Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. DPC Dash Ltd 達勢股份有限公司 (incorporated in the British Virgin Islands with limited liability) (Stock code: 1405) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2026 The board (the “Board”) of directors (the “Directors ”, and each a “Director ”) of DPC Dash Ltd (the “Company ”, together with its subsidiaries, the “Group”) is pleased to announce the unaudited interim condensed consolidated results of the Group for the six months ended June 30, 2026 (the “Reporting Period ”). The interim condensed consolidated financial information is unaudited but has been reviewed by the Company ’s audit and risk committee and the Company ’s auditors, PricewaterhouseCoopers, in accordance with International Standard on Review Engagements 2410 “Review of interim financial information performed by the independent auditor of the entity ” issued by the International Auditing and Assurance Standards Board. KEY HIGHLIGHTS Six months ended June 30, 2026 2025 change (%)/ percentage points change (RMB ’000) (RMB ’000) (Unaudited) (Unaudited) Revenue 3,133,808 2,593,390 20.8% Store-level operating profit (1) 390,350 379,188 2.9% Store-level operating profit margin (2) 12.5% 14.6% -2.1 Profit before income tax 116,176 110,097 5.5% Profit for the period attributable to owners of the Company 81,045 65,924 22.9% Basic Profit per share (RMB) 0.62 0.50 24.0% Diluted Profit per share (RMB) 0.61 0.49 24.5% Non-IFRS Measures Store-level EBITDA (3) 544,452 502,818 8.3% Store-level EBITDA margin (%) (4) 17.4% 19.4% -2.0 Adjusted EBITDA (5) 350,675 322,877 8.6% Adjusted EBITDA margin (%) (6) 11.2% 12.4% -1.2 Adjusted Net Profit (7) 98,153 91,420 7.4% Adjusted Net Profit margin (%) (8) 3.1% 3.5% -0.4
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2 Notes: (1) 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. (2) Store-level operating profit margin is calculated by dividing store-level operating profit by revenue for the same period. (3) “Store-level EBITDA ” is defined as store-level operating profit for the period and adding back depreciation of plant and equipment and amortization of intangible assets in store-level. (4) “Store-level EBITDA margin ” is calculated by dividing Store-level EBITDA by revenue for the same period. (5) “Adjusted EBITDA ” is defined as Adjusted Net Profit for the period and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net. (6) “Adjusted EBITDA margin ” is calculated by dividing Adjusted EBITDA by revenue for the same period. (7) “Adjusted Net Profit ” is defined as profit for the period and adding back share-based compensation. (8) “Adjusted Net Profit margin ” is calculated by dividing Adjusted Net Profit by revenue for the same period. Non-IFRS Measures To supplement the Group ’s consolidated financial statements that are presented in accordance with the International Financial Reporting Standards ( “IFRS”), we also use Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (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. We believe that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company. We believe that these measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as they help our management. However, our presentation of Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (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 you should not consider them in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.
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3 BUSINESS HIGHLIGHTS We are pleased to announce the key operating metrics, as set forth below, in relation to the Group ’s business for the six months ended June 30, 2026 (as compared with the six months ended June 30, 2025 and the year ended December 31, 2025): Store counts As of June 30, 2026 As of December 31, 2025 As of June 30, 2025 Tier 1 City markets 532 517 515 Non-Tier 1 City markets 1,018 798 683 Total 1,550 1,315 1,198 Initial City markets (1) 903 867 841 New City markets (1) 647 448 357 Total 1,550 1,315 1,198 Number of cities entered As of June 30, 2026 As of December 31, 2025 As of June 30, 2025 Number of cities entered 75 60 48 Same-store Performance Six months ended June 30, 2026 Six months ended December 31, 2025 Six months ended June 30, 2025 Same-store Transaction Count Growth ( “SSTG”)(2) 7.1% 8.4% 3.9% SSTG – Initial City markets 8.5% 12.0% 6.8% SSTG – New City markets 2.2% -7.9% -19.1% Same-store Sales Growth ( “SSSG”)(3) -4.8% -1.9% -1.0% SSSG – Initial City markets (1) -3.5% 0.5% 1.1% SSSG – New City markets (1) -9.4% -13.2% -19.6%
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4 Six months ended June 30, 2026 Six months ended December 31, 2025 Six months ended June 30, 2025 Average Transaction Price (ATP) 72.9 74.9 80.7 Loyalty membership numbers As of June 30, 2026 As of December 31, 2025 As of June 30, 2025 Loyalty membership numbers (million) 41.9 35.6 30.1 Notes: (1) Initial City markets are the markets we entered before the end of 2022, including Beijing, Shanghai, Shenzhen, Guangzhou, Tianjin, Hangzhou, Nanjing, Suzhou, Wuxi, Ningbo, Dongguan, Foshan, Zhongshan and Zhuhai. New City markets are the markets we entered in 2023 and onwards. Wuhan and Jinan, although, the first stores were opened in late December 2022, they are grouped into New City markets. New City markets include Wuhan, Jinan, Chengdu, Qingdao, Wenzhou, Changzhou, Jiaxing, Changsha, Nantong, Yangzhou, Hefei, Tangshan, Xi ’an, Xiamen, Fuzhou, Jiangmen, Taizhou ( ̨ψ), Jinhua, Huizhou, Shenyang, Chongqing, Taizhou ( इψ), Zhengzhou, Shaoxing, Nanning, Zhangzhou, Quanzhou, Zhanjiang, Nanchang, Shijiazhuang, Yantai, Shantou, Zhenjiang, Langfang, Handan, Yichang, Liuzhou, Xuzhou, Yancheng, Luzhou, Haikou, Wuhu, Putian, Huaian, Huhehaote, Huzhou, Kunming, Guiyang, Weifang, Dalian, Taiyuan, Changchun, Jieyang, Mianyang, Xiangyang, Luoyang, Sanya, Hengyang, Yibing, Guilin and Lianyungang. (2) SSTG compares the transaction counts generated by same stores during the relevant period year-on-year: the SSTG for the six months ended June 30, 2026 compares the same-store transaction counts of the six months ended June 30, 2026 and that of the six months ended June 30, 2025; the SSTG for the six months ended December 31, 2025 compares the same-store transaction counts of the six months ended December 31, 2025 and that of the six months ended December 31, 2024; and the SSTG for the six months ended June 30, 2025 compares the same-store transaction counts of the six months ended June 30, 2025 and that of the six months ended June 30, 2024. (3) SSSG compares the sales generated by same stores during the relevant period year-on-year: the SSSG for the six months ended June 30, 2026 compares the same-store sales of the six months ended June 30, 2026 and that of the six months ended June 30, 2025; the SSSG for the six months ended December 31, 2025 compares the same-store sales of the six months ended December 31, 2025 and that of the six months ended December 31, 2024; and the SSSG for the six months ended June 30, 2025 compares the same-store sales of the six months ended June 30, 2025 and that of the six months ended June 30, 2024.
