小菜园(00999)发布公告，李道庆先生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;及汪书高先生已获委任为公司授权代表，自2025年12月29日起生效。 ...

智通财经APP讯，小菜园(00999)发布公告，李道庆先生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;及汪书高先生已获委任为公司授权代表，自2025年12月29日起生效。 ...

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） 非執行董事 董事名單與其角色和職能 小菜園國際控股有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 汪書高先生 （董事長兼執行董事兼總經理 ） 田春永先生 （執行董事兼副總經理） 周斌先生 （執行董事兼區域總經理） 汪維芳女士 （執行董事兼區域總經理） 陶旭安先生 （執行董事兼區域總經理） 朱雪菁女士 獨立非執行董事 錢明星先生 朱南軍先生 曾曉松先生 方璇女士 1 董事會設立三個委員會。下表提供各名董事在該等委員會中所擔任的職位。 | 董事 | | 董事會委員會 | | | --- | --- | --- | --- | | | 審核委員會 | 提名委員會 | 薪酬委員會 | | 汪書高先生 | | C | M | | 田春永先生 | | | | | 周斌先生 | | | | | 汪維芳女士 | | | | | 陶旭安先生 | | | | | 朱雪菁女士 | | | | | 錢明星先生 | M | M | | | 朱南軍先生 | C ...

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） 執行董事之辭任 及 授權代表之變更 董事會宣佈： 執行董事之辭任 小菜園國際控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事 （「董事」）會（「董事會」）謹此宣佈，李道慶先生（「李先生」）因其他工作安排，已 就其執行董事、副總經理及香港聯合交易所有限公司（「香港聯交所」）證券上市規 則第3.05條項下本公司授權代表（「授權代表」）之職務提出辭呈，自2025年12月29 日起生效。前述辭任生效後，李先生不再擔任本集團任何職務。 1 1. 李道慶先生已辭任本公司執行董事、副總經理及授權代表職務，自2025年 12月29日起生效；及 2. 汪書高先生已獲委任為本公司授權代表，自2025年12月29日起生效。 茲提述本公司日期為2024年 ...

Core Insights - The company, Xiaocaiyuan, has received multiple awards in 2023, highlighting its sustainable long-term value creation capabilities [1][2] - Awards include the "Golden Award for Annual Social Responsibility" and recognition as a top investment potential company, showcasing its strong performance in ESG and business outlook [1][2] Awards and Recognition - Xiaocaiyuan won the "Golden Award for Annual Social Responsibility" and the "2025 Annual Company Governance Golden Bull Award," reflecting its excellence in ESG [1] - The company was also recognized in the "2025 China Listed Company Reputation List" as the most investment-potential company in Hong Kong stocks and featured in the "Hurun Global Restaurant Value TOP 50" [1][2] Social Responsibility Initiatives - Since 2024, Xiaocaiyuan has participated in the Tongling Hope Project, funding over 90 students from underprivileged families and recently donated 3 million HKD for fire rescue efforts in Hong Kong [2] Business Expansion and Market Position - Xiaocaiyuan has rapidly expanded its store count, surpassing 800 locations by the end of November, with a net increase of over 128 stores in the second half of the year [3] - The company is positioned to benefit from the growing demand in the Chinese casual dining market, projected to reach approximately 3.9 trillion yuan by 2025, with a compound annual growth rate of 8.9% from 2023 to 2028 [3] Operational Efficiency - The company has optimized its store size from 350 square meters to around 220 square meters, reducing capital expenditure while enhancing operational efficiency [3] - Xiaocaiyuan employs a "new store expansion + old store efficiency improvement" dual strategy, supported by a solid supply chain and a mentorship partnership model [3] Investor Relations - The "Best Hong Kong and US Stock IR Team Award" from Zhitong Finance acknowledges Xiaocaiyuan's effective investor communication, bridging the gap between intrinsic value and market perception [4] - The company demonstrates a high degree of alignment between social and commercial value, indicating a transition to a new phase of high-quality sustainable development [4]

