Revenues increased to RMB4.31 billion, representing 41.4% year-over-year growth
Store-level operating profit grew by 48.7%; Adjusted group EBITDA increased by 64.1%
Adjusted net profit reached RMB131.2 million, representing 1,394.2% year-over-year growth
Added 240 net new stores in 2024; 1,008 stores in operation across 39 cities as of December 31, 2024
HONG KONG, March 27, 2025 /PRNewswire/ — DPC Dash Ltd – Domino’s Pizza China (“DPC Dash” or the “Company”, together with its subsidiaries, the “Group”) (1405.HK), Domino’s Pizza’s exclusive master franchisee in the Chinese Mainland, the Hong Kong Special Administrative Region of China, and the Macau Special Administrative Region of China, today announced its audited consolidated financial results for the year ended December 31, 2024 (“FY2024”).
FY2024 HIGHLIGHTS[1]
Revenues reached RMB4.31 billion, representing an increase of 41.4% from RMB3.05 billion in the year ended December 31, 2023 (“FY2023”).Opened 240 net new stores and entered into 10 new cities in FY2024. Total stores reached 1,008 across 39 cities, as of December 31, 2024.Average daily sales per store was RMB13,126 in FY2024, representing a 4.3% year-over-year increase.Same-store sales growth (SSSG) was 2.5%, compared to 8.9% for FY2023 and 3.6% in the first six months of 2024.Store-level EBITDA was RMB831.4 million, representing an increase of 44.2% from RMB576.6 million in FY2023. Store-level EBITDA margin was 19.3%, compared to 18.9% for FY2023.Store-level operating profit was RMB624.0 million, representing an increase of 48.7% from RMB419.7 million in FY2023. Store-level operating profit margin was 14.5%, compared to 13.8% for FY2023.Adjusted EBITDA was RMB495.2 million, representing an increase of 64.1% from RMB301.7 million in FY2023. Adjusted EBITDA margin was 11.5%, compared to 9.9% for FY2023.Adjusted net profit was RMB131.2 million, representing an increase of 1,394.2% from RMB8.8 million in FY2023.As of December 31, 2024, the Group held RMB1,069.3 million in cash and bank balances, as compared to RMB1,019.2 million as of December 31, 2023.Total loyalty program membership was 24.5 million, representing an increase of 67.8% from 14.6 million in FY2023.
[1] Please refer to the section “KEY DEFINITIONS” on Page 5 for detailed definitions on certain terms used.
Ms. Aileen Wang, CEO & Executive Director of DPC Dash commented, “Our implementation of the 4D strategy yielded solid results in 2024, with total revenues representing a 41.4% increase year-over-year. Through our balanced ‘Go-Deeper’ and ‘Go-Broader’ approach, we expanded our network to 1,008 stores across 39 cities, adding a net of 240 new locations while maintaining positive same-store sales growth for the 30th consecutive quarter. The focused execution of our menu innovation at value, service optimization, and digital initiatives has driven consistent growth. Looking ahead to fiscal year 2025, we remain committed to operational efficiency and strategic site selection to ensure long-term returns and shareholder value.”
Ms. Helen Wu, CFO of DPC Dash, added, “Our strong financial performance in 2024 highlights the effectiveness of our strategic initiatives and operational discipline. We achieved meaningful improvements in profitability, with adjusted EBITDA increasing by 64.1% year-over-year to RMB495.2 million. This growth reflects our effective cost management and the benefits of scale. Notably, we delivered our first full year of positive reported net profit, marking an important milestone for our company. As we move forward, our solid financial position will support our ongoing efforts to drive sustainable growth.”
