Doss Group Releases 2025 Annual Results: Triple-Driven Growth Flywheel Highlights Development Resilience and Operational Quality

On March 25, Doss Group (1405.HK), a leading enterprise in the global pizza industry, $DPC DASH (01405.HK)$ released its 2025 annual earnings report. Facing an industry environment of slowing overall growth in the food and beverage sector and increasingly fierce market competition, Doss Group delivered a bright and robust performance, leveraging its strong brand power and efficient operational management system.

Earnings report data shows that in 2025, the company achieved total revenue of RMB 5.382 billion, a year-on-year increase of 24.8%, demonstrating strong market expansion momentum; net profit reached RMB 142 million, a year-on-year increase of 157.1%; adjusted net profit was RMB 188 million, a year-on-year increase of 43.3%. All core performance indicators achieved steady growth, fully reflecting the continuous optimization of operational efficiency and the gradual release of scale effects, with resilience and operating quality strongly validated.

Refinement of operations across multiple dimensions, dual drivers of stores and products

In terms of operations, as the exclusive master franchisee for Domino's Pizza in mainland China, Hong Kong, and Macau, Dazhong Co., Ltd. has continued to deepen its '4D' strategic layout, driving steady improvement in operational quality from multiple dimensions. In terms of store expansion, the company adheres to a dual-driver strategy of deepening existing markets while expanding into emerging regions, opening a net total of 307 new stores throughout 2025.

As of December 31, 2025, the total number of company-operated stores reached 1,315, covering 60 cities nationwide, with 21 new cities added compared to the previous year. Among them, non-first-tier cities have become the core growth engine, with 798 stores generating significantly higher revenue growth than first-tier cities, showcasing strong brand penetration.

At the product level, Dazhong Co., Ltd. adheres to innovation-driven development, continuously iterating its product portfolio. In 2025, several blockbuster products were launched, including the English Wellington Filet Steak Pizza and the Fruit Meat Durian Extra 'Lychee' Pizza, accompanied by innovative categories like molten chocolate lava crusts, comprehensively meeting consumers' diverse and personalized demands. Meanwhile, the company upholds its service commitment of '30-minute guaranteed delivery,' achieving an on-time delivery rate exceeding 93% for the year, further solidifying its core competitive barriers through efficient fulfillment capabilities and service quality.

Deepening the member ecosystem, scale effects expected to be further unleashed

The continuous cultivation and fine-tuned operation of the member ecosystem have become the core support and key driver for Dazhong Co., Ltd.'s steady performance growth. The company’s customer base is diverse, covering all age groups and multiple consumer tiers, with market penetration and user recognition continuously improving. During peak consumption periods such as weekends, holidays, and summer vacations, its stores remain popular choices for student groups, young consumers, and families dining out, showing impressive foot traffic and popularity.

As of December 31, 2025, Dazhong Co., Ltd.'s total membership exceeded 35.6 million, a year-on-year increase of 45.3%; attracting over 15.4 million new users who placed their first orders in the past year. Backed by a digital operations system, customer stickiness and repurchase rates have continued to strengthen, injecting robust internal momentum into performance growth.

Regarding the market environment, although competition in the food delivery industry has intensified recently, with platform traffic battles impacting profitability for companies like Yum! Brands and Luckin Coffee, Dazhong Co., Ltd. has effectively resisted industry fluctuations through meticulous operations and differentiated advantages. At the same time, ongoing national policies promoting consumption expansion, quality improvement, and supporting standardized, scaled development of chain catering have created a favorable environment for high-quality growth in the catering sector, presenting new opportunities for leading enterprises like Dazhong Co., Ltd.

As a benchmark company in the pizza sector, Dazhong Co., Ltd. leverages the anti-cyclical attributes of the pizza category, an efficient operational management system, and a clear nationwide expansion strategy, gradually building a tripartite growth flywheel of 'scale expansion, operational optimization, and member engagement.' Looking ahead, with the continuous enhancement of brand influence and the ongoing refinement of nationwide expansion, the company’s scale effects will be further released, profitability is expected to continue strengthening, and long-term investment value and future earnings potential warrant significant market attention.

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