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10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: 2025年11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 50,00 ...

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） 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。 更改香港主要營業地點 小菜園國際控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，自2025年11 月5日起，本公司之香港主要營業地點更改為香港灣仔莊士敦道181號大有大廈18 樓1808室。本公司之電話號碼及網站維持不變。 XIAOCAIYUAN INTERNATIONAL HOLDING LTD. 小菜園國際控股有限公司 董事長兼執行董事 汪書高先生 香港，2025年11月5日 於本公告日期，董事會成員包括執行董事汪書高先生、李道慶先生、田春永先 生、周斌先生、汪維芳女士及陶旭安先生；非執行董事朱雪菁女士；以及獨立非 執行董事錢明星先生、朱南軍先生、曾曉松先生及方璇女士。 承董事會命 ...

Core Viewpoint - Xiaocai Garden (00999.HK) has seen a nearly 3% increase in stock price, currently trading at 11.3 HKD with a transaction volume of 6.7966 million HKD [1] Group 1 - The stock price of Xiaocai Garden rose by approximately 3% [1] - As of the latest update, the stock is up by 1.89% [1] - The current trading price is reported at 11.3 HKD [1] Group 2 - The total transaction volume reached 6.7966 million HKD [1]

Core Viewpoint - The company Xiaocaiyuan (00999) has shown strong performance during the National Day holiday, with a significant increase in customer traffic and sales, indicating robust anti-cyclical capabilities in the current consumer market [1] Group 1: Performance Metrics - During the first seven days of the 2025 National Day holiday, Xiaocaiyuan's nationwide store traffic increased by 21% year-on-year, receiving over 2.25 million customers [1] - Popular menu items included over 350,000 servings of braised pork and more than 190,000 servings of pot chicken [1] Group 2: Market Positioning - According to Everbright Securities, Xiaocaiyuan is positioned as a leading brand in the affordable Chinese dining sector, aligning with current consumer trends that prioritize value for money [1] - The company's strong performance during the holiday period further demonstrates its resilience against economic fluctuations [1] Group 3: Expansion Plans - In the short term, Xiaocaiyuan plans to accelerate its store openings, with a target of reaching 800 stores by the end of 2025 and 1,000 stores by the end of 2026, focusing on both domestic and overseas markets [1] - Long-term projections estimate that the brand could expand to 2,050 stores [1] - The sub-brand "Caishou" targets community markets with a price range of 20-40 yuan per order, leveraging Xiaocaiyuan's supply chain to fill gaps in the low-price market and enhance overall penetration [1]

Core Viewpoint - The company Xiaocaiyuan (00999) has shown strong performance during the National Day holiday, with a significant increase in customer traffic and sales, indicating robust anti-cyclical capabilities in the current consumer market [1] Group 1: Performance Metrics - During the first seven days of the National Day holiday in 2025, Xiaocaiyuan's nationwide store traffic increased by 21% year-on-year, receiving over 2.25 million customers [1] - Popular menu items included over 350,000 servings of braised pork and more than 190,000 servings of pot chicken [1] Group 2: Market Positioning - According to Everbright Securities, Xiaocaiyuan is positioned as a leading brand in the affordable Chinese dining sector, aligning with current consumer trends that prioritize quality and price [1] Group 3: Expansion Plans - In the short term, Xiaocaiyuan plans to accelerate its store openings, aiming for 800 stores by the end of 2025 and 1,000 stores by the end of 2026, with a focus on penetrating lower-tier domestic markets and expanding overseas [1] - Long-term projections suggest that the brand could reach a total of 2,050 stores [1] - The sub-brand "Caishou" targets community markets with a price range of 20-40 yuan, leveraging Xiaocaiyuan's supply chain to fill gaps in the low-price market and enhance overall penetration [1]

