Hong Kong-listed Xiabuxiabu reported FY2025 revenue of RMB3.79 billion, down 20.3% year on year, citing fierce industry competition, softer consumer spending and a net reduction of 52 restaurants.
The group’s net loss attributable to owners contracted 25.0% to RMB300.55 million, while total loss for the period fell 25.6% to RMB296.43 million. Loss before tax improved to RMB284.16 million from RMB389.14 million.
Brand performance • Xiabuxiabu restaurants contributed RMB2.28 billion in revenue (-13.3%) with a seat turnover rate of 2.8x and average ticket of RMB51.5. • Coucou generated RMB1.35 billion (-30.8%); table turnover slipped to 1.4x while average spending rose to RMB148.8. Group same-store sales declined 9.6% for Xiabuxiabu and 14.2% for Coucou.
Network optimisation During the year, 57 new stores were opened (54 Xiabuxiabu, 3 Coucou) and 109 closed, leaving 905 restaurants in operation at end-2025 (758 Xiabuxiabu, 147 Coucou).
Cost structure • Raw materials and consumables fell 20.7% to RMB1.33 billion, remaining at 35.0% of revenue. • Staff costs decreased 18.2% to RMB1.32 billion after the workforce was trimmed to 16,781 employees. • Depreciation and amortisation declined 20.4% to RMB618.91 million, stable at 16.3% of revenue. • Property rentals and related expenses were flat at 6.3% of revenue.
Balance-sheet highlights Cash and cash equivalents stood at RMB249.06 million, supplemented by RMB425.23 million of financial assets at fair value through profit or loss. Short-term bank borrowings totalled RMB425.58 million, contributing to a gearing ratio of 92.0%. Net current liabilities amounted to RMB446.88 million.
Capital expenditure for the year was RMB169.00 million, primarily for 57 new stores and refurbishments. No final dividend was declared.
2026 guidance Management intends to open “no fewer than 100” new Xiabuxiabu restaurants, targeting a seat turnover rate above 3.0x, while maintaining a cautious, asset-light approach for Coucou in premium locations. Strategic focus areas include supply-chain digitisation, membership monetisation and incremental delivery formats.
No significant events requiring disclosure were noted after the reporting date.
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