致：香港交易及結算所有限公司 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: 2025年11月30日 狀態: 新提交 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12月2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 ...

每经记者｜可杨 韩阳 每经编辑｜王帆 重回呷哺呷哺四年，创始人、董事长贺光启试图缔造一个关于"回归"与"变革"的故事。 这是一个时间的岔路口——呷哺呷哺已经连续四年陷入亏损。一边是昔日"效率神话"的巨大惯性与光 环，另一边则是增长失速的困境。 贺光启曾经亲手缔造了呷哺呷哺这个吧台式火锅帝国，如今又必须面对品牌"高速扩张"背后遗留的重重 挑战。而他试图用最古老也最锋利的武器——利益，来重划边界、收缩战线。他押下了一场新的赌局 ——将门店40%的利润分给员工，用真金白银召回离巢的"凤凰"，提升系统的活力。然而，市场是否买 单仍有待时间的检验。 ...

Core Viewpoint - The domestic restaurant market is experiencing severe competition, leading to price and profit margin compression, which is detrimental to businesses [2][5][6] - The overseas market, particularly in Hong Kong, presents a more favorable profit environment, making international expansion a viable strategy for companies [2][5] Consumer Insights - Consumers are increasingly focused on "quality-price ratio" rather than just "cost-performance ratio," indicating a demand for higher value in their dining experiences [4][6] - The balance of service quality is crucial; excessive service can be annoying, while a lack of warmth can feel impersonal [4][6] Business Model Innovations - The company has introduced a "single order + self-service" model, which has led to a 70% increase in revenue for some stores, with certain locations achieving over 100% growth [4][8] - The new model allows for flexibility in dining choices, catering to diverse consumer preferences [8] Brand Strategy - The company plans to launch a new brand by the end of the year, continuing its strategy of diversification and multi-brand development to expand market reach [4][8] - The focus will remain on enhancing customer experience by integrating dining, social interaction, and emotional connections within the restaurant environment [4][7]

Core Insights - The company, Xiaobuxiang, has launched a series of marketing activities for the winter hot pot season, focusing on member benefits, product innovation, and multi-brand collaboration to capture seasonal consumer demand [1] - Since the beginning of winter, customer traffic in Xiaobuxiang's stores has increased significantly by 10% to 15% compared to previous periods, with rapid growth observed in cities like Beijing and Shijiazhuang [1] - The company opened 10 new stores in November, including a self-service model, with the Shanghai store achieving a table turnover rate of 1.6 times the daily average on its opening day [1] - The A-class stores located in key business districts have shown remarkable performance, with revenue increasing by over 300% year-on-year and an average table turnover rate exceeding 5.6 times per day [1] Marketing Strategies - The "Send Lamb Upon Entry" campaign launched in major cities has successfully attracted new customers and increased member retention, with a 45% rise in monthly repurchase rates among existing members in cities like Beijing, Shanghai, and Shijiazhuang [1] - The "Super Member Day" on Tuesdays, offering a 21% discount and additional benefits, has effectively redirected family customers from weekends to weekdays, resulting in nearly a 50% increase in customer traffic on Tuesdays compared to before the promotion [1] Sales Performance - Sales data has been consistently breaking records since November, with multiple locations, including Beijing and Shenzhen, achieving historic sales milestones for seven consecutive days [2] - The Xizhimen store in Beijing has reported an impressive table turnover rate of 8.5 times per day [2] - Seasonal beverage offerings, such as the red bean milk tea and the new osmanthus rice wine drink, have shown strong sales, with the former selling nearly 10,000 cups daily [2] - The hot snack category, particularly the spicy chicken, has generated over 3.5 million yuan in monthly sales, averaging close to 8,000 servings per day, contributing significantly to store revenue [2]

