Financial Performance - The company's revenue decreased by 20.3% from RMB 4,754.8 million in 2024 to RMB 3,788.7 million in 2025[5]. - The total loss for the year was RMB 296.4 million, compared to a loss of RMB 398.5 million in 2024, showing an improvement of 25.6%[4]. - The company reported a pre-tax loss of RMB 284.2 million for the year, an improvement from a loss of RMB 389.1 million in the previous year[4]. - The group recorded a net loss of RMB 49.0 million due to restaurant closures and impairment losses totaling approximately RMB 107.5 million[38]. - The company reported a loss attributable to shareholders of RMB 300,546,000 for the year ended December 31, 2025, compared to a loss of RMB 400,681,000 in 2024, indicating a reduction in losses[92]. Restaurant Operations - The company opened 54 new Xiabuxiabu restaurants and 3 Coucou restaurants, while closing 56 Xiabuxiabu and 53 Coucou restaurants, resulting in a net decrease of 52 restaurants[5]. - As of December 31, 2025, the company operated a total of 755 Xiabuxiabu restaurants and 147 Coucou restaurants in mainland China[5]. - The company plans to continue adjusting its restaurant network to enhance overall profitability and adapt to market conditions[5]. - In 2026, the group plans to open at least 100 new Xiaobai restaurants, targeting a turnover rate of over 3 times[22]. - The group aims to enhance its delivery business strategy in 2026, focusing on increasing average order value and customer repurchase rates[21]. Customer Behavior and Spending - The average customer spending in first-tier cities decreased from RMB 55.5 in 2024 to RMB 52.9 in 2025, reflecting a trend of more rational consumer behavior[12]. - The average customer spending at Coucou restaurants increased to RMB 148.8 in 2025 from RMB 123.5 in 2024[17]. - The average turnover rate for restaurants in first-tier cities increased from 3.1 times in 2024 to 3.2 times in 2025[12]. Revenue Breakdown - In 2025, the revenue from the brands Xiaobai and Coucou restaurants accounted for 95.8% of the group's total revenue[15]. - The table shows that the same-store sales for Xiaobai restaurants in 2025 totaled RMB 1,929.6 million, a decrease from RMB 2,135.4 million in 2024, reflecting a same-store sales decline of 9.6%[16]. - Coucou restaurants generated net income of RMB 1,327.7 million in 2025, down from RMB 1,875.2 million in 2024, indicating a significant revenue drop[17]. - The table indicates that the same-store sales for Coucou restaurants in 2025 totaled RMB 1,141.6 million, down from RMB 1,330.2 million in 2024, with an average decline of 14.2%[20]. Cost Management - Employee costs decreased by 18.2% to RMB 1,318.3 million in 2025, compared to RMB 1,612.6 million in 2024[29]. - The cost of raw materials and consumables decreased by 20.7% to RMB 1,326.4 million, representing 35.0% of total revenue, down from 35.2% in 2024[32]. - Property rental and related expenses decreased by 19.6% to RMB 239.6 million, maintaining a stable percentage of 6.3% of total revenue[34]. - Utility expenses decreased by 17.9% to RMB 161.9 million, with the percentage of total revenue increasing slightly from 4.1% to 4.3%[35]. - Depreciation and amortization costs fell by 20.4% to RMB 618.9 million, remaining at 16.3% of total revenue[36]. Strategic Initiatives - The company plans to launch new products in 2026, including a secret spicy hot pot base and upgraded meal sets, enhancing the product matrix[25]. - The group will continue to explore diverse restaurant models, including "Xiaobai Farm" and "Xiaobai Mini" to meet varied consumer demands[22]. - The marketing strategy includes collaborations with international IPs to enhance brand visibility and attract younger consumers[28]. - The company aims to enhance digital marketing capabilities and expand online platform channels to improve customer reach and brand exposure[23]. Membership and Customer Engagement - The membership program saw significant growth, with nearly 3.46 million new members recruited in 2025, bringing the total to approximately 45 million members[28]. - The average annual consumption per gift card member reached RMB 383, double the overall member average, indicating strong consumer engagement[28]. Financial Position - Cash and cash equivalents decreased by approximately RMB 113.6 million to RMB 249.1 million, with a currency composition primarily in RMB (39.0%) and USD (53.0%) as of December 31, 2025[42]. - The debt-to-equity ratio as of December 31, 2025, was 92.0%, calculated based on bank and other borrowings divided by total equity[47]. - The company's net asset value decreased to RMB 462.37 million in 2025 from RMB 844.89 million in 2024, representing a decline of 45%[57]. - The company's total equity as of December 31, 2025, was RMB 462.37 million, down from RMB 844.89 million in 2024, indicating a reduction of 45%[57]. Compliance and Governance - The company is committed to high standards of corporate governance, adhering to principles of accountability, transparency, and fairness[113]. - The company has adopted the "Standard Code" for securities trading as per the Listing Rules, confirming compliance for the fiscal year ending December 31, 2025[114]. - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the fiscal year ending December 31, 2025[117].

