Xiabuxiabu Catering Management (China) Holdings released unaudited interim results for the six months ended 30 June 2026.

Financial Performance • Revenue fell 23.1 % year-on-year to RMB 1.49 billion, driven by weaker consumer spending and a smaller store base. • Segment profit before specific gains/losses rose to RMB 30.01 million (H1 2025: RMB 6.42 million). • Loss before tax narrowed 55.3 % to RMB 33.86 million; net loss attributable to shareholders contracted to RMB 35.99 million, versus RMB 84.08 million a year earlier. • Gross cost discipline was evident: raw material expenses declined 19.2 %, staff costs dropped 25.8 %, and depreciation/amortisation fell 29.2 %.

Segment Trends • Xiabuxiabu restaurants generated RMB 911.0 million in sales (-19.8 %). • Coucou contributed RMB 514.4 million (-31.0 %). • Condiment and other product revenue held broadly flat at RMB 67.65 million (-2.4 %).

Network Optimisation • Operating restaurants totalled 761 globally (743 in Mainland China, 18 overseas). • During H1 2026 the group opened 29 new outlets but closed 173 under-performing units (139 Xiabuxiabu, 34 Coucou), reducing the footprint to 647 Xiabuxiabu and 113 Coucou locations. • Same-store sales fell 10.1 % at Xiabuxiabu and 10.6 % at Coucou; average seat/table turnover softened slightly to 2.5x (Xiabuxiabu) and held at 1.4x (Coucou).

Balance Sheet & Liquidity • Cash and cash equivalents stood at RMB 256.52 million at 30 June 2026. • Short-term borrowings rose to RMB 660.30 million; gearing ratio reached 1.54. • Financial products classified as FVTPL totalled RMB 291.68 million. • Staff headcount fell to 12,446 from 17,930 a year earlier.

Management Commentary The company attributed loss reduction to supply-chain centralisation, stricter cost controls, an expanded membership programme, and closure of loss-making stores. Focus areas for H2 2026 include: 1. Continued refinement of the multi-brand strategy, including rollout of “Xiabu Pasture” and “Xia Niu Pai”. 2. Full-chain digital operations to enhance real-time analytics and decision-making. 3. Accelerated development of delivery channels and student-focused marketing for Xiabuxiabu. 4. Product-driven menu innovation, cross-brand collaborations, and live-stream sales to revive Coucou traffic. 5. Ongoing supply-chain optimisation to reinforce cost leadership and operating resilience.

Dividend No interim dividend was declared for the period.

Post-Period Event On 13 August 2026, Xiabuxiabu and Tea Mi Tea (HK) amended their 2023 cooperation agreement: effective 1 July 2026, the 5 % royalty on “Tea me tea” beverage sales was waived, eliminating future royalty expenses under this arrangement.