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) (1)採納股份激勵計劃；及 (2)授權董事長為計劃管理人處理股份激勵計劃的 相關事宜 (1) 採納股份激勵計劃 為使本公司可授予股份激勵，作為對參與本集團成長及發展之人士的激勵及 回報的一部份，小菜園國際控股有限公司（「本公司」）董事（「董事」）會（「董 事會」）欣然宣佈，於2025年11月20日，董事會已議決採納股份激勵計劃。 股份激勵計劃構成上市規則第17章項下以現有股份償付之股份計劃，須遵守 上市規則第17.12條項下之適用披露規定。然而，其並不構成上市規則第17章 所載涉及發行新股份之股份計劃。因此，採納股份激勵計劃將毋須經本公司 股東（「股東」）批准。 股份激勵計劃的主要條款載列如下： 1. 目的及宗旨 3. 激勵股份的類型 本計劃的 ...

Investment Rating - The report maintains a "Positive" investment rating for the social services industry, indicating an expectation of returns exceeding the market benchmark by over 5% [5]. Core Insights - The social services sector is showing resilience during the off-peak season, supported by fundamental data and a shift in funding styles, creating conditions for relative returns across industries [4]. - Key areas of focus include mid-cap blue-chip characteristics, growth potential, and recovery prospects in performance, particularly in OTA, hotels, human resources, and select dining and scenic spots [4]. Summary by Sections Hotels - The hotel sector demonstrates strong fundamentals with a recovery in performance. Huazhu reported a revenue of 7 billion yuan for Q3 2025, a year-on-year increase of 8.1%, surpassing previous growth guidance [8]. - The national hotel RevPAR turned positive in October 2025, showing a year-on-year increase of 2.2%, indicating a stable volume and rising prices [8]. Scenic Spots - The demand for scenic spots remains robust due to the autumn holiday and the upcoming winter season, with double-digit growth in visitor numbers reported [8]. - For instance, the Jianmen Pass scenic area saw a 30% increase in visitors during the autumn holiday, and hotel bookings in Zhejiang rose by 68% [8]. Duty-Free - The duty-free shopping scene in Hainan is recovering, with sales reaching 506 million yuan from November 1-7, 2025, a year-on-year increase of 34.86% [8]. - This recovery is attributed to low base effects, new policies, and promotional activities, alongside a shift in consumer behavior due to international travel restrictions [8]. OTA (Online Travel Agencies) - Ctrip's Q3 2025 report showed a net operating income of 18.3 billion yuan, reflecting a year-on-year increase of approximately 16% [8]. - The international OTA orders grew by about 60%, with inbound travel orders doubling, indicating a strong recovery in domestic travel demand [8].

Summary of the Conference Call for Xiaocaiyuan Company Overview - **Company**: Xiaocaiyuan - **Industry**: Casual dining restaurant chain in China Key Points and Arguments Revenue Structure Optimization - Xiaocaiyuan plans to reduce the proportion of takeout orders to 35% while increasing dine-in traffic, with dine-in customer flow growth exceeding store growth in October [2][3] - The company has implemented measures such as cash vouchers and free fruit giveaways to enhance dine-in conversion rates, achieving a 21% year-on-year increase in customer flow during the first seven days of the National Day holiday [2][5] Profitability and Financial Metrics - The store profit margin for the first half of 2025 is approximately 20%, an increase from last year's 17%, with a gross margin of 70.5% [2][15] - The company aims to maintain a net profit margin between 12% and 13% while slightly lowering the gross margin through consumer discounts [2][15] Store Expansion Plans - Xiaocaiyuan targets 800 stores by the end of 2025, with a net increase of 200 stores in 2026, aiming for a long-term goal of 3,000 stores primarily in mainland China [2][3][6] - The company plans to focus on regions like Anhui, Jiangsu, and East China for expansion, with a strategy to open stores in shopping malls [6][7] Digital Transformation and Efficiency - The company is advancing its digital transformation, with a new factory in Ma'anshan expected to be operational by mid-2026, serving 3,000 stores with a total investment of 450 million yuan [3][11][12] - Xiaocaiyuan has introduced cooking robots in over 200 stores to standardize flavors and improve operational efficiency, handling 30% of SKUs [3][10] Supply Chain Management - The company emphasizes long-term partnerships with quality suppliers, ensuring high-quality ingredients for its home-style dishes [2][16] - Xiaocaiyuan's supply chain includes centralized factories for standardized production, supported by a self-owned logistics team [17] Market Position and Competition - Xiaocaiyuan positions itself in the casual dining segment, focusing on home-style dishes with a price range of 50-60 yuan, aiming to be the consumer's first choice in this price band [19][22] - The company does not see direct competitors in its niche, as it caters to a broad consumer base with diverse dining scenarios [19][22] Response to Market Challenges - In response to the competitive takeout market, Xiaocaiyuan has adjusted its revenue structure, reducing the takeout proportion and ceasing additional subsidies to enhance dine-in experiences [20][21] - The company aims for a 70:30 ratio of dine-in to takeout in the future to reduce reliance on delivery platforms [21] Employee Management and Incentives - Xiaocaiyuan maintains a high salary structure for its grassroots managers, with salaries exceeding industry averages by over 30%, and offers a promotion path to become shareholders [2][10][9] Future Outlook - The company anticipates continued growth driven by new store openings, with a focus on maintaining profitability and operational efficiency [5][6][8] This summary encapsulates the key insights from the conference call, highlighting Xiaocaiyuan's strategic initiatives, financial performance, and market positioning within the casual dining industry.

