小菜园2025年净利润增23%、直营门店增至819家：稳居中式正餐直营连锁之首

Core Viewpoint - Xiaocaiyuan International Holdings Limited (0999.HK) reported a revenue increase of 2.6% year-on-year to 5.345 billion RMB for the year ending December 31, 2025, with a notable net profit growth of 23.2% to 715 million RMB, indicating strong operational efficiency and cost management [4][6]. Financial Performance - The gross profit margin for Xiaocaiyuan stood at 70.4%, leading in the Chinese dining industry [6]. - Adjusted EBITDA reached 1.208 billion RMB, reflecting a 24.7% increase year-on-year [6]. - Operating cash flow improved significantly from 903 million RMB in 2024 to 1.162 billion RMB in 2025, marking a 28.7% growth [6]. Market Position and Expansion - As of December 31, 2025, Xiaocaiyuan operated 819 stores, adding 146 new locations and solidifying its position as the leading chain in the Chinese dining sector [7]. - The overall table turnover rate was maintained at an average of 3.0 times per day, with second-tier cities performing particularly well at 3.3 times [8]. Revenue Composition - Dine-in services contributed 3.261 billion RMB, accounting for 61.0% of total revenue, while takeout services generated 2.065 billion RMB, representing 38.6% [8]. - Takeout order volume increased by 18.3%, from 29 million in 2024 to 34.3 million in 2025 [8]. - The average dine-in customer spend decreased from 59.2 RMB to 56.1 RMB due to strategic price adjustments aimed at enhancing customer loyalty and repeat purchases [8]. Membership and Customer Engagement - Xiaocaiyuan launched the "88VIP" membership program, marking a shift from customer acquisition to user engagement, focusing on enhancing brand loyalty and customer lifetime value [8]. Future Development Plans - The company plans to enhance its supply chain with a new central factory in Anhui, set to commence operations in the first half of 2026, which will support future store expansions [9]. - International expansion will begin with a focus on Hong Kong, while also exploring new retail formats to diversify revenue streams [9]. - Digital transformation efforts will aim to integrate data across operations, management, and supply chain for improved control [9]. - The board proposed a final dividend of 0.2125 RMB per share, resulting in an annual payout ratio of 69.8%, reflecting strong cash flow confidence [9].