股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 小菜園國際控股有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00999 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/ ...

Core Viewpoint - The restaurant industry is experiencing a recovery characterized by "overall pressure and internal differentiation," with significant variations in same-store performance and a shift from low-base recovery logic to genuine supply-side adjustments since 2025 [1][2]. Group 1: Industry Performance - The restaurant industry's revenue showed signs of pressure and differentiation in H1 2025, with fluctuations in year-on-year growth rates for social retail dining and above-limit dining since 2025, including negative growth in July for above-limit dining [1]. - The national restaurant industry prosperity index was 104.1 in June 2025, slightly down by 0.1% from May, indicating slight volatility despite strong demand in specific scenarios like graduation banquets and summer night markets [1][2]. - The performance of same-store sales varied significantly, with resilient performance in cost-effective categories like tea drinks and fast food, while high-ticket hot pot categories faced notable pressure [1][2]. Group 2: Company Strategies - Leading brands are focusing on cost reduction and efficiency improvement, adapting store types to local markets, and prioritizing profit over revenue growth [2][3]. - Companies with supply chain advantages or refined operational capabilities, such as Yum China and Gu Ming, are showing stable profitability, with some brands like Gu Ming achieving a net profit increase of 121.5% year-on-year [2]. Group 3: Expansion and Profitability - The profitability of individual stores is crucial for supporting expansion, with the logic of opening new stores being based on whether the combined profits of new and existing stores exceed previous profits [3]. - Successful examples include Xiao Cai Yuan, which achieved a net increase of 55 stores in H1 2025 with a profit margin of 23.8%, demonstrating a positive cycle of store expansion and profit growth [3]. Group 4: Investment Recommendations - The industry outlook remains positive for cost-effective dining segments, with a recommendation to focus on leading companies like Xiao Cai Yuan, which is expected to accelerate store openings and achieve positive same-store growth in the current market environment [4].

Group 1: Market Overview - The Hong Kong stock market is experiencing a strong rally, with the Hang Seng Index surpassing 27,000 points, reaching its highest level since July 2021 [1] - Multiple institutions remain bullish on Hong Kong stocks, highlighting their current advantages despite prior valuation recovery, particularly in sectors like technology, pharmaceuticals, and new consumption [1] Group 2: Company Performance - Xiaocaiyuan, a new leader in the mass catering sector, has shown impressive performance with a stock price increase of over 25% year-to-date, indicating significant valuation recovery [2] - For the first half of 2025, Xiaocaiyuan reported revenue of 2.714 billion yuan, a year-on-year increase of 6.5%, and a net profit attributable to shareholders of 382 million yuan, up 35.7%, demonstrating strong growth in both revenue and profit [3] - The company expanded its operational footprint, with 672 Xiaocaiyuan brand stores in operation, up from 617 stores in the same period last year [4] Group 3: Industry Context - The restaurant industry is currently in an adjustment phase, facing challenges such as intensified competition and declining profits, which have pressured overall performance [5] - Despite these challenges, Xiaocaiyuan's revenue growth and accelerated profit release are particularly rare in the industry, showcasing its operational resilience and ability to convert profits [5] Group 4: Operational Efficiency - Xiaocaiyuan has implemented refined management practices to reduce costs and enhance efficiency, including improved supply chain management that has reduced inventory from 110 million yuan at the end of 2024 to 74 million yuan [7] - The company has also reduced the cost of raw materials and consumables by 2.2% year-on-year through centralized purchasing [7] Group 5: Future Growth Prospects - Xiaocaiyuan plans to accelerate store openings, with expectations to exceed 800 direct-operated stores by the end of the year, indicating a potential increase of over 120 new stores [9] - The company aims to achieve a thousand-store scale by the end of next year, which would enhance its competitive position in the large chain restaurant sector [10] Group 6: Market Demand and Consumer Trends - Xiaocaiyuan's brand positioning aligns well with the growing demand for affordable dining options, particularly in the low-price segment of the market [12] - The company is also planning to expand into the sub-50 yuan price segment to further capture the mass dining market [13] Group 7: International Expansion - Xiaocaiyuan has plans for international expansion, with the first overseas store expected to open in Hong Kong, which is seen as a strategic move due to its mature restaurant market [17] - The operational strategy for the Hong Kong store will focus on high cost-performance new Huizhou cuisine while adapting to local tastes [17] Group 8: Policy Environment - Recent favorable policies from the government aimed at boosting service consumption may provide new growth opportunities for the restaurant sector [18] - The upcoming national holidays are expected to stimulate consumer demand, which could positively impact Xiaocaiyuan's performance [19]

Core Viewpoint - Xiaocaiyuan International Holdings Limited reported a revenue of 2.714 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 382 million yuan, which is a 35.7% increase [1] Financial Performance - The company achieved a basic earnings per share of 0.33 yuan [1] - A dividend distribution plan for the first half of 2025 was announced, proposing a payout of 0.2119 yuan per share [1] Store Expansion - As of June 30, 2025, Xiaocaiyuan operated 672 stores, an increase of 55 stores compared to the same period last year [1] - By the end of 2024, the total number of stores was 667, indicating that 50 of the new stores were opened in the second half of the previous year [1]