FY2024 Financial Results
Year ended
Dec 31,
Dec 31,
(in RMB millions, except percentages and per share data)
2023
2024
YoY
Revenue
3,050.7
4,314.1
+41.4 %
Store-level EBITDA
576.6
831.4
+44.2 %
Store-level EBITDA margin
18.9 %
19.3 %
+0.4
Store-level operating profit
419.7
624.0
+48.7 %
Store-level operating profit margin
13.8 %
14.5 %
+0.7
Adjusted EBITDA
301.7
495.2
+64.1 %
Adjusted EBITDA margin
9.9 %
11.5 %
+1.6
Adjusted Net Profit
8.8
131.2
+1,394.2 %
Net Profit/(Loss)
(26.6)
55.2
N/A
Basic Net Profit/(Loss) per share
(0.22)
0.42
N/A
Diluted Net Profit/(Loss) per share
(0.22)
0.42
N/A
Operational Highlights
As of
Dec 31,
Jun 30,
Dec 31,
2023
2024
2024
Total stores
768
914
1,008
Number of cities entered
29
33
39
Loyalty membership numbers (million)
14.6
19.4
24.5
Full Year
Ending
Dec 31,
6-Months
Ending
Jun 30,
Full Year
Ending
Dec 31,
2023
2024
2024
Same-store sales growth (SSSG) (%)
8.9 %
3.6 %
2.5 %
Average Daily Sales per Store (RMB)
12,580
13,515
13,126
Delivery as % of Revenue (%)
59.2 %
46.4 %
46.1 %
Recent Developments
On May 30, 2024, the Company received the Best Digitalization Award (Food and Dining Category) at the 15th Tiger Roar Awards, validating the Company’s emphasis on digital solutions as part of its core strategy.
On June 25, 2024, the Company was named a Top 20 Digitalized Enterprise by China Digital Innovation Expo (CDIE) 2024, an honor which recognizes the Company’s innovative approach and leadership on the digital front.
On July 8, 2024, the Company received the 2023 Best IPO Award from China Financial Market 2024, a testament to its unwavering commitment, dedication, and execution in delivering value to shareholders.
On August 16, 2024, the Company announced that it had been selected as a constituent stock for the Hong Kong Hang Seng Composite Index, effective September 9. On September 9, 2024, the Company announced its official inclusion in both the Shanghai-Hong Kong Stock Connect Program and the Shenzhen-Hong Kong Stock Connect Program.
On November 15, 2024, the Company celebrated the grand opening of its 1,000th store in Chengdu, China. This milestone marks another significant milestone in the Company’s proven “Go-Deeper, Go-Broader” store network strategy.
On December 17, 2024, the Company received recognition from the prestigious 2024 “Annual Seven-Star Awards for Outstanding Contributions in Food Safety & Public Health” for the fourth year. This honor stands as a testament to DPC Dash’s unwavering commitment to food safety, quality, and excellent service.
As of December 31, 2024, Domino’s Pizza is ranked in the Top 2 in terms of pizza sales in China for 2024, according to market survey conducted by Frost & Sullivan.
As of December 31, 2024, the Chinese mainland market is now also ranked the third largest Domino’s Pizza international market in terms of store count.
During the 12 months ended on December 31, 2024, the Company expanded into 10 new cities, including Shenyang, Chongqing, Zhengzhou, and Nanning. In January 2025, the company entered 6 additional cities during the New Year and pre-Chinese New Year holiday season, including Nanchang.
On January 14, 2025, the Company was recognized as a 2024 Best Employer by Mercer, marking the third consecutive year that the Company has received this prestigious award.
On February 17, 2025, the Company was named one of the “Highest Growth Potential Consumer Stocks” in New Fortune’s “2024 Best Hong Kong Listed Companies” ranking. This recognition reflects the Company’s strong performance across profitability, growth trajectory, investment returns, and innovation metrics, underscoring its market leadership and future prospects in the consumer sector.
As of February 28, 2025, the Company held all the top 40 positions in the global records of Domino’s Pizza for the first 30-day sales of new stores. The Company’s first store in Shenyang set a new global record for Domino’s Pizza in terms of first 30-day sales for new stores, achieving approximately RMB11.1 million in revenue, demonstrating the strength and popularity of the Domino’s Pizza brand name in China.