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5 MANAGEMENT DISCUSSION AND ANALYSIS We are 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. As of June 30, 2026, we directly operated 1,550 stores across 75 cities in the Chinese mainland. Our global franchisor, Domino ’s Pizza, Inc., is one of the world ’s largest pizza companies, with more than 22,500 stores in over 90 markets around the world as at the end of the Reporting Period. Business Review for the Six Months Ended June 30, 2026 During the first six months of 2026, we generated a total revenue of RMB3,133.8 million, representing a 20.8% year-over-year growth as compared with the revenue of RMB2,593.4 million during the same period of 2025, reflecting strong growth of transaction volumes, partially offset by lower realized transaction prices. During the first six months of 2026, our transaction volume increased by 33.7% year-over-year as compared to the same period in 2025. This was primarily attributable to our continued national store network expansion. During the first six months of 2026, we had a net store count growth of 235 and ended the period with a total network of 1,550 stores across 75 cities in the Chinese mainland. In addition, our same-store transaction volumes increased by 7.1%. During the first six months of 2026, our average daily sales per store ( “ADS”) declined by 8.4%, primarily due to lower realized average transaction prices ( “ATP”). Our ATP declined by 9.6% in the first six months of 2026. Heavy subsidies offered to consumers by third-party aggregator platforms ’ ( “3PP”) campaigns from mid-2025 contributed to the growth of delivery volumes in the industry broadly and our delivery order volumes specifically. It also led to our customers more frequently placing orders via 3PP instead of our own online channel. These factors led to a lower realized ATP since the start of the 3PP campaigns. Our ADS was also impacted by the effects of the expansion of our stores into new markets. We have been expanding the Domino ’s Pizza store footprint in the Chinese mainland substantially in recent years. Many of our stores opened in new markets have delivered very strong transaction volumes and revenues during the initial months of operations and are ranked as the top performing stores globally within the Domino ’s Pizza system. As transaction volumes at such stores normalize over time, it has created headwinds for year-over-year comparisons and for same-store-sales growth ( “SSSG”) when they enter the SSSG cycle.
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6 The following table sets out the average daily orders per store ( “ADTC”) for our initial cities and new cities as well as the Group. ADTC Six months ended June 30, 2026 Six months ended December 31, 2025 Six months ended June 30, 2025 Initial City markets 149 152 141 New City markets 183 177 216 Group 162 160 160 Note: (1) Average daily orders per store is calculated by dividing the transaction counts generated from the relevant store for a particular period by the aggregate number of days of operation of such store during the same period. ADTC in our initial cities increased in the first six months of 2026 as compared to the same period of 2025, reflecting the continued stickiness of our delivery service after the 3PP campaign in 2H2025 and our marketing and promotion efforts including combo meal programs, product innovation, IP collaboration promotions, helped by media efficiency and enhanced branding communication, partially offset by the initial reduction of subsidies by 3PP during the first half of 2026. ADTC in our new cities decreased in the first six months of 2026 as compared to the same period of 2025, reflecting the normalization after initial high volumes at launch. We launched delivery services in various new cities and started to include stores in the value promotion programs from the second half of 2025. These initiatives helped grow the transaction volumes and partially offset the normalization impact from second half of 2025 to first half of 2026. The following table sets out the ADS for our initial cities and new cities as well as the Group. ADS Six months ended June 30, 2026 Six months ended December 31, 2025 Six months ended June 30, 2025 Initial City markets 10,702 11,284 11,358 New City markets 13,590 13,519 17,438 Group 11,833 12,007 12,915 Note: (1) 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 period.
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7 Same-Store Performance: The table below sets out the half-year same store transaction counts growth ( “SSTG”) and SSSG for our Initial City markets, New City markets and the Group. SSTG Six months ended June 30, 2026 Six months ended December 31, 2025 Six months ended June 30, 2025 Group 7.1% 8.4% 3.9% Initial City markets 8.5% 12.0% 6.8% New City markets 2.2% -7.9% -19.1% SSSG Six months ended June 30, 2026 Six months ended December 31, 2025 Six months ended June 30, 2025 Group -4.8% -1.9% -1.0% Initial City markets -3.5% 0.5% 1.1% New City markets -9.4% -13.2% -19.6% We continued to expand our stores into new markets. During the first half of 2026, we entered 27 new cities and a total of 93 new stores (including the 12 new stores opened in late 2025). These new stores continued to make impressive sales with an ADS of RMB28,230 during the first half of 2026 and the weighted average expected payback period of 14.8 months. The high sales performance in these stores and new markets continued to reflect the strength of Domino ’s Pizza brand name. We continue to innovate our product and collaborate with popular IP to engage with our customers. For example, we launched the Crispy Croissant Crust, American Inspired Pulled BBQ Pork Pizza, football-themed Mexican Inspired Salsa Roast Chicken and Beef Rectangular Pizza, and the new “Energy Bowl ” series, providing customers with a broader range of dining choices and enhancing their overall dining experience. We collaborated with the game Arknights in May 2026 to drive sales and engage with more young customers. During the Reporting period, we continue to roll out our delivery service in our new markets and enhance our delivery service quality across the market. Our “Delivery-On-Time ” ( “DOT”) rate remained at 93.6%. Our delivery sales contribution rate increased significantly in the new city markets, reaching 25% during the first half of 2026.
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8 Our loyalty program had 41.9 million members as of June 30, 2026, compared to 30.1 million as of June 30, 2025. Over the past 12 months, 18.1 million new customers placed their first orders, demonstrating the Company ’s effective approach to recruiting new customers. The rapid store network expansion coupled with rapid growth in digital adoption have enabled us to significantly broaden our customer base while simultaneously deepening its understanding of consumer preferences. Our loyalty members contributed 60.1% of our total revenue during the first half of 2026, decreased from 66.0% during the same period of 2025. The decline is primarily due to heavy subsidies on 3PP which attracted our customers in order placing. Despite this temporary shift, we continue to see great opportunities in attracting new customers and recruiting more members to our loyalty program and provide tailor-made member benefits to maintain and increase the stickiness of our customers. On August 21, 2026, our Wuhan Supply Chain Centre ( “SCC”) commenced operation. It is our fourth SCC and has a production capacity to support over 200 stores. The Wuhan SCC will service our stores in Wuhan and surrounding areas which are currently supported by our Shanghai SCC, Beijing SCC and Dongguan SCC jointly. This operation will help optimize the logistics costs for dough delivery. We will continue to invest in SCCs to improve our dough production capacity and logistic network as we further roll out our store network. We have secured locations for our SCCs in Chengdu and Nanjing, with target operation commencement in the second half of 2027. Our Store-level EBITDA increased by 8.3% year-over-year from RMB502.8 million in the first half of 2025 to RMB544.5 million for the Reporting Period, and the Store-level EBITDA margin declined to 17.4% for the Reporting Period as compared with 19.4% for the same period of 2025. Our store-level operating profit increased by 2.9% year-over-year from RMB379.2 million in the first half of 2025 to RMB390.4 million for the Reporting Period. The store-level operating profit margin declined to 12.5% for the Reporting Period as compared with 14.6% for the same period of 2025. This primarily reflected lower ATP as well as the increasing delivery sales percentage, partially offset by the results of our cost reduction initiatives. Total cost charges at the Group level, including corporate level cash-based labour cost; depreciation and amortization, and corporate general administrative expense, decreased from 8.1% of total revenue to 7.5% of total revenue, a 0.6% improvement as corporate level efficiency further unfolds. The Group ’s Adjusted EBITDA increased by 8.6% year-over-year from RMB322.9 million in the first half of 2025 to RMB350.7 million for the Reporting Period, with respective margin movement from 12.4% to 11.2%. Accordingly, our Adjusted Net Profit increased by 7.4% year-over-year from RMB91.4 million in the first half of 2025 to RMB98.2 million for the Reporting Period, with respective margin moving down from 3.5% to 3.1%. Business Outlook We plan to open approximately 350 stores in 2026, net of store closures. During the first half of 2026, we have a net opening of 235 new stores. As of 14 August, 2026, we have opened additional 27 stores, with 38 stores under construction and 36 stores signed or approved, well on track to deliver the 2026 full year opening target.
