势。外送销售总额增长 44.7%至人民币 16.19 亿元，占总收入的 51.7%。其中，第三方聚合平台外送销售额增长 81%，自有渠道外送销售额则下降 11.8%，因为 补贴吸引订单转向了第三方聚合平台。渠道转移会直接影响利润率：自有渠道外送订单的平均交

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

易价格为人民币 94 元，因此每当订单转到其他渠道，已实现平均交易价格都会随之变化。这并不 是因为客户本身减少了消费，而是下单渠道发生了变化。

So offering the differentiated value and services to build up a larger base of the high-quality loyal customers over time will help us improve ATP and order economics, and a higher lifetime value of our customers. 所以，我们要用差异化的价值和服务，逐步扩大优质忠诚客户群体。这样既能提升平均交易价格、 改善单笔订单的经济效益，也能提高客户终身价值。

Margins and cost efficiency. This channel and pricing dynamic flows straight through to our storelevel profitability. Store-level EBITDA grew 8.3% to RMB544.5 million, though the margin declined to 17.4% from 19.4%, and store-level operating profit grew 2.9% to RMB390.4 million, with margin at 12.5% versus 14.6% a year ago. The primary driver was the lower ATP, together with a higher 3PP delivery sales mix, which carries a different cost structure. And this was only partially offset by the cost efficiency measures that we have underway. 再看利润率和成本效率。渠道结构和价格的变化直接传导到门店层面的盈利能力。门店层面 EBITDA 增长 8.3%至人民币 5.44 亿元，利润率由 19.4%降至 17.4%；门店层面的经营利润增长 2.9%至人民币 3.90 亿元，利润率为 12.5%，去年同期为 14.6%。主要原因是平均交易价格下降， 以及成本结构不同的第三方聚合平台外送销售占比上升；正在推进的降本增效措施抵消了部分影 响。

To put some texture on that offset, our raw material cost, rental and other store-level costs all grew broadly in line with our revenue and store count growth, and in a few areas, we actually improved. Advertising and promotion expenses fell to 5% of revenue from 5.3%, and store operation and maintenance expense improved slightly to 6% from 6.1%, both reflecting more efficient spending as we scale. 具体看各项成本，原材料及耗材成本、租金及其他门店层面成本的增幅大致与收入及门店数量增 幅相当，个别项目还有所改善。广告及推广开支占收入的比例由 5.3%降至 5.0%，门店经营及维 护开支占比也由 6.1%小幅降至 6.0%，说明随着规模扩大，我们的费用效率正在提高。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

Where we saw more pressure was in store-level staff cost, which rose to 28.9% of revenue from 27.7%, reflecting the staffing we've put into our new stores to protect service quality, plus the simple mathematical effect that lower ADS means less revenue to spread our fixed labor cost, and also, the higher rider costs from our growing delivery volume. 压力主要来自门店层面的员工薪酬开支，占收入的比例由 27.7%升至 28.9%。一方面，为了保证 服务质量，新店需要配备足够人员；另一方面，单店日均销售额下降后，固定人工成本的摊薄效 应减弱。此外，外送订单量增长也带来了更高的骑手成本。

At the Group level, our corporate cost discipline served as an effective buffer, improving from 8.1% to 7.5% of revenue as we get scale benefits and cost control at headquarters, even while we keep investing to support our growth. 集团层面的成本管控形成了有效缓冲。尽管公司仍在持续投入支持增长，但随着总部逐步释放规 模效益并加强成本控制，公司层级成本占收入的比例由 8.1%降至 7.5%。

Putting it all together, adjusted EBITDA grew 8.6% to RMB350.7 million, with margin at 11.2% versus 12.4% last year, and the adjusted net profit grew 7.4% to RMB98.2 million. 综合以上因素，经调整 EBITDA 增长 8.6%至人民币 3.51 亿元，利润率为 11.2%，去年同期为 12.4%；经调整净利润增长 7.4%至人民币 9,815 万元。

Liquidity and capital allocation. We ended the period with cash and bank balances of RMB934.7 million. Our operating cash flow grew to RMB504.9 million from RMB361.1 million. So this means our growth continues to be substantially supported by internally-generated cash. Our gearing ratio improved to 7.9% from 8.2%, and we retain RMB300 million in unutilized credit facilities. So we're comfortable with our funding positions as we continue to expand. 再看流动资金和资本配置。期末现金及银行结余为人民币 9.35 亿元，经营活动所得现金净额由人 民币 3.61 亿元增至人民币 5.05 亿元，说明公司仍主要依靠经营活动产生的现金支持扩张。资产 负债比率由 8.2%降至 7.9%，另有人民币 3 亿元未动用可用银行信贷额度。因此，我们对继续扩 张所需的资金保障充满信心。

