集团该期间的净亏损大幅减少主要由于(i)集团持续致力成本优化，以数字化供应链驱动结构性降本增 效，依托集采优势，打通供应商协同链路；(ii)持续升级新型物流枢纽及标准化流程，优化配送路径网 络，实现运营效率提升与综合成本下降，改善经营效益；及(iii)通过优化餐厅布局结构，包括关闭低效 餐厅、新增餐厅重点聚焦高潜力区域等举措综合提升餐厅运营效率；预计对关闭及持续亏损餐厅的资产 减值损失计提金额较2024年同期大幅下降约64.1%。 格隆汇8月4日丨呷哺呷哺(00520.HK)发布公告，集团预期截至2025年6月30日止六个月收入约为人民币 19亿元，相较于截至2024年6月30日止六个月收入减少约18.9%。相较于2024年同期集团录得净亏损人 民币2.74亿元，集团预期于该期间将录得净亏损介乎约人民币0.8亿元至1.0亿元之间，亏损较2024年同 期大幅收窄，降幅介乎约63.2%至70.5%之间。 集团一直确保现金流稳健及财务状况良好，同时推展各项营运管理，包括(i)实施餐厅网络焕新策略，通 过高潜力区域精准卡位与低效餐厅结构性出清，实现资源再配置及效率跃升，构筑精益化成本管理新范 式；(ii)深化即时配送 ...

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 ） 盈利預告 — 預期虧損大幅減少 （股份代號：520） 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六月三十日止六個月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六月三十日止六個月收入約為人民幣 19億元，相較於截至二零二四年六月三十日止六個月收 ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：520） 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的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 進一步延遲寄發通函 茲提述呷哺呷哺餐飲管理（中國）控股有限公司（「本公司」）日期為二零二五年四月十七 日、二零二五年五月十六日及二零二五年六月二十七日的公告（「該等公告」），內容有 關（其中包括）本公司擬收購呷哺呷哺（中國）食品控股有限公司40%權益及延遲寄發通 函。除非另有說明，否則本公告所用詞彙與該等公告所界定者具有相同涵義。 Xiabuxiabu Catering Management (China) Holdings Co., Ltd. 呷哺呷哺餐飲管理（中國）控股有限公司 誠如該等公告所披露，載有（其中包括）(i)該協議的進一步詳情；(ii)獨立財務顧問的函 件，當中載有其向獨立董事委員會及獨立股東提供的意見；(iii)獨立董事委員會向獨立 股東作出的推薦意見；及(iv)股東特別大會通告的通函預期將於二零二五 ...

近日，呷哺呷哺宣布"凤还巢"计划正式启动，面向内部优秀员工开放新店合伙人通道。根据呷哺方面公 布的数据，首批21位合伙人已完成签约，5家合伙门店投入运营。这些合伙人多数来自呷哺呷哺全国各 区域的运营经理、店长等核心岗位人员。 "连锁火锅第一股"呷哺呷哺开始推行内部合伙制，在业内看来，是当前最适合呷哺重拾增长的方案：它 以可控成本绑定人才、稳定军心，并为精细化运营提供组织基础。有业内专家认为，从呷哺呷哺门店体 量、目前提出的每年新增50至100家合伙人店的增速来看，均在较为合理的范围。如果在品控、分红机 制等方面执行得当，将有望推动主品牌门店扩张速度。 餐饮行业从直营向合伙与加盟转变 从今年年初开始，呷哺集团股价一直徘徊在1港元以内。4月，呷哺集团股价跌破1港元，市值不足10亿 港元，与2021年最高点相比已跌去96%。 7月16日，呷哺集团旗下呷哺呷哺正式宣布推出"凤还巢"合伙人计划。业内认为，作为"火锅第一股"的 呷哺之所以作出这样的选择，与火锅行业正进入存量竞争阶段有关。根据红餐研究院发布的《火锅上新 趋势洞察报告2025》，2024年，全国火锅市场规模达到6175亿元，同比增长5.6%，但增速较2023 ...

