Xiaobu Xiaobu's revenue in 2025 is 3.789 billion yuan, with plans to open no less than 100 new restaurants this year.

On March 26, Xiabuxiabu Group (00520.HK) officially released its 2025 annual performance report. It disclosed that the group achieved a revenue of 3.789 billion yuan, a year-on-year decrease of 20.3%. The net loss attributable to shareholders amounted to 301 million yuan, a year-on-year narrowing of 24.99%. The group operates a total of 905 stores under its two core brands, Xiabuxiabu and Coucou, both in China and overseas, with a cumulative membership of approximately 45 million.

The report mentioned that in 2025, the “Xiabuxiabu” brand continued its “affordable” DNA, constantly optimizing its product structure, balancing customer average spending and service experience, and steadily improving table turnover rates. The “Coucou” brand continued to deepen its strategic adjustments, proactively optimizing its restaurant network, focusing on enhancing the operational quality and efficiency of individual stores, and introducing the industry’s first “selected a la carte + unlimited eating” dual-point model to enhance the high cost-performance dining experience.

At the end of 2025, the group launched the self-service hotpot brand “Xiabuxiabu Ranch,” entering the market at a starting price of 29.82 yuan. Meanwhile, the new Western dining brand “Xiaoniupai” made its debut in early 2026, offering high-quality steak and 158 free dishes at an average customer price of around 100 yuan.

The report showed that the group will continue to prioritize enhancing the profitability and capital return rate of individual stores, planning to open no fewer than 100 new restaurants in 2026, continually enhancing brand influence and consolidating existing market share. Additionally, to meet the dining needs of different consumer groups, the group will continue to explore diversified restaurant models such as “Xiabuxiabu Delivery Satellite Stores” and “Xiabuxiabu Mini” based on the existing restaurant model. It is reported that “Xiabuxiabu Delivery Satellite Stores” cover multiple dining scenarios including full meals and late-night snacks, while “Xiabuxiabu Mini” explores high cost-performance positioning in lower-tier markets.

In terms of membership operations, nearly 3.46 million new members were added in 2025, with around 5.6 million members consuming, and the frequency of member consumption exceeding 3.2 times.

Regarding talent incentive strategies, the group launched the “Phoenix Return” partner program twice in 2025, inviting former outstanding employees and current key personnel to participate as partners, with full-cycle support provided by the group. As of the end of 2025, 13 stores had participated in the program, and over 50 individuals had become internal partners. The revenue of the first batch of partner stores increased by over 30% year-on-year, with profit margins reaching over 30%.

Additionally, the group deepened internal mechanism reforms, implementing an equity incentive mechanism at the management level to build a cooperative model of “shared risks and shared benefits.” On this basis, the group proactively broke the traditional centralized management model, orderly dividing the national business into four major regions, decentralizing management authority, and optimizing the compensation incentive system for operations and functional departments.

(Company Announcement)

(Editor: Lin Chen)

Keywords:

                                                            Xiabuxiabu
                                                            Catering