Core Viewpoint - The "Golden Award" annual excellence company selection by Gelonghui recognizes companies for their social responsibility and management quality, highlighting the importance of corporate social responsibility for sustainable development [1][2]. Group 1: Award Winners - Ten companies received the "Annual Social Responsibility Award," including: - Damai Entertainment (01060.HK) - Urban Beauty (02298.HK) - Greentown Management Holdings (09979.HK) - Qifu Technology-S (03660.HK) - Qingniao Fire Protection (002960.SZ) - Tencent Holdings (00700.HK) - Xiaocai Garden (00999.HK) - iFlytek Medical Technology (02506.HK) - Yuehai Investment (00270.HK) - ZhongAn Online (06060.HK) The ranking is in alphabetical order and does not indicate priority [1]. Group 2: Evaluation Process - The selection process for the awards involved quantitative data analysis and an expert review panel to determine the final results [1]. - The aim of the "Golden Award" is to create a valuable reference for investors regarding listed companies and unicorns across various stock exchanges, including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2].

Company Overview - Xiaocaiyuan is a leading provider of convenient Chinese dining in China, established in 2013, focusing on healthy and affordable dishes with quality service [1] - The company successfully listed on the Hong Kong Stock Exchange by the end of 2024, with a strong internal training system and experienced management team [1] Industry Insights - The mass convenience Chinese dining sector is expected to grow faster than the overall Chinese dining market, with a projected compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, compared to 8.7% for the overall Chinese dining market [2] - The overall Chinese dining market grew from 4,271.6 billion yuan in 2018 to 5,289.0 billion yuan in 2023, with a CAGR of 4.4% [2] - In 2023, the penetration rate of chain restaurants in the Chinese dining market was 21.5%, significantly lower than the United States (60.1%) and Japan (52.4%) [2] Brand Strength - Xiaocaiyuan holds the largest market share in the mass convenience Chinese dining market in 2023, with a focus on fresh, healthy dishes and a seasonal menu [3] - The average customer spending in Xiaocaiyuan's dine-in service was 57.1 yuan in the first half of 2025 [3] Channel Strategy - The majority of Xiaocaiyuan's revenue comes from dine-in services, with a focus on the Yangtze River Delta region, where it has significant room for expansion [4] - As of the first half of 2025, Xiaocaiyuan operated 672 stores, with dine-in revenue accounting for 61% and takeout for 39% [4] - The company has a low store density compared to competitors like McDonald's, indicating substantial growth potential [4] Supply Chain and Talent Management - Xiaocaiyuan has established a comprehensive supply chain system, including a central kitchen and a fleet of over 200 vehicles for efficient logistics [5] - The company emphasizes internal talent development, with 90.4% of current shareholders having risen from grassroots positions within the company [5] Financial Projections - Xiaocaiyuan is expected to achieve revenues of 5.557 billion yuan, 6.514 billion yuan, and 7.445 billion yuan in 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 6.66%, 17.22%, and 14.31% [6] - The projected net profit for the same years is 749 million yuan, 892 million yuan, and 1.011 billion yuan, with growth rates of 29.02%, 19.01%, and 13.43% [6] - The company is rated as a "buy" based on its position as a leader in the mass convenience Chinese dining sector and its potential for future growth [6]