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9 Looking ahead, we will continue to expand our store network and revenue base, given the substantial growth opportunities in the Chinese pizza market. The number of pizza stores per million population in China is estimated at 13.9, whereas Domino ’s store density in China stands at only 1.1 stores per million population. As of June 30, 2026, across the 75 cities where we have a presence, Domino ’s store density reached an aggregate average of approximately 2.5 stores per million population. These metrics demonstrate considerable growth potential, covering both untapped new cities and our existing operational markets. New store openings will remain an important growth driver for our business. In addition, we will target sales improvement at existing outlets. The gradual reduction of 3PP subsidies and the optimization of our channel mix are expected to lead to structural improvement of ATP over time. We will also advance a series of operational initiatives to drive consistent growth in transaction volume and ATP, and deliver sustainable sales expansion across our entire store network. In our initial city markets, we will explore further in our channel optimization effort. Notably, delivery orders placed via our proprietary channels, including our official mobile app and WeChat mini-program, have consistently maintained an ATP above RMB90 over the past several years, representing our highest-value customer base. Through developing differentiated operational strategies for different sales channels, supported by our loyalty membership program, we aim to migrate more users to our proprietary channels and enhance long-term customer stickiness, with an aim to gradually increase the ATP. Across our own channels, we will continue to iterate our combo meal portfolio with diverse offerings and enhanced embedded value to enrich customer choices. Leveraging our proven product innovation capabilities, we will launch new iterations of pizzas, crusts, side dishes and beverages. This balanced product renewal and upgrade strategy will strengthen our core product competitiveness and boost customer revisit rates and hence the transaction volume. In our new city markets, in addition to ATP and volume improvement efforts through channel optimization, product innovation, and combo meal offering, we will also continue to roll out our delivery service. The delivery penetration currently stands at only around 25% for stores in new cities, presenting substantial upside potential. We will further scale up delivery operations in these markets to drive order volume growth, while sustaining high service quality to solidify our premium delivery brand positioning and strengthen customer mindshare and stickiness over time. Apart from delivery penetration, we will also roll out the dine-in experience upgrade effort at our stores in lower-tier cities to better cater to local consumer preferences and drive sales. In parallel with revenue expansion, we will consistently enhance cost efficiency to drive margin improvement. Scaling effects will unlock multiple efficiency gains, including better food and packaging costs through larger procurement volumes and supplier optimization, improved marketing efficiency and greater leverage of headquarters overhead. As delivery volume increases, we will also optimize store-level staffing and labour structure to improve delivery cost efficiency. In addition, we aim to lower new-store capital expenditure to improve cash payback cycles. Our average capital expenditure for a new store, excluding landlord rental deposits and relevant taxes, is approximately RMB1.3 million per store.
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10 To fortify our long-term competitive moat, we will sustain targeted investments over the next two years in supply chain centers and logistics networks, brand building, and digital infrastructure. The cost-efficiency dividends from these investments will be realized progressively over time. Our fourth SCC in Wuhan will serve local stores and surrounding regions, alleviating operational pressure on our three existing SCCs. We have also secured site locations for new SCCs in Chengdu and Nanjing, with both facilities scheduled to commence operations in the second half of 2027. As our national store footprint expands, we will continue to invest in brand building to solidify Domino ’s market mindshare and underpin sustainable long-term growth. We will also upgrade our end-to-end digital capabilities, empowering front-end marketing and customer engagement as well as back-end operational and managerial efficiency. Events after the Reporting Period On May 28, 2026, the Company conditionally granted 1,650,000 options and 1,655,000 share awards to Ms. Yi Wang, the executive Director and Chief Executive Officer of the Company, under the 2022 First Share Incentive Plan of the Company ( “Grants to Ms. Wang ”). The Grants to Ms. Wang were approved by the shareholders of the Company ( “Shareholders ”) at the extraordinary general meeting held on July 10, 2026. The Grants to Ms. Wang are a recognition of her significant contribution to the Group and also provide a means by which she could benefit from increases in value of the shares of the Company ( “Shares ”) in the future; they also form part of her remuneration as the executive Director and the Chief Executive Officer of the Company. For details of the Grants to Ms. Wang, please refer to the announcement of the Company dated May 28, 2026 and the circular of the Company dated June 18, 2026. On July 10, 2026, the Shareholders at the extraordinary general meeting also approved the refreshment of the scheme mandate limit to grant share options and share awards under the 2022 First Share Incentive Plan of the Company (the scheme mandate limit as refreshed, the “Refreshed Scheme Mandate Limit ”). Under the Refreshed Scheme Mandate Limit, the total number of Shares which may be issued by the Company in respect of all new share options and share awards to be granted under the 2022 First Share Incentive Plan and any other share schemes of the Company shall not exceed 13,161,925 Shares, being approximately 10% of the number of issued Shares (excluding any treasury shares) as at the date of approval of the refreshment. Save as disclosed above, there has been no material event that is required to be disclosed by the Company after the Reporting Period and up to the date of this announcement.
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11 Financial Review 1. Revenue Our revenue increased by 20.8% from RMB2,593.4 million for the six months ended June 30, 2025 to RMB3,133.8 million for the six months ended June 30, 2026, mainly attributable to the increased number of stores in operation during the respective periods. In the first half of 2026, we sustained our successful expansion in China through the addition of new stores in established cities and entry into emerging markets. We added 190 net new stores during the first six months of 2025 and brought the total store counts to 1,198 as of June 30, 2025, while we added 235 net new stores during the first six months of 2026 leading to a total store count of 1,550 as of June 30, 2026. The following table sets forth the breakdown of the Group ’s revenue by markets for the periods indicated. Six months ended June 30, 2026 2025 RMB’000 % RMB’000 % Tier 1 City markets 1,074,087 34.3 1,084,740 41.8 Non-Tier 1 City markets 2,059,721 65.7 1,508,650 58.2 Total revenue 3,133,808 100.0 2,593,390 100.0 Six months ended June 30, 2026 2025 RMB’000 % RMB’000 % Initial City markets 1,723,853 55.0 1,696,747 65.4 New City markets 1,409,955 45.0 896,643 34.6 Total revenue 3,133,808 100.0 2,593,390 100.0 The following table sets forth the breakdown of the Group ’s revenue by fulfillment methods. Six months ended June 30, 2026 2025 RMB’000 % of Total YoY % Chg RMB’000 % of Total YoY % Chg Delivery Sales – 3PP 1,233,531 39.4% 81.0% 681,640 26.3% 23.1% Delivery Sales – Own Channel 385,297 12.3% -11.8% 436,811 16.8% 10.7% Total Delivery 1,618,828 51.7% 44.7% 1,118,451 43.1% 18.0% Non-Delivery Sales 1,514,980 48.3% 2.7% 1,474,939 56.9% 34.9% Total 3,133,808 100.0% 20.8% 2,593,390 100.0% 27.0%
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12 Our total delivery sales grew 44.7% during the first half of 2026, reaching RMB1,618.8 million, compared to RMB1,118.5 million during the same period of 2025. The growth was largely driven by ADTC growth in delivery as we continue to penetrate in our old cities and more new stores in the new city markets are offering delivery services, partially offset by lower realized ATP. The delivery sales from 3PP grew 81% while the delivery sales from own channel declined 11.8%, largely due to deep subsidies offered by 3PP campaigns allured more customers to place orders via 3PP, but partially offset by higher realized ATP of RMB94 on delivery orders from our own channel. For other detailed discussion on the sales movement and growth initiatives, please refer to the business review section of this announcement for more information. 2. Raw materials and consumables cost For the six months ended June 30, 2026, the raw materials and consumables cost of the Group amounted to RMB865.4 million, representing an increase of RMB158.6 million or 22.4% as compared with RMB706.8 million for the corresponding period in 2025. The increase was primarily due to our revenue growth, which has increased our need for raw materials and consumables. As a percentage of revenue, our raw materials and consumables cost remained relatively stable for the six months ended June 30, 2025 and 2026. 3. Staff compensation expenses For the six months ended June 30, 2026, the staff compensation expenses of the Group amounted to RMB1,076.9 million, representing an increase of RMB199.5 million or 22.7% as compared with RMB877.4 million for the corresponding period in 2025, which is in-line with our continued expansion of store network. The following table sets forth a breakdown of our staff compensation expenses at the store level and the corporate level for the periods indicated. Six months ended June 30, 2026 2025 RMB’000 % of total revenue RMB’000 % of total revenue Cash-based compensation expenses for store-level staff 907,076 28.9 718,430 27.7 Cash-based compensation expenses for corporate-level staff 152,737 4.9 133,458 5.1 Share-based compensation 17,108 0.5 25,496 1.0 Total staff compensation expenses 1,076,921 34.4 877,384 33.8
