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 公司名稱: 呷哺呷哺餐飲管理（中國）控股有限公司 呈交日期: 2025年10月8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 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 ...

Group 1 - The dual holiday of National Day and Mid-Autumn Festival has created an annual consumption peak in the dining market, driven by economic recovery and innovative business models [1] - Traditional brands are revitalizing their offerings, with new products and experiences being introduced to cater to local consumers [2][4] - The demand for family gatherings, travel, and celebrations has significantly increased during this holiday period [1] Group 2 - Established brands like Xilai Shun are launching new outlets with unique offerings, such as special meat pies and traditional dishes, to attract local customers [2] - The "Non-Heritage" dining experience is being enhanced by restaurants like Kaorouji, which is innovating traditional cooking techniques to create new dishes [4] - The introduction of promotional strategies, such as free dishes during the holidays, is aimed at enhancing customer experience and driving foot traffic [5] Group 3 - Large chain restaurants are experiencing a surge in reservations and foot traffic, particularly for group dining and celebrations [6] - Hai Di Lao has opened a banquet-themed restaurant that offers customized dining experiences for various occasions, including weddings and birthdays [8] - The trend of hosting casual and unique celebrations in restaurants is gaining popularity, as seen in the example of a couple choosing Hai Di Lao for their wedding [6][8] Group 4 - The demand for diverse dining experiences is rising, prompting companies like Xiaobuxiang to launch extensive marketing campaigns [9] - Xiaobuxiang is focusing on value-for-money offerings and enhancing customer experience through innovative dining models [10] - The company aims to set new consumption records during the holiday season by providing a wide range of dining options [10]

Core Insights - The combination of the National Day and Mid-Autumn Festival has led to a significant boost in the dining market, creating a peak in consumer spending during the holiday period [1] Group 1: Traditional and Innovative Dining Experiences - Established brands like Xilai Shun are innovating by introducing new products such as unique meat pies and various local snacks to cater to neighborhood customers [2][4] - The "Non-Heritage" dining experience is being enhanced by restaurants like Kaorouji, which is integrating traditional cooking techniques with modern flavors, such as the introduction of "Siberian Autumn Grilled Lamb Ribs" [4] - Traditional eateries are also offering special promotions, such as free gifts with purchases, to attract customers during the holiday season [5] Group 2: Event and Celebration Dining - Large chain restaurants are seeing a surge in bookings for group dining and celebrations, with establishments like Haidilao launching themed banquet venues to cater to various events [7] - Haidilao's banquet store in Shenzhen is designed to accommodate different types of gatherings, including weddings and birthday parties, enhancing the dining experience for special occasions [7] - The trend of hosting casual weddings at restaurants is gaining popularity, as evidenced by couples choosing Haidilao for their wedding celebrations [7] Group 3: Marketing and Consumer Engagement Strategies - The Xiaobuxiang Group is implementing extensive marketing campaigns to meet the rising consumer demand for value and experience during the holiday season [8] - The group is launching multiple themed marketing activities and has introduced a dual-point dining model to enhance customer experience and cater to diverse consumer preferences [9] - The company's strategy includes offering high-quality ingredients at competitive prices, aiming to create new consumption records during the holiday period [9]

