Financial Performance - Xiabuxiabu reported a revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-on-year increase of 15%[3]. - The company achieved a net profit of RMB 200 million, up 10% compared to the previous year[3]. - For the year ended 31 December 2024, the company's revenue was RMB 4,754,843, a decrease of 19.6% compared to RMB 5,917,962 in 2023[16]. - The company reported a loss before tax of RMB 389,136 for 2024, worsening from a loss of RMB 124,375 in 2023[16]. - In 2024, the Group's revenue decreased by 19.7% from RMB 5,918.0 million in 2023 to RMB 4,754.8 million in 2024[33]. - For the year ended December 31, 2024, net revenue from Xiabuxiabu restaurants was RMB 2,436.5 million, down from RMB 3,081.4 million in 2023, indicating a decline of approximately 20.9%[53]. - The Group's revenue decreased by 19.7% from RMB5,918.0 million in 2023 to RMB4,754.8 million in 2024, closing 138 Xiabuxiabu restaurants and 73 Coucou restaurants due to intense competition and rational consumer demand[91]. - Revenue from Xiabuxiabu decreased by 13.1% from RMB3,023.9 million in 2023 to RMB2,629.2 million in 2024, while Coucou revenue decreased by 26.5% from RMB2,651.9 million to RMB1,948.3 million[91]. Customer Engagement and Growth - User data indicated a growth in active customer accounts to 5 million, an increase of 20% year-on-year[3]. - The total number of cumulative members surpassed 40 million, with an addition of approximately 5.03 million new members in 2024[23]. - The Group added nearly 5.03 million new members in 2024, bringing the total to approximately 42 million members, with member consumption frequency increasing to 3.33 times, a year-on-year increase of 1.4x[88]. - The average spending per customer was RMB 123.5 for Xiabuxiabu and RMB 54.8 for Coucou[43]. - The average spending per customer in Tier 1 cities decreased to RMB 55.5 in 2024 from RMB 63.4 in 2023, reflecting a decline of 12.4%[53]. - The average spending per customer in other markets increased to RMB 145.4 in 2024 from RMB 131.4 in 2023, showing a positive trend in those regions[53]. - The average repurchase spending per capita for all-you-can-eat card members reached RMB 488, an increase of 1.5x compared to ordinary members[89]. Expansion and Market Strategy - The company plans to open 50 new locations in 2025, expanding its market presence in key cities[3]. - The Group plans to open at least 95 new restaurants under the Xiabuxiabu brand in 2025, targeting a table turnover rate of at least 3x[66]. - The Group aims to continue its overseas expansion strategy to establish a global hotpot brand[37]. - The Group successfully expanded into the Taiwan market, marking its third international market after Hong Kong and Singapore[30]. - The Coucou brand successfully entered the Taiwan market, contributing to exceptional performance following offshore openings in Hong Kong and Singapore[23]. Operational Efficiency and Cost Management - The company reported a gross margin of 30%, consistent with the previous year, reflecting stable cost management[3]. - Raw materials and consumables cost decreased by 24.5% from RMB2,214.4 million in 2023 to RMB1,672.8 million in 2024, with the cost as a percentage of revenue decreasing from 37.4% to 35.2%[93]. - Staff costs decreased by 13.4% from RMB1,862.9 million in 2023 to RMB1,612.6 million in 2024[90]. - Property rental and related expenses decreased by 4.2% from RMB311.1 million in 2023 to RMB298.1 million in 2024, with the percentage of these expenses to revenue increasing from 5.3% to 6.3%[98]. - The Group's total comprehensive expense for the year was RMB398.5 million, compared to RMB194.4 million in 2023, marking an increase of 104.9%[90]. Leadership and Governance - The company has a strong leadership team with diverse expertise in finance, operations, and strategic development, enhancing its competitive position in the market[147][148]. - The leadership team includes substantial shareholders, ensuring alignment of interests with the company's long-term growth strategy[143]. - The Group's governance structure includes independent non-executive directors with significant industry experience[153]. - The company is committed to maintaining high standards in food quality and expanding its market presence through strategic initiatives[144]. Sustainability and Corporate Responsibility - The Group has implemented energy conservation and emission reduction measures across production, office, logistics, and restaurant operations, adhering to relevant environmental laws and policies[165][168]. - In 2024, the Group reported no violations or legal issues related to environmental matters, demonstrating strong corporate environmental responsibility[168]. - The company is focused on providing strategic guidance for business development and enhancing product offerings, particularly in the food sector[144]. Future Outlook and Strategic Initiatives - The management has provided a revenue guidance of RMB 1.5 billion for the next fiscal year, indicating a growth target of 25%[3]. - The Group aims to enhance customer brand recognition and improve dining experiences amidst intense market competition[66]. - The Group's strategic focus includes expanding its restaurant operations and enhancing service offerings[160]. - The Group aims to strengthen its global supply chain system to consolidate cost advantages and enhance overall supply chain efficiency through optimized resource allocation and technology application[80][82].