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13 The increase of cash-based compensation expenses for store-level staff was primarily due to the increase in the number of our store level employees arising from the expansion of our store network. As a percentage of revenue, our cash-based compensation expenses for store-level staff increased from 27.7% for the six months ended June 30, 2025 to 28.9% for the same period in 2026 primarily attributable to (i) relatively higher staffing to our new stores in new markets, an investment needed during our fast expansion to ensure our service standard, (ii) the decreasing ADS that resulted in less sharing of fixed portion of store labour cost, such as our full time store management team; and (iii) an increased rider cost associated with higher delivery sales, however, at a decreasing ATP environment. The increase of cash-based compensation expenses for corporate-level staff was primarily due to (i) an increase in headcount to support our rapid expansion; and (ii) the merit-based increase in salary. As a percentage of revenue, our cash-based compensation expenses for corporate-level staff decreased from 5.1% for the six months ended June 30, 2025 to 4.9% for the same period in 2026 primarily as we continue to improve the efficiency of operation at our corporate level and the benefit of scale of economy on cost efficiency continue to unfold at Group headquarter. The decrease of share-based compensation was mainly driven by the decrease in share options granted and lower percentage portion of the granted option fair value charged to our income statement during the Reporting Period as compared to previous corresponding six months in 2025. 4. Rental expenses Our rental expenses include depreciation of right-of-use assets and variable lease rental payment, short-term rental and other related expenses. The Group ’s depreciation of right-of-use assets represents the depreciation of capitalized lease incurred by long-term leased properties in accordance with IFRS 16. For the six months ended June 30, 2026, our rental expenses amounted to RMB332.5 million, representing an increase of RMB73.3 million or 28.3% as compared with RMB259.2 million for the corresponding period in 2025. The increase was primarily due to the expansion of our store network from a total of 1,198 stores as of June 30, 2025 to a total of 1,550 stores as of June 30, 2026. Our rental expenses as a percentage of revenue increased from 10.0% for the six months ended June 30, 2025 to 10.6% for the same period in 2026 was primarily attributable to the lower ADS at certain stores that pay fixed rental resulted less sharing of fixed rental cost at these stores. 5. Depreciation of plant and equipment For the six months ended June 30, 2026, the depreciation of plant and equipment of the Group amounted to RMB153.7 million, representing an increase of RMB29.8 million or 24.1% as compared with RMB123.9 million for the corresponding period in 2025. The increase was primarily due to increased equipment needs in conjunction with the expansion of our store network, resulting in the corresponding increase in depreciation expenses. Our depreciation of plant and equipment as a percentage of total revenue remained relatively stable during the Reporting Period as compared with the six months ended June 30, 2025.
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14 6. Amortization of intangible assets For the six months ended June 30, 2026, the amortization of intangible assets of the Group amounted to RMB31.7 million, representing an increase of RMB3.0 million or 10.4% as compared with RMB28.7 million for the corresponding period in 2025. The increase was primarily driven by the acquisition of software and the addition in store franchise fees in line with the expansion of our store network. Our amortization of intangible assets as a percentage of total revenue remained relatively stable during the Reporting Period as compared with the six months ended June 30, 2025. 7. Utilities expenses For the six months ended June 30, 2026, the utilities expenses of the Group amounted to RMB108.2 million, representing an increase of RMB20.8 million or 23.8% as compared with RMB87.4 million for the corresponding period in 2025. The increase was mainly attributable to the expansion of our store network and our revenue growth which demanded additional usage of utilities. Our utilities expenses as a percentage of total revenue remained broadly stable during the Reporting Period as compared with the corresponding period in 2025. 8. Advertising and promotion expenses For the six months ended June 30, 2026, the advertising and promotion expenses of the Group amounted to RMB156.7 million, representing an increase of RMB19.3 million or 14.0% as compared with RMB137.4 million for the corresponding period in 2025. The increase was mainly driven by the spending in advertising and promotion to grow our revenue. Our advertising and promotion expenses as a percentage of total revenue decreased from 5.3% for the six months ended June 30, 2025 to 5.0% for the same period in 2026. 9. Store operation and maintenance expenses For the six months ended June 30, 2026, the store operation and maintenance expenses of the Group amounted to RMB189.4 million, representing an increase of RMB30.0 million or 18.8% as compared with RMB159.4 million for the corresponding period in 2025. The increase was primarily due to the expansion of our store network and growth of our business. Our store operation and maintenance expenses as a percentage of total revenue decreased from 6.1% for the six months ended June 30, 2025 to 6.0% for the same period in 2026, but in general stayed relatively stable. 10. Other expenses Our other expenses consist of (a) telecommunication and information technology related expenses, (b) travelling and related expenses, (c) professional service expenses, (d) auditor ’s remuneration and (e) others, including training fee, business meal, stamp duty tax and other office expenses.
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15 For the six months ended June 30, 2026, the other expenses of the Group amounted to RMB84.8 million, representing an increase of RMB10.2 million or 13.8% as compared with RMB74.6 million for the corresponding period in 2025. The increase was primarily due to increase in travelling and related expenses and telecommunication and information technology related expenses along with our business expansion. Our other expenses as a percentage of total revenue decreased from 2.9% for the six months ended June 30, 2025 to 2.7% for the same period in 2026. The decrease reflected the Group ’s ongoing efforts to optimize resource allocation, enhance operational efficiency and maintain disciplined cost management. 11. Finance costs, net For the six months ended June 30, 2026, the net finance costs of the Group amounted to RMB31.2 million, representing a decrease of RMB3.4 million or 9.7% as compared with RMB34.6 million for the corresponding period in 2025. The decrease was primarily attributable to a decline in interest expenses on both bank borrowings and lease liabilities recognized in accordance with IFRS 16. 12. Taxation Income tax expense of the Group decreased from RMB44.2 million for the six months ended June 30, 2025 to RMB35.1 million for the six months ended June 30, 2026. 13. Profit for the Reporting Period As a result of the foregoing, the Group recorded a net profit of RMB81.0 million for the six months ended June 30, 2026, as compared to a net profit of RMB65.9 million for the six months ended June 30, 2025. 14. Non-IFRS Measures { Adjusted Net Profit, Adjusted Net Profit margin, Adjusted EBITDA and Adjusted EBITDA margin, Store-level EBITDA and Store-level EBITDA margin To supplement the Group ’s consolidated financial statements that are presented in accordance with the IFRS, we also use Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (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. We believe that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company. We believe that these measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as they help our management. However, our presentation of Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (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 you should not consider them in isolation from, or as substitute for analysis of, our results of operations or financial condition as reported under IFRS.