Looking at our capital expenditure. At the store level, our average CapEx for a new store, excluding the landlord rental deposits and net of tax, is approximately RMB1.3 million per store. *本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

We will continue to optimize the store design and procurement to further lower new-store CapEx, and improve cash payback cycles. 资本开支方面，不包括业主租赁押金及相关税项，单家新店的平均资本开支约为人民币 130 万元。 我们会继续优化门店设计和采购，进一步降低新店资本开支，改善现金回本周期。

Looking ahead, we will continue to invest in our three main areas, store expansion, supply chain center investments, and digital infrastructure, to build our competitive strength for the business in the longer term. 未来，我们仍会重点投资门店扩张、供应链中心和数字化基础设施，进一步增强业务的长期竞争 力。

To sum up, this half's results tell a consistent story across both the operating and financial numbers: our underlying demand and network growth are healthy and, in the case of our new city markets, improving faster than expected, while pricing pressure from the current subsidy environment is a near-term drag on margin, but with a clear pathway for recovery, as subsidies gradually normalize, the channel mix improves and together with our other growth levers. Also, with our own cost efficiency initiatives continue to build, we believe the business remains well positioned to benefit from operating leverage as sales productivity improves. 总的来看，上半年的运营和财务数据指向同一个结论：市场需求基本面和门店网络增长都很健康， 新城市市场的改善速度甚至快于预期。当前补贴环境造成的价格压力，短期内拖累了利润率；但 随着补贴逐步回归正常、渠道结构改善，再加上其他增长抓手，利润率的恢复路径已经比较清晰。 各项降本增效措施也在持续落地。随着单店销售效率提升，我们相信公司将进一步释放经营杠杆。

This marks the end of our presentation and we will open the floor for questions now. Thank you, operator. 以上是我们的发言。下面进入问答环节。谢谢主持人。

QUESTIONS AND ANSWERS Operator

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

We will now begin the question-and-answer session. (Operator Instructions). And today's first question comes from Lisa Liao with Jefferies. Please go ahead. 现在进入问答环节。（主持人说明问答环节的参与方式）第一个问题来自 Jefferies 的 Lisa Liao。 请提问。

Lisa Liao Jefferies

Good evening, Aileen, Helen, and Michael. Thank you so much for the earnings call today. And here are two questions from my side. The first is about the same-store sales trend we have observed. In our fact sheet, we actually disclosed that we saw slightly positive same-store sales in May and June with successful marketing initiatives. So just wonder how do we see the most updated trend? And what will be our key initiatives to help further support the same-store sales in the second half? And regarding my second question, it's more on the aggregator subsidies. Aileen、Helen、Michael，晚上好。非常感谢公司召开今天的业绩电话会。我有两个问题。第一 个是同店销售趋势。公司在业务概况中提到，在一系列成功营销举措的带动下，5 月和 6 月的同 店销售实现了小幅正增长。请问目前的最新趋势如何？下半年会采取哪些主要措施，进一步支持 同店销售？第二个问题是关于第三方聚合平台的补贴。

So we know the most intensified subsidies actually happened last year. So how do we assess the overall subsidy level from aggregators this year? Do we see any mitigation or slightly better situation recently? And how does this impact the overall consumer behavior? What would be our key strategies to further drive our own delivery channels regarding this part? Thank you so much. 我们知道，补贴竞争最激烈的阶段是在去年。公司如何判断今年第三方聚合平台的整体补贴水平？ 最近是否有所缓和或改善？这对消费者行为有什么影响？公司又会采取哪些主要策略，进一步推 动自有外送渠道增长？谢谢。

Aileen Wang CEO & Executive Director, DPC Dash Ltd

Thank you, Lisa, for the question. I'll take this one. So last year, the aggregator war actually started in May. May and June, we already had this aggregator subsidy impact. And then at the *本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

