Market Overview - The Hong Kong stock market opened higher on January 14, with the Hang Seng Index rising by 0.46% to 26,971.97 points, the Hang Seng Tech Index up by 0.42% to 5,894.63 points, the State-Owned Enterprises Index increasing by 0.46% to 9,328.05 points, and the Red Chip Index gaining 0.25% to 4,156.46 points [1] Company News - Q Technology (01478.HK) expects a net profit growth of approximately 400% to 450% for the year ending December 31, 2025 [2] - China Coal Energy (01898.HK) anticipates a 10.2% decrease in coal sales volume to approximately 256 million tons for 2025, with December sales down by 23% year-on-year to 21.88 million tons [2] - Zhixing Technology (01274.HK) has been selected as a supplier for a Korean automotive group's driver assistance solutions for four vehicle models [2] - Country Garden (00832.HK) projects a total property contract sales amount of 8.467 billion yuan for 2025, a decrease of 16.3% year-on-year [3] - Hopson Development (00754.HK) expects total contract sales of approximately 15.607 billion yuan for 2025, down 6.15% year-on-year [4] - Chuangjie Tong (01588.HK) anticipates a profit attributable to the parent company between 76 million and 85 million yuan for 2025, representing a year-on-year increase of 127% to 154% [4] - SUTENG (02498.HK) forecasts laser radar product sales of approximately 912,000 units for 2025 [5] - Xiaocaiyuan (00999.HK) plans to establish a joint venture to develop an online mall and "community ready-to-eat stores" [6] - GDS Holdings (09698.HK) has recovered approximately 95% of the investment principal from DayOne, with an investment return rate of nearly 6.5 times [7] - China Biologic Products (01177.HK) intends to acquire 100% of Hejiya for a maximum base price of 12 million yuan to accelerate the development of its siRNA liver delivery platform [7] - Innovent Biologics (02696.HK) has had its Biologics License Application for Hanbeitai® (Bevacizumab Injection) accepted by the FDA [7] - Xiaomi Group (01810.HK) repurchased 4 million shares for 152 million HKD at prices between 37.94 and 38.04 HKD [8] - Tencent Holdings (00700.HK) repurchased 1.012 million shares for 636 million HKD at prices between 623 and 638 HKD [9] - Sunny Optical Technology (02382.HK) repurchased 640,000 shares for 41.7878 million HKD at prices between 64.55 and 65.8 HKD [10] Institutional Insights - Dongwu Securities suggests that the window for the Federal Reserve to cut interest rates this year is limited, and the impact of fiscal policies on the economy is still forthcoming. If the Fed does not cut rates in the first quarter, the rebound pace of the Hong Kong stock market will depend more on fundamental factors. The overall allocation strategy for Hong Kong stocks remains a barbell strategy, recommending a controlled allocation while waiting for more news [11] - Wanlian Securities highlights that policy opinions indicate a push to accelerate the industrialization and commercialization of brain-computer interfaces. The global competitive landscape in this sector shows the U.S. leading in invasive methods while China leads in non-invasive methods, focusing on key elements such as electrodes, chips, and algorithms [11][12]

北京商报讯（记者 张天元）1月13日，小菜园国际控股有限公司（以下简称"小菜园"）发布公告称，公 司的全资附属公司小菜园餐饮与邓高科和公司执行董事兼副总经理田春永将共同出资成立合资公司，开 展包括但不限于线上商城和"社区即食小店"等业务。本次交易完成后，合资公司将成为公司的非全资附 属公司。 根据合作协议，合资公司注册资本为2000万元，其中小菜园餐饮出资1400万元，占注册资本的70%；邓 高科出资500万元，占注册资本的25%；田春永出资100万元，占注册资本的5%。据介绍，合资公司业 务包括四大板块，即全域电商+本地生活、供应链业务、品质生活站（小店）和第四方经销商业务。 ...

Core Viewpoint - The company has entered into a partnership agreement to establish a joint venture aimed at developing various business segments, including an online mall and community instant food stores [1] Group 1: Joint Venture Details - The joint venture will have an initial registered capital of RMB 20 million, with the company contributing RMB 14 million (70%), Mr. Deng contributing RMB 5 million (25%), and Mr. Tian contributing RMB 1 million (5%) [1] - The joint venture will focus on four main business areas: (1) comprehensive e-commerce and local living; (2) supply chain business; (3) quality lifestyle stations (small stores); and (4) fourth-party distribution business [1] Group 2: Future Funding and Strategic Goals - After the initial capital is utilized, further funding will be decided based on the joint venture's operational status and financial needs, with the company potentially contributing up to RMB 85 million in total [2] - The transaction aims to achieve efficient resource allocation by integrating advantages in technology, channels, and talent, thereby enhancing overall operational efficiency and market competitiveness [2] - The joint venture seeks to leverage quality supply chain resources to create a new food consumption platform that combines online shopping, community retail, and instant dining, ultimately enhancing brand value and market share [2]

