Core Insights - Xiaocaiyuan has released its first financial report since going public, showing total revenue of 5.21 billion yuan in 2024, a year-on-year increase of 14.5%, and a net profit of 581 million yuan, up 9.1% [1][3] - The company plans to open approximately 120 new stores in 2025, with a target of exceeding 1,000 stores by 2026, and aims to expand into Southeast Asia [1][5] Revenue Breakdown - In 2024, Xiaocaiyuan's dine-in revenue was 3.19 billion yuan, a 4.6% increase, while takeout revenue surged from 1.49 billion yuan in 2023 to 2 billion yuan in 2024, marking a 34.2% growth [3][4] - The proportion of takeout revenue in total revenue rose from 32.8% to 38.5% [3] Operational Challenges - Despite revenue growth, the average dine-in customer spending dropped to 59.2 yuan, and the overall table turnover rate decreased to 3 times per day, with lower rates in third-tier cities [3][4] - The company operates 667 stores as of December 31, 2024, up from 536 the previous year, but same-store daily sales fell by 12.1% [4] Business Model and Strategy - Xiaocaiyuan operates a direct store model, with all over 600 stores being company-owned, and has a unique partnership model that binds equity with employees [4] - The company is focusing on globalization, digitalization, and sustainability as core strategic directions for future growth [5] Future Plans - The board has approved an overseas market expansion strategy, initially targeting Southeast Asia, with plans to open 1-2 overseas stores by 2025 [5] - Investment in technology will increase, particularly in smart kitchen systems and AI customer data analysis, to enhance operational efficiency and food safety [5]
小菜园首份财报：扩张提速，盈利承压