same time, we have the new market normalization impact. With that, we can still manage to actually keep SSSG positive for May and June. That actually shows the strength of our strategy and also our sales initiatives. 谢谢 Lisa，这两个问题我来回答。去年第三方聚合平台的补贴竞争从 5 月开始，所以当时 5 月和 6 月已经受到平台补贴影响；同一时期，新市场也在逐步回归正常。即便有这两方面影响，我们 仍然让 5 月和 6 月的同店销售增长保持正增长，说明公司的策略和销售举措是有效的。 Now, that said, going forward in H2. I think last year in H2, we had several things happening. One thing is that the aggregator war actually went to the peak in the summertime and also in part of the Q3, so we're comping against a very strong base of last year. At the same time, we have very strong new markets, the record-breaking in Shenyang, that kind of new markets, entering the same-store sales cycle. So these actually will make the SSTG sort of, you know, got some difficulty in H2. But at the same time, we continue to see the average ticket starting to stabilize and also improve. So with these two together, we will still see SSSG negative in the second half of the year 2026. But we forecast to see in 2027, we'll start to have positive same-store sales. So that's the high level answer to the first question. 再看今年下半年。第三方聚合平台的补贴竞争在去年夏季及第三季度部分时间达到高峰，所以今 年会面对较高的比较基数。此外，包括销售表现创纪录的沈阳在内，一批非常强劲的新市场开始 进入同店销售增长的比较周期。这些因素都会给下半年的同店交易量增长带来一些压力。另一方 面，我们已经看到平均交易价格开始企稳并逐步改善。综合来看，预计 2026 年下半年的同店销售 增长仍将为负，但到 2027 年会开始转正。这就是我对第一个问题的整体判断。 And then in terms of the initiatives. Like we mentioned, for the initial markets, the key issue is actually the average ticket, because the TC is still healthy. We also need to find a way to support H2 when the subsidy level goes down. For the new markets, we did have comping against the higher opening base in the past, plus the same issue on ATP. So the initiatives actually have two aspects. 具体措施方面，刚才已经提到，初始城市市场的关键是平均交易价格，因为交易量依然健康；补 贴力度下降后，我们也要通过其他方式支撑下半年表现。新城市市场既要面对过去开业初期的高 基数，也有同样的平均交易价格问题。所以我们的措施主要分为两个方面。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

The first one is on the average ticket. We already saw it started to stabilize, we actually started to see that in the past two months, it actually got improving. So I think the key is, one, with the 3PP subsidy level going down, the average ticket on 3PP will actually come back naturally. And then two, as Helen mentioned, on our own online channel for delivery, our average ticket is actually as high as 94. So we do have people who are very loyal to us and pay higher average tickets on our own channel. So the key is how to convert aggregator customers to our own channel and then optimize the channel mix. 第一是平均交易价格。目前已经开始企稳，过去两个月还有所回升。这里有两个关键点：一是随 着第三方聚合平台的补贴减少，第三方平台订单的平均交易价格会自然回升；二是 Helen 刚才提 到，自有线上渠道的外送订单平均交易价格高达人民币 94 元。我们有一批忠诚度很高的客户，他 们愿意在自有线上渠道支付更高的平均交易价格。因此，关键是把第三方聚合平台的客户转化到 自有线上渠道，优化渠道结构。 And then on the TC side. We believe that in the initial markets, we will continue to launch innovative new products like we did for the durian chicken, for example. Durian is actually very popular in the pizza market, but we're the first brand to actually put protein together with durian, which is a great innovation and our customers like it. And also on crust leadership, we launched the crispy croissant crust, it's another innovation to combine pizza and the bakery. So that proves that we will continue to lead our product innovation. And then also we launched this new combo, 79 with two pizzas, two sides and two drinks. With this, we do believe that it will help both on the average ticket side and also on the guest count side, because this is quite attractive value. And then also by offering the combo, we make it very easy for customers to make choices. 第二是交易量。在初始城市市场，我们会继续推出创新产品，比如果肉榴莲烤鸡比萨。榴莲本来 就是比萨市场上很受欢迎的食材，而我们是首个把榴莲与肉类食材结合的品牌。这款产品很有创 新性，客户也很喜欢。饼底方面，我们推出了可颂酥脆卷边，把比萨和烘焙产品结合在一起，继 续引领产品创新。我们还推出了人民币 79 元 6 件套餐，包括两份比萨、两份小食和两杯饮品。这 个套餐性价比很高，既有助于提高平均交易价格，也有助于增加交易笔数，而且套餐形式让客户 更容易作出选择。 And then also we have other things like IP innovation. And for the new markets, we will continue to offer the iconic value programs and also keep penetrating for our delivery as we continue to build the delivery market share in these cities. I'll stop here for this first question.