Core Viewpoint - The dual-brand strategy of Xiaobai Xiaobai has become a burden, leading to significant financial losses and a decline in market position [1][5][11] Market Environment - The hot pot market is experiencing intense price competition, with average customer spending dropping 14% year-on-year to 59 yuan, and the proportion of meals priced below 30 yuan increasing by 2% [2] - The 50-70 yuan price range has become the most competitive segment, accounting for 45% of the market, while the share of meals priced over 100 yuan has shrunk to 7% [2] - There are over 50,000 small hot pot outlets nationwide, with the largest share (over 30%) in the 20-40 yuan price range [3] Company Performance - Xiaobai Xiaobai's 2024 financial report revealed a revenue of 4.755 billion yuan, a year-on-year decline of 19.65%, and a net loss of 401 million yuan, marking the fourth consecutive year of losses with total losses exceeding 1.2 billion yuan [5][7] - The stock price has plummeted from a peak of 26.9 HKD in 2021 to 0.81 HKD, triggering delisting warnings from the Hong Kong Stock Exchange [5] - The company closed 138 Xiaobai Xiaobai outlets and 73 Coucou outlets in 2024, with closures primarily in areas not aligned with the brand's "high cost-performance" positioning [7] Brand Strategy and Challenges - The high-end brand Coucou, with an average customer spending of 123.5 yuan, is struggling to fit into the current market dynamics, as its revenue dropped 26% year-on-year [7][11] - The company's attempts to reposition itself towards high-end dining have led to a disconnect with consumer trends, resulting in a fragmented brand image [9][11] - Coucou's strategy of combining hot pot with tea has not resonated with consumers, leading to negative feedback regarding its product offerings and service quality [10][11] Future Outlook - The company plans to open 95 new Xiaobai Xiaobai outlets in 2025, aiming for a threefold increase in table turnover rates [13][15] - However, the challenges of competing in both high-end and budget markets, along with declining consumer trust and brand image, pose significant hurdles for recovery [11][15] - The hot pot industry is projected to grow, with a market size of 617.5 billion yuan in 2024, but the competitive landscape is shifting, favoring brands that can adapt to consumer preferences [14]

Core Insights - The hot pot industry has seen a trend of price reductions as companies attempt to boost sales volume, with notable brands like Xiaobai Xiaobai and Haidilao adopting this strategy [2][4][11] - Despite aggressive price cuts, Xiaobai Xiaobai has faced significant losses, with a reported loss of 401 million yuan in 2024, while Haidilao has managed to increase its revenue and profit [2][10][11] - The performance of Xiaobai Xiaobai and its sub-brand Coucou has declined, with a drop in customer traffic and same-store sales [7][8][10] Industry Trends - The hot pot market has shifted from a consumption upgrade to a consumption downgrade, leading to a collective price reduction among competitors [3][4] - Haidilao has successfully reduced its average customer spending to around 100 yuan, while Xiaobai Xiaobai's average spending remains higher at 120 yuan [21][22] Company Performance - Xiaobai Xiaobai's revenue from its main brand decreased by 13% to 2.629 billion yuan, while Coucou's revenue fell by 26.5% to 1.948 billion yuan in 2024 [8][10] - The average table turnover rate for Xiaobai Xiaobai dropped from 2.6 times per day in 2023 to 2.5 times in 2024, while Coucou's turnover rate fell from 2.0 to 1.6 times [7][8] Strategic Adjustments - Xiaobai Xiaobai has implemented significant price cuts, reducing average spending from 62.2 yuan in 2023 to 54.8 yuan in 2024, a decline of approximately 12% [4][7] - The company has closed a total of 219 restaurants in 2024, including 138 Xiaobai Xiaobai and 73 Coucou locations, while opening only 78 new restaurants [8][19] Future Outlook - Xiaobai Xiaobai plans to focus on profitability and has set a target to open at least 95 new restaurants in 2025, aiming for a turnover rate of at least three times [22][25] - The company is also adjusting its strategy for Coucou, opting for a more cautious approach to new openings, focusing on high-quality locations [24][25]