Core Viewpoint - The company has entered into a partnership agreement to establish a joint venture aimed at developing various business segments, including an online mall and community instant food stores, enhancing operational efficiency and market competitiveness [1][2] Group 1: Joint Venture Details - The joint venture will have an initial registered capital of RMB 20 million, with the company contributing RMB 14 million (70%), Mr. Deng contributing RMB 5 million (25%), and Mr. Tian contributing RMB 1 million (5%) [1] - The joint venture will focus on four main business areas: (1) comprehensive e-commerce and local living; (2) supply chain business; (3) quality lifestyle stations (small stores); and (4) fourth-party distribution business [1] Group 2: Future Funding and Strategic Goals - After the initial capital is utilized, further funding will be decided by the joint venture's shareholders based on operational needs, with the company potentially contributing up to RMB 85 million in total [2] - The transaction aims to achieve efficient resource allocation by integrating technological, channel, and talent advantages from all parties, thereby enhancing overall operational efficiency and market risk management [2] - The joint venture seeks to leverage quality supply chain resources to create a new food consumption platform that combines online shopping, community retail, and instant dining, ultimately increasing brand value and market share [2]

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） 關連交易 成立合資公司 成立合資公司 董事會欣然宣佈，於2026年1月13日（交易時段後），小菜園餐飲（本公司全資附 屬公司）、鄧先生及田先生訂立合作協議，內容有關（其中包括）各訂約方同意共 同出資成立合資公司，開展包括但不限於線上商城、「社區即食小店」等業務。 本次交易完成後，合資公司將成為本公司非全資附屬公司。 根據合作協議，合資公司首期註冊資本為人民幣2,000萬元，其中小菜園餐飲以 貨幣出資人民幣1,400萬元，佔合資公司註冊資本的70%；鄧先生以貨幣出資人 民幣500萬元，佔合資公司註冊資本的25%；及田先生以貨幣出資人民幣100萬 元，佔合資公司註冊資本的5%。 首期註冊資本資金使用完畢後，視合資公司運營情況和資金需求，經合資公司 ...

智通财经APP获悉，中金发布研报称，首次覆盖小菜园(00999)予其"跑赢行业"评级，目标价11.6港元， 相当于预测今年市盈率15倍。该行预计，小菜园2025至27年间每股盈测分别为0.61元、0.68元及0.8元人 民币，意味着期内盈利复合年增长率约15%。 ...

中金发布研报称，首次覆盖小菜园(00999)予其"跑赢行业"评级，目标价11.6港元，相当于预测今年市盈 率15倍。该行预计，小菜园2025至27年间每股盈测分别为0.61元、0.68元及0.8元人民币，意味着期内盈 利复合年增长率约15%。 ...

Investment Highlights - Company is initiating coverage on Xiaocaiyuan (00999) with an "outperform" rating and a target price of HKD 11.60, based on a P/E valuation method corresponding to a 15x P/E for 2026, indicating a 30% upside potential [1][2] - Xiaocaiyuan is the second-largest player in the domestic casual Chinese dining sector, with plans to expand its store count to 672 by June 30, 2025, utilizing a fully-owned store model [1] Store Expansion and Optimization - The company is entering an accelerated expansion phase, focusing on increasing store numbers and optimizing individual store models [1] - Despite pressure on same-store performance in the first half of 2025, Xiaocaiyuan has reduced store size from 300 square meters to 220 square meters, leading to decreased rental and personnel costs, which supports nationwide business expansion [1] Employee Incentives and Operational Efficiency - The company has implemented a three-tier incentive mechanism covering equity, compensation, and growth, enhancing employee motivation and team cohesion [2] - As of December 12, 2024, 90.4% of existing shareholders have risen from grassroots store employees, with most regional managers and head chefs being internally promoted [2] - A comprehensive supply chain system has been established, featuring a centralized kitchen, regional warehouses, and standardized store operations, which ensures rapid replicability of store operations [2] Profitability and Market Position - Xiaocaiyuan's single-store model demonstrates industry-leading profitability due to economies of scale from centralized procurement and reduced store sizes [2] - The company is addressing market concerns regarding "fashion risk" by lowering prices for consumers while maintaining product quality through standardized processes, targeting a stable demand for cost-effective options [2] Earnings Forecast - Earnings per share (EPS) for 2025-2027 are projected to be CNY 0.61, CNY 0.68, and CNY 0.80, respectively, with a compound annual growth rate (CAGR) of 15% during this period [2]

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12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: 2026年1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/註冊股本總額： USD 50,000 ...

格隆汇12月29日丨小菜园(00999.HK)宣布：1.李道庆已辞任公司执行董事、副总经理及授权代表职务， 自2025年12月29日起生效；及2.汪书高已获委任为公司授权代表，自2025年12月29日起生效。 ...