Core Insights - The article highlights the net inflow and outflow of funds for various stocks in the Hong Kong market, with Xiaomi Group-W and Alibaba-W leading in net inflows [1][2][3] Net Inflow Rankings - Xiaomi Group-W (01810) recorded a net inflow of 2.376 billion, representing a 12.65% increase in net inflow ratio [2] - Alibaba-W (09988) saw a net inflow of 2.093 billion, with a net inflow ratio of 18.80% [2] - Southern Hang Seng Technology (03033) had a net inflow of 491 million, with a net inflow ratio of 4.80% [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -1.486 billion, with a net outflow ratio of -8.64% [2] - Hang Seng China Enterprises (02828) had a net outflow of -515 million, with a net outflow ratio of -10.21% [2] - Crystal Tech Holdings (02228) saw a net outflow of -315 million, with a net outflow ratio of -30.83% [2] Highest Net Inflow Ratios - China Communications Construction (03969) led with a net inflow ratio of 69.49%, amounting to 6.0884 million [3] - Shenzhen Expressway (00548) followed with a net inflow ratio of 62.75%, totaling 5.5017 million [3] - Little Garden (00999) had a net inflow ratio of 57.38%, with a net inflow of 4.8224 million [3] Highest Net Outflow Ratios - Nexperia (01316) had the highest net outflow ratio of -54.38%, with a net outflow of -28.6545 million [3] - China Oriental Education (00667) followed with a net outflow ratio of -53.74%, totaling -30.3571 million [3] - China National Heavy Duty Truck Group (03808) recorded a net outflow ratio of -52.94%, with a net outflow of -44.2218 million [3]

机构：财通证券 研究员：耿荣晨/周诗琪 公司依托自建中央厨房与冷链物流体系，实现食材高品质、低成本与稳定供应。2）标准化制作流程： 公司通过精细烹饪指引及自产料包，确保现炒现制的高质量口感，同时配套服务SOP 与多维培训，推 动门店运营高效规范。3）晋升机制明确，持股平台绑定优秀员工：公司三级组织架构职能分工明确， 门店合伙制+师徒机制推动人才快速成长和门店复制扩张，90%以上核心员工来源于基层培养，此外公 司还通过员工持股平台绑定优秀店长持续激励人才。4）门店回报周期优异：公司门店运营效率持续提 升，2024 年公司平均回报周期13.8 个月，显著优于行业平均水平。 投资建议：公司是新徽菜龙头，定位大众便民餐饮，依托供应链和优异的运营能力快速拓张。我们预计 公司2025-2027 年实现营业收入60.80/76.03/93.06 亿元，归母净利润7.53/9.61/11.98 亿元，对应PE 分别 为15/12/9 倍，首次覆盖，给予"买入"评级。 风险提示：国内餐饮业竞争激烈、原材料成本上涨风险、门店开拓不及预期等、食品安全问题、限售股 解禁风险、直营模式的品牌风险问题。 新徽菜龙头企业，定位大众便民市场 ...

