XIABUXIABU seems to have passed through its darkest moments.
In the first half of 2025, XIABUXIABU achieved revenue of 1.942 billion yuan, a year-on-year decrease of 18.9%; net losses narrowed significantly from 273 million yuan in the same period last year to 80 million yuan, a year-on-year reduction of 71%.
The narrowing of losses is primarily attributed to cost reduction and efficiency improvement in the supply chain and logistics.
XIABUXIABU stated that in the first half of the year, it reduced costs and improved management efficiency through multiple strategic initiatives.
These include establishing deep strategic cooperation with key suppliers to obtain advantageous resources; adopting a price-locking strategy for some bulk ingredients; and utilizing a digital procurement platform for online price comparison and sourcing, enhancing procurement efficiency and transparency.
The optimization of restaurant structure has also significantly contributed to profit recovery.
In recent years, the company has continuously eliminated inefficient stores and strategically opened new stores in high-potential areas. As of June 30, the total number of stores was 937, a decrease of 13% compared to the same period last year.
The scale adjustment combined with improved operational efficiency has led to a significant decline in two core costs: raw material costs decreased by 186 million yuan, a year-on-year decrease of 22.5%; labor costs reduced by 148 million yuan, a decrease of 18.1%.
The asset impairment losses incurred from the closure and continued losses of stores have significantly decreased by 130 million yuan year-on-year, a decline of 64.1%.
By brand, the operational strategies of XIABUXIABU and Coucou have further diverged.
Coucou continues its high-end route, achieving a counter-trend increase of 6 yuan in average customer spending in the first half of the year against the backdrop of industry pressure. The XIABUXIABU brand attracts customer flow by lowering per capita consumption, pushing the turnover rate from 2.3 to 2.6.
Under the overall operational pressure of the current catering market, same-store sales for both brands have declined, with a year-on-year decrease of over 10%.
However, the XIABUXIABU brand has reversed the trend of net store closures, opening 32 new stores in the first half of the year, achieving a net increase of 3 stores.
The new store layout is highly focused on high-tier cities, with over 40% located in first-tier cities; among them, some new stores in Beijing and Shanghai have performed excellently, with turnover rates exceeding 6.5.
Currently, XIABUXIABU is promoting more refined operations and efficient expansion through the &#34;Phoenix Returns&#34; partner program.
This program was officially launched in July, recruiting new store partners from outstanding internal employees and external catering talents, aiming to stimulate the operational enthusiasm of store managers and core teams through an &#34;equity + dividend&#34; mechanism.
As of August, the program has established 5 partner stores, mainly distributed in the Beijing-Tianjin-Hebei region.
The existing stores have performed well, with restaurant profit margins exceeding 30%, and monthly sales per store exceeding 350,000 yuan, maintaining a turnover rate of over 3 times. Among them, the shortest investment recovery period is 4 months, and the longest is 10 months

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The peak period of store closures has passed

Loss narrowed by 70% year-on-year, XIABUXIABU breathes a sigh of relief