Summary of the Conference Call for Xiaocaiyuan Company Overview - Xiaocaiyuan has adjusted its dine-in menu prices starting December 1, 2025, with price increases of 10%-15% on signature dishes such as stinky mandarin fish, braised pork, and garlic shrimp to enhance value and optimize the ratio of takeout to dine-in, improving customer experience [2][3] Key Points Sales Performance - From October to December, same-store sales experienced fluctuations due to seasonal factors and adjustments in takeout discount policies. Despite a decrease in takeout order volume, the average spending per order increased, indicating successful optimization of customer structure [2][5] - By the end of November 2025, same-store sales had largely recovered to the first half of the year's levels, which had seen a decline of 7.1% [6] Pricing Strategy - The price adjustment aims to adapt to the declining trend in the restaurant industry's average spending per customer, which dropped from 88 RMB to 51 RMB. The adjustments are intended to maintain market competitiveness [2][6] - The average price increase for dishes is approximately 15%, with specific examples such as the stinky mandarin fish being adjusted to 108 RMB, 98 RMB, and 92 RMB from previous prices of 128 RMB, 118 RMB, and 108 RMB [10] Store Expansion Plans - As of December 2025, Xiaocaiyuan operates 800 stores, with plans to open 200 new stores in 2026. The expansion strategy includes 20% in existing markets and 80% in emerging markets and high-tier cities, aiming for a total of 3,000 stores by 2030 [4][11] Cost Structure and Profitability - In the first half of 2025, labor costs accounted for 24%-24.5%, food and packaging costs for 29.5%, and rent for 9%. The company is optimizing costs through centralized purchasing and refined scheduling [4][15] - The company has seen an increase in profit margins due to cost-saving measures in labor and food expenses, leveraging its growing store count for better purchasing power [15] Market Dynamics - The company has noted a seasonal decline in customer traffic, particularly after the National Day holiday, which is considered a normal fluctuation [4] - The average order value for both dine-in and takeout has increased, with dine-in traffic showing double-digit growth year-on-year [7] Customer Experience Enhancements - To improve customer experience, Xiaocaiyuan has introduced additional services such as complimentary pre-meal fruits and in-store discount coupons. However, adjustments have been made to simplify pricing strategies to enhance perceived value [8][9] Future Outlook - Xiaocaiyuan anticipates a median revenue growth for 2025, with a profit target of 750 million RMB, consistent with the first half of the year due to new store openings [22] - The company plans to invest 450 million RMB in supply chain improvements and aims for a dividend payout ratio of 50%-60% of current profits [23] Delivery Business Insights - In Q3 2025, the delivery business accounted for approximately 40% of total revenue. The company did not engage in the competitive subsidy wars between Alibaba and Meituan, which mitigated potential negative impacts on its business [20] - The profit margin for dine-in is currently higher than for delivery due to platform fees and delivery costs, with a long-term goal to maintain delivery at around 30% of total sales to preserve brand integrity [21] Additional Considerations - The company’s unique employee incentive system, where many employees hold shares, enhances commitment and operational efficiency [18][19] - The profitability in lower-tier markets is generally higher due to lower rent and labor costs compared to high-tier cities, although absolute profits may be higher in urban areas [12]

Industry Overview - The mass convenience Chinese dining sector is expected to grow faster than the overall Chinese dining market, with a projected compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, compared to the overall Chinese dining market's 8.7% [1] - The overall scale of the Chinese dining market grew from 42,716 billion yuan in 2018 to 52,890 billion yuan in 2023, with a CAGR of 4.4% [1] - In 2023, the mass convenience Chinese dining market accounted for 88.7% of the Chinese dining market, with a customer price below 100 yuan [1] - The penetration rate of chain restaurants in the Chinese dining market was 21.5% in 2023, significantly lower than the United States (60.1%) and Japan (52.4%) [1] Company Overview - Xiaocaiyuan (00999) is a leading player in the mass convenience Chinese dining market, holding the largest market share in 2023 [2] - The company focuses on fresh, healthy dishes with a seasonal menu, catering to various consumer tastes [2] - As of the first half of 2025, Xiaocaiyuan had 672 directly operated stores, primarily concentrated in the Yangtze River Delta region [3] - The average revenue per store is expected to exceed 8 million yuan, with an overall operating profit margin approaching 20% [3] Revenue and Growth Potential - Xiaocaiyuan's revenue is primarily derived from dine-in services, which accounted for 61% of total revenue, while takeout services contributed 39% [3] - The company has a significant expansion opportunity, with a current store density of 3.1 stores per million people in Jiangsu province, compared to McDonald's 7.13 stores per million [3] - The company is projected to achieve revenues of 5.557 billion yuan, 6.514 billion yuan, and 7.445 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.66%, 17.22%, and 14.31% [7] Supply Chain and Operational Efficiency - Xiaocaiyuan has established a comprehensive supply chain system, including a central kitchen and a self-owned transportation fleet of over 200 vehicles [4] - The company leverages its supply chain to procure quality ingredients at favorable prices, enabling cost control and competitive pricing [4] - The average payback period for new stores is approximately 13.8 months, significantly shorter than the industry average of over 18 months [3] Talent Management - Xiaocaiyuan has a well-structured talent management and training process, with 90.4% of current shareholders having risen from grassroots employees [6] - The management team consists of key employees who are internally promoted, ensuring a strong understanding of the company's operations [6]