On March 3, 2025, the Company received the Gold Franny Award from Domino’s Pizza, Inc. for the seventh consecutive year. This award, presented within the Domino’s global system, recognizes U.S. and international franchisees for outstanding operating results, store development, and growth.
Outlook
The Group expects to open approximately 300 net new stores in 2025. Total capital expenditure for store development, including remodeling, relocation, and maintenance, is expected to be approximately RMB570 million.
As of March 14, 2025, the Company opened 82 net new stores, with 26 stores under construction, and 62 stores signed, accounting for over 56% of the total targeted store opening plan for the full year.
The Group is also striving to enhance the cost efficiency as we continue to expand, and our stores continue to operate at a higher capacity.
Conference Call Information
The Company will host a conference call today, Thursday, March 27, 2025, at 7:00 pm Hong Kong Time (or Thursday, March 27, 2025, at 7:00 am Eastern Time) to discuss the financial results.
A live audio-only webcast of the call can be accessed directly at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=tDOLLjE9.
To participate by phone, participants are strongly encouraged to pre-register for the conference call, by using the link provided below. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.
Pre-registration Link: https://dpregister.com/sreg/10197148/fe92777ba0
An audio-only replay of the call will be accessible through April 3, 2025, by dialing the following numbers:
United States Toll Free:
+1-877-344-7529
International:
+1-412-317-0088
Access Code:
3442293
Key Definitions
Store-level operating profit represents revenue less operational costs incurred at the store level, comprising salary-based expense, raw materials and consumables cost, depreciation of right-of-use assets, depreciation of plant and equipment, amortization of intangible assets, variable lease rental payment and short-term rental expenses, utilities expenses, advertising and promotion expenses, store operating and maintenance expenses and other expenses.Store-level operating profit margin is calculated by dividing store-level operating profit by revenue for the same year.Store-level EBITDA is defined as store-level operating profit for the year and adding back depreciation of plant and equipment and amortization of intangible assets in store-level.Store-level EBITDA margin is calculated by dividing Store-level EBITDA by revenue for the same year.Adjusted EBITDA is defined as Adjusted Net Profit for the year and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net.Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same year.Adjusted Net Profit is defined as profit for the year and adding back fair value change of financial liabilities at fair value through profit or loss, share-based compensation and listing expenses.Net new store openings. The number of gross new stores opened during the period minus the number of stores closed during the period.Same-store sales growth (SSSG). SSSG compares the sales generated by same stores during the relevant period year-on-year: the SSSG for the year ended December 31, 2024 compares the same-store sales of the year ended December 31, 2024 and that of the year ended December 31, 2023; the SSSG for the six months ended June 30, 2024 compares the same-store sales of the six months ended June 30, 2024 and that of the six months ended June 30, 2023; and the SSSG for the year ended December 31, 2023 compares the same-store sales of the year ended December 31, 2023 and that of the year ended December 31, 2022.Average Daily Sales per Store is calculated by dividing the revenues generated from the relevant store for a particular period by the aggregate number of days of operation of such store during the same year.
Non-IFRS Measures
To supplement the Group’s consolidated financial statements that are presented in accordance with the IFRS, the Group also uses Adjusted Net Profit (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.
“Store-level EBITDA” is defined as store-level operating profit for the year and adding back depreciation of plant and equipment and amortization of intangible assets in store-level. “Store-level EBITDA margin” is calculated by dividing Store-level EBITDA by revenue for the same year. “Adjusted Net Profit” is defined as profit for the year and adding back fair value change of financial liabilities at fair value through profit or loss, share-based compensation and listing expenses. “Adjusted EBITDA” is defined as Adjusted Net Profit for the year and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net. “Adjusted EBITDA margin” is calculated by dividing Adjusted EBITDA by revenue for the same year.