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16 “Store-level EBITDA ” is defined as store-level operating profit for the period 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 period. “Adjusted Net Profit ” is defined as profit for the period and adding back share-based compensation. “Adjusted Net Profit margin ” is calculated by dividing Adjusted Net Profit by revenue for the same period. “Adjusted EBITDA ” is defined as Adjusted Net Profit for the period 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 period. The following table sets forth the reconciliation of our non-IFRS financial measures for the six months ended June 30, 2026 and 2025 to the nearest measure prepared in accordance with IFRS. For the six months ended June 30, 2026 2025 RMB ’000 RMB ’000 (Unaudited) (Unaudited) Reconciliation of net profit and Adjusted Net Profit and Adjusted EBITDA Profit for the period 81,045 65,924 Add: Share-based compensation 17,108 25,496 Adjusted Net Profit 98,153 91,420 Adjusted Net Profit margin 3.1% 3.5% Add: Depreciation and amortization 185,416 152,606 Income tax expense 35,131 44,173 Interest income and expenses, net 31,975 34,678 Adjusted EBITDA 350,675 322,877 Adjusted EBITDA margin 11.2% 12.4%
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17 For the six months ended June 30, 2026 2025 RMB ’000 RMB ’000 (Unaudited) (Unaudited) Reconciliation of store-level operating profit and Store-level EBITDA Store-level operating profit 390,350 379,188 Add: Depreciation of plant and equipment – store level (1) 151,108 121,788 Amortization of intangible assets – store level (2) 2,994 1,842 Store-level EBITDA 544,452 502,818 Store-level EBITDA margin 17.4% 19.4% Notes: (1) Depreciation of plant and equipment – store level is calculated based on depreciation of plant and equipment incurred at our stores and central kitchens. (2) Amortization of intangible assets – store level is calculated based on amortization of store franchise fees. 15. Liquidity and Source of Funding and Borrowing As at June 30, 2026, the Group ’s cash and bank balances decreased by 6.7% from RMB1,001.5 million as at December 31, 2025 to RMB934.7 million, among which the Group had cash and cash equivalents of RMB934.5 million (December 31, 2025: RMB1,001.3 million) and restricted cash of RMB0.2 million (December 31, 2025: RMB0.2 million). The decrease was primarily due to capital expenditures in opening new stores, partially compensated by cash generated from operations minus rental payment. As at June 30, 2026, the Group had total cash and bank balances of RMB934.7 million (December 31, 2025: RMB1,001.5 million), among which RMB1.1 million (December 31, 2025: RMB47.6 million) were denominated in Hong Kong dollar, RMB530.6 million (December 31, 2025: RMB609.4 million) were denominated in RMB and RMB403.0 million (December 31, 2025: RMB344.5 million) were denominated in US dollar. Our net cash generated from operating activities was RMB504.9 million for the Reporting Period, as compared to the net cash inflow of RMB361.1 million for the six months ended June 30, 2025. The increase was primarily attributable to the growth in revenue. As at June 30, 2026, the current assets of the Group amounted to RMB1,341.1 million, including RMB934.7 million in cash and bank balances and RMB406.4 million in other current assets. The current liabilities of the Group amounted to RMB1,587.6 million, of which RMB757.5 million was accruals and other payables, RMB438.6 million was lease liabilities, RMB319.7 million was trade payables and RMB71.8 million was other current liabilities. As at June 30, 2026, the current ratio of the Group, which is equivalent to the current assets divided by the current liabilities, was 0.84 (December 31, 2025: 0.9).
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18 As at June 30, 2026, the Group ’s total borrowings were RMB199.6 million (December 31, 2025: RMB199.8 million). Pursuant to the repayment schedule, we repaid RMB200,000 of principal in the first half of 2026. The borrowings were all denominated in RMB and fully guaranteed by a subsidiary of the Group. As at June 30, 2026, all the bank borrowings bear interests at a floating interest rate. The Group had unutilized available credit banking facilities of RMB300.0 million as of June 30, 2026, which we will be able to draw down to support our working capital requirements as needed. Taking into account the financial resources available to the Group, including cash and cash equivalents, cash generated from operations and available credit banking facilities of the Group, the Directors are of the view that the Group has sufficient working capital required for the Group ’s operations at present. 16. Treasury policy The Group adopts a prudent financial management approach for its treasury policy to ensure that the Group ’s liquidity structure, comprising assets, liabilities and other commitments, is able to always meet its capital requirements. 17. Gearing Ratio As at June 30, 2026, the gearing ratio of the Group, which was calculated as total interest-bearing bank loans divided by total equity, was approximately 7.9%, representing a decrease of 0.3 percentage points as compared with 8.2% as at December 31, 2025. The decrease was primarily due to the profit generated by the Group and therefore an enhanced level of total equity. 18. Significant Investments The Group did not make or hold any significant investments (including any investment in an investee company with a value of 5% or more of the Group ’s total assets as of June 30, 2026) during the six months ended June 30, 2026. 19. Material Acquisitions and Disposals The Group did not have any material acquisitions or disposals of subsidiaries, associates or joint ventures during the six months ended June 30, 2026. 20. Pledge of Assets As at June 30, 2026, the Group had no pledge of assets. 21. Contingent Liabilities The Group had no contingent liabilities as at June 30, 2026.
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19 22. Foreign Exchange Exposure During the six months ended June 30, 2026, the Group mainly operated in China and the majority of the transactions were settled in Renminbi ( “RMB”), the Company ’s primary subsidiaries ’ functional currency. As at June 30, 2026, except for the bank deposits denominated in foreign currencies, the Group did not have significant foreign currency exposure from its operations. During the Reporting Period, the Group has not entered into any derivative instruments to hedge its foreign exchange exposures, but will closely monitor the exposure and will take measures when necessary to make sure the foreign exchange risks are manageable. 23. Employee and Remuneration Policy As at June 30, 2026, the Group had 10,497 full-time employees (December 31, 2025: 11,052). Substantially all of our employees are based in China, primarily in Beijing, Shanghai, Guangzhou, Shenzhen and other cities in which we have operations. The following table sets forth the numbers of our full-time employees categorized by function as at June 30, 2026: Number of employees % of total Function Store development and operation (1) 9,989 95.2% Sales, marketing and product development 52 0.5% Supply chain, central kitchens and quality control 263 2.5% General administration and others 193 1.8% Total 10,497 100.0% Note: (1) Comprises (i) full-time store development and operation employees at the corporate level and (ii) full- time employees at our stores who also act as delivery riders when needed. Besides our full-time employees, we also had a total of 26,932 part-time employees as at June 30, 2026 (December 31, 2025: 28,024). These part-time employees primarily work as riders and in-store assistants. For the six months ended June 30, 2026, the Group has incurred a total staff costs (inclusive of Directors ’ remuneration, salaries, wages, allowance and benefits and share based compensations) of RMB1,076.9 million (June 30, 2025: RMB877.4 million). During the Reporting Period, the Group did not experience any significant labour disputes or any difficulty in recruiting employees.