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

此外，我们还会继续开展 IP 合作等创新活动。新城市市场则会延续具有代表性的超值推广计划， 并继续提高外送渗透率，扩大在当地外送市场的份额。第一个问题我先回答到这里。 Now for the second question, with less aggregator subsidy this year, do we see sort of any influence on consumer behavior and also on own channel? We did see that our own channel sales have been growing back. We do believe that on the aggregators, there are two types of customers. 再回答第二个问题：今年第三方聚合平台补贴减少后，消费者行为和自有线上渠道有没有变化？ 我们确实看到，自有线上渠道的销售已经恢复增长。第三方聚合平台上的客户大致可以分为两类。 Either for the original OLO customers, as the aggregator actually provides more subsidy, they spend less on aggregators and they move to aggregators for Domino's, or we have new customers coming to aggregators for Domino's. 一类原本就是我们的自有线上渠道客户。第三方聚合平台加大补贴后，他们能以更低的价格购买 达美乐产品，所以转到了平台渠道。另一类则是通过第三方聚合平台第一次接触并选择达美乐的 新客户。 I think for the original one, if the subsidy actually goes down, they will naturally come back to OLO. And then for the second group, the new customers, we will just let them know that how our own channel provides very different value propositions, that way we will actually build more channel mix in terms of OLO. I'll stop here, sorry, I talked a lot about these questions, just to give you a full picture on what we're doing on average ticket versus TC and the initial markets versus new markets. 对第一类客户来说，补贴减少后，他们会自然回到自有线上渠道。对第二类新客户，我们会用自 有线上渠道的差异化价值吸引他们，逐步提高自有线上渠道在整体渠道中的占比。我先说到这里。 抱歉回答得有点长，主要是希望把平均交易价格和交易量，以及初始城市市场和新城市市场各自 的措施说清楚。

Lisa Liao Jefferies

Yes, very clear. Thank you so much, Aileen.

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

非常清楚，谢谢 Aileen。

Operator Our next question today comes from Lucy Yu at BofA Securities. Please go ahead. 下一个问题来自美国银行证券的 Lucy Yu。请提问。

Lucy Yu BofA Securities

Hi, Aileen, Helen, thank you for taking my question. So two questions here. First of all, if the subsidy will come down in the second half of this year, so how should we think about ticket counts in the second half? And also, the margin. For the first half, we saw margin has some contractions, possibly because of the negative same-store sales. How should we think about the margin for the second half, especially on a year-over-year basis? Is the contraction going to be wider or narrower than the first half? Thank you. Aileen、Helen，你们好，感谢接受我的提问。我有两个问题。第一，如果今年下半年补贴力度下 降，应该如何看待交易笔数的走势？第二是利润率。上半年利润率有所收窄，可能与同店销售负 增长有关。公司如何看待下半年的利润率，特别是同比表现？收窄幅度会比上半年更大还是更小？ 谢谢。

Aileen Wang CEO & Executive Director, DPC Dash Ltd

Got it. Thank you for the question, Lucy. For the first question, it will be quite similar to my answer to the first question, but I'll reiterate that we do think our TC momentum is healthy, it's just comping against last year's high base. We do believe that we offer tasty and innovative products. We do offer a new value. After 10 years of having the Crazy Tuesday and Wednesday - 30% off across all pizzas on Tuesday and Wednesday, we actually offer this new and different value in terms of the combo, and customers like it. 明白，谢谢 Lucy。第一个问题和我刚才的回答比较接近。我再强调一下，我们认为交易量的增长 势头仍然健康，只是今年要面对去年的高基数。我们一直在提供美味、有创新的产品，也推出了

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

新的超值选择。过去 10 年，我们每周二、周三都会开展“接二连三”活动，全场比萨优惠 30%， 也就是七折；现在又增加了不同形式的套餐优惠，客户反馈很好。 And at the same time, we also start to offer single-meal offers. Because we realized there's a new occasion for this new demand. At the same time, for the new markets, we'll emphasize more on delivery and also value and all the levers we mentioned for the initial markets. One thing I can mention more is the media optimization. We have our new CMO joining. Her background is CocaCola and McDonald's. She brought in a lot of new thoughts, and she will help us to optimize the media spend to create more sales with higher ROI. 同时，我们也开始提供单人餐，以满足新的消费场景和需求。新城市市场会更加侧重外送和超值 推广计划，同时也会运用刚才提到的初始城市市场各项增长抓手。另外还可以补充一点，就是优 化媒体投放。公司新任 CMO（首席营销官）已经到任，她曾在可口可乐和麦当劳工作，带来了很 多新想法。她会帮助我们优化媒体投入，以更高的投资回报率带动更多销售。 I'll stop here for the first question. And the second question is on margin. I'll hand over to Helen. 第一个问题我先回答到这里。第二个问题是关于利润率，我交给 Helen 回答。