Company Information The company's governance structure, registration, operating locations, and professional advisory relationships are detailed in this section [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, and nomination committees to ensure robust corporate governance - The Board members include **Wang Shugao** (Chairman and General Manager), Li Daoqing, Tian Chunyong, Zhou Bin, Wang Weifang, Tao Xu'an as executive directors, **Zhu Xuejing** (newly appointed) and Luo Yongxiang (resigned) as non-executive directors, and Qian Mingxing, Zhu Nanjun, Zeng Xiaosong, Fang Xuan as independent non-executive directors[7](index=7&type=chunk) - The company has an Audit Committee (Chairman: Zhu Nanjun), a Remuneration Committee (Chairman: Fang Xuan), and a Nomination Committee (Chairman: Wang Shugao)[7](index=7&type=chunk) [Registered and Operating Locations](index=3&type=section&id=Registered%20and%20Operating%20Locations) The company is registered in the Cayman Islands, with its principal operating location in Tongling City, Anhui Province, China, and a principal place of business in Hong Kong - The company's registered office is in the Cayman Islands, its principal office and place of business in China are in Tongling City, Anhui Province, and its principal place of business in Hong Kong is in Lee Garden Two, Causeway Bay[8](index=8&type=chunk)[9](index=9&type=chunk) [Professional Advisors and Auditor](index=4&type=section&id=Professional%20Advisors%20and%20Auditor) The company has engaged Linklaters, Tian Yuan Law Firm, and Harney Westwood & Riegels as legal advisors, Ascent Partners Corporate Finance Limited as compliance advisor, and KPMG as auditor - The company's legal advisors include Linklaters (Hong Kong law), Tian Yuan Law Firm (PRC law), and Harney Westwood & Riegels (Cayman Islands law)[9](index=9&type=chunk) - The compliance advisor is Ascent Partners Corporate Finance Limited, and the auditor is KPMG[9](index=9&type=chunk) Financial Highlights This section provides a concise overview of the company's financial performance and position for the reporting period [Performance Overview](index=5&type=section&id=Performance%20Overview) For the six months ended June 30, 2025, the company's revenue increased by **6.5%** year-on-year to **RMB 2.714 billion**, profit before tax surged by **42.4%** to **RMB 542 million**, profit for the period grew by **35.7%** to **RMB 382 million**, and both basic and diluted earnings per share increased by **22.2%** to **RMB 0.33** Performance Highlights for the Six Months Ended June 30 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,713,666 | 2,547,463 | 6.5% | | Profit before tax | 542,313 | 380,860 | 42.4% | | Income tax | (159,916) | (98,981) | 61.6% | | Profit for the period | 382,397 | 281,879 | 35.7% | | Basic EPS (RMB) | 0.33 | 0.27 | 22.2% | | Diluted EPS (RMB) | 0.33 | 0.27 | 22.2% | [Assets and Liabilities](index=5&type=section&id=Assets%20and%20Liabilities) As of June 30, 2025, the company's total assets increased by **3.0%** to **RMB 3.695 billion**, total liabilities grew by **8.2%** to **RMB 1.323 billion**, and net assets slightly increased by **0.3%** to **RMB 2.373 billion** Summary of Assets and Liabilities | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | | Total assets | 3,695,449 | 3,587,900 | 3.0% | | Total liabilities | 1,322,895 | 1,222,485 | 8.2% | | Net assets | 2,372,554 | 2,365,415 | 0.3% | Management Discussion and Analysis This section provides a comprehensive review of the company's operational performance, financial condition, and future strategies within the context of the broader industry landscape [Industry Review](index=6&type=section&id=Industry%20Review) Changes in China's economic and social development, including stable growth in urban per capita disposable income, rising urbanization rates, and demographic shifts, collectively drive the mass-market Chinese catering sector, benefiting the company's strategy to expand beyond its current RMB 50-100 average spending market - Stable growth in China's urban per capita disposable income, rising urbanization rates, and demographic shifts are favorable for the mass-market catering sector's development[13](index=13&type=chunk) - The company's "Xiaocaiyuan" brand is deeply rooted in the mass-market Chinese catering segment with an average spending of **RMB 50 to RMB 100**, and plans to steadily expand into the market with an average spending below **RMB 50**[13](index=13&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) As a renowned mass-market Chinese catering chain, the company continuously optimizes operational efficiency and cost management, establishing "Xiaocaiyuan" as a recognized "family kitchen," with revenue primarily from dine-in and significantly growing takeaway businesses, despite expanding store count, same-store sales and average customer spending declined - Since its establishment in 2013, the company has been committed to offering home-style dishes at affordable prices with attentive service, building "Xiaocaiyuan" into a "family kitchen" for Chinese consumers[14](index=14&type=chunk) - The company continuously optimizes operational efficiency, rigorously manages costs and expenses, deepens refined management, and steadily enhances operating performance[14](index=14&type=chunk) [Revenue Composition and Growth](index=6&type=section&id=Revenue%20Composition%20and%20Growth) For the six months ended June 30, 2025, total revenue increased by **6.5%** year-on-year to **RMB 2.714 billion**, with dine-in revenue growing **2.2%** to **RMB 1.647 billion** due to increased store count, and takeaway revenue rising **13.7%** to **RMB 1.057 billion** driven by more orders and enhanced online platform appeal Revenue Breakdown by Business Line | Business Line | 2025 (RMB thousand) | 2025 (%) | 2024 (RMB thousand) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Dine-in business | 1,647,139 | 60.7 | 1,611,603 | 63.3 | | Takeaway business | 1,057,411 | 39.0 | 929,709 | 36.5 | | Others | 9,116 | 0.3 | 6,151 | 0.2 | | Total | 2,713,666 | 100.0 | 2,547,463 | 100.0 | - Dine-in business revenue increased by **2.2%**, primarily due to the number of operating stores increasing from **617** as of June 30, 2024, to **672** as of June 30, 2025[17](index=17&type=chunk) - Takeaway business revenue increased by **13.7%**, mainly due to the number of takeaway orders rising from **12.8 million** to **16.8 million**, attributed to more stores offering takeaway services and enhanced appeal of online takeaway platforms[18](index=18&type=chunk) [Key Performance Indicators](index=7&type=section&id=Key%20Performance%20Indicators) As of June 30, 2025, the company's total store count reached **672**, while the overall average spending per dine-in customer decreased from **RMB 60.4** to **RMB 57.1**, and the overall table turnover rate remained at **3.1 times/day**, with same-store sales, average daily same-store sales, and same-store table turnover rate all slightly declining "Xiaocaiyuan" Store Count and Revenue Distribution (by City Tier) | City Tier | 2025 Store Count | 2025 Total Revenue (RMB thousand) | 2025 Revenue Share (%) | 2024 Store Count | 2024 Total Revenue (RMB thousand) | 2024 Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tier 1 Cities | 109 | 480,298.6 | 17.8 | 93 | 448,977.0 | 17.8 | | New Tier 1 Cities | 192 | 793,823.7 | 29.5 | 176 | 733,145.9 | 29.1 | | Tier 2 Cities | 80 | 330,310.9 | 12.3 | 76 | 307,893.6 | 12.2 | | Tier 3 and Below Cities | 291 | 1,086,906.3 | 40.4 | 272 | 1,030,830.8 | 40.9 | | Total | 672 | 2,691,339.5 | 100.0 | 617 | 2,520,847.3 | 100.0 | "Xiaocaiyuan" Key Store Performance Indicators | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Average spending per dine-in customer (RMB) | 57.1 | 60.4 | | Table turnover rate (times/day) | 3.1 | 3.1 | "Xiaocaiyuan" Same-Store Performance Indicators | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Same-store count | 522 | - | | Same-store sales (RMB thousand) | 2,157,229.8 | 2,323,798.5 | | Average daily same-store sales (RMB) | 22,854.4 | 24,641.0 | | Same-store table turnover rate (times/day) | 3.0 | 3.1 | - For the six months ended June 30, 2025, the overall table turnover rate remained at **3.1 times/day**, with a slight increase in Tier 2 cities' turnover rate primarily due to improved per-square-meter efficiency from optimized store formats[21](index=21&type=chunk) [Cost and Expense Analysis](index=10&type=section&id=Cost%20and%20Expense%20Analysis) During the reporting period, the company effectively controlled raw material and staff costs, both decreasing as a percentage of revenue, indicating improved management efficiency and supply chain management, while advertising and promotion expenses and takeaway service expenses significantly increased due to business expansion and market investment, and income tax rose sharply due to increased PRC dividend withholding tax - Other income decreased by **33.5%** to **RMB 15.2 million**, primarily due to lower bank deposit interest income[27](index=27&type=chunk) - Raw materials and consumables used decreased by **2.2%** to **RMB 801.7 million**, with its percentage of revenue falling from **32.2%** to **29.5%**, mainly benefiting from centralized procurement and improved supply chain management efficiency[28](index=28&type=chunk) - Staff costs decreased by **8.2%** to **RMB 666.4 million**, with its percentage of revenue falling from **28.5%** to **24.6%**, primarily due to improved store management efficiency and labor productivity[29](index=29&type=chunk) - Advertising and promotion expenses significantly increased by **71.1%** to **RMB 53.3 million**, mainly due to increased investment in offline advertising and marketing activities[36](index=36&type=chunk) - Takeaway service expenses increased by **11.4%** to **RMB 181.9 million**, consistent with the growth in takeaway business revenue, with its percentage of total revenue rising from **6.4%** to **6.7%**[37](index=37&type=chunk) - Income tax increased by **61.6%** to **RMB 159.9 million**, with the effective tax rate rising from **26.0%** to **29.5%**, primarily due to increased PRC dividend withholding tax[41](index=41&type=chunk) [Non-IFRS Measures](index=12&type=section&id=Non-IFRS%20Measures) The company uses adjusted net profit and adjusted EBITDA as non-IFRS measures to provide a clearer perspective on operating performance, with adjusted net profit at **RMB 382 million** and adjusted EBITDA at **RMB 647 million** for the six months ended June 30, 2025, both showing significant year-on-year growth - Adjusted net profit is defined as net profit plus fair value changes of convertible bonds and derivative financial instruments, changes in carrying amount of redemption liabilities, and listing expenses[45](index=45&type=chunk) - Adjusted EBITDA adds back income tax, net finance costs, and depreciation and amortization of other assets to adjusted net profit[45](index=45&type=chunk) Reconciliation of Net Profit to Adjusted Net Profit and Adjusted EBITDA | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net profit | 382,397 | 281,879 | | Adjusted net profit (Non-IFRS measure) | 382,397 | 264,365 | | Adjusted EBITDA (Non-IFRS measure) | 646,966 | 454,139 | [Balance Sheet Item Analysis](index=13&type=section&id=Balance%20Sheet%20Item%20Analysis) The company optimized inventory and trade and other receivables through improved supply chain management efficiency, leading to a decrease in these balances, while trade and other payables increased, primarily due to accelerated year-end settlement processes - Right-of-use assets decreased by **8.7%** to **RMB 720.4 million**, primarily attributable to increased depreciation of right-of-use assets[46](index=46&type=chunk) - Inventories decreased to **RMB 74.1 million**, and inventory turnover days decreased from **23.6 days** to **20.7 days**, mainly due to improved supply chain management efficiency[47](index=47&type=chunk)[48](index=48&type=chunk) - Trade and other receivables decreased by **22.5%** to **RMB 233.9 million**, primarily due to optimized prepayment levels[49](index=49&type=chunk) - Trade and other payables increased to **RMB 270.8 million**, mainly due to accelerated year-end settlement processes with suppliers[50](index=50&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains ample liquidity with a significant increase in net cash from operating activities, and during the reporting period, new bank loans of **RMB 100 million** led to a rise in the capital-to-debt ratio from **0%** to **4.2%**, with no assets pledged or contingent liabilities - As of June 30, 2025, cash and cash equivalents amounted to **RMB 638.8 million**, and net cash generated from operating activities was **RMB 764.8 million**, a significant increase from **RMB 455.0 million** in the prior period[51](index=51&type=chunk) - As of June 30, 2025, bank loans totaled **RMB 100 million**, primarily for letter of credit borrowings to purchase ingredients, at an interest rate of **1.75%**[53](index=53&type=chunk) - The capital-to-debt ratio increased from **0%** as of December 31, 2024, to **4.2%** as of June 30, 2025, primarily due to increased bank loans[56](index=56&type=chunk) - The Group has not pledged any assets and has no contingent liabilities[54](index=54&type=chunk)[55](index=55&type=chunk) [Employees and Remuneration Policy](index=15&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had a total of **12,498** employees, with total staff costs amounting to **RMB 666.4 million**, implementing diverse remuneration and incentive mechanisms, and providing regular training to enhance operational skills and management capabilities - As of June 30, 2025, the