智通财经APP获悉，小菜园(00999)盈喜后涨超5%，截至发稿，涨4.71%，报9.79港元，成交额1709.2万 港元。 消息面上，小菜园公布，公司预计上半年录得净利润3.6亿元至3.8亿元，去年同期为2.8亿元。净利润增 长的主要原因为公司多措并举优化运营效率、严格管控成本费用，以及深化精细化管理，推动公司整体 经营效益显著提升。 海通国际发布研报称，小菜园为大众便民中式餐饮领导者。该行预计，得益于门店面积优化缩减固定成 本、炒菜机器人投入提升人效、规模效应显现推动原材料端成本进一步摊薄，以及品牌力增强带来的租 金议价权提升，2025年门店经营利润率有望回升至20%以上。开店空间方面，经测算小菜园开店空间广 阔，预计门店数量可超2500家。该行首次覆盖小菜园，给予"优于大市"评级，目标价13.5港元。 ...

Core Viewpoint - The company Xiaocaiyuan has released a positive profit forecast, expecting a net profit of RMB 360 million to RMB 380 million for the first half of 2025, compared to RMB 280 million in the same period last year [1] Summary by Relevant Categories Financial Performance - Xiaocaiyuan anticipates a significant increase in net profit, projecting a growth from RMB 280 million to a range of RMB 360 million to RMB 380 million [1] Operational Efficiency - The increase in net profit is attributed to the company's efforts in optimizing operational efficiency, strict cost control, and enhanced refined management practices [1]

Core Viewpoint - The company anticipates a net profit of RMB 360 million to RMB 380 million for the six months ending June 30, 2025, compared to a net profit of RMB 280 million for the six months ending June 30, 2024, indicating significant growth in profitability driven by operational efficiency and cost control measures [1] Group 1 - The expected net profit for the upcoming period is between RMB 360 million and RMB 380 million [1] - The net profit for the same period last year was RMB 280 million, showing a substantial increase [1] - The growth in net profit is attributed to multiple strategies aimed at optimizing operational efficiency and strict cost management [1]

Group 1 - InnoCare (02577.HK) has partnered with NVIDIA to promote the large-scale implementation of the 800 VDC power architecture in AI data centers, which is designed for efficient power supply in megawatt-level computing infrastructure [1] - The 800 VDC system offers significant advantages over traditional 54V systems in terms of efficiency, thermal loss, and reliability, enabling a 100-1000 times increase in AI computing power [1] - The company's third-generation GaN devices provide a comprehensive power solution from 800V input to GPU terminals, covering a voltage range from 15V to 1200V [1] Group 2 - China Ruyi (00136.HK) received a strategic investment of HKD 3.9 billion from Wuji Capital to accelerate business expansion and acquisition plans [2] - LEPU Biopharma-B (02157.HK) has authorized T-cell connector technology with an upfront payment of USD 10 million and potential milestone payments of up to USD 850 million [2] - Sinopec Engineering (02386.HK) signed a front-end engineering design (FEED) contract for a large green hydrogen project in Yanbu, Saudi Arabia [2] Group 3 - Geely Automobile (00175.HK) reported total vehicle sales of 237,700 units in July, a year-on-year increase of 58% [3] - Great Wall Motors (02333.HK) achieved approximately 104,372 vehicle sales in July, reflecting a year-on-year growth of 14.34% [3] - NIO-SW (09866.HK) delivered 21,017 vehicles in July [3]

智通财经APP讯，小菜园(00999)公布，预期该集团于截至2025年6月30日止六个月取得净利润人民币3.6 亿元至人民币3.8亿元，而2024年6月30日止六个月的净利润为人民币2.8亿元。净利润增长的主要原因为 集团多措并举优化运营效率、严格管控成本费用，以及深化精细化管理，推动集团整体经营效益显著提 升。 ...

净利润增长的主要原因为集团多措并举优化运营效率、严格管控成本费用，以及深化精细化管理，推动 集团整体经营效益显著提升。 格隆汇8月1日丨小菜园(00999.HK)公告，公司预期截至2025年6月30日止六个月录得净利润人民币3.6亿 元至人民币3.8亿元，而2024年6月30日止六个月的净利润为人民币2.8亿元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 XIAOCAIYUAN INTERNATIONAL HOLDING LTD. 小菜園國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：0999） 於本公告日期，董事會成員包括執行董事汪書高先生、李道慶先生、田春永先 生、周斌先生、汪維芳女士及陶旭安先生；非執行董事朱雪菁女士；以及獨立非 執行董事錢明星先生、朱南軍先生、曾曉松先生及方璇女士。 股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 小菜園國際控股有限公司 董事長兼執行董事 汪書高先生 香港，2025年8月1日 正面盈利預告 本公告乃由小菜園國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)條以及香港 法例第571章證券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）而 作出。 本公司董事會（「董事會」）謹此告知本公司股東（「 ...