Helen Wu CFO, DPC Dash Ltd

Yes. Lucy, thank you for the question. For the first half, our store operating profit margin is at 12.5%, that's for the whole group. The initial cities' store OP margin is slightly below that, but the new market is higher than that. The reason being, even though you have seen that the SSSG for the new markets is actually negative, but we have said that because they started from very high base in terms of dollar, you know, sales. So even if they have a negative SSSG, then they enter this into the SSSG cycle. But in terms of dollar value-wise, in terms of sales, they're still pretty high and very healthy. So their OP margin for the new city are actually higher than 12.5%. Now, this trend is probably going to be the same for second half. 好的，谢谢 Lucy。上半年，集团整体的门店层面的经营利润率为 12.5%。初始城市市场略低于这 一水平，新城市市场则高于这一水平。虽然新城市市场的同店销售增长为负，但这些市场开业时 的销售基数非常高。所以，即使门店进入同店销售增长的比较周期后录得负增长，从绝对金额看，

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

销售额仍然很高，也很健康。正因为如此，新城市市场的门店层面的经营利润率实际上高于 12.5%。预计下半年仍会延续这一趋势。 And also, over the first half of this year, we were gradually rolling out a lot of cost-saving initiatives or cost-control initiatives at the store level. Some of that actually started from the middle of the first half. So we would expect that more kinds of effects or impact on the cost-saving will be kicking in during the second half. For instance, we are actually trying our best to recover the ATP. And also, at the same time, we have a lot of initiative to maintain or to keep the ticket transaction volume. So having the improving ATP at the same time, more impact on cost-saving initiative in the second half. Overall, we were expecting the store OP margin will be better than the first half. 今年上半年，我们还在门店层面逐步推出了多项降本和成本管控措施，其中一些到上半年中期才 开始实施，因此效果会更多地体现在下半年。我们正尽力推动平均交易价格回升，也采取了多项 措施稳定交易量。随着平均交易价格改善，加上降本措施在下半年发挥更大作用，我们预计下半 年的门店层面的经营利润率会好于上半年。 On this basis, the performance between the initial city markets versus the new city markets will be similar in pattern for the first half. 在这个基础上，初始城市市场和新城市市场的相对表现预计与上半年大致相同。

Operator I'm going to move on to our next question. And our next question today comes from Miao Zhang with CMBI. 下面来看下一个问题，提问者是招银国际的 Miao Zhang。

Miao Zhang CMBI

Thank you, management, for taking my question. I'm Miao Zhang from CMBI. I have just two small questions on 3PP users; I'm not sure if this has already been addressed. Could management share some color on what measures are being implemented or rolled out to convert 3PP users to our own platform, and to boost their repurchase frequency or lift average transaction price? Also,

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

is there any available statistics on the conversion rate or retention rate for such measures? Thank you. 感谢管理层接受我的提问。我是招银国际的 Miao Zhang。我有两个关于第三方聚合平台用户的问 题，不确定刚才是否已经谈到。能否请管理层进一步介绍，目前采取了哪些措施，把第三方聚合 平台用户转化为自有线上渠道用户，并提高他们的复购频率或平均交易价格？另外，是否有相关 转化率或留存率的数据可以分享？谢谢。

Aileen Wang CEO & Executive Director, DPC Dash Ltd

Okay, I'll take this question. So the question is, what measures are being taken to convert platform users to own online users, right? Okay, like I mentioned before, I think for the aggregators, for the Domino's users, either they're actually converted from the OLO of Domino's, or they're actually new customers choosing Domino's on aggregators. For the first and foremost people, we actually think that with the subsidy coming down, they will naturally come back. Now that said, we're also taking proactive approach to actually attract people back to OLO. 好的，我来回答。你的问题是，我们会采取哪些措施，把平台用户转化为自有线上渠道用户，对 吗？正如刚才提到的，达美乐在第三方聚合平台上的客户，一类原本来自达美乐自有线上渠道， 另一类是在第三方聚合平台上第一次接触并选择达美乐的新客户。对于前一类客户，随着补贴力 度下降，他们会自然回到自有线上渠道。当然，我们也在主动采取措施，吸引客户回归自有线上 渠道。 And then for the new customers, we also want to highlight our own online channel by offering different things. First, the value we're offering on two channels are different. On aggregators, it’s more like red packets, or if you reach this level, you deduct this level. But in our own channel, we have this combo, we have Crazy Tuesday and Wednesday, which are very different for different needs. And then also we have the loyalty program. And by the way, our loyalty program actually has 42 million members already. These people who are very loyal to us and they stay with us on our own channel. 对于新客户，我们希望通过差异化内容，让他们看到自有线上渠道的优势。首先，两个渠道的优 惠机制并不相同。第三方聚合平台主要是红包或满减；自有线上渠道则有套餐以及 “接二连三”

