Guangzhou Xiao Noodles Catering Management (2408) H2 2025 earnings summary

Executive summary

• FY2025 revenue reached RMB1,622.4m, up 40.5% YoY; net profit rose 74.8% to RMB106.1m and adjusted net profit increased 111.9% to RMB135.4m.

• Restaurant count grew 39.7% to 503, including 411 self-operated and 92 franchised locations; 156 restaurants opened and 13 closed during the year.

Financial highlights

• Total comprehensive income attributable to equity shareholders was RMB103.7m, up 70.6% YoY; adjusted net profit margin rose to 8.3% from 5.5%.

• Basic EPS was RMB17.41 cents versus RMB10.11 cents; diluted EPS was RMB17.22 cents versus RMB9.96 cents.

• Profit before tax increased to RMB129.0m from RMB74.9m; income tax expense rose to RMB22.9m from RMB14.2m.

• Listing expenses were RMB28.0m versus RMB1.1m in 2024, and net foreign exchange losses were RMB3.8m versus nil; these items were among the adjustments to adjusted net profit.

Outlook and guidance

• 2026 restaurant opening target is 150–180; as of February 28, 2026, 20 new restaurants had opened since year-end and 76 were in pre-opening preparation.

• Progress was described as on track to meet the 2026 annual opening target.