智通财经APP获悉，海通国际发布研报称，2025至2027年小菜园(00999)营收各65.4亿、79.3亿及94.3亿 元人民币，同比各增25%、21%及19%，经调净利润各7.4亿、9.2亿及11亿元人民币，同比各增27%、 24%及19%。基于小菜园处于品牌上升期且门店拓展提速，给予2025年20倍市盈率，对应合理市值159 亿港元，目标价13.5港元，首次覆盖给予"优于大市"评级。 该行称，小菜园是大众便民中式餐饮领导 者。2024年截至8月，公司的门店层面经营利润率为17.8%。该行预计，得益于门店面积优化缩减固定 成本、炒菜机器人投入提升人效、规模效应显现推动原材料端成本进一步摊薄，以及品牌力增强带来的 租金议价权提升，2025年门店经营利润率有望回升至20%以上。开店空间方面，经测算小菜园开店空间 广阔，预计门店数量可超2500家。 该信息由智通财经网提供 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of HK$13.50 based on a current price of HK$9.83 [1]. Core Insights - Xiaocaiyuan International is positioned as a leader in the mass Chinese cuisine market, with a market share of 0.2% as of 2023, and aims to expand its store count significantly in the coming years [1][6]. - The mass Chinese cuisine market is projected to grow from RMB 3.6 trillion in 2023 to RMB 5.6 trillion by 2028, with a compound annual growth rate (CAGR) of 9.1%, outpacing the overall Chinese cuisine market growth of 8.7% during the same period [2][24]. - Xiaocaiyuan's revenue is expected to increase from RMB 5.21 billion in 2024 to RMB 9.43 billion by 2027, with net profit projected to rise from RMB 581 million to RMB 1.1 billion in the same timeframe [4][15]. Company Overview - Xiaocaiyuan was established in 2013 and has rapidly developed into a leading brand in the mass Chinese cuisine sector, with 673 stores across 14 provinces in China by the end of 2024 [1][6]. - The company focuses on a dual-driven model of "home-style flavor + high cost-performance," catering to diverse regional tastes with a seasonal menu of approximately 45-50 dishes [3][38]. - The company employs a standardized direct operation model, enhancing efficiency and quality control through a comprehensive supply chain system [3][48]. Financial Performance - Xiaocaiyuan's revenue for 2024 is projected at RMB 5.21 billion, reflecting a 14.5% year-on-year growth, with net profit expected to reach RMB 581 million, a 7% increase [4][15]. - The company has shown strong growth in its takeaway business, with revenue from this segment expected to grow by 34.4% year-on-year in 2024 [3][15]. - The operating cash flow is robust, with RMB 9.0 billion expected in 2024, indicating a healthy cash flow situation to support further expansion [22]. Market Dynamics - The mass Chinese cuisine market is benefiting from urbanization, changing family structures, and increasing demand for affordable dining options [2][29]. - The report highlights the potential for growth in lower-tier cities, where consumer demand for quality dining experiences is rising [29][33]. - The competitive landscape is fragmented, with Xiaocaiyuan holding the top position in the mass Chinese dining segment, which is characterized by low market concentration [45].

Group 1 - Three chain restaurants have gone public in Hong Kong in 2023, with notable stock performance: Dashi Holdings (01405.HK) up 116.74%, Xiaocaiyuan (00999.HK) up 25.65%, and Green Tea Group (06831.HK) up 31.57% since their IPOs [2][3] - Dashi Holdings, the operator of Domino's Pizza in Greater China, has seen its stock price rise from an IPO price of 46.00 HKD to 99.70 HKD [2][3] - Xiaocaiyuan and Green Tea Group also reported positive stock performance since their IPOs, with current prices of 10.68 HKD and 9.46 HKD respectively [2][3] Group 2 - Laoxiangji, a chain restaurant based in Anhui, has submitted an application for an IPO in Hong Kong, aiming to replicate the success of other listed chain restaurants [2][3] - Established in 2003, Laoxiangji has expanded its network to 1,564 stores across 58 cities by April 2025, with a focus on a "direct + franchise" expansion model [4][5] - The number of franchise stores has outpaced self-operated stores, with a significant increase in franchise locations from 118 to 653 between the end of 2022 and April 2025 [5] Group 3 - Laoxiangji's supply chain is a key advantage, having established an integrated supply chain covering breeding, procurement, processing, storage, and logistics [7] - In 2024, Laoxiangji reported total revenue of 6.288 billion RMB and an adjusted net profit of 439 million RMB, resulting in a net profit margin of 6.99% [7][8] - Compared to other newly listed chain restaurants, Laoxiangji's same-store sales growth rate of 2.6% is slightly higher than Dashi Holdings' 2.5%, while Green Tea and Xiaocaiyuan reported negative growth [7][8] Group 4 - Laoxiangji faces challenges, including intense competition from food delivery platforms affecting both delivery and dine-in services [9] - The company has a high dependency on the East China market, with 86% of its stores located in this region, particularly in Anhui [9] - Financially, Laoxiangji has a current ratio of 0.74, indicating potential liquidity issues, with cash reserves of approximately 572 million RMB against significant payables [9] Group 5 - The company plans to use the funds raised from the IPO to enhance its supply chain, expand its store network, improve IT capabilities, and strengthen brand marketing [9][10] - However, the recent surge in IPO activities in Hong Kong raises questions about investor interest in Laoxiangji's prospects [10]