Core Viewpoint - The article discusses the ongoing financial struggles of the hotpot chain company, Xiaobai Xiaobai, which has faced continuous losses for five years, leading to a significant decline in market value and operational challenges [5][6][7]. Financial Performance - Xiaobai Xiaobai has reported a cumulative net loss exceeding 1.5 billion RMB since 2021, with a projected revenue of approximately 3.8 billion RMB and a net loss between 290 million to 310 million RMB for the fiscal year 2025, indicating a year-on-year reduction in losses of 22.2% to 27.2% compared to 2024 [9][10]. - The company's revenue has decreased from a peak of 6.147 billion RMB in 2021 to an estimated 3.8 billion RMB in 2025, representing a decline of over 38% [12]. - The asset-liability ratio has been on the rise, reaching 74.75% in 2024 and 74.45% in the first half of 2025 [12]. Reasons for Losses - The continuous losses are attributed to several factors, including strategic missteps, aggressive expansion, unclear brand positioning, and increased competition in the hotpot industry [13]. - The company has been closing underperforming stores to optimize its asset structure, which has negatively impacted short-term revenue [13][19]. - The competitive landscape has intensified, with consumers becoming more price-sensitive, leading to a decline in average spending [13]. Brand Performance - The core brand, Xiaobai Xiaobai, has struggled to maintain its market position, with the mid-range brand, Coucou, experiencing a 25.8% drop in sales in the first half of 2025 [14]. - The average table turnover rate for Coucou has decreased from 1.6 times to 1.4 times, and same-store sales have dropped by 14% [14]. Operational Adjustments - In response to financial difficulties, Xiaobai Xiaobai has implemented a store closure strategy, shutting down 211 stores in 2024, including 138 from the main brand [17]. - The company has initiated the "Phoenix Return" internal partner program, allowing core store personnel to become partners, although this model has inherent risks and limitations [19][20]. Market Challenges - The hotpot industry is facing saturation, with increasing competition from both established brands and new entrants, as well as from supermarkets entering the market with competitive pricing [30][31]. - Consumer complaints regarding service quality and dining experience have increased, indicating a decline in customer satisfaction [33].

主席 （股份代號：520） 董事會會議召開日期 呷哺呷哺餐飲管理（中國）控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將 於二零二六年三月二十六日（星期四）舉行董事會會議，藉以（其中包括）批准本公司及 其附屬公司截至二零二五年十二月三十一日止年度之年度業績公告及考慮派發末期股 息（如有）。 承董事會命 呷哺呷哺餐飲管理（中國）控股有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. 呷哺呷哺餐飲管理（中國）控股有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 賀光啓 香港，二零二六年三月十六日 於本公告日期，董事會包括執行董事賀光啓先生及馮煇煌先生；非執行董事陳素英女士； 以及獨立非執行董事韓炳祖先生、張詩敏女士、葛文達先生及黃正忠先生。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. 呷哺呷哺餐飲管理（中國）控股有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：520） 盈利預告－預期虧損減少 本公告由呷哺呷哺餐飲管理（中國）控股有限公司（「本公司」，連同其附屬公司統稱「本 集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條及證券及 期貨條例（香港法例第571章）第XIVA部之內幕消息條文（定義見上市規則）而刊發。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及本公司的有意投資者，根據 對本集團截至二零二五年十二月三十一日止年度未經審核綜合管理帳目的初步評估及 董事會目前所得資料，本集團預期截至二零二五年十二月三十一日止年度收入約為人 民幣38億元，相較於截至二零二四年十二月三十一日止年度收入 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 呷哺呷哺餐飲管理（中國）控股有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00520 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 USD | | | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 USD | | | 0.000025 | USD | | 50,000 | 本月 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [44][46]. Core Insights - The 2026 Spring Festival saw record-high travel and consumption data, with inter-regional mobility reaching 2.808 billion people, a year-on-year increase of 8.2%. Daily income in consumption-related industries grew by 13.7% compared to the previous year [4][36]. - The tourism sector experienced unprecedented interest, with an average of 1.977 million people entering and exiting the country daily during the Spring Festival, marking a 10.1% increase year-on-year. Macau's daily inbound visitor count reached 173,000, surpassing pre-pandemic levels [4][37]. - Hotel occupancy rates and revenue indicators showed steady recovery, with Huazhu Group reporting a 20% increase in total guests and a peak occupancy rate of 91% during the holiday [4][39]. - The restaurant sector demonstrated growth, with daily sales for monitored retail and restaurant enterprises increasing by 5.7% year-on-year. Notably, Haidilao served over 14 million customers during the holiday period [4][36]. Industry Performance - The consumer services sector's weekly performance was a gain of 1.68%, outperforming the CSI 300 index, which rose by 1.08%. The overall A-share market saw a gain of 2.73% [7][25]. - The hotel and restaurant sectors showed significant gains, with hotel stocks rising by 3.66% and restaurant stocks by 3.87% during the week [12][18]. - The report highlights the strong performance of specific companies, such as Luckin Coffee and Trip.com, which saw notable increases in their stock prices [4][31]. Important Announcements - Green Tea Group expects a profit of approximately 460 million to 508 million RMB for 2025, reflecting a year-on-year increase of 31.4% to 45.1% [31]. - Ctrip anticipates a revenue of 62.4 billion RMB for 2025, with a net profit of 33.3 billion RMB, representing a year-on-year increase of 17% and 95%, respectively [31]. - Excellent Education Group projects a revenue of 1.8 billion to 2.0 billion RMB for 2025, with a net profit of 260 million to 340 million RMB, indicating a growth of approximately 63.3% to 81.5% [31].

