DPC Dash Ltd, Domino's Pizza's exclusive master franchisee for mainland China, Hong Kong, and Macau, posted first-half 2026 revenue of RMB3.13 billion, a 20.8% year-over-year gain, as accelerated unit expansion and a 33.7% surge in transaction volume offset headwinds from platform-subsidized pricing. Net profit attributable to owners reached RMB81.0 million, up 22.9%, while adjusted net profit rose 7.4% to RMB98.2 million.

The Numbers

The operator opened 235 net new stores and entered 15 new cities in the six months ended June 30, 2026, bringing the total footprint to 1,550 locations across 75 cities — 532 in Tier 1 markets and 1,018 in non-Tier 1 cities. Delivery sales climbed 44.7% to RMB1.62 billion, underlining the chain's foodservice delivery positioning. Loyalty program membership expanded 39.2% to 41.9 million members, who accounted for 60.1% of revenue in the period — a metric that would be the envy of most loyalty-driven foodservice operators.

The volume story is cleaner than the ticket story. Same-store transaction count grew 7.1%, accelerating from 3.9% in the year-ago half, but same-store sales fell 4.8% as average transaction price (ATP) dropped to RMB72.9 from RMB80.7 a year earlier — a 9.6% decline driven largely by heavy consumer subsidies from third-party aggregator platform (3PP) campaigns active since mid-2025. Average daily sales per store declined 8.4% for the same reason. Store-level EBITDA rose 8.3% to RMB544.5 million, though margin compressed 200 basis points to 17.4% as lower realized ticket prices flowed through unit economics.

Supply Chain Build-Out

Beyond the headline unit count, DPC Dash opened its fourth supply chain center (SCC) in Wuhan on August 21, 2026, with annual production capacity to support more than 200 stores. The facility takes pressure off the Shanghai, Beijing, and Dongguan SCCs by serving Wuhan and surrounding markets directly — a back-of-house logistics move that should improve dough-delivery economics as the network in central China densifies. The company has also secured sites for additional SCCs in Chengdu and Nanjing, targeted to open in the second half of 2027, signaling that infrastructure investment is running in parallel with the unit-growth push.

On the leadership front, the company appointed Joanne Xie as Chief Marketing Officer in May 2026. Xie brings more than 20 years of marketing experience, including roles at McDonald's China, Coca-Cola, and Mondelēz, and will oversee brand strategy, digital marketing, and menu innovation — areas the operator is leaning on to rebuild ATP as platform subsidies recede.

What's Next

Management has set a full-year 2026 target of approximately 350 net new stores. With 235 openings through June 30 and an additional 27 stores opened by August 14 — plus 38 under construction and 36 signed or approved — the pace appears on track. CEO Aileen Wang noted that same-store transaction growth in New City markets turned positive for the first time, describing prior softness as normalization from elevated launch-period sales rather than structural weakness.

Chief Financial Officer Helen Wu highlighted that corporate-level cost charges fell from 8.1% to 7.5% of revenue, and the company ended the half with RMB934.7 million in cash and a gearing ratio of 7.9%. Management expects 3PP subsidies to gradually rationalize and plans internal initiatives to rebuild average ticket — the key variable operators watching unit economics will want to track in the second half.

Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.