Group 1: Water Well Square - The company expects a 14.54% increase in sales volume for the first half of 2025, but anticipates a 12.84% decline in revenue to 1.498 billion yuan [1] - The net profit attributable to shareholders is projected to be 105 million yuan, a decrease of 56.52% compared to the same period last year [1] - The second quarter faced pressure from traditional consumption scenarios such as business banquets, leading to a slowdown in the recovery of shipments [1] Group 2: PepsiCo - PepsiCo reported Q2 2025 net sales of 22.726 billion USD (approximately 164.887 billion yuan) with an operating profit of 1.789 billion USD (approximately 12.98 billion yuan) [2] - The company achieved an organic sales growth of 2.1% [2] - New products such as "Milk Naked Rice Cake" and "Dragon Fruit Dried Fruit" have been introduced in the Chinese market, with the latter quickly entering the top 10 dried fruit list at Sam's Club [2] Group 3: Good Products Shop - The company announced the introduction of Wuhan State-owned Assets as a strategic investor, aiming to enhance global supply chain collaboration and food ecosystem development [3] - This change in control is seen as a strategic upgrade to better respond to the new phase of industry development [3] - The partnership will focus on creating a comprehensive industrial ecosystem through supply chain, brand, and channel collaboration [3] Group 4: KKR Acquisition - KKR's acquisition of Vista International Inc. was completed on July 4, 2025, granting KKR indirect control of 85% of the company [4] - Vista International primarily operates in the beverage sector within China [4] - The company was previously fully owned by an individual before the acquisition [4] Group 5: Starbucks and Fast Food Chains - Starbucks China, Yum China, and McDonald's China participated in the third China International Supply Chain Promotion Expo [5][6] - Starbucks showcased sustainable development innovations, while Yum China launched a development plan focusing on food safety and environmental concerns [6] - McDonald's emphasized its local supply chain partnerships and plans for global expansion [6] Group 6: Zhou Black Duck - The company expects total revenue for the first half of 2025 to be between 1.2 billion and 1.24 billion yuan, reflecting a year-on-year decline of approximately 1.5% to 4.7% [7] - Profit is projected to grow by 55.2% to 94.8%, driven by improved store management and reduced raw material costs [7] Group 7: Xiaobai Xiaobai - The company launched a partner program aimed at retaining and attracting talent by allowing top-performing employees to become store partners [8] - The plan aims to add 50 to 100 partner stores annually [8] - The first batch of 21 partners has already signed agreements, with five stores currently in operation [8] Group 8: BreadTalk - The company clarified that the closure of 11 stores in Chengdu was due to the expiration of franchise agreements, not a broader business failure [9] - The company is working on refunding customers with unspent gift cards and plans to open over 40 new stores [9] Group 9: Quanjude - The company expects a net profit of 11 to 14 million yuan for the first half of 2025, a decline of 52.28% to 62.51% year-on-year [10] - The restaurant industry continues to face significant market pressure, affecting customer traffic and revenue [10] Group 10: Yonghui Supermarket - The company anticipates a net loss of 240 million yuan for the first half of 2025, marking a shift from profit to loss [13] - The loss is attributed to a strategic transformation and the closure of 227 underperforming stores [13] - The company is undergoing significant supply chain reforms to establish a "quality retail" mindset [13]

Core Viewpoint - The company is facing significant challenges, including a 97% stock price drop, a cumulative loss of 1.2 billion, and the closure of 219 stores in one year, prompting the launch of the "Feng Huan Chao" partner program to empower employees as store partners [1][11][12] Group 1: "Feng Huan Chao" Partner Program - The "Feng Huan Chao" program aims to incentivize frontline employees, with the first batch of 21 core employees becoming partners, focusing on operational managers and store managers [5][7] - The partnership model involves a tripartite shareholding structure among partners, the company, and executives, allowing partners to focus on store performance while the company provides funding and brand support [5][6] - This internal partnership approach is designed to bind talent and activate the organization, transforming employees from executors to decision-makers, thereby enhancing responsibility and loyalty [7][8] Group 2: Market Challenges and Strategic Shifts - The company is navigating a rapidly changing hot pot market, facing challenges from competitors and internal struggles, including a significant decline in the performance of its high-end brand, Coucou [3][10][14] - The company has accumulated losses of 1.183 billion from 2021 to 2024, with a peak loss of 401 million in 2024, largely attributed to the underperformance of Coucou [11] - The company is shifting focus away from the high-end market, which has seen competitors like Haidilao and Banu gaining traction, while it struggles to maintain its customer base [17][18] Group 3: Food Safety and Quality Control - The partner program mandates that all partner stores must integrate into a global supply chain and management system to ensure food safety and service standards, mitigating risks commonly associated with traditional franchise models [12] - Recent complaints about food safety issues highlight the need for stringent quality control measures, reinforcing the importance of the new management structure [12][20] Group 4: Market Position and Future Outlook - The hot pot market is projected to grow, with a significant increase in small hot pot establishments, but the company faces challenges in positioning itself within this competitive landscape [18][19] - The company must prioritize quality and value to regain market share, as competitors are increasingly encroaching on its target demographic with lower-priced offerings [20][21]

Core Viewpoint - The company, Xiaobu Group, has launched the "Feng Huan Chao" partner program aimed at retaining and attracting talent in the restaurant industry through profit-sharing with employees [2][3] Group 1: Partner Program Details - The initial phase of the program includes 21 partners, with 5 partner stores already operational, and plans to add approximately 50 to 100 new partner stores annually [2] - The core model of the "Feng Huan Chao" program is a "three-party co-ownership," linking store profits closely with partners, thereby enhancing their motivation and initiative [2] - The program is designed for internal employees, allowing them to focus solely on optimizing operational metrics without worrying about startup costs or brand management [3] Group 2: Support and Standards - Xiaobu Group will provide comprehensive support, including brand authorization, supply chain assurance, and strict management standards, ensuring consistency in brand image and service quality [3] - A dedicated service team will assist partners throughout the entire process, from site evaluation to operational guidance and marketing planning [3] Group 3: Industry Context - The initiative reflects a broader trend in the restaurant industry, where leading brands are adopting partner or franchise models to accelerate expansion [4] - Other companies, such as Haidilao and Jiumaojiu, are also implementing similar models to enhance operational efficiency and reduce costs [5] - The partner model is seen as a way to better align employee interests with business outcomes, potentially leading to rapid expansion and increased market share [4][5]