Core Insights - The Chinese restaurant industry experienced significant sales growth during the Spring Festival, driven by increased foot traffic in county, town, and super-first-tier cities due to family reunions and travel [1][2][3] Group 1: Sales Performance - Major retail and dining enterprises saw an average daily sales increase of 10.6% year-on-year in the first two days of the Spring Festival holiday, with a 33.2% increase in sales on the first day of the holiday in monitored shopping districts [1] - The group "Xiabuxiabu" reported total revenue exceeding 70 million yuan during the Spring Festival, with over 1 million customer visits [1] - "Haidilao" served over 7 million customers in the first five days of the holiday, with significant growth in customer traffic in major cities like Beijing and Shenzhen, exceeding 18% and 17% year-on-year respectively [2] Group 2: Popular Products - "Xiabuxiabu" sold nearly 20,000 units of its popular Indian curry hot pot and over 20,000 units of Inner Mongolia lamb during the holiday [1] - "Grandpa's Tea" achieved sales of over 9 million cups during the Spring Festival, a nearly 70% increase from the previous year, with popular items like "Lychee Ice Brew" and "Empty Mountain Gardenia" each exceeding 1 million cups sold [3] Group 3: Market Trends - The hot pot industry thrived during the family reunion theme of the Spring Festival, with brands like "Xiong Miao Lai Le" achieving single-day sales of over 84,000 yuan in their flagship store [2] - Brands with locations in tourist cities and key transportation hubs benefited from increased consumer traffic, with "Bawang Chaji" seeing sales growth of over 200% in key stores located in scenic areas [3][5] Group 4: Employee Engagement - "Haidilao" initiated a "Warm Winter Camp" for employees' children during the Spring Festival, promoting family engagement for those working away from home [7] - The restaurant industry is focusing on sharing profits with employees to maintain stability in service quality amidst high employee turnover [8]

Group 1 - The Beijing dining market is experiencing a festive atmosphere ahead of the Spring Festival, with many restaurants operating continuously during the 9-day holiday and increasing inventory and staff to ensure service quality [1][9] - Traditional brands are focusing on "intangible cultural heritage" dishes, with many restaurants preparing about four times the usual amount of ingredients for these special offerings during the holiday [2][5] - New dishes themed around the Year of the Horse are being introduced by various traditional restaurants, such as "马入翔云" and "马上串香," reflecting creativity and cultural significance [2][3] Group 2 - Popular hotpot chain Haidilao has received over 50,000 reservations for New Year's Eve and will have more than 1,000 locations open on that day, with over 1,300 stores returning to normal operations by the second day of the New Year [6][9] - Haidilao is launching new family-friendly themed restaurants, featuring child-friendly dining experiences and special menu items, with plans for further expansion across various cities [7] - Other chains like Xiaobuxiang are also implementing themed activities and launching new menu items to enhance the festive dining experience, including limited edition sauces and special meal packages [8][9] Group 3 - Many restaurants are ensuring operational stability during the holiday by increasing staff and preparing for logistics challenges, with strategies in place for employee engagement and support [9][10] - Popular restaurant Fei Dazhu is maintaining normal operations during the holiday, with a 30% increase in fresh ingredient supplies to meet customer demand [10]

Group 1 - The core focus of the company is to enhance consumer experience during the Spring Festival by launching various themed activities and promotions across its brands, including Xiabuxiabu, Coucou Hotpot, and Xiniupai [1] - Xiabuxiabu has initiated a "Gathering in One Pot, Fortune Comes Soon" theme event from January 27 to the fifteenth day of the lunar new year, offering member benefits and a lottery for those who meet certain spending thresholds [1] - The company has also launched a social media campaign starting February 1, allowing customers to participate in a check-in activity for a chance to win a Doraemon toy, thereby increasing brand visibility [1] Group 2 - To ensure service quality and employee rights during the Spring Festival, the company has implemented operational measures, including flexible scheduling and additional benefits for employees who remain on duty [2] - The company has prepared for logistics challenges by increasing inventory of core ingredients and signing backup logistics partners to ensure smooth operations during peak periods [2] - The new brand Xiniupai has opened its first store in Beijing on February 6, coinciding with the festive season, and is offering special meal packages that maintain a price point around 100 yuan per person, balancing quality and experience [2]

Core Viewpoint - The chairman of Xiaobuxiang Group, He Guangqi, believes that price wars have no future in the restaurant industry, emphasizing that consumers are willing to choose and pay a premium [1][1]. Industry Insights - He Guangqi's perspective highlights a shift in consumer behavior, indicating that the willingness to pay for quality and experience is more important than competing on price [1][1].