浙商证券主要观点如下： 全国领先的大众便民中式餐饮连锁企业，稳健扩张驱动增长 小菜园是一家全国领先的大众便民餐饮连锁企业，专注于为消费者提供高品质、标准化的中式餐饮体 验。小菜园凭借SKU精简、供应链体系完善、自动化设备投入及门店面积收缩，正进入效率兑现期，未 来全国扩张潜力巨大。2021-2024年，公司收入由26.5亿元增至52.1亿元，CAGR约25%;毛利率由约66% 提升至约68%，净利率由约9%提升至约11%，盈利能力和资本回报稳步提升。 万亿级市场+行业集中度提升，我国中餐市场增长空间广阔 2024年中国内地餐饮市场规模约55,000+亿元，2020-2024年CAGR约9%。其中中式/非中式餐饮市场结 构明显：增速维度，非中式>中式，2018-2023年非中式/中式餐饮CAGR约7%/4%;规模维度，中式>非中 式，2023年中式/非中式市场规模约40,000+/12,000+亿元。考虑到火锅品类标准化程度高、出餐结构差 异较大，本报告剔除火锅后的中餐市场2024年规模约36,000+亿元，预计至2028年增至53,000+亿元， 2019-2024年CAGR约3%，2025-2028年年均增 ...

证券研究报告 | 公司深度 | 酒店餐饮 小菜园(00999) 报告日期：2026 年 01 月 21 日 从徽菜烟火到千店网络，凭效率升级驱动规模扩张 ——小菜园深度报告 投资要点 ❑ 全国领先的大众便民中式餐饮连锁企业，稳健扩张驱动增长 小菜园是一家全国领先的大众便民餐饮连锁企业，专注于为消费者提供高品质、 标准化的中式餐饮体验。小菜园凭借 SKU 精简、供应链体系完善、自动化设备 投入及门店面积收缩，正进入效率兑现期，未来全国扩张潜力巨大。2021-2024 年，公司收入由 26.5 亿元增至 52.1 亿元，CAGR 约 25%；毛利率由约 66%提升 至约 68%，净利率由约 9%提升至约 11%，盈利能力和资本回报稳步提升。 ❑ 万亿级市场+行业集中度提升，我国中餐市场增长空间广阔 2024 年中国内地餐饮市场规模约 55,000+亿元，2020-2024 年 CAGR 约 9%。其 中中式/非中式餐饮市场结构明显：增速维度，非中式＞中式，2018-2023 年非中 式/中式餐饮 CAGR 约 7%/4%；规模维度，中式＞非中式，2023 年中式/非中式市 场规模约 40,000+/12,000+ ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 11.41 [1]. Core Insights - The report highlights that the restaurant industry in 2025 is significantly affected by the rhythm of takeaway subsidies, with a notable enhancement in cost-performance advantages for low-priced daily items under substantial subsidies [5]. - The company is actively optimizing its single-store performance and increasing profits, benefiting from enhanced subsidies starting from Q2 2025, leading to a year-on-year growth of 13.7% in takeaway revenue for the first half of 2025 [5]. - The company is expected to accelerate store openings in the second half of 2025, with a focus on both existing and new regions, while also adjusting menu prices to maintain its core competitiveness of "delicious and affordable" [6][7]. Financial Projections - Revenue projections for the company are as follows: - 2024: RMB 5,210 million - 2025: RMB 5,343 million (growth of 2.56%) - 2026: RMB 6,177 million (growth of 15.61%) - 2027: RMB 7,329 million (growth of 18.64%) [4]. - Net profit attributable to the parent company is projected to be: - 2024: RMB 580.62 million - 2025: RMB 701.10 million (growth of 20.75%) - 2026: RMB 785.75 million (growth of 12.07%) - 2027: RMB 930.10 million (growth of 18.37%) [4]. - The report anticipates a decrease in net profit estimates for 2025-2027 due to short-term disruptions from channel adjustments and price reductions, with EPS projected at RMB 0.60, 0.67, and 0.79 for 2025, 2026, and 2027 respectively [9]. Market Position and Strategy - The company is implementing a stock incentive plan to deepen the alignment of interests among stakeholders, including founders and executives, while also exploring new retail platforms to leverage its supply chain capabilities [8]. - As of the end of 2025, the company operates approximately 818 stores across 14 provinces and 193 cities in China, with an estimated 146 new stores expected to open in the second half of 2025 [7].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 11.41 [1]. Core Insights - The report highlights that the restaurant industry in 2025 is significantly affected by the rhythm of takeaway subsidies, with a notable enhancement in cost-performance advantages for low-priced daily items under substantial subsidies, leading to superior demand performance [5]. - The company is actively optimizing single-store performance and increasing profits, benefiting from enhanced subsidies starting from Q2 2025, with takeaway revenue growth of 13.7% year-on-year in the first half of 2025 [5][6]. - The company is expected to accelerate store openings in the second half of 2025, with a net increase of approximately 146 stores, focusing on both existing and new regions [7]. - A share incentive plan was announced to deepen the binding of interests among stakeholders, and a joint venture was established to explore new retail platforms, leveraging the company's supply chain capabilities [8]. Financial Projections - Revenue projections for the company are as follows: - 2024: RMB 5,210 million - 2025E: RMB 5,343 million (up 2.56%) - 2026E: RMB 6,177 million (up 15.61%) - 2027E: RMB 7,329 million (up 18.64%) [4]. - Net profit attributable to the parent company is projected to be: - 2024: RMB 580.62 million - 2025E: RMB 701.10 million (up 20.75%) - 2026E: RMB 785.75 million (up 12.07%) - 2027E: RMB 930.10 million (up 18.37%) [4]. - The report anticipates a decrease in net profit estimates for 2025-2027 due to short-term disruptions from channel adjustments and menu price reductions, with EPS projected at RMB 0.60, 0.67, and 0.79 for 2025E, 2026E, and 2027E respectively [9]. Market Position and Strategy - The company is adjusting its online product structure and delivery thresholds to optimize sales channels, with a focus on maintaining a competitive edge through price reductions of around 20% on core menu items [6]. - The company aims to enhance customer experience by returning to dine-in services while maintaining healthy gross margins, with a gross margin of 70.5% in the first half of 2025 [6]. - Marketing efforts are being intensified through both online and offline channels to amplify brand presence and drive sales performance [7].