The Group believes that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company. The Group believes that these measures provide useful information to investors and others in understanding and evaluating the Group’s results of operations in the same manner as they help the Group’s management. However, the Group’s presentation of Adjusted Net Profit (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies. The use of such non-IFRS measures has limitations as an analytical tool, and shareholders and potential investors of the Company should not consider them in isolation from, or as substitute for analysis of, the Group’s results of operations or financial condition as reported under IFRS.
Forward-Looking Statements
Certain statements in this document and/or the Announcement are forward-looking statements that are, by their nature, subject to significant risks and uncertainties. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events, or performance (often, but not always, through the use of words or phrases such as “will”, “expect”, “anticipate”, “estimate”, “believe”, “going forward”, “ought to”, “may”, “seek”, “should”, “intend”, “plan”, “projection”, “could”, “vision”, “goals”, “aim”, “aspire”, “objective”, “target”, “schedules”, and “outlook”) are not historical facts, are forward-looking and may involve estimates and assumptions and are subject to risks (including but not limited to the risk factors detailed in this document and/or the Announcement), uncertainties and other factors some of which are beyond the Company’s control. Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s forward-looking statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to the Company about the businesses that it operates. The risks, uncertainties and other factors, many of which are beyond the Company’s control, that could influence actual results include, but are not limited to: the Company’s operations and business prospects; its business and operating strategies and ability to implement such strategies; its ability to develop and manage its operations and business; its ability to control costs and expenses; its ability to identify and satisfy customer demands and preferences; the actions and developments of its competitors; general economic, political and business conditions in the markets in which it operates; and changes to regulatory and operating conditions in the industry and geographical markets in which it operates.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or under applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.
Since actual results or outcomes could differ materially from those expressed in any forward-looking statements, the Company’s shareholders and potential investors are advised not to place undue reliance on the forward-looking statements and to exercise caution in dealing in securities in the Company.
About DPC Dash Ltd
DPC Dash is Domino’s Pizza’s exclusive master franchisee in the Chinese mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. Domino’s Pizza, Inc., DPC Dash’s global franchisor, is one of the most widely-recognized global consumer brands and the world’s largest pizza company. Led by a seasoned and visionary management team, DPC Dash is a market leader that differentiates from competitors with, among others, a continually innovated and localized pizza-focused menu, unique expertise and leadership in delivery, technology focus and scalable and replicable store economic model. DPC Dash operates 1,008 stores in 39 cities in the Chinese mainland as of December 31, 2024.
For more information, please visit www.dpcdash.com
For official company announcements, please visit www.hkexnews.hk
Contacts
DPC Dash Ltd Investor Relations:
DPC Dash Ltd
[email protected]
ICR, LLC
[email protected]
DPC Dash Ltd Media Relations:
ICR, LLC
[email protected]
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended December 31
2024
2023
RMB’000
RMB’000
Revenue
4,314,093
3,050,715
Raw materials and consumables cost
(1,169,799)
(836,796)
Staff compensation expenses
(1,509,483)
(1,178,681)
Depreciation of right-of-use assets
(307,139)
(236,855)
Depreciation of plant and equipment
(208,643)
(159,196)
Amortization of intangible assets
