Xiaocaiyuan International Holding (999) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 6.5% YoY to RMB2,713.7m; profit for the period increased 35.7% to RMB382.4m and basic EPS rose 22.2% to RMB0.33.

• Growth reflected a larger restaurant network and stronger delivery sales, while average dine-in spend and same-store sales declined.

Financial highlights

• Revenue was RMB2,713.7m versus RMB2,547.5m; profit before tax was RMB542.3m versus RMB380.9m, and net profit was RMB382.4m versus RMB281.9m.

• Income tax increased 61.6% to RMB159.9m; total comprehensive income rose 35.3% to RMB382.1m.

• Adjusted net profit was RMB382.4m versus RMB264.4m; adjusted EBITDA increased to RMB647.0m from RMB454.1m.

• Raw materials cost RMB801.7m, down 2.2%, and staff costs were RMB666.4m, down 8.2%; advertising rose 71.1% to RMB53.3m.

Outlook and guidance

• Priorities include improving service and dining experience, strengthening data-driven business intelligence and supply-chain systems, and strategically expanding the restaurant network and community catering reach.

• Strategy focuses on affordable Chinese cuisine and deeper penetration of mass catering, including the under-RMB50 average-spend segment.