Group had a total of **12,498** employees, with total staff costs amounting to **RMB 666.4 million**[58](index=58&type=chunk) - The company's remuneration policy includes basic salaries, overtime pay, performance-based incentive bonuses, and discretionary bonuses for store managers, head chefs, and key employees in new stores[58](index=58&type=chunk)[59](index=59&type=chunk) - The company conducts monthly training courses aimed at enhancing employees' operational skills, developing management capabilities, and reinforcing company values[59](index=59&type=chunk) [Material Investments and Future Plans](index=16&type=section&id=Material%20Investments%20and%20Future%20Plans) There were no material acquisitions or disposals during the reporting period, and the company invested working capital in wealth management products to enhance returns, with future plans including continuous store network expansion, supply chain enhancement, digital system upgrades, and active exploration of Chinese community catering business - There were no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[60](index=60&type=chunk) - The company invested working capital in non-principal-protected floating-rate wealth management products issued by Agricultural Bank of China Limited, with a fair value of **RMB 200.8 million** as of June 30, 2025, accounting for **5.42%** of total assets[61](index=61&type=chunk) - Future outlook includes consolidating its leading position in the mass-market Chinese catering sector, continuously enhancing the dining experience at operating stores, optimizing the supply chain management system, strategically expanding the store network, and exploring Chinese community catering business[64](index=64&type=chunk) Corporate Governance and Other Information This section details the company's corporate governance practices, shareholding structure, use of global offering proceeds, and other relevant disclosures [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board has resolved to declare an interim dividend of **RMB 0.2119** per share for the six months ended June 30, 2025, totaling approximately **RMB 250 million**, which was paid on September 16, 2025 - The Board resolved to declare an interim dividend of **RMB 0.2119** per share, totaling approximately **RMB 250 million**, which was paid on September 16, 2025[65](index=65&type=chunk) [Listed Securities Transactions](index=18&type=section&id=Listed%20Securities%20Transactions) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's securities[66](index=66&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[67](index=67&type=chunk) [Compliance with Corporate Governance Code](index=18&type=section&id=Compliance%20with%20Corporate%20Code) The company has complied with all applicable provisions of the Corporate Governance Code, except for the deviation where Mr. Wang Shugao holds both Chairman and General Manager roles, which the Board believes provides strong leadership with sufficient checks and balances - The company has complied with all applicable code provisions of the Corporate Governance Code, except for a deviation from code provision C.2.1 (roles of Chairman and Chief Executive should be separate)[68](index=68&type=chunk)[69](index=69&type=chunk) - Mr. Wang Shugao serves as both Chairman and General Manager, an arrangement the Board believes provides strong and consistent leadership for the Group, with adequate checks and balances in place[69](index=69&type=chunk) [Changes in Directors and Senior Management](index=19&type=section&id=Changes%20in%20Directors%20and%20Senior%20Management) Mr. Luo Yongxiang resigned as a non-executive director on March 7, 2025, and Ms. Zhu Xuejing was appointed as a non-executive director on the same day, bringing extensive experience in capital markets and private equity investment - Mr. Luo Yongxiang resigned as a non-executive director due to other work commitments, effective March 7, 2025[72](index=72&type=chunk) - Ms. Zhu Xuejing was appointed as a non-executive director effective March 7, 2025, possessing **12 years** of experience in business operations, risk control, and compliance for capital market and private equity investment institutions[73](index=73&type=chunk) [Directors' and Major Shareholders' Interests](index=20&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) As of June 30, 2025, Mr. Wang Shugao, as the largest shareholder, held **85.00%** of the company's shares through controlled corporations, while several directors and other individual shareholders collectively held interests in XCY Yongqing Limited through a concert party agreement, indirectly owning company shares, and Harvest Delicacy held **5.97%** of shares Interests of Directors and Chief Executive in the Company's Shares | Name of Director or Chief Executive | Nature of Interest | Number of Shares Interested | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | Mr. Wang Shugao | Interest in controlled corporation | 1,000,000,000 | 85.00% | | Mr. Li Daoqing | Jointly held interest with other parties | 429,714,000 | 36.52% | | Mr. Tian Chunyong | Jointly held interest with other parties | 429,714,000 | 36.52% | | Mr. Zhou Bin | Jointly held interest with other parties | 429,714,000 | 36.52% | | Ms. Wang Weifang | Jointly held interest with other parties | 429,714,000 | 36.52% | | Mr. Tao Xu'an | Jointly held interest with other parties | 429,714,000 | 36.52% | Interests of Major Shareholders in the Company's Shares | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Interest in the Company | | :--- | :--- | :--- | :--- | | XCY Yongqing Limited | Beneficial owner | 429,714,000 | 36.52% | | XCY Xuyuan Limited | Beneficial owner | 275,429,000 | 23.41% | | XCY Zhiyuan Limited | Beneficial owner | 69,714,000 | 5.93% | | XCY Huiming Limited | Beneficial owner | 56,000,000 | 4.76% | | XCY Weiyuan Limited | Beneficial owner | 26,857,000 | 2.28% | | XCY Liyuan Limited | Beneficial owner | 20,571,000 | 1.75% | | XCY Future Limited | Beneficial owner | 121,715,000 | 10.35% | | Mr. Ye Hongli | Jointly held interest with other parties | 429,714,000 | 36.52% | | Mr. Fang Zhiguo | Jointly held interest with other parties | 429,714,000 | 36.52% | | Mr. Chen Haiyan | Jointly held interest with other parties | 429,714,000 | 36.52% | | Harvest Delicacy | Beneficial owner | 70,283,600 | 5.97% | - Mr. Wang Shugao is the sole director of each British Virgin Islands entity and is therefore deemed to be interested in **85.00%** of the company's shares[75](index=75&type=chunk) - Mr. Wang Shugao and other individual shareholders (including Li Daoqing, Tian Chunyong, Zhou Bin, Tao Xu'an, Ye Hongli, Fang Zhiguo, Wang