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, the Xiabuxiabu Group (00520.HK) officially released its 2025 annual results report. It disclosed that for the full year, the Group achieved revenue of RMB 3.789 billion, a year-on-year decrease of 20.3%. The total net loss attributable to owners for the year was RMB 301 million, narrowing by 24.99% year on year. As of the Group’s footprint in China and overseas, it operates 905 stores across two core brands, Xiabuxiabu and Cuancuan, with a total of approximately 45 million members.

The financial report stated that in 2025, the Xiabuxiabu brand continued to uphold its “people-friendly” DNA, continuously optimized its product mix, balanced average ticket size with service experience, and drove a steady improvement in the turnover rate. The Cuancuan brand continued to deepen its strategic adjustments, proactively optimize its restaurant network, focus on improving the operating quality and efficiency of individual stores, and pioneered in the industry a dual-point model of “curated single location + all-you-can-enjoy for fun,” enhancing the experience of high-quality, great-value dining.

At the end of 2025, the Group launched its self-selected hot pot brand “Xiabuxiabu Ranch,” entering the market with prices starting from RMB 29.82. Meanwhile, the new Western dining brand “Xian Beefsteak” made its debut in early 2026, offering high-quality steak plus unlimited free access to 158 dishes at an average customer ticket price of around 100 yuan.

The financial report shows that the Group will continue to prioritize improving the profitability of individual stores and return on capital. It plans to add no fewer than 100 new restaurants in 2026 to further enhance brand influence and consolidate existing market share. At the same time, to meet the dining needs of different consumer groups, based on the existing restaurant model, the Group will continue to explore diversified restaurant formats such as “Xiabuxiabu delivery satellite stores” and “Xiabuxiabu Mini.” It is understood that “Xiabuxiabu delivery satellite stores” cover multi-time-slot consumption scenarios such as main meals and late-night snacks, while “Xiabuxiabu Mini” explores a high value-for-money positioning in lower-tier markets.

In terms of member operations, in 2025 the Group added nearly 3.46 million new members; the number of members who made purchases was nearly 5.6 million; and the purchase frequency among members exceeded 3.2 times.

Regarding talent incentive strategies, in 2025 the Group launched the “Phoenix Return Home” partner program twice in succession, inviting former outstanding employees and active key staff to participate as partners, with the Group providing full-cycle support. By the end of 2025, 13 stores had already participated in the program, and more than 50 people had become internal partners. Revenue at the first batch of partner stores increased by more than 30% year on year, and the profit margin reached above 30%.

In addition, the Group deepened internal mechanism reform, implementing an equity incentive mechanism for management to build a cooperative model of “risk sharing and benefit sharing.” On this basis, the Group actively broke away from the traditional centralized management model, dividing national operations in an orderly manner into four major regions, with management authority pushed downward, and supporting optimization of compensation incentive systems for operating and functional departments.

(Corporate announcement)

(Editor: Lin Chen)

Keywords:

                                                            Xiabuxiabu
                                                            Catering