消息面上，消息面上，3月10日，港股通标的名单迎来调整，小菜园获纳入港股通名单。公开资料显 示，小菜园是知名中国大众便民中式餐饮市场直营连锁餐厅之一，以业务规模和增长率计均居于业内顶 级行列。小菜园菜品主要以农家红烧肉、地锅仔鸡、臭鳜鱼等徽菜闻名。 华泰证券发布研报称，市场认为地方菜系市场接受度有限，难以实现可持续增长；小菜园作为区域品 牌，后续拓店速度及远期开店空间天花板较低。该行认为公司盈利韧性在往期已得一定验证，纵深式扩 张提升开店成功率，放大区域内规模效应，有望继续巩固同店盈利能力，形成店效增长-良性开店的正 反馈循环。 智通财经APP获悉，小菜园(00999)涨近10%，高见12.8港元再创新高。截至发稿，涨8.75%，报12.68港 元，成交额1.08亿港元，总市值逼近150亿港元。 港股异动 | 小菜园(00999)涨近10%再创新高 总市值 逼近150亿港元 机构称公司盈利韧性已得到验证 ...

Core Viewpoint - The stock of Xiaocaiyuan has surged over 15% in two days, driven by favorable consumption policies and its inclusion in the Hong Kong Stock Connect program, indicating its potential as a growth stock [1][2]. Company Overview - Xiaocaiyuan is a leading player in the mass-market Chinese dining sector, focusing on affordable dishes priced between 50 to 100 RMB, and has established itself as a modern, standardized, and digitalized chain restaurant group [7]. - As of December 5, 2024, Xiaocaiyuan operates 663 stores across 146 cities in China, with a market share of 0.2% in the mass-market dining segment [7]. Market Dynamics - The mass-market dining segment has seen a compound annual growth rate (CAGR) of 3.8% from 2018 to 2023, with a market size reaching 36,187 billion RMB in 2023, and is projected to grow to 55,871 billion RMB by 2028 [8]. - The government has launched various consumption promotion policies, which are expected to boost service consumption and tourism, positively impacting the restaurant sector [4][5]. Financial Performance - Xiaocaiyuan's revenue has shown consistent growth, with figures of 26.46 billion RMB, 32.13 billion RMB, and 45.49 billion RMB from 2021 to 2023, respectively, and a profit increase of 123.53% in 2023 [9]. - For the first eight months of 2024, the company reported a revenue of 35.44 billion RMB, a 15.4% increase year-on-year, and a net profit of 4.01 billion RMB, up 1.5% [9]. Challenges - Despite revenue growth, key operational metrics such as same-store sales and operating profit margins have declined in 2024, indicating potential challenges ahead [10][12]. - The company aims to open 580 new stores from 2024 to 2026 to achieve a target of 1,000 stores, which will require significant capital investment amidst high debt levels [11][12].