当前，火锅市场正步入一个强调品质体验与价格亲和力并重的新发展阶段。在此背景下，深耕行业多年 的呷哺集团宣布拓展业务新版图，推出全新品牌线——"呷哺牧场"，以自选小火锅形态正式进军市场。 首家门店于2025年12月31日在上海财富广场亮相，标志着呷哺在细分赛道开启了新一轮战略布局。"呷 哺牧场"以"自然甄选，聚享食光"为核心理念，明确聚焦于年轻消费群体及其社交需求，旨在打造一种 兼顾高品质与亲民价格的轻奢型自选火锅体验。可以看到，"呷哺牧场"超越了简单的品牌延伸，实质上 是呷哺集团基于对消费趋势深度洞察后，在商业模式、产品结构与场景体验上进行的一次系统性创新。 "呷哺牧场"有别于在红海市场中盲目冲杀的做法，真正依托的是呷哺集团的深厚积累，构建了一套 由"高质价比+强供应链品质保障+广场景适配"组成的核心竞争力体系，为品牌的可持续发展奠定了坚 实基础。 回应消费结构变迁 中国火锅市场在经过多年的高速发展与激烈竞争后，已然进入存量竞争与结构性调整并存的时期。消费 者不再仅仅满足于口味的热烈与聚餐的氛围，其需求正朝着更加精细化的方向分化。一方面，对食材品 质、来源安全与健康属性的关注度空前提升；另一方面，在理性消费观 ...

Core Viewpoint - The company, Xiaobai Xiaobai, anticipates a revenue decline of approximately 18.9% year-on-year for the first half of the year, with expected losses between RMB 0.8 billion and RMB 1.0 billion, representing a year-on-year decrease in losses of about 63.2% to 70.5% [1] Financial Performance - For the year ended December 31, 2024, the company reported a revenue of RMB 4.75 billion, down from RMB 5.92 billion in 2023 [2] - The company has been experiencing continuous losses since 2021, with net losses of RMB 293 million in 2021, RMB 353 million in 2022, RMB 199 million in 2023, and an expected loss of RMB 401 million in 2024, totaling approximately RMB 1.33 billion in cumulative losses [2] Market Reaction - Following the announcement, the company's stock price fell by 3.85% to HKD 0.75 per share, with a total market capitalization of HKD 8.15 billion [3][4] - Since the peak in January 2023, the stock has declined over 92%, leading to its classification as a "penny stock" [3] Company Background - Founded in 1998, Xiaobai Xiaobai transformed the Taiwanese hot pot concept into a rotating hot pot format and went public in 2014, becoming the first listed chain hot pot company [6] - The company has launched several brands, including "Cha Mi Cha" in 2015, "Cou Cou" in 2016, and "Chen Shao" in 2022, with over 95% of revenue coming from Xiaobai Xiaobai and Cou Cou brands [6]

Group 1: Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing at 24,627.25 points, up 119.44 points, or 0.49% [1] - The Hang Seng Tech Index also rose, closing at 5,447.62 points, up 50.22 points, or 0.93% [1] - Gold stocks in Hong Kong surged, with Shandong Gold and Chifeng Gold rising over 9% due to increased attractiveness of gold amid Fed rate cut expectations [1][16] Group 2: Company Performance - Xia Bo Xia Bo - Xia Bo Xia Bo, known as the "first rotating hot pot stock," announced a projected revenue of approximately RMB 1.9 billion for the first half of the year, a year-on-year decrease of about 18.9% [3] - The company expects a net loss between RMB 80 million to 100 million, with a year-on-year decline in losses of approximately 63.2% to 70.5% [3] - Since 2021, Xia Bo Xia Bo has faced continuous losses, accumulating a total loss of approximately RMB 1.326 billion from 2021 to 2024 [4] Group 3: Stock Performance - Xia Bo Xia Bo - Xia Bo Xia Bo's stock price fell nearly 4% in early trading, with a cumulative decline of over 92% since its peak in January 2023, leaving a market capitalization of only HKD 815 million [5] - The stock price was reported at HKD 0.75 per share, reflecting a drop of 3.85% [5][6] Group 4: Gold Market Dynamics - The recent surge in gold prices, with London gold spot prices rising over 2% to USD 3,362.64 per ounce, has been attributed to increasing expectations of a Fed rate cut [16] - This rise in gold prices has led to a significant increase in the stock prices of gold companies in Hong Kong, with several stocks rising over 8% [15][16] Group 5: InnoTek's Market Activity - InnoTek's stock price increased by over 40% in two trading days, driven by a partnership with NVIDIA to promote an 800 VDC power architecture for AI data centers [9][12] - The stock price reached HKD 62.65, with a market capitalization of HKD 56.03 billion [11]

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]