Core Viewpoint - The Chinese hot pot market is undergoing an unprecedented shakeout, with significant price wars leading to a decline in average spending and a high number of store closures across various brands [5][6][8]. Market Overview - In 2024, the scale of the Chinese catering market is projected to reach 5.57 trillion yuan, with the hot pot segment accounting for 617.5 billion yuan, indicating that 10% of every 10 yuan spent on dining is for hot pot [8]. - The hot pot market has seen rapid growth, with a year-on-year increase of 5.6% last year and nearly 20% growth the year before [8]. - However, from November 2023 to November 2024, over 300,000 hot pot stores are expected to close, representing a significant turnover in a market that has maintained over 500,000 stores in recent years [8][9]. Consumer Behavior - Average spending on hot pot has decreased from over 86 yuan in 2022 to 77 yuan in 2024, affecting all segments of the market [8][9]. - The decline in demand for full-service dining experiences, particularly in the hot pot sector, is attributed to changing consumer preferences and increased competition from takeout options [10][11]. Company Performance - Haidilao reported a revenue of 20.7 billion yuan, a year-on-year decline of 3.7%, with net profit down 13.7% to 1.755 billion yuan [11][12]. - The average table turnover rate for Haidilao has dropped from 4.2 times to 3.8 times per day, reflecting decreased customer footfall [12]. - Other brands like Cuocuo and Xiaobai have also faced significant challenges, with Cuocuo closing 73 stores and Xiaobai 138 stores, leading to substantial stock price declines [6][19]. Competitive Landscape - The hot pot industry is experiencing intense competition, with brands like Haidilao and Banu engaging in price wars to attract customers [15][21]. - The small hot pot market is growing rapidly, with a growth rate of 28.9% in 2024, but the number of new entrants is at a historical low, indicating that existing players are simply shifting focus rather than new opportunities arising [15][16]. - Banu has positioned itself as a high-end alternative to Haidilao, focusing on product quality rather than service, but its financial performance does not significantly outperform its competitors [21][22]. Future Outlook - The ongoing price wars and market shakeout are expected to continue, with high-end brands also feeling the pressure as consumer preferences shift towards more affordable options [24]. - The hot pot industry, while currently facing challenges, may ultimately benefit consumers through lower prices and improved accessibility [26].

Core Points - The article reports that He Guangqi, the executive director and chairman of Xia Bo Xia Bo (00520.HK), increased his shareholding by purchasing 879,500 shares at an average price of HKD 1.00 per share, totaling approximately HKD 879,500 [1] - Following this transaction, He Guangqi's total shareholding increased to 425,493,860 shares, raising his ownership percentage from 39.09% to 39.17% [1] Company Information - Company Name: Xia Bo Xia Bo Catering Management (China) Holdings Limited [2] - Stock Code: 00520 [2] - Date of Disclosure: September 30, 2025 [2] - Shareholding Details: He Guangqi's latest shareholding represents a significant stake in the company, indicating confidence in its future performance [1][2]

Core Insights - The company is launching extensive marketing activities to boost consumer engagement during the upcoming National Day and Mid-Autumn Festival, focusing on value-for-money and experiential dining [1][4] - The introduction of new products and membership service upgrades aims to enhance customer experience and expand market reach [2][4] - The "dual-point model" of the brand Cuocuo is being expanded nationally, redefining hot pot consumption with a focus on high-quality ingredients and diverse dining options [3][4] Group 1: Marketing Strategies - The company is implementing eight themed marketing activities from September 25 to October 15, including a lottery with 80,000 prizes to stimulate consumer interest [1] - Special gift cards for the Mid-Autumn Festival are being offered, including 300 yuan single meal vouchers and 500 yuan double meal vouchers, targeting holiday gifting needs [1] - A limited-time family reunion package priced at 148 yuan is being promoted, highlighting high cost-performance advantages [1] Group 2: Product Innovations - New product offerings include crispy chicken racks and a strawberry smoothie tea, enhancing consumer choices [2] - The company is expanding its reach through promotional packages on platforms like Meituan and Douyin, including a 58 yuan trial package and a 123 yuan double meal [2] Group 3: Service Enhancements - Membership services are being upgraded, allowing members to exchange 600 points for a 30 yuan discount coupon during the holiday period [2] - A new points mall activity is being launched to enhance the overall membership benefits [2] Group 4: Strategic Developments - The Cuocuo brand is expanding its dual-point model to 18 new locations, optimizing the model based on regional characteristics [3] - The company is committed to providing high-quality ingredients at competitive prices, with a focus on seafood and premium meats in its upgraded meal packages [3][4] - The innovative dual-point model combines high-quality single dishes with an all-you-can-eat experience, breaking traditional dining norms [3][4]