Core Viewpoint - The company, 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Core Viewpoint - The financial report of Xia Bo Xia Bo shows a significant decline in revenue and an increase in losses, attributed to intensified competition in the restaurant industry and a shift in consumer spending habits [1][6][10] Financial Performance - In 2024, Xia Bo Xia Bo reported a revenue of 4.755 billion yuan, a decrease of 19.65% compared to 5.918 billion yuan in 2023 [3] - The net loss for 2024 was 401 million yuan, with losses from store closures and impairments amounting to 262 million yuan [1][3] - This marks the fourth consecutive year of losses for the company, with cumulative losses reaching 1.183 billion yuan since the founder's return [1][10] Market Position and Strategy - Xia Bo Xia Bo initially gained popularity with its "one person, one pot" affordable hot pot model, which was well-received by young consumers [1][2] - The company attempted to upgrade its brand by introducing high-end offerings like "Couchou" and "Chenshao," which increased the average spending per customer from 44.4 yuan in 2014 to 62.2 yuan in 2023, a rise of over 40% [4][5] - However, this shift towards higher pricing has led to a loss of customer loyalty, with many consumers expressing dissatisfaction over price increases [5][7] Competitive Landscape - The restaurant industry is experiencing a dual trend, with many small restaurants closing due to fierce competition while new registrations of restaurants continue to rise, reaching nearly 3.6 million [9] - Consumer behavior has shifted towards more cautious spending, with a growing demand for value and quality, further challenging Xia Bo Xia Bo's market position [9][10] Operational Challenges - The company's strategy of closing underperforming stores has not yielded the expected cost savings, and the reduction in scale has led to increased supply chain costs [9] - As of March 2024, Xia Bo Xia Bo's cash and cash equivalents were only 458 million yuan, while short-term debts reached 673 million yuan, indicating a tight cash flow situation [10]

Core Viewpoint - After founder He Guangqi resumed leadership, Xiaobuxiaobux continued to face losses, with a reported revenue decline of 19.65% and a net loss of 4.01 billion yuan in 2024 [1][6]. Financial Performance - In 2024, the company's revenue reached 47.55 billion yuan, a year-on-year decrease of 19.65%, while the net loss expanded to 4.01 billion yuan [1][6]. - Over the four years of He Guangqi's leadership, the total losses amounted to 12.46 billion yuan [7]. - The company reported a total of 957 operating restaurants by the end of 2024, a decrease of approximately 13% year-on-year, with 141 net closures [1][11]. Historical Context - Xiaobuxiaobux experienced significant growth from 2015 to 2018, with revenue increasing from 2.425 billion yuan to 4.734 billion yuan and net profit rising from 263 million yuan to 462 million yuan [2]. - However, profitability began to decline in 2019, with net profit dropping to only 1.837 million yuan in 2020 [3]. Management Changes - In 2021, the core management team underwent changes, leading to He Guangqi taking over as CEO to initiate a transformation [3]. - He Guangqi announced plans to close 200 restaurants to mitigate losses and implement further actions to revive the brand [4]. Store Operations - In 2021, the company closed 229 stores, yet the revenue for that year was 6.147 billion yuan, a year-on-year increase of 12.7%, despite a net loss of 2.93 billion yuan due to rising costs [5]. - The company had initially planned to open 156 new stores in 2022 but only managed to open 2 additional stores, ending the year with 1,026 operating restaurants [9][10]. Membership Program - In May 2023, the company launched a "Super Membership All-You-Can-Eat Card," aiming to generate at least 600 million yuan in membership revenue by the end of the year [13]. - The card sold nearly 1 million units in its first six months, generating approximately 1.5 billion yuan in revenue [15][16]. - However, the card faced criticism from consumers, who claimed it was misleading and not as beneficial as advertised [18].