Core Viewpoint - The company, Xiaobai Hotpot, has launched a new "Feng Huan Chao" partner program aimed at recruiting internal employees and industry talents as new store partners to enhance operational efficiency and profitability [1][3]. Group 1: Partner Program Details - The partner program allows partners to share equity and profits with the company, creating a strong alignment of interests between the company and the partners [2]. - Unlike traditional franchising, this program emphasizes risk-sharing and profit-sharing through equity and dividend mechanisms, with a focus on frontline employees [3]. - The company will provide comprehensive support, including site evaluation, personnel training, and operational supervision, allowing partners to focus on store management [3][4]. Group 2: Financial Performance and Challenges - Xiaobai Hotpot has faced significant financial difficulties, reporting continuous losses since 2021, with a cumulative loss of 1.246 billion yuan [5]. - Despite attempts to boost performance through various strategies, including launching a sub-brand and implementing a membership system, these efforts have not effectively increased customer traffic [5][7]. - The average customer spending has decreased, with a 10% reduction in brand package prices leading to a drop in average spending per customer to 54.8 yuan [6]. Group 3: Operational Metrics - The brand's table turnover rate has declined from 2.6 times per day in 2023 to 2.5 times in 2024, with same-store sales dropping by 23.3% [8]. - The company has closed a total of 73 and 60 stores for the Xiaobai and Coucou brands, respectively, marking the first time the total number of restaurants has fallen below 1,000 since 2019 [9]. - Despite current challenges, Xiaobai Hotpot plans to open at least 95 new restaurants by 2025, with a target turnover rate of at least 3 [10]. Group 4: Future Plans - Currently, five partner stores are operational, with plans to steadily add approximately 50 to 100 partner stores each year [11].

Core Insights - Major hot pot brands are actively expanding their business models, with Haidilao continuing to incubate sub-brands and Banu submitting an IPO application to become the "third hot pot stock" [1] - Xiaobuxiang, the "first hot pot stock," has launched the "Feng Huan Chao" partner program aimed at outstanding internal employees and industry talents, with plans to open 50 to 100 new partner stores annually [1][2] Company Initiatives - The "Feng Huan Chao" partner program incentivizes frontline employees who contribute significantly to store growth, allowing them to share in store profits through a partnership model [1][2] - The first batch of 21 partners has signed contracts, with 5 partner stores already operational [1] - Xiaobuxiang will provide comprehensive support to partners, including brand authorization, supply chain assurance, and management standards, ensuring consistency in brand image and service quality [2] Industry Trends - The trend of opening franchise and partnership models is growing among leading restaurant brands, with Haidilao and Jiumaojiu also adopting similar strategies [3] - The increasing chain rate in China's restaurant industry, along with improved brand management and supply chain standardization, is driving the shift from direct operation to franchise models [3] - The internal partnership model is becoming popular, transforming employees from traditional roles into partners who share risks and profits, enhancing their engagement and performance [3]

Core Viewpoint - The company has launched the "Feng Huan Chao" partner program to incentivize frontline employees and attract experienced talent in the restaurant industry, aiming to enhance store performance and brand competitiveness [1][3][5] Group 1: Partner Program Details - The "Feng Huan Chao" partner program targets frontline employees who contribute significantly to store growth, with 21 initial partners already signed, primarily from operational managers and store managers [3][4] - Partners will hold shares alongside the company, aligning their interests with store profitability and encouraging proactive engagement [3][4] - The program offers a higher profit-sharing ratio to frontline employees, ensuring they receive the maximum benefits [3][4] Group 2: Support and Standards - The company will provide comprehensive support to partners, including brand authorization, supply chain assurance, and standardized management practices, to alleviate operational concerns [3][4] - All partner stores must adhere to strict global management standards and food safety protocols to maintain brand integrity and service quality [4] - A dedicated service team will assist partners throughout the entire process, from site evaluation to operational supervision [4] Group 3: Market Context and Strategy - The restaurant industry, particularly the hot pot sector, is highly competitive, with many local brands emerging, putting pressure on the company [4][5] - The partner program aims to retain top internal talent while attracting external industry experts to accelerate brand expansion and adapt to market changes [5] - The company anticipates adding approximately 50 to 100 partner stores annually, enhancing both the quality and quantity of its outlets [4]