Summary of the Conference Call for Xiaocaiyuan Company Overview - **Company**: Xiaocaiyuan - **Industry**: Restaurant and Food Service Key Points Business Adjustments and Performance - Xiaocaiyuan adjusted its takeaway policy, leading to a decrease in takeaway orders from 39% to 30%-35%, while increasing average revenue per takeaway order to over 70 yuan from around 60 yuan [2][4] - In-store dining was stimulated through cash vouchers and price reductions, resulting in a customer traffic growth rate exceeding store growth rate during the New Year period [2][5] - The company plans to expand into more lower-tier markets, with a long-term goal of reaching 3,000 stores [2][6] Financial Performance - As of December 31, 2025, Xiaocaiyuan exceeded its target by opening over 810 stores, with a gross margin of 70.5% and a net profit margin of 14.1% in the first half of 2025, indicating strong financial health [3] - The impact of price reductions on gross margin and net profit is limited, with an estimated difference of 1-2 yuan per order [2][7] Market Performance - The northern regions, such as Shandong and Beijing, outperformed southern regions like Guangdong, attributed to local market demand and company strategies [6] - Initial data from December price adjustments on key dishes showed positive effects on customer traffic, with plans for further price strategy adjustments based on market conditions [6][7] Expansion Plans - Xiaocaiyuan aims to reach 1,000 stores by the end of 2026, with plans to open 200 new stores in that year, having already opened 15 in January [2][9][10] - The company employs a dual strategy of expanding into new regions while densifying existing ones, with a focus on areas like Jiangsu [10] Supply Chain and Operational Efficiency - The Ma'anshan central kitchen is expected to begin trial operations before the 2026 Spring Festival, with full operations starting in mid-2026, allowing for capacity adjustments based on store needs [11] - The company has a fully sourced supply chain and collaborates with partners like Yihai Kerry and Jinlongyu, while also maintaining its own cold chain delivery team [4][14] Technology and Automation - Over 250 stores are equipped with cooking robots, which account for about 30% of the dishes offered, with plans to increase this to 60% after the Ma'anshan factory is operational [15] Marketing and Customer Engagement - The company will continue to invest in high-speed rail advertising and increase online promotions through platforms like Douyin and Xiaohongshu, aiming to enhance in-store dining [17] - A membership program priced at 88 yuan will be introduced to attract more customers [17] Employee Management and Development - Xiaocaiyuan has implemented a tiered management system to enhance employee career development, with significant income potential for high-performing managers [26] - The company plans to introduce flexible staffing models to improve labor efficiency [19][24] Future Outlook - The company is focused on maintaining a competitive edge in the mid-range dining market, with a target average customer price of around 55 yuan after recent adjustments [23] - Xiaocaiyuan's strategy includes a strong emphasis on family dining experiences, which are expected to drive higher frequency of visits compared to fast food [23] Conclusion - Xiaocaiyuan is positioned for growth with a robust expansion strategy, strong financial performance, and a focus on operational efficiency and customer engagement, while navigating market challenges and opportunities in the restaurant industry.