Core Insights - The core viewpoint of the articles highlights the struggles of the hotpot brand Xiaobuxiang, reflecting the challenges traditional enterprises face in transforming during the new consumption era, as evidenced by its continuous losses over the past four years [2][3]. Financial Performance - Xiaobuxiang reported a revenue of RMB 47.55 billion in 2024, a decline from RMB 59.18 billion in 2023 [2]. - The company experienced a net loss of RMB 3.99 billion in 2024, compared to RMB 1.99 billion in 2023, indicating a worsening financial situation [2]. - Cumulatively, the company has incurred losses between RMB 12.35 billion and RMB 12.55 billion over the past four years [2]. Expansion Strategy - The company aggressively expanded by opening 496 new stores between 2020 and 2022, despite the pandemic, leading to a total of over 1,200 stores [3]. - In 2024, Xiaobuxiang closed 219 stores, resulting in over RMB 1.2 billion in impairment losses [3]. - The strategy of equating store count with market share without considering regional consumption characteristics led to significant failures in the southern market [3]. Market Positioning - The average customer spending increased by 40% from 2014 to 2023, but this has weakened the brand's competitive edge against lower-priced competitors [5]. - The brand's average spending per customer is RMB 62, facing competition from brands offering meals below RMB 50 [5]. - The brand's dining experience has not kept pace with price increases, leading to a dual crisis of failing to upscale while losing ground in the mass market [9]. Brand and Consumer Perception - The brand's identity has become muddled, with sub-brands like Coucou failing to establish a clear market position, leading to a dilution of brand value [12]. - Complaints regarding service quality and food safety have eroded consumer trust, resulting in a shift of customer demographics towards more competitively priced options [10]. - The management's reliance on discounts and promotions has created a façade of success, masking deeper issues in customer loyalty and engagement [12]. Management and Strategic Challenges - The management's focus on quantity over quality has led to operational inefficiencies, with a significant drop in table turnover rates [4]. - The company's strategic direction appears inconsistent, with conflicting goals of maintaining high standards while planning to open new stores [14]. - The management's failure to adapt to digital transformation has left the company lagging behind competitors who leverage data for operational improvements [12]. Market Outlook - The company's market capitalization has fallen below HKD 1 billion, triggering delisting warnings from the Hong Kong Stock Exchange [14]. - The management's ambitious target of achieving a threefold increase in turnover rates by 2025 seems unrealistic given the current market conditions [14].

