Chain expansion has emerged as the key differentiator, with China's restaurant chain penetration rate rising steadily in recent years and expected to reach 25% in 2025, according to Meituan platform data. Industry reports show that the pizza category stands out, as China’s pizza market reached RMB 48 billion in 2024 and surpassed RMB 50 billion in 2025. Against this backdrop, DPC Dash-Domino's Pizza China (1405.HK) disclosed its Q4 2025 business results this month, reinforcing its position as the market leader.

Store Expansion Achieves Quality and Scale Growth

DPC Dash is the exclusive master franchisee for Domino's Pizza in the Chinese Mainland, Hong Kong SAR, and Macau SAR. The company's 2025 store deployment closely aligned with industry trends, achieving breakthroughs in scale and efficiency. As of December 31, 2025, total store count exceeded 1,315 locations, representing 307 net new stores year-over-year, with entry into 21 new cities and expanding coverage to 60 cities. On January 1, 2026, the company accelerated expansion further, with 62 new stores opening across 46 cities.

This efficient expansion benefits from mature store expansion models and precise market judgment. In 2025, when overall industry store counts fluctuated due to competition, DPC Dash’s efficient, high-quality expansion results proved particularly impressive. New store performance further validates brand strength—the first store in Dalian generated sales close to RMB 700,000 on its grand opening day during the 2026 New Year holiday, setting a new record in Domino’s global system. As of Q3 2025, DPC Dash holds 49 of the top 50 spots in first-30-day sales rankings among Domino's global network. By store count, the Chinese Mainland market has become Domino's third-largest international market, with regional penetration capabilities continuing to lead.

Operating Resilience Emerges, User Ecosystem Solidifies Growth Foundation

Due to structural market factors, category shifts and changing consumer trends, the restaurant industry's average order size remained under pressure in 2025, with consumers increasingly favoring affordable, quality dining options. Amid these trend shifts, DPC Dash achieved steady growth against such headwinds, demonstrating strong operational resilience.

In Q4 2025, the company's tier-one city same-store sales growth (SSSG) maintained positive momentum. Excluding impacts from new market stores opened after December 2022, group-level SSSG also remained positive for both H2 2025 and full-year 2025. Even despite high prior-period comparisons and competitive market pressures, core market risk resilience remained outstanding. Continued user community expansion supported performance growth. As of December 31, 2025, total membership reached 35.6 million, up 45.3% from 24.5 million at year-end 2024. New users completing first orders through proprietary and third-party channels in the past 12 months continued growing, exceeding 15.4 million.

Strong operating metrics and user base earned DPC Dash the "Most Valuable Consumer Company Award" and "Best IR Team Award" from Zhitong Finance's listed company ranking, further solidifying capital market recognition of its operating quality and growth logic.

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