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20 We believe in the importance of attraction, recruitment and retention of quality talents in achieving the Group ’s success. We seek to offer attractive remuneration to employees, who earn both a basic salary and discretionary bonuses. For store management teams, their discretionary bonus is tied to the performance of the store. For riders, we provide incentive bonuses that are payable for, among others, the number of orders delivered and working during peak hours or in poor weather. Our riders are covered by group commercial insurance, which insures our riders for personal injuries and additional medical care to help protect against the risk of personal injuries. Our training department oversees the training of our employees. We provide all of our restaurant employees, including store management teams, store assistants, with consistent, systematic training to ensure that through the training employees have the operational, management and business skills needed to meet our safety standards and deliver outstanding customer service. In addition, we conduct standardized training with our riders, and distribute to our delivery riders a Delivery Safety Work Manual before they take the first trips. We also provide our riders with training to help them navigate urban traffic and make deliveries safely. Compensation for key executives of the Group is determined by the Company ’s remuneration committee which reviews and recommends to the Board the executives ’ compensation based on the Group ’s performance and the executives ’ respective contributions to the Group. The Company has also adopted various equity-based incentive plans and cash-based incentive plans. Please refer to the section headed “Share Schemes ” in the 2025 annual report of the Company published on April 29, 2026. Further, for details of the Grants to Ms. Wang, please refer to the section headed “Management Discussion and Analysis – Events after the Reporting Period ” above, the announcement of the Company dated May 28, 2026 and the circular of the Company dated June 18, 2026. 24. Future Plans for Material Investments and Capital Assets As of June 30, 2026, save as disclosed in this announcement under the heading “Management Discussion and Analysis – Business Outlook ”, the Group did not have other plans for material investments and capital assets.
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21 INTERIM DIVIDEND The Board did not recommend the distribution of an interim dividend for the six months ended June 30, 2026. CORPORATE GOVERNANCE AND OTHER INFORMATION The Board is committed to achieving high corporate governance standards. The Board believes that high corporate governance standards are essential in providing a framework for the Group to safeguard the interests of shareholders and to enhance corporate value and accountability. Compliance with the Code on Corporate Governance Practices The Company has adopted the principles and code provisions of the Corporate Governance Code (the “CG Code ”) as set out in Part 2 of the Appendix C1 to the Rules Governing the Listing of Securities (the “Listing Rules ”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”) as the basis of the Company ’s corporate governance practices. During the Reporting Period, the Company has complied with all applicable code provisions of the CG Code, except for the deviation of the code provision C.1.5 of the CG Code as described below. Pursuant to code provision C.1.5 of part 2 of the CG Code, independent non-executive Directors and other non-executive Directors should attend general meetings to gain and develop a comprehensive understanding of the views of shareholders. Mr. James Leslie Marshall, a non- executive Director, was unable to attend the annual general meeting of the Company held on May 28, 2026 due to a short notice of urgent business trip. The Company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the CG Code and maintain a high standard of corporate governance practices of the Company. Compliance with the Model Code for Securities Transactions by Directors The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code ”) as set out in Appendix C3 to the Listing Rules as its own securities dealing code to regulate all dealings by Directors and relevant employees of securities in the Company and other matters covered by the Model Code. Specific enquiry has been made of all the Directors and the relevant employees and they have confirmed that they have complied with the Model Code during the Reporting Period. No incident of non-compliance of the Model Code was noted by the Company during the Reporting Period. Audit and Risk Committee The Company has established an audit and risk committee with written terms of reference in accordance with the Listing Rules. The audit and risk committee comprises two non-executive Directors and three independent non-executive Directors, namely, Mr. Zohar Ziv, Mr. Matthew James Ridgwell, Mr. David Brian Barr, Ms. Lihong Wang and Ms. Bin Yu. Ms. Bin Yu is the chairperson of the audit and risk committee.
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22 The audit and risk committee has reviewed the unaudited interim condensed consolidated financial information of the Group for the Reporting Period and has met with the independent auditors, PricewaterhouseCoopers, who have reviewed the interim condensed consolidated financial information in accordance with International Standard on Review Engagements 2410. The audit and risk committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and internal control with senior management members of the Group. Other Board Committees In addition to the audit and risk committee, the Company has also established a nomination committee and a remuneration committee. Purchase, Sale or Redemption of the Company ’s Listed Securities During the Reporting Period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company ’s securities (including any sale of treasury shares) listed on the Stock Exchange. As of June 30, 2026, the Company did not hold any treasury shares. Material Litigation The Company was not involved in any material litigation or arbitration during the Reporting Period. The Directors are also not aware of any material litigation or claims that are pending or threatened against the Group during the Reporting Period. Use of Proceeds The Company ’s shares were listed on the Main Board of the Stock Exchange on March 28, 2023 and the net proceeds raised during the Global Offering (as defined in the prospectus of the Company dated March 16, 2023 (the “Prospectus ”)) were approximately HK$499.9 million (including the additional proceeds received upon the partial exercise of the Over-allotment Option (as defined in the Prospectus)) (equivalent to approximately RMB437.8 million). As of June 30, 2026, HK$406.0 million of the net proceeds of the completion of the Global Offering had been utilized and HK$93.9 million remained unutilized. As disclosed in the 2025 annual results announcement of the Company dated March 25, 2026, the Board has resolved to extend the expected timeline for the use of the net proceeds from the end of 2026 to the end of 2027. Save as disclosed above, there has been no other change in the intended use of net proceeds as previously disclosed in the Prospectus and the Company expects to fully utilize the residual amount of the net proceeds in accordance with such intended purpose by December 31, 2027. The following table sets forth a summary of the utilisation of the net proceeds as of June 30, 2026 and the updated expected timeline of the use of the net proceeds: % of use of net proceeds Net proceeds Unutilized amount as of January 1, 2026 Utilization during the Reporting Period Unutilized amount as of June 30, 2026 Updated expected timeline of full utilization of the unutilized proceeds (HK$ million) (HK$ million) (HK$ million) (HK$ million) Expanding our store network 90% 450.0 230.0 142.2 87.8 By December 31, 2027 General corporate purposes 10% 49.9 6.1 – 6.1 By December 31, 2027 Total 100% 499.9 236.1 142.2 93.9 The unutilized net proceeds from the Global Offering were deposited with licensed banks or financial institutions in Hong Kong for short-term deposits as at June 30, 2026.