Investment Dynamics - McDonald's China plans to invest over 400 million RMB in talent training and development over the next three years, focusing on upgrading its Hamburger University with three main directions: "smarter, more open, and more focused on holistic growth" [3] - Jinzi Ham announced a plan to acquire up to 300 million RMB for a 20% stake in Zhongsheng Microelectronics, indicating a strategic shift towards the semiconductor industry due to slow growth in its main business [5] - Heineken announced a cash acquisition of Florida Ice and Farm Company (FIFCO) for 3.2 billion USD (approximately 227.52 billion RMB), expanding its beverage and retail business in Central America [7] Brand Dynamics - Xibei has established a new restaurant management company, Fan Jiji, with a registered capital of 500,000 RMB, aiming to isolate risks from its main brand due to declining customer traffic [9] - Xiaobing Xiaobing has formed a new restaurant management company, Xiaoniu, with a registered capital of 50 million RMB, marking a shift towards a "headquarters platform + partner" model [13] - Starbucks has launched a limited edition product line inspired by Dunhuang murals, enhancing store efficiency and providing a replicable model for "coffee + cultural tourism" [16][17] Product Development - Magnum Ice Cream plans to utilize AI technology from NotCo to reformulate products and develop new offerings, marking a significant step in AI-driven food research [20] Personnel Dynamics - René Lammers has been appointed as Executive Vice President and Chief Research and Innovation Officer at Estée Lauder, effective October 1, indicating a shift in R&D strategy to a board-level decision-making process [23] - The CFO of China Resources Beer, Zhao Wei, has resigned, creating a potential gap in financial decision-making at a critical time [26] - Wei Zhe has been appointed to the Food Safety and Sustainability Committee of Yum China, reflecting an upgrade of ESG and food safety oversight to the board level [29]

Financial Performance - The reporting period ended on June 30, 2025, covering six months of financial performance[16] - The company achieved a revenue of RMB 1.2 billion, representing a year-over-year increase of 15%[16] - The Group's revenue decreased by 18.9% from RMB2,394.5 million in the first half of 2024 to RMB1,942.4 million for the Reporting Period[22] - The Group recorded a pre-tax loss of RMB75.7 million for the Reporting Period, a significant decrease of 71.6% from RMB267.0 million in the first half of 2024[22] - The Group recorded a net loss of RMB80.8 million for the Reporting Period, reflecting a substantial reduction of 70.5% from RMB273.7 million in the first half of 2024[22] - As of June 30, 2025, total net revenue for the Group was RMB 1,028,863 thousand, a decrease of 18.0% from RMB 1,254,525 thousand in 2024[40] Customer Metrics - User data indicates a growth in active customers to 5 million, up 20% from the previous year[16] - The average spending per customer decreased to RMB 53.7 in 2025 from RMB 59.6 in 2024, reflecting a decline of 3.2%[40] - The customer turnover rate increased by 13.0% from 2.3x in the first half of 2024 to 2.6x in 2025[42] - Same-store sales in Tier 1 cities dropped by 16.4% to RMB 458.8 million in 2025 from RMB 548.6 million in 2024[46] - The number of same-store restaurants increased to 732 in 2025, compared to the previous year[46] Market Expansion and Strategy - The company plans to expand its market presence by opening 50 new locations in the next fiscal year[16] - A strategic acquisition of a local competitor is in progress, expected to enhance market share by 5%[16] - The Group is advancing a restaurant network renewal strategy to improve operational efficiency and resource allocation[23] - The Group is deepening its on-demand delivery service ecosystem to drive high-quality business expansion and operational efficiency improvements[23] - The Group's core strategy focuses on market expansion, brand elevation, and operational optimization, including the launch of new delivery products and closing underperforming restaurants[64] Product Development - New product launches are expected to contribute an additional RMB 300 million in revenue by the end of 2025[16] - Coucou launched four new hot pot soup bases and a series of Longjing tea-flavored products, enhancing its menu diversity[67][69] - The brand's collaboration with the internationally renowned IP Miffy aims to expand brand awareness and attract new customers, marking a strategic entry into new markets[67][69] Operational Efficiency - Research and development expenses increased by 10% to RMB 150 million, focusing on innovative menu items[16] - The amount of provision for asset impairment losses on closed and continuously loss-making restaurants significantly decreased by approximately 64.1% compared to the same period in 2024[22] - The Group's table turnover rate decreased from 1.6 times in the first half of 2024 to 1.4 times in the first half of 2025, reflecting a 12.5% year-on-year decline[52] Employee Metrics - The total staff cost for the Group was RMB 666.5 million, a decrease of 18.1% from RMB 814.1 million in the previous year, representing approximately 34.3% of total revenue[132] - As of June 30, 2025, the Group employed a total of 17,930 employees, a decrease from 24,606 employees as of December 31, 2024[127][130] - The group provides competitive salaries and benefits to restaurant employees to control turnover rates[134] Financial Management - The Group intends to finance its expansion and operations through organic growth and bank financing[100] - The Group's gearing ratio was 47.8% as of June 30, 2025, calculated by dividing bank and other borrowings by total equity[114][120] - The Group recorded finance costs of RMB26.4 million, a decrease of 40.8% compared to RMB44.6 million in the same period last year[98] Shareholder Information - As of June 30, 2025, Mr. Ho Kuang-Chi holds 396,234,500 shares through a discretionary trust, representing approximately 36.48% of the company's shareholding[139] - Ms. Chen Su-Yin, as the spouse of Mr. Ho Kuang-Chi, is deemed to have an interest in 421,911,860 shares, which is approximately 38.84% of the company's shareholding[139] - The company had a total of 1,086,174,481 issued shares as of June 30, 2025[141] Corporate Governance - The Company complied with the Corporate Governance Code, except for the deviation regarding the separation of roles of chairman and CEO[184] - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2025[192] - The independent auditor, Deloitte Touche Tohmatsu, conducted a review of the interim financial information[192]