(54,104)
(51,125)
Utilities expenses
(164,104)
(114,823)
Advertising and promotion expenses
(217,623)
(159,214)
Store operation and maintenance expenses
(270,833)
(188,892)
Variable lease rental payment, short-term
rental and other related expenses
(121,035)
(70,843)
Other expenses
(137,721)
(130,907)
Fair value change of financial liabilities at
fair value through profit or loss (“FVPL”)
–
119,331
Other income
14,560
34,015
Other losses, net
(10,589)
(19,809)
Finance costs, net
(57,975)
(54,645)
Profit before income tax
99,605
2,275
Income tax expense
(44,410)
(28,878)
Profit/(loss) for the year attributable
to equity holders of the Company
55,195
(26,603)
Other comprehensive income:
Item that may be subsequently reclassified
to profit or loss
Currency translation differences
(4,670)
(6,047)
Item that may not be subsequently
reclassified to profit or loss
Currency translation differences
13,583
33,860
Other comprehensive income for the
year, net of tax
8,913
27,813
Total comprehensive income for the
year attributable to equity holders
of the Company
64,108
1,210
Earnings/(loss) per share for
profit/(loss) attributable to equity
holders of the Company
– Basic earnings/(loss) per share (RMB)
0.42
(0.22)
– Diluted earnings/(loss) per share (RMB)
0.42
(0.22)
CONSOLIDATED BALANCE SHEET
As at December 31
2024
2023
RMB’000
RMB’000
ASSETS
Non-current assets
Plant and equipment
807,812
625,547
Right-of-use assets
1,305,383
967,277
Intangible assets
1,211,213
1,228,638
Deposits
74,822
56,320
Deferred income tax assets
108,336
52,972
3,507,566
2,930,754
Current assets
Inventories
114,551
73,331
Trade receivables
12,962
9,752
Prepayment, deposits and other receivables
171,745
112,675
Cash and bank balances
1,069,302
1,019,243
1,368,560
1,215,001
Total assets
4,876,126
4,145,755
EQUITY
Equity attributable to equity holders
of the Company
Share capital
882,537
879,043
Share premium
2,278,503
2,254,958
Other reserves
150,240
89,110
Accumulated losses
(1,067,054)
(1,122,249)
Shares held for restricted share units
(“RSUs”)
(994)
(1,731)
Total equity
2,243,232
2,099,131
LIABILITIES
Non-current liabilities
Borrowings
–
200,000
Lease liabilities
1,078,957
808,780
Other payables
36,939
20,757
1,115,896
1,029,537
Current liabilities
Borrowings
200,000
–
Lease liabilities
289,221
229,399
Trade payables
248,645
153,904
Contract liabilities
63,010
44,911
Accruals and other payables
676,051
571,107
Current income tax liabilities
40,071
17,766
1,516,998
1,017,087
Total liabilities
2,632,894
2,046,624
Total equity and liabilities
4,876,126
4,145,755
CONSOLIDATED CASH FLOW STATEMENT
Year ended December 31
2024
2023
RMB’000
RMB’000
Cash flows from operating activities
Cash generated from operations
895,890
579,635
Income tax paid
(77,469)
(43,549)
Net cash generated from operating
activities
818,421
536,086
Cash flows from investing activities
Purchase of plant and equipment
(373,163)
(287,623)
Purchase of intangible assets
(43,082)
(28,580)
Interest received
25,288
12,273
Proceeds from disposal of plant and
equipment
127
–
Decrease/(increase) in short-term time
deposits with original maturities over
three months
432,444
(428,191)
Net cash generated from/(used in)
investing activities
41,614
(732,121)
Cash flows from financing activities
Rental deposit payment
(24,608)
(20,613)
Payment of principal element of lease
liabilities
(285,213)
(218,129)
Payment of interest element of lease
liabilities
(68,092)
(58,921)
Interests paid
(9,318)
(9,680)
Payment of listing expense
–
(24,501)
Proceeds from issuance of ordinary shares
–
548,921
Proceeds from exercise of share options
5,225
–
Net cash (used in)/generated from
financing activities
(382,006)
217,077
Net increase in cash and cash
equivalents
478,029
21,042
Cash and cash equivalents at beginning of
year
587,038
544,247
Exchange difference on cash and cash
equivalents
4,035
21,749
Cash and cash equivalents at end of
year
1,069,102
587,038
Cash at bank and in hand at end of year
1,069,302
1,019,243
Less: Short-term time deposits with
original maturities over three months
and restricted cash at end of year
(200)
(432,205)
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SOURCE DPC Dash Ltd
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