呷哺呷哺2025年年报

Contents 25891125343968869293959799 CORPORATE INFORMATIONDEFINITIONSFINANCIAL SUMMARYCHAIRMAN’S STATEMENTBUSINESS REVIEW AND OUTLOOKMANAGEMENT DISCUSSION AND ANALYSISBIOGRAPHIES OF THE DIRECTORS AND SENIOR MANAGEMENTDIRECTORS’ REPORTCORPORATE GOVERNANCE REPORTINDEPENDENT AUDITOR’S REPORTCONSOLIDATED STATEMENT OF PROFIT OR LOSSAND OTHER COMPREHENSIVE INCOMECONSOLIDATED STATEMENT OF FINANCIAL POSITIONCONSOLIDATED STATEMENT OF CHANGES IN EQUITYCONSOLIDATED STATEMENT OF CASH FLOWSNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Ho Kuang-Chi(Chairman and Chief Executive Officer)Mr. Feng Hui-Huang(appointed on 15 April 2025) Non-executive Directors Ms. Chen Su-YinMs. Li Jie(resigned on 15 April 2025) Independent Non-executive Directors Mr. Hon Ping Cho TerenceMs. Cheung Sze ManMr. Kot Man TatMr. Huang Cheng-Chung(appointed on 15 April 2025) AUDIT COMMITTEE Mr. Hon Ping Cho Terence(Chairman)Mr. Kot Man TatMr. Huang Cheng-Chung(appointed on 15 April 2025)Ms. Li Jie(resigned on 15 April 2025) NOMINATION COMMITTEE Mr. Ho Kuang-Chi(Chairman)Ms. Cheung Sze ManMr. Kot Man Tat REMUNERATION COMMITTEE Ms. Cheung Sze Man(Chairman)Mr. Ho Kuang-ChiMr. Hon Ping Cho Terence Corporate Information COMPANY SECRETARY Ms. Tam Shuk Wah Carrie AUTHORIZED REPRESENTATIVES Mr. Ho Kuang-ChiMs. Tam Shuk Wah Carrie REGISTERED OFFICE IN CAYMAN ISLANDS Cricket SquareHutchins DriveP.O. Box 2681Grand CaymanKY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand CaymanKY1-1111Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG Units 2205-07, 22nd Floor, Two Sky Parc51 Hung To RoadKwun TongKowloonHong Kong 51Two Sky Parc 222205-07 HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC Suncun Industrial Development ZoneHuangcun TownDaxing DistrictBeijingPRC Corporate Information CAYMAN ISLANDS PRINCIPAL SHARE REGISTRARAND TRANSFER AGENT Conyers Trust Company (Cayman) Limited2901 One Exchange SquareConnaught PlaceCentralHong Kong Conyers Trust Company (Cayman) Limited2901 HONG KONG SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong INDEPENDENT AUDITOR Deloitte Touche TohmatsuPublic Interest Entity Auditor registered in accordance withthe Financial Reporting Council Ordinance • HONG KONG LEGAL ADVISER K&L Gates PRINCIPAL BANKS China Merchants BankShanghai Pudong Development BankBank of ChinaHSBCChina CITIC BankFubon Bank (China) ir@xiabu.com INVESTOR RELATIONS E-mail: ir@xiabu.com COMPANY’S WEBSITEwww.xiabu.com www.xiabu.com 520 STOCK CODE 520 Definitions Definitions Financial Summary Chairman’s Statement Mr. Ho Kuang-ChiChairman of the Board Dear shareholders, The year 2025 marked the 27th anniversary of Xiabuxiabu Group andrepresented a pivotal moment for us to reshape our development amida rapidly changing industry landscape. Over the past year, the cateringsector experienced profound shifts. Consumer demand recovered onlygradually, competition intensified and aggressive subsidy campaignsby food delivery platforms disrupted the market structure. In response,Xiabuxiabu chose not to participate in price wars. Instead, we remainedcommittedto delivering strong value for money while advancingorganisational transformation centred on people. I nJ u l y 2025,w e l a u n c h e d t h e“ P h o e n i x R e t u r n ”p a r t n e r s h i pprogramme, inviting former outstanding employees and current coreteammembers to join as partners.With comprehensive lifecyclesupport provided by the Group, the programme has helped revitaliseorganisational vitality and strengthen restaurant performance. At thesame time, we introduced share incentive schemes for our managementteamto further align management’s interests with those of theCompany. Chairman’s Statement In 2025, the Xiabuxiabu brand rediscovered its approachable andaffordable DNA. Leveraging nearly three decades of supply chaincapabilities, we continuously refined our product offerings and achieveda better balance between customer spending and service experience,leading to steady improvements in table turnover. This once againdemonstrates that when consumers perceive genuine value, businessescan achieve sustainable and healthy development. DNA Towardsthe end of 2025,we launched a new self-select hotpotconcept, “Xiabu Pasture”, with its first restaurant openingin Shanghai and entry pricing starting from RMB29.82. Meanwhile, thehighly anticipated “Xia Niu Pai” steak brand debuted in early 2026,offering an all-you-can-eat dining experience featuring 158 menu itemsat an average spending level of around RMB100 per customer. Bothnew models benefit from the Group’s vertically integrated supply chainthrough Yishun, our wholly owned meat processing subsidiary, whichensures unified sourcing, centralised processing and direct supply acrossmultiple brands. 29.82158 During 2025,