Overview - The small hot pot industry is characterized by its strong fast-food attributes and lower social interaction compared to traditional hot pot, catering to the "light social" needs of the younger generation [1][5] - The "one-person meal" trend aligns with the independent dining preferences of single consumers, and the high cost-performance ratio meets the demands of the lower-tier market [1][5] - The market size of China's small hot pot industry is projected to reach 58.8 billion yuan in 2024, with a year-on-year growth of 12.07%, accounting for 9.52% of the overall hot pot market [1][10] Development History - The small hot pot concept originated in Japan and was introduced to Taiwan in the 1990s, with the first store in mainland China opened by Xiaobuxia in 1999 [3][11] - The rise of the "one-person meal" culture since 2020 has led to increased demand for small hot pots, especially during the pandemic, which has created new growth opportunities [3][4] - Major traditional hot pot brands are now entering the small hot pot market, enhancing competition and quality standards [4][10] Market Policies - The Chinese government has issued various policies to support the development of the restaurant industry, including small hot pots, creating a favorable environment for growth [4][5] Industry Chain - The upstream of the small hot pot industry includes suppliers of vegetables, fruits, meats, seafood, and kitchen equipment, while the downstream consists of dining and takeaway channels [5][6] - China's agricultural output remains stable, providing sufficient raw materials for the small hot pot industry [7][8] Consumer Insights - Female consumers dominate the small hot pot market, accounting for 51.4%, with the majority aged between 20-39 years [9] - The "one-person meal" scenario represents 44.2% of consumption, indicating a strong preference for individual dining experiences [9] - Price sensitivity is high among consumers, with the most accepted price range being 20-40 yuan [9] Competitive Landscape - The small hot pot market is becoming increasingly competitive, with major brands launching their own small hot pot products [10][11] - Xiaobuxia leads the market, followed by other brands like Qianwei Yiding and Weila Xiaohotpot [10][11] Future Trends - The small hot pot industry is expected to undergo rapid consolidation, with leading brands emerging based on supply chain advantages and brand influence [12] - Integration with new retail models and advancements in technology, such as smart ordering systems, will drive innovation in the industry [12][13]

Group 1 - A new company named Xiangniu Catering Management (Tianjin) Co., Ltd. has been established with a registered capital of 50 million yuan [2] - The business scope of the company includes catering services, food sales, and catering management [2] - The company is wholly owned by Xiabuxiabu Investment Group Co., Ltd. [2]