Core Viewpoint - The Chinese casual dining brand Xiaocaiyuan has reported its first interim financial results post-IPO, showing revenue growth driven by store expansion and a strong performance in the takeaway business [2][4]. Financial Performance - In the first half of the year, Xiaocaiyuan achieved revenue of 2.714 billion yuan, a year-on-year increase of 6.5% [2]. - The net profit attributable to shareholders was 382 million yuan, reflecting a significant year-on-year growth of 35.66% [2]. - The board has declared an interim dividend of 0.2119 yuan per share, totaling approximately 250 million yuan, which accounts for about 65% of the current net profit [2]. Business Operations - The number of operating stores increased from 617 at the end of June 2024 to 672 [2]. - Dine-in revenue rose by 2.2% to 1.647 billion yuan, while takeaway revenue surged by 13.7% to 1.057 billion yuan, now representing 39% of total revenue [2]. - However, the pace of store expansion has significantly slowed, with only 5 new stores expected to open in the first half of 2025, compared to a net increase of 131 stores in 2024 [2][4]. Customer Metrics - The overall table turnover rate remained stable at 3.1 times per day, but the average spend per dine-in customer decreased from 60.4 yuan to 57.1 yuan [4]. - In first-tier cities, the average spend dropped from 62.7 yuan to 58.5 yuan, marking a decline of 6.7% [4]. - The same-store average daily sales fell over 7% from 24,641 yuan to 22,854 yuan, with first-tier city stores experiencing a decline of over 10% [5]. Cost Management - The company has managed to reduce the cost of materials and consumables by 2.2% to 802 million yuan, resulting in an increase in gross margin from 67.82% to 70.46% [5]. - Employee costs decreased by 8.2% to 666 million yuan, with the proportion of these costs relative to revenue dropping from 28.5% to 24.6% [5]. - Despite cost reductions, Xiaocaiyuan has increased its investment in offline advertising and marketing, with expenses rising by 71.1% to 533 million yuan [5].
半年仅增5家店，小菜园扩张按下“暂停键”