一、服务消费政策主要方向，餐饮有望重点受益 智通财经APP获悉，西部证券发布研报称，推荐餐饮业短期扩张与长期稳健低估标的，关注经营改善与 扩张期高估标的。该行认为需重点关注的标的有：1)凭借长期持续迭代的运营能力具备穿越周期能力的 百胜中国(09987);2)门店扩张期且具备较强团队及供应链运营能力的小菜园(00999);3)处于调整改革期但 团队仍有较强执行力的海底捞(06862);4)赛道空间大且门店高势能扩张的达势股份(01405)。 西部证券主要观点如下： 日本头部餐企经营周期长，快餐连锁业态占比高，正餐、居酒屋亦跑出龙头。该行梳理下行期日本餐饮 板块三大变化为：1)极致性价比与消费者体验的平衡，价格的极致压缩需以维护甚至提高消费者体验为 前提，对餐企战略平衡与执行能力均提出较高要求。2)供应链与门店极致效率带来高店效，但我国标准 化复杂与困难程度更高。3)多品类融合形成餐饮巨头，便于实现供应链协同、运营能力复用及多消费群 体触及。 消费提振重点明确，"服务消费"政策持续加码。今年9月商务部等提出扩大服务消费5大方向19条具体措 施，餐饮为服务消费季活动核心内容。 风险提示：食品安全风险;消费力持续下 ...

信达证券（601059）发布研报称，小菜园(00999)是大众便民中式餐饮领导者，致力于提供"好吃不 贵"的消费体验，契合当下消费者对于质价比的追求。公司处在快速拓店阶段，即使在同店销售下行(主 要是人均消费下行)的背景下，有望带动收入稳步增长。而公司完善的供应链体系及优化的单店模型有 望带来运营效率的提升。该行预计2025~2027年EPS为0.65/0.79/0.94元/股，首次覆盖，给予"买入"评 级，目标价为13.02港元。 信达证券主要观点如下： 公司介绍 公司是我国大众便民中式餐饮的领导者。以"小菜园"为主要品牌，致力于提供"好吃不贵"的就餐体验， 同时还拥有"菜手""观邸""复兴楼"等5个品牌。截至25年6月末，拥有672家"小菜园"门店。根据 Frost&Sullivan，按2023年的门店收入统计，"小菜园"在客单价50~100元的中国大众便民中式餐饮市场 的所有品牌中排名第一，市场份额0.2%。 门店快速扩张，单店模型优异，开店空间广阔 不断完善标准化的管理和运营模式，涵盖菜品标准化、服务标准化、供应链一体化、培训常态化、食品 安全及质量控制标准化和拓店标准化等各个方面，助力公司快速扩张和 ...

2023年开始，进入快速开店周期，每年拓店超过100家，根据公司官方公众号，截至2025年11月末，全 国直营门店（含待开业）816家。公司计划到2026年底"小菜园"门店达到约1000家。新开门店在现金流 层面表现优异，对于新开"小菜园"门店，首次收支平衡期一般为1~2个月；截至2024年8月末已经收回投 资的门店的平均投资回收期约为13.8个月。门店利润表端表现亦靓丽，21/22/23/24年前8个月门店OPM 为15.9%/14.2%/19.7%/17.8%，根据该行的假设和测算，门店OPM有望达到20%以上。 自建完善的"集中采购+中央厨房+全冷链仓储物流+数字化管理"供应链体系 智通财经APP获悉，信达证券发布研报称，小菜园(00999)是大众便民中式餐饮领导者，致力于提供"好 吃不贵"的消费体验，契合当下消费者对于质价比的追求。公司处在快速拓店阶段，即使在同店销售下 行（主要是人均消费下行）的背景下，有望带动收入稳步增长。而公司完善的供应链体系及优化的单店 模型有望带来运营效率的提升。该行预计2025~2027年EPS为0.65/0.79/0.94元/股，首次覆盖，给予"买 入"评级，目标价为13 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 13.02 HKD [2][5]. Core Insights - The company is a leader in the mass-market Chinese dining sector, focusing on providing a "delicious and affordable" dining experience. It operates under the main brand "Xiao Cai Yuan" and has expanded to include five brands in total. As of June 2025, the company had 672 "Xiao Cai Yuan" stores, ranking first in market share within the 50-100 RMB price range for mass-market Chinese dining [5][18]. - The company is in a rapid expansion phase, with plans to reach approximately 1,000 stores by the end of 2026. The average payback period for new stores is about 13.8 months, significantly lower than the industry average of 18 months [5][15][43]. - The company has established a comprehensive supply chain system, including centralized procurement, a central kitchen, cold chain logistics, and digital management, which enhances operational efficiency and profitability [5][16][59]. Financial Performance - Total revenue is projected to grow from 4,549 million RMB in 2023 to 8,913 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [4]. - Net profit attributable to the parent company is expected to increase from 532 million RMB in 2023 to 1,111 million RMB in 2027, reflecting a CAGR of about 19.6% [4]. - The return on equity (ROE) is forecasted to rise from 85% in 2023 to 33% in 2027, indicating strong profitability [4]. Business Analysis - The company has adopted a simplified menu strategy, offering 45-50 seasonal dishes that are freshly prepared in-store, ensuring quality and taste. The average customer spending is around 50-70 RMB, with recent adjustments lowering the average to 59 RMB in 2024 [26][31]. - The company has successfully integrated both dine-in and delivery services, with delivery revenue increasing from 15.5% in 2021 to 39.0% in the first half of 2025 [31][36]. Competitive Advantages - The company benefits from a well-established supply chain and standardized operations, which facilitate rapid store expansion and cost efficiency. The operating profit margin (OPM) for stores has shown promising trends, with expectations to exceed 20% [5][46]. - The company has a strong bargaining power due to its centralized procurement strategy, which has reduced the cost of raw materials and consumables from 34.5% in 2021 to 29.5% in the first half of 2025 [64]. Market Context - The mass-market Chinese dining sector is experiencing growth, outperforming the overall consumer market. The industry is adapting to changing consumer preferences, focusing on quality-price ratios and affordability [17][21]. - The company is well-positioned to capitalize on the ongoing urbanization and changes in family structures, which are expected to drive demand for affordable dining options [21][22].