Core Insights - The company reported a revenue of 4.8 billion yuan for the year ending December 31, 2024, representing a 19.7% decline year-on-year [1] - The total loss attributable to shareholders for the year was 400.7 million yuan, compared to a loss of 199.5 million yuan in the previous year [1] - The company plans to close underperforming restaurants while expanding its membership system and innovating business models to reduce losses in the second half of 2024 [1] Financial Performance - Revenue breakdown: 2.629 billion yuan from Xiaobai Xiaobai and 1.948 billion yuan from Coucou, with a total membership of approximately 42 million [1][2] - The company had a total of 957 restaurants as of December 31, 2024, with 757 Xiaobai Xiaobai restaurants across 115 cities in mainland China [2] - The sales revenue from the seasoning products business increased by 5.7% to 129 million yuan in 2024, attributed to enhanced online sales efforts [2] Strategic Initiatives - The company plans to open 65 Xiaobai Xiaobai restaurants and 13 Coucou restaurants in 2024 while closing 138 Xiaobai Xiaobai and 73 Coucou restaurants [1] - For 2025, the company aims to open no less than 95 Xiaobai Xiaobai restaurants, focusing on high-traffic locations such as entertainment parks and airports [2] - The company achieved a table turnover rate of 2.5 times in 2024 and aims to enhance customer frequency through a diversified supply and regional customization [3] Membership and Customer Engagement - The company added approximately 5.03 million new members in 2024, bringing the total to around 42 million, with member consumption frequency increasing to 3.33 times [3] - The "All-You-Can-Eat" card project sold over 2 million cards, generating over 420 million yuan, with cardholders showing a consumption frequency three times higher than regular members [3]

于2024年，凑凑餐厅堂食客流未能完全恢复，凑凑餐厅的翻枱率由2023年的2.0倍略有下降至2024年的 1.6倍。2024年顾客人均消费为人民币123.5元，而2023年为人民币142.3元，较2023年下降13.2%，凑凑 为应对此市场环境变化，在2024年开始尝试通过线上平台引流至堂食消费。 2025年，呷哺呷哺品牌将深耕北京、河北、上海、广州、深圳等区域，通过优质产品和经典套餐打造高 性价比小火锅的鲜明形象。集团规划呷哺呷哺品牌在2025年开业餐厅不低于95间，翻座率至少为3倍， 目标旨在提升呷哺品牌号召力和影响力，及进一步巩固原有餐厅市场占有率。争取在顶级项目如大型娱 乐主题乐园、机场、火车站等客流密集点位开出更多高利润新餐厅。 于2024年，该集团新开张合共78间餐厅，包括65间呷哺呷哺餐厅及13间凑凑餐厅。此外，由于部分餐厅 所在位置无法突显呷哺呷哺"高性价比"品牌形象，以及由于各种商业原因，2024年集团合共关闭219间 餐厅，包括138间呷哺呷哺餐厅、73间凑凑餐厅等。于2024年12月31日，该集团旗下营业餐厅总数为957 间。 2024年，呷哺呷哺及凑凑餐厅收入仍为该集团收入主要来源，占 ...

Financial Performance - The company's revenue decreased by 19.7% from RMB 5,918 million in 2023 to RMB 4,755 million in 2024[4]. - The total loss for the year increased to RMB 398.5 million in 2024 from RMB 194.4 million in 2023[4]. - The company reported a pre-tax loss of RMB 389.1 million in 2024, compared to a loss of RMB 124.4 million in 2023[4]. - The group incurred a net loss of RMB 398.5 million for the year ended December 31, 2024, compared to a net loss of RMB 194.4 million in 2023, representing an increase in loss of approximately 104.5%[56]. - The company reported a pre-tax loss of RMB 389,136,000 for the year, highlighting financial difficulties[77]. - The company reported a total of RMB 71,084 thousand in financial costs for the year ended December 31, 2024[86]. - Basic and diluted loss per share attributable to the owners of the company was RMB 0.384, compared to RMB 0.192 in the previous year[94]. Restaurant Operations - The company opened 65 new Xiabuxiabu restaurants and 13 Coucou restaurants, while closing a total of 219 restaurants[5]. - As of December 31, 2024, the company operated 757 Xiabuxiabu restaurants and 197 Coucou restaurants across various cities in China[5]. - The restaurant network totaled 957 operational restaurants by the end of 2024[7]. - The number of restaurants in first-tier cities increased from 317 in 2023 to 319 in 2024, while the total number in third-tier cities decreased significantly[8]. - The group plans to close underperforming restaurants to maintain overall profitability, reflecting a strategic shift in operations[87]. Customer Engagement and Loyalty - In 2024, the company recruited nearly 5.03 million new members, bringing the total membership to approximately 