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

等活动，可以满足不同需求。其次，我们有会员计划。顺便提一下，目前会员人数已经达到 4,200 万。这些会员对品牌的忠诚度很高，也一直在使用我们的自有线上渠道。 We attract people to get on our own channel and they can only actually get points through our own channel's orders. And at the same time, once people are on our own channel, we're upgrading our OLO experience - to make that smoother and also to help us to improve the average ticket. Also we have different engagements, digital games, bounce back coupons, proprietary IP products. These are the things we offer… 我们会吸引客户使用自有线上渠道，因为只有通过自有线上渠道下单才能获得会员积分。客户进 入自有线上渠道后，我们也会持续升级线上订购体验，让整个流程更加顺畅，同时带动平均交易 价格提升。此外，我们还提供数字游戏、复购优惠券、自有 IP 产品等多种互动方式。这是我们所 提供的……

Operator Pardon me, this is the operator. It looks like we may have lost audio from our main speaking line here. If you can please stand by, I'll play some music in the call and we'll be right back with you. Thank you. 抱歉打断一下。这里是主持人，主发言线路似乎断线了。请各位稍候，我们先播放一段音乐，很 快回来。谢谢。

Operator Hello everyone, looks like the line... Apologies, it looks like the line is back. You can please proceed with your answer. Thank you, ma'am. 大家好，线路好像……抱歉，现在似乎已经恢复。女士，请继续回答。谢谢。

Aileen Wang CEO & Executive Director, DPC Dash Ltd

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

Got it. Okay, I don't know where you lost me. Let me start from the beginning of this question. So, we're talking about how to convert the aggregator platform users to our own online channel. We do think that our own online channel actually provides differentiation. So, points. The first thing is the value. For example, the aggregator channel actually has the red packet or if you reach some threshold and then you get deduction. But on our own channel, you have the combo and the Crazy Tuesday and Wednesday. I think these are very different values. 好的。我不确定刚才从哪里断线了，我就重新回答一下这个问题吧。我们谈的是如何把第三方聚 合平台用户转化为自有线上渠道用户。自有线上渠道确实有差异化优势。第一是优惠形式。比如， 第三方聚合平台主要提供红包或满减；自有线上渠道则有套餐以及 “接二连三”活动，两边提供 的价值并不一样。 And for the loyalty program, you actually get rewarded for the loyalty points if you get the orders through our own online channel. We're also upgrading our OLO UI/UX so that people get smoother experience and also they get this opportunity to upsell, cross-sell and which will help on average ticket. On our own channel, we have different digital engagements, like WeChat games and bounce-back coupons. And we also have proprietary IP products, etc. 第二是会员计划。客户通过自有线上渠道下单，可以获得会员积分。我们也在升级自有线上渠道 的用户界面和使用体验，让下单过程更顺畅，同时创造加购和交叉销售机会，帮助提升平均交易 价格。自有线上渠道还提供微信游戏、复购优惠券、自有 IP 产品等多种数字化互动。 And then to get people back, we have different targeted and customized offers through 3PP. So that's why we do think that OLO is actually a different offer and then will attract people back. We've been continuing to monitor the conversion and retention rate. In the past, when the aggregator actually has higher subsidy, naturally, these two channels people actually coming back and forth. Then when the aggregator subsidy is higher, naturally people will go more toward the aggregator. But as the subsidy level goes down, we do see OLO channel is actually showing more growth as I mentioned. 为了吸引客户回来，我们也会借助第三方聚合平台发放定向和个性化优惠。正因为自有线上渠道 提供的是差异化选择，我们相信它能够吸引客户回归。公司一直在监测转化率和留存率。过去， 第三方聚合平台补贴较高时，客户会在两个渠道之间来回流动；平台补贴越高，客户自然越倾向 于第三方聚合平台。随着补贴力度下降，正如我刚才提到的，我们已经看到自有线上渠道恢复了 较快增长。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

Operator Our next question today comes from Shengwei Lai with CICC. Please go ahead. 下一个问题来自中金公司的 Shengwei Lai。请提问。