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11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12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/註冊股本總額： USD 50,00 ...

市场普遍关注此举将如何影响这家餐饮企业未来的经营表现与发展战略。在计划公布后的首个交易日，即11月26日，小菜园股价报收于9.68港元，当日下跌 3.01%。 另据小菜园此前公布的业绩报告，其业绩增速已出现明显放缓迹象。财报显示，小菜园营收从2023年的41.58%降至2024年的14.52%。到了2025年上半年， 营收增速进一步下滑至6.52%。 该计划的激励对象范围广泛，涵盖了公司及其成员企业的联合创始人、董事、高级管理人员、员工，甚至还包括了外部顾问及业务合作伙伴等。计划管理人 会根据相关人员对集团成长的贡献、所具备的技能及其服务保留的重要性来确定最终的激励名单。 值得注意的是，该激励计划为获益设置了明确的归属条件与锁定期。股份权益需要满足特定的期限与条件后才能归属，可以分期或一次性归属。同时，计划 明确规定，自公司上市日起的18个月内，参与者不得出售所获股份。在此之后的减持也将分阶段进行，并设有相应的比例限制。 近日，港股上市公司小菜园国际控股有限公司（0999.HK，以下简称"小菜园"）宣布董事会启动了一项股份激励计划，旨在完善公司的治理结构，建立并健 全中长期激励机制，以此调动公司管理人员、技术 ...

Core Viewpoint - The company Xiaocaiyuan (0999.HK) plans to exceed 800 fully-owned stores by late December 2025, continuing its strong expansion in the Chinese casual dining sector [1] Group 1: Expansion Plans - Xiaocaiyuan aims to achieve a target of 1,000 stores by 2026, with an expected net increase of 200 stores in that year [1] - The brand's robust performance in store expansion reflects its deep market foundation and strong business resilience [1] Group 2: Competitive Advantages - The company leverages its proprietary supply chain as a competitive advantage, contributing to efficient expansion and scale effects [1] - Xiaocaiyuan emphasizes a high cost-performance experience with its focus on "delicious and affordable" offerings, which has garnered long-term customer trust [1] Group 3: Long-term Investment Value - The future strategy will rely on strong brand and product capabilities to further validate Xiaocaiyuan's long-term investment value and growth momentum [1]

智通财经APP获悉，瑞银发布研报称，维持小菜园(00999)"买入"评级，目标价14港元。管理层重申2025 年底及2026年底分别达到800家及1000家餐厅的目标，并目标在5-7年内达到3000家直营餐厅。 报告中称，小菜园管理层出席该行举办的亚洲消费、互联网及游戏企业日，强调公司专注于为顾客提供 美味且价格实惠的食品，计划将每位顾客的平均消费由上半年的57元人民币降至50-55元人民币，虽然 毛利率可能下降但可增加客流量。公司的目标客户群为月薪3000-5000元人民币的消费者。 ...

Core Viewpoint - UBS maintains a "Buy" rating for Little Garden (00999) with a target price of HKD 14, emphasizing the company's growth strategy and customer focus [1] Group 1: Company Goals - Management reiterated targets to reach 800 and 1000 restaurants by the end of 2025 and 2026, respectively, with a long-term goal of 3000 directly operated restaurants within 5-7 years [1] Group 2: Customer Strategy - The company aims to provide delicious and affordable food, planning to reduce the average spending per customer from RMB 57 in the first half of the year to RMB 50-55, which may lower gross margins but is expected to increase customer traffic [1] - The target customer demographic consists of consumers with a monthly salary of RMB 3000-5000 [1]

Core Viewpoint - The company has announced the adoption of a share incentive plan to reward and motivate individuals contributing to its growth and development, effective November 20, 2025 [1] Group 1 - The board of directors has approved the share incentive plan as part of the company's strategy to incentivize key personnel [1] - The chairman, Wang Shugang, has been authorized to manage the incentive plan and handle all related matters [1]