42 million, with member consumption frequency increasing to 3.33 times, a year-on-year increase of 140%[30]. - The "All-You-Can-Eat Card" project sold over 2 million cards, generating over RMB 420 million, with cardholders' consumption frequency tripling compared to regular members[30]. - The company has implemented various customer loyalty programs to enhance revenue recognition from restaurant operations and product sales[66]. - The company recognizes revenue from prepaid cards and loyalty points upon the fulfillment of service obligations, impacting future revenue projections[69]. Strategic Initiatives - The company aims to enhance overall restaurant profitability through continuous adjustments and strategic expansions[5]. - The company is pursuing an overseas expansion strategy, focusing on markets such as Hong Kong, Taiwan, and Singapore[6]. - The group aims to enhance its brand presence in key markets such as Beijing, Shanghai, and Guangzhou while focusing on high-traffic locations for new restaurant openings[21]. - The group will adopt a cautious expansion strategy for Coucou, focusing on high-quality shopping malls in mainland China[21]. - The company aims to enhance product competitiveness and brand value through a "four modernization" strategy, focusing on product variety, meal set optimization, personalized member experiences, and refined operations targeting student demographics[23]. Financial Position and Assets - The total assets decreased from RMB 4,116.3 million in 2023 to RMB 3,346.5 million in 2024[57]. - The company's net asset value as of December 31, 2024, was RMB 844,890,000, down from RMB 1,269,928,000 in 2023, indicating a decline of about 33.5%[58]. - The company's total equity decreased to RMB 844,890,000 in 2024 from RMB 1,269,928,000 in 2023, reflecting a decrease of approximately 33.5%[58]. - The group had short-term bank borrowings of RMB 380.4 million as of December 31, 2024, with fixed annual interest rates ranging from 0.46% to 3.65%[48]. Cost Management - The cost of raw materials and consumables decreased by 24.5% to RMB 1,672.8 million, with the percentage of total revenue dropping from 37.4% to 35.2%[34]. - Employee costs decreased by 13.4% to RMB 1,612.6 million, with a reduction in headcount from 28,665 to 22,504 employees[35]. - Property rental and related expenses decreased by 4.2% to RMB 298.1 million, but as a percentage of revenue, it increased from 5.3% to 6.3%[36]. - Utility expenses decreased by 12.7% to RMB 197.2 million, but the percentage of total revenue increased from 3.8% to 4.1%[37]. Market Trends and Consumer Behavior - The average customer spending in first-tier cities decreased from RMB 63.4 to RMB 55.5, reflecting a decline in consumer spending[13]. - The average customer spending at Coucou restaurants decreased by 13.2% from RMB 142.3 in 2023 to RMB 123.5 in 2024[17]. - The table turnover rate for Coucou restaurants dropped from 2.0 times in 2023 to 1.6 times in 2024 due to economic downturn impacts[17]. Future Outlook - In 2025, the group plans to open no less than 95 new Xiaobai restaurants, targeting a turnover rate of at least 3 times[21]. - The group plans to optimize its operational incentive mechanisms to align employee performance with sales and profit targets, shifting assessment cycles from annual to monthly[28]. - The company plans to expand its product matrix to include approximately 10 types of flavorful hot pot bases in each restaurant, catering to diverse customer preferences[25]. - The company will introduce new products such as a yuzu salt hot pot base and premium lamb from New Zealand, while upgrading existing broth options to offer a fresher and richer product matrix[24]. Governance and Compliance - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring compliance with corporate governance standards[118]. - The company has adhered to the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[114]. - The company’s financial statements for the year ending December 31, 2024, have been reviewed by Deloitte, confirming consistency with the preliminary announcement[119].