Core Insights - The company has launched a series of "hot pot season" marketing activities to capture seasonal consumer demand through member benefits, product innovation, and multi-brand collaboration [1] - Since the beginning of winter, overall customer traffic in stores has significantly increased by 10% to 15% compared to previous periods [1] Marketing Activities - The "free lamb" promotion in first-tier cities has effectively attracted new customers and enhanced member loyalty [1] - In cities like Beijing, Shanghai, and Shijiazhuang, the repurchase rate of existing members has surged by 45% within the month [1] Sales Performance - Multiple restaurants in Beijing, Shenzhen, and Guangdong have broken historical sales records for seven consecutive days in November [1] - The Xizhimen Caide store in Beijing achieved an impressive daily table turnover rate of 8.5 times [1] - Seasonal products like the hot drink red bean milk tea sold nearly 10,000 cups daily, while the hot spicy chicken generated over 3.5 million yuan in monthly sales, averaging close to 8,000 servings per day [1] Store Expansion - In November, the company opened 10 new stores and self-service model stores nationwide [1] - The opening day turnover rate of the new store in Shanghai exceeded 1.6 times the average [1] - The A-class stores located in key business districts have shown remarkable performance, with revenue increasing by over 300% year-on-year and an average turnover rate exceeding 5.6 times [1]

Core Insights - The hot pot restaurant industry is experiencing a surge in customer traffic as winter approaches, with brands like Xiaobuxiang seeing a 10% to 15% increase in foot traffic since the start of winter [1] - Xiaobuxiang is actively expanding its presence, opening 10 new stores in November, with significant performance in key urban areas [1][2] Group 1: Customer Engagement and Promotions - Xiaobuxiang launched a "free lamb" promotion in major cities, resulting in a 45% increase in repeat visits from existing members [2] - The "Super Member Day" initiative has successfully shifted family dining from weekends to weekdays, boosting Tuesday traffic by nearly 50% [2] Group 2: Sales Performance - Multiple locations, including Beijing and Shenzhen, have broken historical sales records for seven consecutive days in November, with the Beijing Xizhimen store achieving a remarkable 8.5 table turnover rate [2] - Seasonal product innovations, such as the red bean milk tea and osmanthus rice wine, are performing well, with daily sales nearing 10,000 cups for the former [2] Group 3: Competitive Strategies - Xiaobuxiang is implementing a series of "hot pot season" activities, focusing on member benefits, product innovation, and multi-brand collaborations to capture seasonal market demand [1] - The brand Coucou is enhancing its member services and dining experiences, introducing promotions for the "Double Eleven" shopping festival and the hot pot season [2]

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: 2025年10月31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: 2025年11月7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 ...

Core Viewpoint - The company is experiencing operational pressure but has significantly reduced losses in H1 2025, with a focus on brand adjustments and internal partnership models to stabilize and expand store presence [1][2] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.942 billion yuan, a year-on-year decrease of 18.88%, with the brand "Xiabuxiabu" generating 1.135 billion yuan (down 13.5%) and "Coucou" generating 745 million yuan (down 25.8%) [1] - The net profit attributable to the parent company was -84 million yuan, a significant reduction from -272 million yuan in the same period last year, primarily due to improved raw material costs and reduced asset impairment losses [1] Group 2: Store Operations - As of H1 2025, "Xiabuxiabu" had a total of 763 stores, with a distribution of 42.6% in first-tier cities, 41.0% in second-tier cities, 16.0% in third-tier and below, and 0.4% overseas; the number of stores decreased by 63 year-on-year but increased by 3 compared to the end of 2024, indicating stabilization [1] - The company has implemented improvements in "Xiabuxiabu" stores, including promoting a small store model and controlling engineering costs, resulting in an overall turnover rate of 2.6 times, up from 2.3 times last year [1] - The "Coucou" brand had a total of 174 stores, with a year-on-year decrease of 71 stores, indicating it is still in a closure phase; the turnover rate for "Coucou" was 1.4 times, down from 1.6 times last year [2] Group 3: Strategic Initiatives - The company began implementing an internal partnership system for "Xiabuxiabu" in July 2025, with 5 partnership stores currently operating, showing better operating profit margins compared to regular stores; the company plans to add 60 partnership stores by the end of 2026 [1] - "Coucou" is undergoing a painful adjustment phase, with a new "dual-point" model being tested, which has shown significantly better performance than regular stores, and plans to roll it out to all mainland stores [2] Group 4: Ratings and Future Outlook - The company maintains a "Hold" rating with a target price of 1.15 HKD per share, reflecting a potential upside of 17.3% from the current price; projected net profits for 2025-2027 are expected to be -242 million yuan, -21 million yuan, and 11 million yuan respectively [2]

