DPC Dash 2026年二季度财报电话会议纪要

发布时间：2026-08-27 一、AI总结内容 一、核心要点 1. 2026年上半年总营收同比增长20.8%至31.338亿元，驱动力来自交易量增33.7%，定价压力来自行业补贴。2. 新开门店350家的目标达成进度：上半年已完成235家，2026年全年目标在2020年350家基础上，按客户动态、门店表现决定收尾细节。3. 平均交易价（ATP）相关：2026年上半年ATP因渠道结构变化下降，公司通过组合产品、升级套餐、数字化互动等方式提升ATP，预计2027年ATP逐步回升。4. 门店扩张：长期目标2030年达3000家门店，2026-2027年仍以此为规划依据，依赖市场成熟度、门店密度等指标。二、关键运营数据 1. 中国内地、香港、澳门是独家特许经营区域，拥有超2.25万家全球门店的达美乐披萨全球授权商合作伙伴。 2. 2026年上半年直营渠道会员达4190万，新增1810万下单客户；新开门店日均销售额2.823万元，预计回收期14.8个月。3. 供应链布局：武汉供应链中心2026年8月21日启用，服务武汉地区超200家门店；成都、南京供应链中心2027年下半年启动。4. 渠道结构：总配送销售额同比增44.7%至16.188亿元，占总营收51.7%；第三方平台配送增81%，直营渠道配送降11.8%。 三、财务表现 1. 门店层面EBITDA同比降8.3%至5.445亿元，利润率17.4%；门店运营利润同比增2.9%至3.984亿元，利润率12.5%，因ATP下降及第三方配送占比提升。2. 集团层面调整后EBITDA增8.6%至3.507亿元，利润率11.2%；调整后净利润增7.4%至9820万元。3. 现金储备充裕，期末现金及银行存款9.347亿元，经营现金流5.049亿元，无偿还压力，未动用信贷额度3亿元。 四、策略举措 1. 渠道策略：通过会员体系、个性化优惠、数字互动等引导用户回流直营渠道，直营渠道ATP达94元，高于第三方平台。 2. 产品策略：推出芝士可颂披萨、卤肉披萨、与《明日方舟》联名产品等创新品，上线性价比套餐及单款产品，提升吸引力。3. 市场策略：新市场加快推进外卖服务，新开门店外卖占比已达25%，未来继续提升外卖渗透率；成熟市场聚焦ATP提升，平衡渠道结构。4. 成本控制：优化广告促销、门店运营维护等费用， raw material、门店租金等费用与营收及门店增长匹配，下半年成本节省措施将见效。 五、风险与关注 1. 行业补贴：第三方平台补贴压力存在，2026年下半年补贴或达峰值，影响短期ATP及利润率 ，预计2027年补贴正常化后利润率恢复。2. 门店增长不确定性：门店扩张受当地市场动态、门店表现等因素影响，实际开店数或与计划有小幅偏差。3. 竞争环境：披萨市场竞争激烈，需持续创新及渠道优化应对同业竞争。 二、音频原文（转写） So, um, aerators is more like grab pocket or ifyou reach this level, you deduct this level. Butthen our own channel, we have this combo, we have created two different websites which are verydifferent for different needs. And then also wehave the loyalty program. And by the way, our loyalty program actually has forty two million members already, right? So these people who are very loyal to us and then stay with us on our own channel. So we attractpeople to get our own channel and they can only. We actually get points through our own channel's orders, and then at the same time, once people are on our own channel, we're upgrading our oil experience to make that smoother, and also tohelp us to sort of improve the average ticket. And then also we have different engagements, digital games, bounce back coupons, and then proprietary transaction properties. These are the things we offer. Pardon me, this is the operator. Itlooks like we may have lost audio from our mainspeaking line here. If you can please stand by.I'll play soul music in the car and we'll be right back with you. Thank you. 嗯。 啊，看不到，看不到我输吗？そうや。Hello everyone, looks like the.Apologies, it looks like the line is back. Youcan please proceed with your answer. Thank you ma'am. Got it. Okay, I don't know where you lostmany dollars. So we're talking about how to convert. the aggregator ah platform users through our own online channel. we do think that our online channel I should provide stem cell differentiation rights in this point. the first thing is th e value. For example, the average channel actually has, you know. the red pocket or if you uh reach some fresh mood and then you get deduction.But then on our own channel, you have become both. You have to keep the truth in mind, folks. Ithink these are very different. And for the loyalty program. You actually get rewarded for doing. You can be also through our online channel. and then we're also upgrading our one and one magnet. so that people get smoother experience. andthen also. they get this opportunity to actuallyupstart across the world and then which will help. 我不。 then on our own channel behind the digital engagement, right digital engagement. you know wechatgames then bonza coupons. And then you also have proprietary. I T you know product. And to getpeople back, we have, you know, different targeted. and their customized offers right through CDP. So that's why we do think that oil is actually. A different offer. And then we're going to pack people back. And then we didn't. continuing to monitor the commercial and retention rates. soIn the past when the aggregator actually has higher sensitivity, I think you. naturally, thesetwo channels people actually come and come forth. than when the aggregate subsidy is higher naturally people will go more toward it everywhere.But as the subsidy level goes down, we do see OL O CHANNEL is actually showing more growth as Imentioned before. Thank you. What next questiontoday comes from Shengwei Wei with CICC. Pleasego ahead. A higher management thanks for. THINKING THAT QUESTION, SO I HAVE ONE QUESTION REGARDING Good. 到时候我问你看。 So we have maintain a. 百企索代省宣 U. C. D. how should we think about the opening plan for 2026 and 2027?and how do you balance Enter new cities versus opening stores in existing ones. Thank you. O kay, I'll take this question. So as we mentionedin the earnings call. My part, we use this ratio of people still coming in population. And if you look at downloads, you can have self commitment, population. our very low down in one point one. We do think there's a very long way for us in China. for you know the PTEST opening. And then we iterate that in the medium term. The threethousand targets have changed. Um, that shows wehave. high confidence in the