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23 INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Six months ended June 30, Notes 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue 4 3,133,808 2,593,390 Raw materials and consumables cost (865,444) (706,819) Staff compensation expenses 6 (1,076,921) (877,384) Depreciation of right-of-use assets (230,984) (188,301) Depreciation of plant and equipment (153,721) (123,886) Amortization of intangible assets (31,695) (28,720) Utilities expenses (108,216) (87,438) Advertising and promotion expenses (156,677) (137,401) Store operation and maintenance expenses (189,378) (159,368) Variable lease rental payment, short-term rental and other related expenses (101,520) (70,870) Other expenses 5 (84,848) (74,561) Other income 10,046 7,327 Other gains/(losses), net 2,939 (1,298) Finance costs, net 7 (31,213) (34,574) Profit before income tax 116,176 110,097 Income tax expense 8 (35,131) (44,173) Profit for the period attributable to equity holders of the Company 81,045 65,924 Other comprehensive loss Item that may be subsequently reclassified to profit or loss Currency translation differences 15,436 1,172 Item that may not be subsequently reclassified to profit or loss Currency translation differences (29,750) (3,112) Other comprehensive loss for the period, net of tax (14,314) (1,940) Total comprehensive income for the period attributable to equity holders of the Company 66,731 63,984 Earnings per share for profit attributable to equity holders of the Company – Basic earnings per share (RMB) 9 0.62 0.50 – Diluted earnings per share (RMB) 9 0.61 0.49
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24 INTERIM CONDENSED CONSOLIDATED BALANCE SHEET As at June 30, As at December 31, Notes 2026 2025 RMB’000 RMB’000 (Unaudited) ASSETS Non-current assets Plant and equipment 1,154,963 1,038,359 Right-of-use assets 1,991,076 1,747,209 Intangible assets 1,201,744 1,208,671 Deposits 117,979 104,798 Deferred income tax assets 168,458 161,863 4,634,220 4,260,900 Current assets Inventories 129,038 132,065 Trade receivables 11 17,530 17,349 Prepayment, deposits and other receivables 259,810 234,766 Cash and bank balances 934,706 1,001,511 1,341,084 1,385,691 Total assets 5,975,304 5,646,591
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25 As at June 30, As at December 31, Notes 2026 2025 RMB’000 RMB’000 (Unaudited) EQUITY Equity attributable to equity holders of the Company Share capital 890,057 888,950 Share premium 2,335,061 2,324,731 Other reserves 141,024 148,368 Accumulated losses (844,077) (925,122) Shares held for restricted share units ( “RSUs”) (275) (525) Total equity 2,521,790 2,436,402 LIABILITIES Non-current liabilities Borrowings 199,200 199,400 Lease liabilities 1,592,489 1,413,606 Other payables 13 74,182 60,178 1,865,871 1,673,184 Current liabilities Borrowings 400 400 Lease liabilities 438,612 393,684 Trade payables 12 319,655 279,126 Contract liabilities 4(a) 52,109 56,008 Accruals and other payables 13 757,544 778,543 Current income tax liabilities 19,323 29,244 1,587,643 1,537,005 Total liabilities 3,453,514 3,210,189 Total equity and liabilities 5,975,304 5,646,591 The above interim condensed consolidated balance sheet should be read in conjunction with the accompanying notes.
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26 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Six months ended June 30, Note 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Cash flows from operating activities Cash generated from operations 556,553 440,379 Income tax paid (51,648) (79,233) Net cash generated from operating activities 504,905 361,146 Cash flows from investing activities Proceeds from withdrawals of financial assets 205,258 – Purchases of financial assets (205,258) – Purchases of plant and equipment (249,970) (174,059) Purchases of intangible assets (35,084) (25,114) Interest received 7,242 9,370 Proceeds from disposal of plant and equipment 12 19 Net cash used in from investing activities (277,800) (189,784) Cash flows from financing activities Rental deposit payment (11,647) (13,932) Proceeds from borrowings – 200,000 Repayment to borrowings (200) (200,000) Payment of principal element of lease liabilities (233,309) (168,959) Payment of interest element of lease liabilities (35,344) (38,659) Interests paid (2,575) (4,007) Proceeds from exercise of share options 1,549 3,366 Net cash used in financing activities (281,526) (222,191) Net decrease in cash and cash equivalents (54,421) (50,829) Cash and cash equivalents at beginning of the period 1,001,311 1,069,102 Exchange difference on cash and cash equivalents (12,384) (1,637) Cash and cash equivalents at end of the period 934,506 1,016,636 The above interim condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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27 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 1 General information DPC Dash Ltd (the “Company ”) is a limited liability company incorporated in British Virgin Islands on April 30, 2008. The address of its registered office is Kingston Chambers, P.O.Box 173 Road Town, Tortola, British Virgin Islands. The Company, an investment holding company, and its subsidiaries (collectively, the “Group”) are principally engaged in the operation of fast-food restaurant chains in the People ’s Republic of China (the “PRC”). The Group was Domino ’s Pizza ’s master franchisee in the Chinese mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. The master franchise agreement with Domino ’s Pizza International Franchising Inc. ( “DPIF”) provides the Group with the exclusive right to develop and operate Domino ’s Pizza stores and to use and license Domino ’s system and the associated trademarks in the operation of the pizza stores in the Chinese mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. The term of the master franchise agreement continues until June 1, 2027 and is renewable for two additional 10-year terms, subject to the fulfilment of certain conditions. These conditions have been satisfied, and the Company is already in communication with DPIF regarding the renewal. The Company ’s shares have been listed on the Main Board of the Stock Exchange of Hong Kong Limited (the “Listing ”) since March 28, 2023. The interim condensed consolidated financial information is presented in thousands of Renminbi ( “RMB’000”), unless otherwise stated. This interim condensed consolidated financial information was approved for issue by the Board of Directors on August 26, 2026. 2 Basis of preparation This interim condensed consolidated financial information for the six months ended June 30, 2026 has been prepared in accordance with International Accounting Standard ( “IAS”) 34 Interim Financial Reporting . The interim condensed consolidated financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with International Financial Reporting Standards ( “IFRSs ”). (a) Going concern As at June 30, 2026, the Group recorded net current liabilities of approximately RMB246,559,000 and the Group had net profit of approximately RMB81,045,000 for the six months ended June 30, 2026. During the six months ended June 30, 2026, the Group has generated net cash inflow from operating activities of approximately RMB504,905,000. Despite the Group ’s net current liability position as of June 30, 2026, the Directors have assessed the Group’s ability to continue as a going concern. Taking into account the financial resources available to the Group, including cash and cash equivalents and cash generated from operations, the Directors believe that the Group has sufficient funds to meet its liabilities and continue its operations for at least twelve months from June 30, 2026. Accordingly, the interim condensed consolidated financial information for the six months ended June 30, 2026 have been prepared on the basis that the Group will continue as a going concern.
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28 3 New standards and interpretations Except as described below, the accounting policies applied are consistent with those of the consolidated financial statements for the year ended December 31, 2025. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total earnings. (a) New and amended standards adopted by the Group A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies as a result of adopting these standards. IFRS 9 and IFRS 7 (Amendments) Amendments to the classification and measurement of financial instruments 1 January 2026 IFRS 9 and IFRS 7 (Amendments) Amendments to contracts Referencing Nature-dependent Electricity 1 January 2026 Annual Improvements to IFRS Accounting Standards – Volume 11 Annual Improvements to IFRS Accounting Standards – Volume 11 1 January 2026 (b) New standards and amendments to standards and interpretations not yet adopted The following new standards, new interpretations and amendments to standards and interpretations have been issued but are not effective for the financial year beginning January 1, 2026 and have not been early adopted by the Group in preparing this interim condensed consolidated financial information. Effective for annual periods beginning on or after IFRS 18 Presentation and disclosure in financial statements 1 January 2027 IFRS 19 Subsidiaries without public accountability: disclosures 1 January 2027 IAS 21 (Amendments) Amendments to translation to a Hyperinflationary Presentation Currency 1 January 2027 IFRS 10 and IAS 28 (Amendments) Amendments to sale or Contribution of Assets Between an Investor and its Associate or Joint Venture To be determined The Group has already commenced an assessment of the impact of these new or amended standards. According to the preliminary assessment made by the directors of the Company (the “Directors ”), no significant impact on the financial performance and position of the Group is expected when they become effective. 4 Revenue and segment information The Group is the exclusive master franchisee of Domino ’s Pizza in the Chinese mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. The chief operating decision-maker ( “CODM”) has been identified as the directors of the Company. The directors review the Group ’s internal reporting in order to assess performance and allocate resources. The directors have determined the operating segment based on these internal reports. The directors consider the Group ’s operation from a business perspective and determine that the Group is managed as one single reportable operating segment.