Core Viewpoint - Xiaocaiyuan (00999) is recognized as a leading player in the rapidly growing domestic convenient Chinese dining sector, emphasizing healthy and affordable meals since its establishment in 2013. The company successfully listed on the Hong Kong Stock Exchange by the end of 2024 and has a strong management team with a mature internal training system, leading to an initial "Buy" rating from Huayuan Securities [1]. Industry Overview - The convenient Chinese dining sector is expected to grow faster than the overall Chinese dining market. The chain penetration rate in this sector is lower than the average for Chinese dining, indicating significant growth potential. The total revenue of the Chinese dining market increased from 42,716 billion to 52,890 billion from 2018 to 2023, with a compound annual growth rate (CAGR) of 4.4%. The Chinese dining market accounted for 77.1% of the total dining market in 2023. The convenient Chinese dining market, with an average spending of less than 100 yuan, represented 88.7% of the Chinese dining market in 2023, with a CAGR of 3.8% from 2018 to 2023. It is projected to grow at a CAGR of 9.1% from 2023 to 2028, surpassing the overall Chinese dining market growth of 8.7%. The penetration rate of chain restaurants in the Chinese dining market was 21.5% in 2023, significantly lower than the 60.1% in the U.S. and 52.4% in Japan. In the convenient Chinese dining sector, the chain restaurant share was only 19.2%, expected to rise to 25.5% by 2028 [2]. Brand Strength - Xiaocaiyuan focuses on new Huizhou cuisine and held the largest market share in the convenient Chinese dining sector in 2023. The company offers freshly prepared, healthy dishes with a seasonal menu that caters to diverse consumer preferences. The average dining expenditure per customer in the first half of 2025 was 57.1 yuan, with Xiaocaiyuan holding a 0.2% market share in the convenient Chinese dining sector (spending between 50-100 yuan) [3]. Channel Strength - Xiaocaiyuan primarily generates revenue from dine-in services, with a focus on direct chain operations, mainly in the Yangtze River Delta region. As of the first half of 2025, the company operated 672 direct Xiaocaiyuan outlets, with dine-in revenue accounting for 61% and takeout for 39%. The takeout revenue has been increasing since 2021, becoming a key driver of revenue growth. The current store density is low, indicating significant expansion potential. In Jiangsu Province, the store density is 3.1 per million residents, compared to McDonald's 7.13 per million. If Xiaocaiyuan achieves half of McDonald's density, it could reach 3,769 stores. The average investment payback period for Xiaocaiyuan stores is approximately 13.8 months, shorter than the industry average of over 18 months. The company expects an average annual revenue of over 8 million yuan per store, with an operating profit margin close to 20% [4]. Supply Chain Capability - Xiaocaiyuan has established a comprehensive supply chain system, including a central kitchen and warehouse, supported by a self-owned transportation fleet of over 200 vehicles. This enables the company to procure quality ingredients at favorable prices and implement effective cost control strategies. The company is also enhancing its IT system to improve operational efficiency [5]. Talent Management - Xiaocaiyuan has a well-structured talent management and training process, with 90.4% of current shareholders having risen from grassroots employees. All regional managers and most store managers and head chefs are promoted from within, ensuring a motivated workforce [7]. Profit Forecast - Xiaocaiyuan is expected to achieve significant revenue growth due to its strong supply chain and standardized operations. The company forecasts revenues of 5.557 billion, 6.514 billion, and 7.445 billion yuan for 2025-2027, with year-on-year growth rates of 6.66%, 17.22%, and 14.31%, respectively. The projected net profit for the same period is 749 million, 892 million, and 1.011 billion yuan, with growth rates of 29.02%, 19.01%, and 13.43%. The current price-to-earnings ratios are estimated at 14, 11, and 10 times, respectively, compared to a comparable company average of 32.60 times for 2025 [8].