Weifang, and Chen Haiyan) have entered into a concert party agreement to jointly hold interests in XCY Yongqing Limited[77](index=77&type=chunk)[80](index=80&type=chunk) [Use of Proceeds from Global Offering](index=22&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The company listed in December 2024, with net proceeds from the global offering of approximately **HKD 794.8 million**, of which **HKD 140 million** had been used as of June 30, 2025, primarily for enhancing supply chain capabilities and expanding the store network, with the intended use of proceeds unchanged and remaining funds held in short-term interest-bearing accounts - The net proceeds from the global offering were approximately **HKD 794.8 million**, with **HKD 140.0 million** cumulatively utilized as of June 30, 2025[82](index=82&type=chunk) Use of Proceeds from Global Offering and Application Status | Use of Proceeds | Percentage of Proceeds | Net Proceeds (HKD million) | Unused Amount as of Dec 31, 2024 (HKD million) | Amount Used for Six Months Ended Jun 30, 2025 (HKD million) | Cumulative Amount Used as of Jun 30, 2025 (HKD million) | Unused Amount as of Jun 30, 2025 (HKD million) | Expected Timeline for Full Utilization of Unused Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Continuous expansion of our store network | 40.0% | 317.9 | 317.9 | 57.9 | 57.9 | 260.0 | December 31, 2026 | | Enhancement of supply chain capabilities | 37.0% | 294.1 | 294.1 | 77.6 | 77.6 | 216.5 | December 31, 2026 | | Upgrade of our smart equipment and digitalization systems | 13.0% | 103.3 | 103.3 | 4.5 | 4.5 | 98.8 | December 31, 2026 | | Working capital and general corporate purposes | 10.0% | 79.5 | 79.5 | 0 | 0 | 79.5 | December 31, 2026 | | Total | 100% | 794.8 | 794.8 | 140.0 | 140.0 | 654.8 | | - The unutilized net proceeds are deposited in short-term interest-bearing accounts opened with licensed commercial banks and/or other authorized financial institutions[82](index=82&type=chunk) [Other Corporate Governance Matters](index=23&type=section&id=Other%20Corporate%20Governance%20Matters) The company has not adopted any share schemes, no material events occurred after the reporting period, and the Audit Committee has reviewed the interim results, with the interim report published on the Stock Exchange and the company's website - The company has not adopted any share schemes[83](index=83&type=chunk) - No material events affecting the Group have occurred from June 30, 2025, up to the latest practicable date[84](index=84&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results and interim report for the six months ended June 30, 2025[85](index=85&type=chunk) Independent Auditor's Report This section presents the independent auditor's review report on the company's interim financial information [Introduction](index=25&type=section&id=Introduction) KPMG has reviewed Xiaocaiyuan International Holdings Limited's interim financial report for the six months ended June 30, 2025, prepared in accordance with the Hong Kong Stock Exchange Listing Rules and IAS 34, with the Board responsible for its preparation and the auditor's responsibility to conclude based on the review - KPMG has reviewed the company's interim financial report for the six months ended June 30, 2025[88](index=88&type=chunk) - The interim financial report was prepared in accordance with the Hong Kong Stock Exchange Listing Rules and IAS 34, with directors responsible for its preparation and presentation[88](index=88&type=chunk) [Scope of Review and Conclusion](index=25&type=section&id=Scope%20of%20Review%20and%20Conclusion) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, which is less in scope than an audit, thus no audit opinion is expressed, and based on the review, the auditor found no matters indicating that the interim financial report was not prepared in accordance with IAS 34 - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA, which is less in scope than an audit, and therefore no audit opinion is expressed[89](index=89&type=chunk) - Based on the review, the auditor did not note any matters that caused them to believe the interim financial report was not prepared in all material respects in accordance with IAS 34[90](index=90&type=chunk) Consolidated Financial Statements This section presents the company's consolidated financial statements, including the statements of profit or loss, comprehensive income, financial position, changes in equity, and cash flows [Consolidated Statement of Profit or Loss](index=27&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of **RMB 2.714 billion**, profit for the period of **RMB 382 million**, and basic and diluted earnings per share of **RMB 0.33** Summary of Consolidated Statement of Profit or Loss | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 2,713,666 | 2,547,463 | | Profit before tax | 542,313 | 380,860 | | Profit for the period | 382,397 | 281,879 | | Basic EPS (RMB) | 0.33 | 0.27 | | Diluted EPS (RMB) | 0.33 | 0.27 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=28&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's profit for the period was **RMB 382 million**, with other comprehensive income of **RMB (258) thousand**, resulting in a total comprehensive income for the period of **RMB 382 million** Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 382,397 | 281,879 | | Other comprehensive income for the period | (258) | 584 | | Total comprehensive income for the period | 382,139 | 282,463 | [Consolidated Statement of Financial Position](index=29&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were **RMB 3.695 billion**, with current assets at **RMB 2.213 billion**, total liabilities at **RMB 1.323 billion**, current liabilities at **RMB 737 million**, and net assets at **RMB 2.373 billion** Summary of Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 1,481,987 | 1,548,174 | | Current assets | 2,213,462 | 2,039,726 | | Current liabilities | 736,939 | 606,688 | | Non-current liabilities | 585,956 | 615,797 | | Net assets | 2,372,554 | 2,365,415 | | Total equity | 2,372,554 | 2,365,415 | [Consolidated Statement of Changes in Equity](index=31&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity increased from **RMB 2.365 billion** at the beginning of the year to **RMB 2.373 billion**, primarily influenced by a profit for the period of **RMB 382 million** and a dividend payment of **RMB 375 million** Summary of Consolidated Statement of Changes in Equity | Indicator | Balance as of Jan 1, 2025 (RMB thousand) | Profit for the period (RMB thousand) | Dividends declared (RMB thousand) | Balance as of Jun 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Total | 2,365,415 | 382,397 | (375,000) | 2,372,554 | [Condensed Consolidated Statement of Cash Flows](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash generated from operating activities was **RMB 765 million**, net cash used in investing activities was **RMB 327 million**, and net cash used in financing activities was **RMB 415 million**, resulting in a net increase in cash and cash equivalents of **RMB 22.3 million** Summary of Condensed Consolidated Statement of Cash Flows | Activity | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 764,750 | 454,967 | | Net cash used in investing activities | (326,953) | (410,382) | | Net cash used in financing activities | (415,468) | (229,293) | | Net increase/(decrease) in cash and cash equivalents | 22,329 | (184,708) | | Cash and cash equivalents at June 30 | 638,829 | 436,033 | Notes to the Unaudited Interim Financial Report This section provides detailed notes to the unaudited interim financial report, covering accounting policies, revenue breakdown, expense analysis, and other financial disclosures [Basis of Preparation and Changes in Accounting Policies](index=35&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This interim financial report is prepared in accordance with IAS 34 and has been reviewed by KPMG, with the IAS 21 amendment applied during this period having no material impact on the Group - This interim financial report is prepared in accordance with the Hong Kong Stock Exchange Listing Rules and IAS 34, and has been reviewed by KPMG[107](index=107&type=chunk)[108](index=108&type=chunk) - The Group has applied the IAS 21 amendment "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" for this accounting period, with no material impact[109](index=109&type=chunk) [Revenue and Other Income](index=36&type=section&id=Revenue%20and%20Other%20Income) The company's revenue primarily derives from dine-in and takeaway businesses, both recognized at a point in time, while other income, mainly comprising bank deposit interest, wealth management product investment gains, and government grants, decreased in total this period Disaggregation of Revenue from Contracts with Customers by Major Product or Service Line | Business Line | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Dine-in business | 1,647,139 | 1,611,603 | | Takeaway business | 1,057,411 | 929,709 | | Others | 9,116 | 6,151 | | Total | 2,713,666 | 2,547,463 | Details of Other Income | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank deposit interest income | 4,313 | 10,860 | | Investment income from wealth management products | 3,282 | 1,290 | | Government grants | 6,542 | 9,596 | | Total | 15,156 | 22,784 | [Components of Profit Before Tax](index=38&type=section&id=Components%20of%20Profit%20Before%20Tax) Profit before tax is influenced by finance costs, staff costs, other expenses, and other net income, with staff costs and some other expenses decreasing, finance costs remaining stable, and other net income significantly declining due to reduced fair value gains Details of Finance Costs | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank loans | 615 | 354 | | Interest on lease liabilities | 18,832 | 18,970 | | Interest on provisions | 708 | 675 | | Total | 20,155 | 19,999 | Details of Staff Costs | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 650,792 | 709,753 | | Contributions to defined contribution retirement plans | 15,604 | 16,520 | | Total | 666,396 | 726,273 | Details of Other Expenses | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Property management expenses | 68,631 | 65,089 | | Transportation and related expenses | 15,469 | 14,476 | | Administrative expenses | 2,090 | 6,094 | | Professional service expenses | 2,904 | 3,937 | | Listing expenses | – | 9,419 | | Cleaning fees | 6,930 | 7,024 | | Taxes and surcharges | 8,283 | 6,061 | | Business development expenses | 3,442 | 3,179 | | Impairment loss on property, plant and equipment and right-of-use assets | – | 471 | | Others | 8,030 | 5,747 | | Total | 115,779 | 121,497 | Details of Other Net Income | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net loss on disposal of property, plant and equipment and right-of-use assets | 8,358 | 6,144 | | Change in carrying amount of redemption liabilities | – | 19,504 | | Fair value change of convertible bonds and derivative financial instruments | – | (46,437) | | Fair value change of financial assets at fair value through profit or loss | (15,659) | – | | Exchange loss/(gain) | 1,910 | (430) | | Other losses/(income) | 2,611 | (6,194) | | Total | (2,780) | (27,413) | [Income Tax and Earnings Per Share](index=40&type=section&id=Income%20Tax%20and%20Earnings%20Per%20Share) Income tax expense significantly increased due to higher PRC dividend withholding tax, with both basic and diluted earnings per share at **RMB 0.33**, showing growth compared to the prior period Details of Income Tax | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax | 133,270 | 93,912 | | Deferred tax | 26,646 | 5,069 | | Total | 159,916 | 98,981 | - Certain subsidiaries qualify for preferential income tax rates for small and micro enterprises in China, with taxable income up to **RMB 3 million** taxed at a **5%** rate[118](index=118&type=chunk) - Basic earnings per share are calculated based on profit attributable to ordinary equity shareholders of **RMB 382,397,000** and a weighted average of **1,176,519,000** ordinary shares outstanding[121](index=121&type=chunk) - For the six months ended June 30, 2025, diluted earnings per share were the same as basic earnings per share, as there were no potentially dilutive ordinary shares[122](index=122&type=chunk) [Property, Plant and Equipment and Right-of-Use Assets](index=42&type=section&id=Property,%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) The cost of property, plant and equipment acquired this period was **RMB 96.5 million**, while right-of-use assets increased by **RMB 60.2 million** due to multiple lease agreements, and no impairment loss was recognized this period, compared to **RMB 471 thousand** in the prior period - For the six months ended June 30, 2025, the Group's cost of acquiring property, plant and equipment items was **RMB 96,514,000**[123](index=123&type=chunk) - Right-of-use assets increased by **RMB 60,233,000**, primarily due to the signing of multiple restaurant and warehouse lease agreements[124](index=124&type=chunk) - For the six months ended June 30, 2025, no impairment loss was recognized (prior period: **RMB 471,000**)[125](index=125&type=chunk) [Details of Current Assets and Liabilities](index=43&type=section&id=Details%20of%20Current%20Assets%20and%20Liabilities) Inventories