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 Xabuxiabu Group (00520.HK) officially released its 2025 annual results report. The report disclosed that the company’s full-year revenue was RMB 3.789 billion, a year-over-year decrease of 20.3%. Loss attributable to owners of the company for the year totaled RMB 301 million, narrowing by 24.99% year over year. As of the group’s footprint in both China and overseas, it operates 905 stores under two core brands—Xabuxiabu and Coucoucou—serving a cumulative membership base of about 45 million.

The financial report said that in 2025, the “Xabuxiabu” brand continued its “people-friendly” DNA, constantly optimized its product mix, balanced average check size with the service experience, and drove steady improvements in the seat-turn rate. The “Coucoucou” brand further deepened strategic adjustments, proactively optimized its restaurant network, and focused on improving the operating quality and efficiency of individual stores. It also pioneered an industry-first “Selected Single-Point + Endless Fun Dining” two-part model to enhance a high-quality, great-value dining experience.

At the end of 2025, the group launched its own made-to-order hot pot brand, “Xabuxiabu Ranch,” entering the market with prices starting from RMB 29.82. Meanwhile, the new Western-style steak brand “Xabu Steak” made its debut in early 2026, offering high-quality steak plus 158 dishes for free to customers with an average check 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, continuously enhance brand influence, and consolidate its existing market share. At the same time, to meet dining needs of different consumer groups, the group will, based on existing restaurant models, continue to explore diversified models such as “Xabuxiabu delivery satellite stores” and “Xabuxiabu Mini.” It is understood that “Xabuxiabu delivery satellite stores” cover multi-time-slot consumption scenarios such as dinner and late-night snacks, while “Xabuxiabu Mini” explores a high-value-for-money positioning in lower-tier markets.

In terms of membership operations, during 2025 the group added nearly 3.46 million new members, nearly 5.6 million members made purchases, and the frequency of member purchases exceeded 3.2 times.

Under its talent incentive strategy, the group launched the “Phoenix Returns Home” partner program twice in 2025, inviting former outstanding employees and current key personnel to participate as partners, with end-to-end support provided by the group. By the end of 2025, 13 stores had already participated in the program, and more than 50 people had become internal partners. Revenue of the first batch of partner stores increased by more than 30% year over year, and the profit margin reached over 30%.

In addition, the group deepened internal mechanism reforms. It implemented an equity incentive scheme at the management level to build a partnership model characterized by “sharing risks and sharing benefits.” On this basis, the group proactively broke away from the traditional centralized management model, orderly divided national operations into four regions, pushed management authority downward, and supported improvements by optimizing compensation and incentive systems for operations and functional departments.

(Company announcement)

(Editor: Lin Chen)

Keywords:

                                                            Xabuxiabu
                                                            Catering