餐饮大数据研究与认证机构NCBD（餐宝典）近日发布《2025年中国小火锅行业发展研究报告》，报告包括小火锅行业规 模、典型品牌、消费者洞察、行业差评分布、竞争策略与发展趋势等。本文是报告节选。 1 小火锅行业发展现状 小火锅是一种特色火锅形式，一人一锅，围坐于吧台就餐。 与传统火锅相比，小火锅的社交属性相对较弱，具有强烈的快餐属性，符 合当前年轻群体"轻社交" 的需求。小火锅的发展可以追溯到上世纪90年代， 自2024年开始，众多传统火锅品牌和餐饮品牌纷纷布局小 火锅市场。这一阶段，小火锅在产品创新、经营模式和消费场景等方面呈现出多元化发展趋势。 （1）2019年全国小火锅企业成立数量近7000家，此后开始下降；2024年成立的小火锅企业数量超过4000家，与2019年相比有大幅缩水 （2）截至2025年7月底，全国小火锅门店数为2.3万家，占全国火锅总门店数的5.5%。预计2025年中国小火锅市场规模将接近650亿元 （3）从小火锅企业数量来看，山东超过2500家，位居全国第一；四川、陕西两省均超过2000家，分别位居二、三位；前十省份的小火 锅企业数量占全国总量的73.4% | 原言 | 黒保 | | 小 ...

Core Viewpoint - The dual-brand strategy of Xiaobai Xiaobai has become a burden, leading to significant financial losses and a decline in market position [1][5][11] Market Environment - The hot pot market is experiencing intense price competition, with average customer spending dropping 14% year-on-year to 59 yuan, and the proportion of meals priced below 30 yuan increasing by 2% [2] - The 50-70 yuan price range has become the most competitive segment, accounting for 45% of the market, while the share of meals priced over 100 yuan has shrunk to 7% [2] - There are over 50,000 small hot pot outlets nationwide, with the largest share (over 30%) in the 20-40 yuan price range [3] Company Performance - Xiaobai Xiaobai's 2024 financial report revealed a revenue of 4.755 billion yuan, a year-on-year decline of 19.65%, and a net loss of 401 million yuan, marking the fourth consecutive year of losses with total losses exceeding 1.2 billion yuan [5][7] - The stock price has plummeted from a peak of 26.9 HKD in 2021 to 0.81 HKD, triggering delisting warnings from the Hong Kong Stock Exchange [5] - The company closed 138 Xiaobai Xiaobai outlets and 73 Coucou outlets in 2024, with closures primarily in areas not aligned with the brand's "high cost-performance" positioning [7] Brand Strategy and Challenges - The high-end brand Coucou, with an average customer spending of 123.5 yuan, is struggling to fit into the current market dynamics, as its revenue dropped 26% year-on-year [7][11] - The company's attempts to reposition itself towards high-end dining have led to a disconnect with consumer trends, resulting in a fragmented brand image [9][11] - Coucou's strategy of combining hot pot with tea has not resonated with consumers, leading to negative feedback regarding its product offerings and service quality [10][11] Future Outlook - The company plans to open 95 new Xiaobai Xiaobai outlets in 2025, aiming for a threefold increase in table turnover rates [13][15] - However, the challenges of competing in both high-end and budget markets, along with declining consumer trust and brand image, pose significant hurdles for recovery [11][15] - The hot pot industry is projected to grow, with a market size of 617.5 billion yuan in 2024, but the competitive landscape is shifting, favoring brands that can adapt to consumer preferences [14]