Shengwei Lai CICC

Hi, management. Thanks for taking that question. So I have one question regarding the store opening plan. So we have maintained a fast pace of store expansion year-to-date. How should we think about the opening plans for 2026 and 2027? And how do you balance entering new cities versus opening stores in existing ones? Thank you. 管理层好，感谢接受我的提问。我有一个关于开店计划的问题。今年以来，公司一直保持较快的 门店扩张速度。应该如何看待 2026 年和 2027 年的开店计划？进入新城市和在现有城市加密门店 之间，公司会如何平衡？谢谢。

Aileen Wang CEO & Executive Director, DPC Dash Ltd

Okay, I'll take this question. As we mentioned before, we use this ratio of pizza store per million population. And if you look at Domino's pizza stores per million population, ours is very low, it's only 1.1. We do think there's a very long way for us in China for the pizza store opening. And then we iterate that in the medium-term, the 3,000-store target is unchanged. That shows we have high confidence in the Chinese pizza market and also our penetration. As I mentioned before, for 2026, we're very much on track to achieve the target of 350. 好的，我来回答。正如之前提到的，我们会用每百万人口的比萨门店数来衡量市场渗透率。目前， 达美乐每百万人口的门店数只有 1.1 家，处于很低的水平。中国的比萨门店还有很大的扩张空间。 我们重申，中期达到 3,000 家门店的目标不变，这体现了我们对中国比萨市场和自身门店渗透能 力的高度信心。2026 年净新增 350 家门店的目标也在按计划推进。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

And in 2027, we're still in the planning phase. I think high level, we are very much on track. But we'll decide the detailed opening number based on several things, the customer dynamics and also the opening performance. 2027 年的计划仍在制定中。总体来看，公司的进展符合预期，具体开店数量会根据客户需求变化、 新店表现等多项因素来决定。

Operator Our next question today comes from Cong Xie with CITIC Securities Company. Please go ahead. 下一个问题来自中信证券的 Cong Xie。请提问。

Cong Xie CITIC Securities

Thank you for taking my questions and a good evening, management. I have only one question about average transaction value. And could you break down the reasons for the changes in the average transaction value for us? And how do we expect the average transaction value trend going forward? That's my question. Thank you. 感谢接受我的提问，管理层晚上好。我只有一个关于平均交易价格的问题。能否为我们拆解一下 平均交易价格变化的原因？公司又如何看待未来的走势？谢谢。

Aileen Wang CEO & Executive Director, DPC Dash Ltd

Thank you for your question. So for the average ticket, we do believe that the average ticket change was primarily attributable to the channel shift. As we mentioned, for the aggregators, the average ticket is actually lower because of the subsidy. And then for our own channel, it stays quite healthy, right? We already see that naturally with the subsidy level going down, the pricing has been stabilized. And we've been taking a lot of actions to proactively improve the average ticket.

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

谢谢你的提问。平均交易价格的变化，主要是渠道转移造成的。刚才提到，受补贴影响，第三方 聚合平台订单的平均交易价格较低，而自有渠道的水平仍然健康。随着补贴力度下降，平均交易 价格已经在逐步企稳。同时，公司也在主动采取多项措施，推动平均交易价格回升。 We want to reiterate that the average ticket improvement does not depend on aggregator subsidy going down or not. Actually, on aggregators, we have offers and we're continuing to optimize these offers. So that will help too. And then on our own channel, as I mentioned, our average ticket is originally quite high. And the question is how to convert people from the aggregator channels to our own channels. As I mentioned, combo is actually a very good choice, it has multiple items that will naturally actually increase the average ticket. 需要强调的是，平均交易价格能否改善，并不完全取决于第三方聚合平台是否减少补贴。我们在 第三方聚合平台上也有自己的优惠，并且一直在优化，这同样有助于提升平均交易价格。自有线 上渠道的平均交易价格原本就比较高，关键是如何把客户从第三方聚合平台转化到自有线上渠道。 套餐就是一个很好的办法，一份套餐包含多个单品，自然会带动平均交易价格提升。 And then also we're uplifting sides and drinks so that people can actually cross-sell and upsell more. And at the same time, we're launching new products. We also have average tickets in our mind. For example, durian chicken is actually a premium product. But as long as it has very good taste and innovation, people are willing to pay for the higher ticket. So that's how we consider on the average ticket. 我们还在加强小食和饮品的推广，带动搭配销售，为客户提供更多加购选择。开发新品时，我们 同样会考虑对平均交易价格的贡献。比如，果肉榴莲烤鸡比萨是一款定位较高端的产品；只要口 味足够好、产品有创新，客户就愿意支付更高的价格。整体上，我们就是从这些方面来提升平均 交易价格。