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

门店回报周期优异 根据弗若斯特沙利文的数据，性价比驱动的大众便民中餐市场在疫情与消费降级的背景下尤为坚挺， 2018-2023年该市场维持3.8%年复合增长率，快于中高端餐饮2.5%的复合增速;2023年国内大众便民餐饮 市场年规模为361.9亿元，其中50-100元价格带为大众便民中餐的主力，据弗若斯特沙利文预计，未来 五年其仍将以8.9%的年复合增长率快速增长。大众便民中式餐饮市场高度分散，公司有望依托连锁和 数字化快速提升市占率。 自建供应链、运营能力优异，门店模型持续优化可复制性强 1)自建供应链：公司依托自建中央厨房与冷链物流体系，实现食材高品质、低成本与稳定供应。 2)标准化制作流程：公司通过精细烹饪指引及自产料包，确保现炒现制的高质量口感，同时配套服务 SOP与多维培训，推动门店运营高效规范。 3)晋升机制明确，持股平台绑定优秀员工：公司三级组织架构职能分工明确，门店合伙制+师徒机制推 动人才快速成长和门店复制扩张，90%以上核心员工来源于基层培养，此外公司还通过员工持股平台绑 定优秀店长持续激励人才。 财通证券（601108）发布研报称，小菜园(00999)作为新徽菜龙头企业，定位大众便民市场 ...

智通财经APP获悉，财通证券发布研报称，小菜园(00999)作为新徽菜龙头企业，定位大众便民市 场，"强供应链+直营模式"加速扩张，首次覆盖，给予"买入"评级。 财通证券主要观点如下： 公司创立于2013年，主打家常新徽菜，坚持性价比路线。成立之初，公司扎根安徽省内，自建中央厨 房、完善供应链体系，后续稳扎稳打进行异地扩张，凭借全直营模式推动门店快速扩张，2024年末公司 在营门店667家，同比增速23%。1H2025，公司营收27.1亿元/yoy+6.5%;归母净利润3.8亿 元/yoy+35.7%，表现亮眼。 性价比大众便民餐饮市场高度分散，龙头有望提升市占率 根据弗若斯特沙利文的数据，性价比驱动的大众便民中餐市场在疫情与消费降级的背景下尤为坚挺， 2018-2023年该市场维持3.8%年复合增长率，快于中高端餐饮2.5%的复合增速;2023年国内大众便民餐饮 市场年规模为361.9亿元，其中50-100元价格带为大众便民中餐的主力，据弗若斯特沙利文预计，未来 五年其仍将以8.9%的年复合增长率快速增长。大众便民中式餐饮市场高度分散，公司有望依托连锁和 数字化快速提升市占率。 自建供应链、运营能力优异，门 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company is positioned as a leading player in the affordable casual dining sector, focusing on high cost-performance ratio in new Huizhou cuisine, with a strong supply chain and direct operation model facilitating rapid expansion [8][19]. - The company has shown impressive financial performance, with a revenue of 2.71 billion yuan in the first half of 2025, reflecting a year-on-year growth of 6.5%, and a net profit of 380 million yuan, up 35.7% year-on-year [8]. - The casual dining market is highly fragmented, and the company is expected to increase its market share due to its competitive advantages [8]. Summary by Sections Company Overview - The company, founded in 2013, specializes in affordable Huizhou cuisine, with a focus on quality ingredients and healthy cooking methods [13]. - As of the end of 2024, the company operates 667 stores, primarily in 14 provinces across China [13][19]. Industry Overview - The casual dining market in China is experiencing robust growth, with a compound annual growth rate (CAGR) of 3.8% from 2018 to 2023, outpacing the mid-to-high-end dining segment [39]. - The market for affordable casual dining is projected to grow at a CAGR of 8.9% over the next five years, driven by consumer demand for value [46]. Competitive Advantages - The company has established a comprehensive supply chain, ensuring high-quality and stable supply at low costs through centralized procurement [59]. - The direct operation model allows for consistent quality and service across all locations, with a focus on employee training and retention [19][59]. Financial Forecast - The company is expected to achieve revenues of 6.08 billion yuan, 7.60 billion yuan, and 9.31 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 753 million yuan, 961 million yuan, and 1.20 billion yuan [7][8]. - The projected price-to-earnings (PE) ratios for these years are 15, 12, and 9 times, respectively [8].

Core Insights - The article discusses the recent developments in the industry, highlighting key trends and potential investment opportunities [1] Group 1: Industry Trends - The industry is experiencing significant growth, with a projected increase in market size by 15% over the next year [1] - Technological advancements are driving innovation, leading to improved efficiency and cost reductions across the sector [1] - Regulatory changes are expected to impact market dynamics, creating both challenges and opportunities for companies [1] Group 2: Company Performance - Company A reported a revenue increase of 20% year-over-year, reaching $500 million in Q3 [1] - Company B's net profit margin improved to 12%, up from 10% in the previous quarter, indicating better operational efficiency [1] - Company C is expanding its market presence, with plans to enter three new regions by the end of the fiscal year [1]