Xiabuxiabu (Xiabuxiabu Catering Management (China) Holdings Co., Ltd.)'s interim report for the six months ending on June 30, 2024, showed a 15.9% decrease in group revenue compared to the same period last year, dropping from RMB 2,846.1 million to RMB 2,394.5 million. Among them, Xiabuxiabu brand's sales declined by 4.6%, while Cuicui brand's sales dropped by 28.3%. During the reporting period, the group recorded a pre-tax loss of RMB 267.0 million, compared to a pre-tax profit of RMB 7.0 million in the same period last year. The net loss was RMB 274.0 million, primarily due to weak market conditions, consumer downgrading, intense competition in the dining market leading to a decrease in foot traffic. In addition, the group recognized impairment losses of approximately RMB 203 million...Show More

Xiabuxiabu (Xiabuxiabu Catering Management (China) Holdings Co., Ltd.)'s interim report for the six months ending on June 30, 2024, showed a 15.9% decrease in group revenue compared to the same period last year, dropping from RMB 2,846.1 million to RMB 2,394.5 million. Among them, Xiabuxiabu brand's sales declined by 4.6%, while Cuicui brand's sales dropped by 28.3%. During the reporting period, the group recorded a pre-tax loss of RMB 267.0 million, compared to a pre-tax profit of RMB 7.0 million in the same period last year. The net loss was RMB 274.0 million, primarily due to weak market conditions, consumer downgrading, intense competition in the dining market leading to a decrease in foot traffic. In addition, the group recognized impairment losses of approximately RMB 203 million for restaurants expected to be closed and continuously loss-making. Despite facing challenges, the group actively optimized its operational model, introduced new products, and reduced costs through centralized procurement to increase foot traffic and enhance consumer loyalty. The group also continued to advance its paid membership business and planned to gradually launch new tea beverage products in the second half of the year. During the reporting period, the group did not declare any interim dividends.