Group 1 - The stock of Xiaocaiyuan (00999.HK) has increased by over 3%, specifically rising by 3.68% to reach HKD 8.74 [1] - The trading volume for Xiaocaiyuan amounted to HKD 13.4474 million [1]

Core Viewpoint - The recent announcement by Little Garden (00999) regarding a joint venture is expected to enhance its market competitiveness and brand value through the establishment of a new food consumption platform [1] Group 1: Company Announcement - Little Garden's stock rose by 3.68% to HKD 8.74, with a trading volume of HKD 13.44 million [1] - The company announced a cooperation agreement to establish a joint venture with Mr. Deng Gaoke and Mr. Tian Chunying, which will focus on various business areas including an online mall and "community ready-to-eat stores" [1] - Upon completion of the transaction, the joint venture will become a non-wholly-owned subsidiary of Little Garden [1] Group 2: Strategic Goals - The joint venture aims to explore the growth potential of quality supply chain resources and create a new food consumption platform that integrates online shopping, community retail, and instant dining [1] - This initiative is expected to enhance the brand value and market share of Little Garden, contributing to the overall strategic goals of the group [1] - The establishment of the joint venture is anticipated to further strengthen the group's market competitiveness [1]

Group 1 - The core viewpoint of the article highlights that Xiaocaiyuan (00999) has seen a stock price increase of over 3%, specifically a rise of 3.68% to HKD 8.74, with a trading volume of HKD 13.4474 million [1] - Recently, Xiaocaiyuan announced a collaboration agreement involving its wholly-owned subsidiary, Xiaocaiyuan Catering, Mr. Deng Gaoke, and Mr. Tian Chunying, to jointly invest in establishing a joint venture company [1] - The joint venture aims to explore the growth potential of quality supply chain resources and create a new food consumption platform that integrates online shopping, community retail, and instant dining, thereby enhancing brand value and market share [1]

Core Viewpoint - The company, Xiaocaiyuan, has announced a partnership to establish a joint venture aimed at enhancing its e-commerce and local lifestyle business, which includes online shopping and community instant stores [1] Group 1: Joint Venture Details - Xiaocaiyuan will collaborate with Deng Gaoke and Tian Chunying, contributing a total of 2 billion yuan (1400 million yuan from Xiaocaiyuan, 500 million yuan from Deng Gaoke, and 100 million yuan from Tian Chunying) to form the joint venture [1] - The joint venture will operate as a non-wholly owned subsidiary of Xiaocaiyuan and will focus on four main business areas: comprehensive e-commerce, local lifestyle, supply chain operations, and fourth-party distribution [1] Group 2: Strategic Goals - The transaction is expected to facilitate efficient resource allocation within the group and leverage the strengths of technology, channels, and talent from all parties involved, creating synergies to enhance overall operational efficiency [1] - The joint venture aims to explore the growth potential of quality supply chain resources and develop a new food consumption platform that integrates online shopping, community retail, and instant dining, thereby increasing brand value and market share [1] Group 3: Retail Strategy - Xiaocaiyuan plans to utilize its own products, such as rice and oil, for sales through both online platforms (like JD.com, Taobao, Douyin, and its own mall) and offline channels, including shopping malls and stores [2] - Future collaborations with suppliers or supply chains are anticipated to develop more products to meet the demands of the new retail channels [2]

Core Viewpoint - The company, 小菜园 (0999.HK), has announced a partnership agreement to establish a joint venture aimed at enhancing its operational efficiency and market competitiveness through resource integration and risk sharing [1] Group 1: Joint Venture Details - The joint venture will be formed with investments of 14 million, 5 million, and 1 million from its wholly-owned subsidiary and two executives [1] - The joint venture will operate in four main sectors: 1) comprehensive e-commerce and local living; 2) supply chain business; 3) quality lifestyle stations (small stores); 4) fourth-party distribution business [1] Group 2: Strategic Benefits - The transaction is expected to facilitate efficient resource allocation and create synergies by leveraging technological, channel, and talent advantages from the group and partners [1] - The joint venture aims to enhance the group's risk control capabilities by sharing market and operational risks through equity cooperation [1] - The initiative is designed to tap into the growth potential of quality supply chain resources, creating a new food consumption platform that integrates online shopping, community retail, and instant dining [1]