五年亏超13亿！呷哺呷哺降价也救不了低迷翻座率

Core Viewpoint - The company, Xia Bo Xia Bo, is experiencing significant financial challenges, with a projected revenue decline and continued net losses, indicating a struggle to recover from previous operational setbacks [1][2]. Group 1: Financial Performance - In the first half of 2025, the company expects to achieve a revenue of 1.9 billion yuan, a decrease of approximately 18.9% year-on-year, and a net loss estimated between 80 million to 100 million yuan [1]. - Cumulatively, the company has incurred losses exceeding 1.3 billion yuan from 2021 to the first half of 2025 [1]. - The company recorded a net loss of 293 million yuan in 2021, marking the beginning of its financial downturn [2]. Group 2: Brand Performance and Strategy - The company attempted to shift from a budget fast-food model to a mid-to-high-end market by launching the sub-brand "Cuo Cuo," which initially saw revenue growth, but this strategy has not yielded sustainable results [1][2]. - The revenue from the "Cuo Cuo" brand increased by approximately 39% in 2021, reaching 2.353 billion yuan, but subsequently faced declines in 2022 and 2024 [2][3]. - The "Cuo Cuo" brand's revenue fell by about 6.29% in 2022 to 2.205 billion yuan, and further declined by 26.55% in 2024 to 1.948 billion yuan [3][4]. Group 3: Operational Adjustments - The company has closed a total of 138 restaurants in 2024, reflecting ongoing efforts to optimize costs through store closures [4][5]. - The number of "Xia Bo Xia Bo" restaurants has decreased significantly, from 3.497 billion yuan in revenue at the end of 2021 to 2.627 billion yuan by the end of 2024 [4]. - The average spending per customer for "Cuo Cuo" has decreased from 140.6 yuan in 2021 to 123.5 yuan in 2024, indicating a strategy to attract customers through lower prices [5]. Group 4: Market Position and Competition - The company’s stock price has dropped over 90% since 2021, with a decline of more than 20% in the current year alone, reflecting investor concerns about its financial health [6]. - The operational efficiency of "Cuo Cuo" is lagging behind competitors, with a table turnover rate of only 1.6 times per day compared to 4.1 times for Haidilao [5].