and trade and other receivables both decreased, reflecting improved supply chain management efficiency, while financial assets at fair value through profit or loss significantly increased, primarily due to wealth management product investments, and trade and other payables and contract liabilities also changed Inventory Composition | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Food ingredients | 52,453 | 82,738 | | Seasonings | 9,947 | 13,375 | | Beverages | 3,990 | 3,507 | | Others | 7,724 | 9,946 | | Total | 74,114 | 109,566 | Ageing Analysis of Trade and Other Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 27,827 | 28,116 | | 1 to 3 months | 1,993 | 1,832 | | 3 to 6 months | 998 | 367 | | Over 6 months but within 1 year | 532 | 415 | | Trade receivables | 31,350 | 30,730 | | Other receivables and deposits | 69,089 | 84,678 | | Prepayments | 118,096 | 173,715 | | Deductible VAT | 15,341 | 12,740 | | Total | 233,876 | 301,863 | - Financial assets at fair value through profit or loss increased to **RMB 1.191 billion**, primarily investments in funds and bank wealth management products, including net unrealized gains of **RMB 15,659,000**[129](index=129&type=chunk) Cash and Cash Equivalents | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash on hand | 4 | 10 | | Cash at bank | 714,825 | 840,007 | | Less: Time deposits | (76,000) | (223,356) | | Total | 638,829 | 616,661 | Bank Loans and Other Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year or on demand | 100,000 | – | Ageing Analysis of Trade and Other Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables (within one year) | 86,463 | 56,932 | | Accrued staff costs | 108,411 | 96,992 | | Other taxes payable | 10,886 | 11,142 | | Other payables and accrued expenses | 65,088 | 63,434 | | Total | 270,848 | 228,500 | Contract Liabilities | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contract liabilities related to prepaid cards | 70,797 | 74,122 | | Contract liabilities related to customer loyalty programs | 1,599 | 3,212 | | Total | 72,396 | 77,334 | [Capital, Reserves and Dividends](index=47&type=section&id=Capital,%20Reserves%20and%20Dividends) The Board has approved an interim dividend of **RMB 0.2119** per share, and the company's share capital structure underwent changes in 2024, including a share split, initial public offering, and conversion of convertible preference shares into ordinary shares - The Board has approved an interim dividend of **RMB 0.2119** per ordinary share, totaling **RMB 250,000 thousand**, to be paid after the interim period[135](index=135&type=chunk) - On December 2, 2024, the company's shares with a par value of **USD 1** per share were subdivided into **100,000** shares with a par value of **USD 0.00001** per share[137](index=137&type=chunk) - On December 20, 2024, the company issued **101,181,000** ordinary shares through its listing, with net proceeds of approximately **RMB 776,579,000**[137](index=137&type=chunk) - Upon completion of the listing, **753.38** preference shares were converted into **75,338,000** ordinary shares[137](index=137&type=chunk) [Fair Value Measurement of Financial Instruments](index=49&type=section&id=Fair%20Value%20Measurement%20of%20Financial%20Instruments) The Group's financial instruments are measured at fair value, primarily financial assets at fair value through profit or loss, classified as Level 2 valuations, with their fair values determined by recent comparable market transaction prices - The Group's financial instruments' fair value measurements are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices in active markets), and Level 3 (significant unobservable inputs)[139](index=139&type=chunk) Fair Value Measurement of Financial Assets at Fair Value Through Profit or Loss | Item | Fair Value as of Jun 30, 2025 (RMB thousand) | Level 1 (RMB thousand) | Level 2 (RMB thousand) | Level 3 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 1,190,643 | – | 1,190,643 | – | - The fair value of Level 2 wealth management products is determined by recent comparable market transaction prices[142](index=142&type=chunk) [Commitments and Related Party Transactions](index=51&type=section&id=Commitments%20and%20Related%20Party%20Transactions) As of June 30, 2025, the company's contracted commitments for property, plant and equipment acquisitions amounted to **RMB 190 million**, and total key management personnel compensation was **RMB 4.318 million** Unfulfilled Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contracted for acquisition of property, plant and equipment | 189,967 | 128,424 | Key Management Personnel Compensation | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Short-term employee benefits | 4,133 | 2,015 | | Contributions to defined contribution retirement plans | 185 | 80 | | Total | 4,318 | 2,095 | [Non-Adjusting Events After the Reporting Period](index=51&type=section&id=Non-Adjusting%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the directors resolved to declare an interim dividend, with details disclosed in Note 16(a) - Subsequent to the end of the reporting period, the directors resolved to declare an interim dividend[145](index=145&type=chunk) Definitions This section provides definitions for key terms and abbreviations used throughout the report to ensure consistent understanding [Definition of Terms](index=51&type=section&id=Definition%20of%20Terms) This section provides definitions for key terms and abbreviations used in the report, including company names, geographical areas, legal entities, financial reporting standards, and regulatory bodies, to ensure consistent understanding of the report's content - This section defines key terms used in the report, such as "the Company" (Xiaocaiyuan International Holdings Limited), "the Group" (the Company and its subsidiaries), and "PRC" (the People's Republic of China)[146](index=146&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk) - It covers definitions related to corporate governance, securities transactions, financial reporting standards (such as IFRS), and major shareholders[146](index=146&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[151](index=151&type=chunk)