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29 During the six months ended June 30, 2026, all the Group ’s revenue are generated from the Chinese mainland. Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue from sales of goods and services recognized – at a point in time 3,133,808 2,593,390 (a) Contract liabilities The Group has recognized the following revenue-related contract liabilities: As at June 30, As at December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) Contract liabilities 52,109 56,008 (i) Revenue recognized in relation to contract liabilities Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue recognized that was included in the balance of contract liabilities at the beginning of the period 36,655 41,416 Each order with customers is considered as a contract. All contracts entered by the Group are for periods of one year or less. The Group has applied the practical expedient as permitted by IFRS 15 and the transaction price allocated to the remaining performance obligations is not disclosed. (b) Non-current assets by geographical location As at June 30, 2026, most of the Group ’s non-current assets were located in the Chinese mainland. 5 Other expenses Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Telecommunication and information technology related expenses 31,240 22,548 Travelling and related expenses 16,340 14,540 Professional service expenses 14,280 13,656 Auditor ’s remuneration 3,003 3,395 Others 19,985 20,422 84,848 74,561
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30 6 Staff compensation expenses (including director service emolument) Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Salaries, wages and bonuses 910,786 725,065 Contributions to pension plan 69,840 59,364 Housing fund, medical insurance and other social insurances 68,642 57,902 Other benefits 10,545 9,557 Total salary-based expenses 1,059,813 851,888 Share-based compensation 17,108 25,496 Total staff compensation expenses 1,076,921 877,384 7 Finance costs, net Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Interest income on cash at bank 7,186 8,940 Interest expenses (39,161) (43,618) – Bank borrowings (2,561) (3,842) – Lease liabilities (35,344) (38,659) – Long-term payables (1,256) (1,117) Net foreign exchange gains on financing activities 762 104 (31,213) (34,574) 8 Income tax expense Six months ended June 30, 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Current income tax – The Chinese mainland corporate income tax 41,727 58,846 Deferred income tax (6,596) (14,673) Income tax expense 35,131 44,173
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31 (i) British Virgin Islands profits tax The Company is incorporated in the British Virgin Islands as an exempted company with limited liability under the Companies Law of the British Virgin Islands and, accordingly, is exempted from payment of British Virgin Islands income tax. (ii) Hong Kong profits tax The Hong Kong profits tax rate applicable to the Group is 16.5%. No Hong Kong profits tax has been provided, as the Group have no assessable profit earned or derived in Hong Kong for the six months ended June 30, 2026 (for the six months ended June 30, 2025: 16.5%). (iii) Cayman Islands profits tax The Company ’s subsidiary is incorporated in the Cayman Islands as an exempted company with limited liability and, accordingly, is exempted from payment of the Cayman Islands income tax. (iv) The Chinese mainland corporate income tax ( “CIT”) CIT is provided on the taxable income of entities within the Group incorporated in the Chinese mainland. Except as disclosed below, the corporate income tax rate applicable to the subsidiaries incorporated in the Chinese mainland is 25% for the six months ended June 30, 2026 (for the six months ended June 30, 2025: 25%). Certain subsidiaries of the Group are qualified as small and micro businesses and enjoy preferential income tax rate as approved by the local tax authorities with effect from the respective dates of their establishment. The tax rate is 5% on taxable income for the six months ended June 30, 2026 (for the six months ended June 30, 2025: 5%). In addition, a subsidiary of the Group is qualified for the preferential income tax rate as approved by the local tax authorities and the tax rate is 15% on taxable income for the six months ended June 30, 2026 (for the six months ended June 30, 2025: 15%). 9 Earnings per share (a) Basic Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares excluding RSUs not yet vested in issue during the respective periods. Six months ended June 30, 2026 2025 (Unaudited) (Unaudited) Profit attributable to equity holders of the Company (RMB’000) 81,045 65,924 Weighted average number of ordinary shares in issue (thousands) 131,508 130,778 Basic earnings per share (RMB) 0.62 0.50
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32 (b) Diluted Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company ’s potentially dilutive ordinary shares comprised of share options and RSUs not yet vested. Six months ended June 30, 2026 2025 (Unaudited) (Unaudited) Profit attributable to equity holders of the Company (RMB’000) 81,045 65,924 Weighted average number of ordinary shares in issue (thousands) 131,508 130,778 Adjustments for share options and RSUs (thousands) 833 3,514 Weighted average number of ordinary shares for diluted earnings per share (thousands) 132,341 134,292 Diluted earnings per share (RMB) 0.61 0.49 10 Dividends No dividend had been declared or paid by the Company during the six months ended June 30, 2026 (for the six months ended June 30, 2025: nil). 11 Trade receivables As at June 30, As at December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) Trade receivables due from third parties 17,989 17,803 Less: allowance for impairment of trade receivables (459) (454) 17,530 17,349 Aging of trade receivables, based on invoice date, are as follows: As at June 30, As at December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) Within 30 days 17,989 17,803 The carrying amounts of trade receivables approximated their fair values as at the balance sheet date due to their short-term maturities, and these balances were all denominated in RMB.
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33 12 Trade payables The aging analysis of trade payables, based on invoice date, was as follows: As at June 30, As at December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) – Within 3 months 319,621 279,083 – Between 4 months to 6 months – – – Over 6 months 34 43 319,655 279,126 The carrying amounts of trade payables approximated their fair values as at the balance sheet date due to their short-term maturities, and these balances were all denominated in RMB. 13 Accruals and other payables As at June 30, As at December 31, 2026 2025 RMB’000 RMB’000 (Unaudited) Non-current Provision for restoration costs 74,182 60,178 74,182 60,178 Current Salary and welfare payables 225,026 257,962 Payables for plant and equipment and intangible assets 201,248 186,086 Accrued expenses (i) 286,203 294,472 Others 45,067 40,023 757,544 778,543 Total accruals and other payables 831,726 838,721 (i) Accrued expenses primarily include accrued advertising and promotion expenses, accrued information technology expenses, accrued professional service expenses, accrued utilities expenses, accrued store operation expenses and accrued royalty expenses. The carrying amounts of accruals and other payables approximated their fair values.
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34 PUBLICATION OF THE INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT This interim results announcement is published on the website of the Stock Exchange at www.hkexnews.hk and the website of the Company at www.dpcdash.com . The interim report of the Company for the six months ended June 30, 2026 will be published on the aforesaid websites and will be dispatched to the Company ’s shareholders (if requested) in due course in accordance with the Listing Rules. By order of the Board DPC Dash Ltd Frank Paul KRASOVEC Chairman Hong Kong, August 26, 2026 As of the date of this announcement, the Board comprises Ms. Yi WANG as executive Director, Mr. Frank Paul KRASOVEC, Mr. James Leslie MARSHALL, Mr. Zohar ZIV, Mr. Matthew James RIDGWELL and Mr. Weiking NG as non-executive Directors and Mr. David Brian BARR, Ms. Lihong WANG and Ms. Bin YU as independent non-executive Directors.