3 6 Ke·2025-04-07 11:57Core 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]