Core Viewpoint - The "Waterfront Vegetable Garden" project in the Chigang community is a successful initiative that combines urban planning with residents' needs, promoting a model of "co-construction, co-governance, and sharing" within the community [1][2] Group 1: Project Overview - The "Waterfront Vegetable Garden" covers an area of approximately 70 acres and is planned to be developed in two phases [1] - Phase one has allocated 267 plots, with 235 households already claiming them, while phase two is expected to offer around 300 additional plots, catering to nearly 600 households [1] Group 2: Community Engagement - The project is open to all residents within the jurisdiction of the Chigang community, including those from various residential complexes [2] - Residents are required to pay a sanitation management fee of 30 yuan per year for resettlement community residents and 50 yuan for commercial community residents, which will be used for sanitation management and facility maintenance [2] Group 3: Sustainability and Management - A management agreement for the vegetable garden has been established, outlining responsibilities for regular maintenance and prohibiting certain activities such as raising poultry or commercial planting [2] - The community is responsible for the garden's sanitation, facility maintenance, and security, including the installation of surveillance cameras to ensure orderly use [2] Group 4: Community Benefits - The vegetable garden not only meets the residents' gardening needs but also fosters community integration, with residents sharing planting experiences and children playing in the area [2] - The goal is to make the "Waterfront Vegetable Garden" a sustainable public welfare project, allowing residents to enjoy agricultural activities and build neighborly friendships [2]

Core Viewpoint - Huaxi Securities (002926) has initiated coverage on Xiaocaiyuan (00999) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027, driven by strategic expansion and operational efficiencies [1] Group 1: Financial Projections - Expected revenues for Xiaocaiyuan are projected at 6.042 billion, 7.334 billion, and 8.835 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 15.98%, 21.38%, and 20.47% [1] - Corresponding net profits are forecasted at 769 million, 951 million, and 1.191 billion yuan for the same years, with year-on-year increases of 32.37%, 23.80%, and 25.14% [1] - Earnings per share (EPS) are expected to be 0.65, 0.81, and 1.01 yuan for 2025, 2026, and 2027 respectively [1] Group 2: Growth Drivers - Xiaocaiyuan's growth is supported by three main advantages: 1. **Store Expansion**: The company is expanding its store network, particularly in provinces like Henan and Shandong, where consumer acceptance of various cuisines is high, minimizing expansion resistance [1] 2. **Product Standardization**: The introduction of central kitchens, pre-processing of ingredients, and the use of cooking robots are addressing the challenges of standardizing food quality across locations, ensuring brand consistency during rapid expansion [1] 3. **Store Model Optimization**: The investment payback period for individual stores is decreasing, and the company plans to implement smaller store models, which, combined with the use of cooking robots, is expected to maintain low investment return cycles and enhance profit margins [1]

Core Viewpoint - Huaxi Securities has initiated coverage on Xiaocaiyuan (00999) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027, driven by strategic expansion and operational efficiencies [1] Group 1: Financial Projections - Expected revenue for Xiaocaiyuan is projected to reach CNY 6.042 billion, CNY 7.334 billion, and CNY 8.835 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 15.98%, 21.38%, and 20.47% respectively [1] - Corresponding net profit attributable to shareholders is forecasted at CNY 769 million, CNY 951 million, and CNY 1.191 billion for the same years, with year-on-year growth rates of 32.37%, 23.80%, and 25.14% [1] - Earnings per share (EPS) are expected to be CNY 0.65, CNY 0.81, and CNY 1.01 for 2025, 2026, and 2027 respectively [1] Group 2: Growth Drivers - Xiaocaiyuan's growth is supported by three main advantages: 1. **Store Expansion**: The company is expanding its store network, particularly in provinces like Henan and Shandong, where consumer acceptance of various cuisines is high, minimizing expansion resistance [1] 2. **Product Standardization**: The introduction of central kitchens, pre-processing of ingredients, and the use of cooking robots are addressing the challenges of standardizing food quality across locations, which is crucial for maintaining brand strength during rapid expansion [1] 3. **Store Model Optimization**: The investment payback period for individual stores is decreasing, and the company plans to implement smaller store models with the integration of cooking robots, which is expected to sustain low investment recovery periods and enhance profit margins [1]

Core Insights - I.T Group, a prominent fashion retailer in Asia, faces significant challenges in customer service due to high inquiry volumes, ineffective traditional NLP chatbots, and lengthy response times for complex after-sales scenarios [1][2][3] Group 1: Business Challenges - The customer service team handles nearly 25,000 inquiries monthly, exceeding 35,000 during peak sales periods, with an average handling time of 2 minutes per inquiry, leading to high service pressure and low efficiency [1] - Previous investments in NLP chatbots yielded a low resolution rate of 78%, struggling to understand customer intents accurately, such as misinterpreting cancellation requests [1] - Complex after-sales inquiries require extensive information gathering, resulting in an average handling time of 7 minutes, negatively impacting service efficiency and customer experience [1] Group 2: Solutions Implemented - I.T Group adopted NetEase Cloud's customer service Agent solution, utilizing a hybrid model where 70% of common inquiries are handled by traditional NLP chatbots and 30% by human agents, optimizing both accuracy and cost [3] - The company prioritized three high-frequency, high-value scenarios for pilot testing: pre-sale size recommendations, post-sale order cancellations, and post-sale return assistance [3] Group 3: Achievements - The new solution improved response speed by 60% in pre-sale inquiries, reducing handling time to as little as 17 seconds, significantly alleviating pressure on customer service staff and enhancing conversion rates [4] - For complex after-sales inquiries, the handling time was reduced from 7 minutes to 3 minutes, while also gathering valuable input on cancellation reasons [4] - The customer service Agent demonstrated improved intent recognition and interaction quality, achieving a user satisfaction rate of 97%, particularly in managing customers with negative emotions [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 小菜園國際控股有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00999 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註 ...