Cong Xie CITIC Securities

Thank you. 谢谢。

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

Operator: Well, that does conclude our question and answer session. I'd like to turn the conference back over to the company for any final remarks. 今天的问答环节到此结束。下面把电话交还公司，请管理层作最后总结。

FINAL REMARKS Aileen Wang CEO & Executive Director, DPC Dash Ltd

Helen, do you want to comment more? Helen，你还有什么要补充的吗？

Helen Wu CFO, DPC Dash Ltd

First of all, for the trend in 2027, one thing that we are seeing is that over the past years, we’ve been going through the normalization and also the 3PP heavy subsidies, etc. And that's why our SSSG experienced something that normally a brand probably wouldn't see, from high base and normalize and also, in the overall market. 先谈谈 2027 年的趋势。过去几年，公司经历了新市场从高基数逐步回归正常、第三方聚合平台大 额补贴等多重影响。因此，我们的同店销售增长既经历了高基数正常化，又叠加了整体市场环境 变化，走出了一段一般品牌不太常见的轨迹。 Now, I think for 2027, what we've been seeing or what we are looking at is that our SSSG will turn positive. That's number one. And second is that we will expect that ATP will gradually come back. This is something that we have seen over the past few months that actually ATP is climbing back. It is on the back of a lot of the initiatives that we already take, for instance, the combo launch, for instance, the differentiated services between the 3PP and also our online platform. So we will continue to work on that. Third part is the margin. As I have just said, we will expect some improvements for the second half versus the first half. This trend will continue in 2027 because a

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

lot of the cost-initiative savings, we didn't actually put into place and stick to it. So these are the things that we will actually carry on to 2027. 目前对 2027 年的判断主要有三点。第一，同店销售增长会转正。第二，平均交易价格将逐步回 升。过去几个月，我们已经看到平均交易价格在恢复，背后是此前采取的一系列措施，包括推出 套餐，以及在第三方聚合平台和自有线上渠道之间提供差异化服务。这些工作还会继续推进。第 三是利润率。刚才已经提到，我们预计下半年的利润率会好于上半年，这一改善趋势将在 2027 年 延续。不少降本措施还在持续落实和巩固，相关工作也会延续到 2027 年。 On top of that, because we are scaling up gradually. As we build up a larger scale, a lot of other benefits in the scale will continue to unfold. So for 2027, we are also looking at margin improvement versus 2026. This is something that I will conclude for 2027. And also, in terms of store counts, first of all, in 2026, 96% of the total net opening of 350 has been locked in. So we are pretty much confident that we will deliver that for the net opening of 350. 此外，公司业务规模正在逐步扩大。随着规模增长，更多规模效益会持续显现。因此，我们预计 2027 年的利润率也会好于 2026 年。以上是我对 2027 年趋势的总结。门店数量方面，2026 年净 新增 350 家门店的计划中，已有 96%得到落实，所以我们很有信心完成全年目标。 For 2027 and beyond, we have a medium-term target of growing into 3,000 store counts by the end of 2030. So the store count planning or the expansion planning for the next few years, we will work along that medium-term target to actually plan for each year. And then also, depending on the factors that Aileen just mentioned, the store performance, etc., every year we will roll out the appropriate store counts that fit our stage, fit our capacity, and fit the medium-term 3,000 target. 再看 2027 年及以后，我们的中期目标是到 2030 年底将门店数量增至 3,000 家。未来几年的门店 扩张计划会围绕这一目标逐年制定。同时，我们也会结合 Aileen 刚才提到的门店表现等因素，每 年确定与公司所处发展阶段、执行能力以及中期 3,000 家门店目标相匹配的开店数量。

Aileen Wang CEO & Executive Director, DPC Dash Ltd

Well, thank you, Helen. Thank you for joining today's call and for your continued support. We look forward to keeping you updated on our progress moving forward. Thank you.

*本转录稿所涉及的数据均为约数。

DPC Dash Ltd 1H2026 Financial Results Call Transcript

August 26, 2026

谢谢 Helen。感谢各位参加今天的电话会，也感谢大家一直以来的支持。今后我们会继续向大家 汇报公司的最新进展。谢谢。

Operator Thank you. That concludes today's conference call. Thank you all for attending today's presentation. You may now disconnect your lines. 谢谢。今天的电话会到此结束，感谢各位参加。现在可以挂断电话。

*本转录稿所涉及的数据均为约数。