Investment Rating - The report maintains a "Hold" rating for the company with a target price of HKD 1.15 per share, indicating a potential upside of 17.3% from the current price of HKD 0.98 [6][17]. Core Insights - The company has experienced significant operational pressure in recent years, but it has managed to reduce losses substantially in the first half of 2025, with a net loss of HKD 0.84 billion compared to HKD 2.72 billion in the same period last year. This improvement is attributed to lower raw material costs and reduced asset impairment losses [8][6]. - The company has initiated an internal partnership system aimed at stabilizing and expanding its store network, with plans to add 60 partnership stores by the end of 2026. Currently, there are 763 stores under the main brand, with a slight increase in the number of stores compared to the end of 2024 [4][11]. - The "Couch" brand is under significant pressure, currently in a phase of store closures, with a total of 174 stores as of the first half of 2025. The brand's same-store sales have declined by 14.0% [5][12]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of HKD 19.42 billion, a year-on-year decrease of 18.88%. The main brand contributed HKD 11.35 billion, down 13.5%, while the "Couch" brand generated HKD 7.45 billion, down 25.8% [8][6]. - The company expects net profits for 2025 to be -HKD 2.42 billion, improving to -HKD 0.21 billion in 2026, and turning positive with HKD 0.11 billion in 2027 [6][17]. Store Network and Strategy - As of the first half of 2025, the company operates 763 stores, with a breakdown of 42.6% in first-tier cities, 41.0% in second-tier cities, and 16.0% in lower-tier cities. The store count has stabilized, with a net increase of 3 stores compared to the end of 2024 [4][10]. - The company has implemented a "dual-point" model for the "Couch" brand, which has shown promising results, with a 49% increase in performance compared to traditional stores [12][5]. Cost Management - The company has seen a reduction in raw material costs by 22.5% to HKD 6.41 billion, contributing to an improved cost-to-revenue ratio of 33.02% [8][6]. - Employee costs have decreased by 18.1% to HKD 6.67 billion, with a reduction in workforce from 24,606 to 17,930 employees [8][6].

Core Insights - The hot pot industry is experiencing a shift from "incremental competition" to "stock competition," with a noticeable slowdown in market growth and a decline in per capita consumption [3][4] - The company, Xiabuxiabu, has launched a dual-point model for its brand "CaoCao," which includes a "selected single point + all-you-can-eat" approach, now available in 130 stores nationwide [1][2] - The company has introduced a single-person lunch set priced at 78 yuan per person, currently available in six cities in South China [2] Industry Trends - The hot pot market's growth rate is slowing, with per capita consumption expected to drop from 86.7 yuan in 2022 to 77.1 yuan by 2025, marking an 11% decline over four years [3] - There is a significant reduction in the proportion of stores with per capita consumption above 90 yuan, which has decreased by 16.9 percentage points, while stores with prices below 70 yuan have increased by 20.9 percentage points [3] Company Strategy - To support the "all-you-can-eat" model, the company emphasizes the need for a robust supply chain, which is crucial for maintaining quality and price competitiveness [4] - The company employs a supply chain management system that combines centralized control with regional operations, ensuring fresh produce and flexibility in menu offerings [4] - The company has invested in its supply chain by acquiring a halal meat processing company and establishing its own organic pastures and vegetable bases to ensure high-quality ingredients [4]