Summary of the Conference Call for Xiaocai Garden Company Overview - Xiaocai Garden has rapidly expanded its store count, surpassing 750 stores by the end of September 2025, with a target of reaching 800 by year-end and plans to add 200 more stores in 2026, focusing on first-tier cities and emerging markets such as Shandong, Henan, and Jiangxi [2][3][4] Key Points and Arguments Store Expansion and Model Efficiency - The new 230 square meter store model has significantly improved operational efficiency, with an investment return period of 12-13 months, despite potential impacts on same-store sales [2][4][5] - The average annual sales per store is approximately 8 million yuan, with a return on investment period notably lower than the industry average of over 18 months [27] Sales Performance - The average dining price remains stable at 55-57 yuan, while the average takeaway price is around 67 yuan [7][9] - Same-store sales growth has faced challenges, with a year-on-year decline of 7.2% in the first half of the year, although there was a 20% increase in customer traffic and order volume during the National Day holiday [3][15] Profitability and Cost Management - The gross profit margin reached 70% in the first half of the year, with part of the profit reinvested into promotions to enhance customer experience [10][32] - The company aims to maintain a gross margin between 65-70% through cost control measures, including negotiations with suppliers and the use of automated cooking equipment [32][33] Market Dynamics - Emerging markets like Shandong, Henan, and Jiangxi have shown rapid growth, with significant brand influence established in cities like Zhengzhou [21] - The company has a strategic focus on both high-tier and lower-tier markets, with 43% of stores located in third-tier cities and below, indicating a strong interest in expanding in these areas [18] Marketing and Customer Engagement - Xiaocai Garden utilizes platforms like Meituan and Douyin to distribute dining coupons, enhancing customer experience and driving in-store traffic [10][11] - The company has invested in brand building through various advertising channels, including high-speed rail and online media, to increase brand awareness [28][29] Future Plans - Plans for 2026 include opening 200 new stores, with a focus on first-tier cities and emerging markets, while also considering county-level expansions in provinces like Anhui and Jiangsu [16][17] - The company is also working on enhancing its supply chain capabilities with a new processing plant expected to be operational by the end of 2025 [31] Other Important Insights - The company has adopted a flexible approach to store layouts in county markets, adjusting models to meet local demands [19] - Xiaocai Garden's management structure includes over 100 shareholders actively involved in operations, which fosters a strong drive for market expansion and performance improvement [25] - The company is committed to long-term stable development, focusing on employee welfare and sustainable profit margins rather than short-term profit maximization [32][33]

Group 1: Heart Disease Medical Devices - Haitong International maintains an "outperform" rating for Xintai Medical, with a target price of HKD 28.94, highlighting its leadership in congenital heart disease intervention devices and a projected revenue growth of 32.4% year-on-year for H1 2025 [1] Group 2: Express Delivery Services - CITIC Securities maintains a "buy" rating for Jitu Express, noting a 23.1% year-on-year increase in parcel volume in Q3, with Southeast Asia's growth rate reaching 78.7%, driven by cost and efficiency advantages [2] - Shenwan Hongyuan also maintains an "accumulate" rating for Jitu Express, reporting a market share increase to 32.8% and a recovery in domestic express delivery prices, despite a downward revision in profit forecasts [3] Group 3: Healthcare and Medical Services - CITIC Jiantou maintains a "buy" rating for China Resources Medical, indicating that while H1 2025 performance may be pressured by declining average medical insurance fees, the company holds a solid regional leadership position [4] - CITIC Jiantou also maintains a "buy" rating for Weitai Medical, projecting a 63.1% year-on-year revenue growth for H1 2025, with significant narrowing of losses and potential for breakeven by year-end [5] Group 4: Consumer Goods and Retail - Guosen Securities maintains an "outperform" rating for Shangmei Co., with a target price of HKD 120.9, emphasizing strong growth in net profit at a compound annual growth rate of 130% from 2022 to 2024 [6] - Huaxin Securities maintains an "accumulate" rating for Nayuki Tea, benefiting from demand catalyzed by Meituan's delivery subsidies and seasonal effects, with improved profitability through product innovation [7] - Huaxin Securities also maintains a "buy" rating for Wugu Mofang, reporting a 14% revenue growth and an 18% net profit increase for H1 2025, driven by strong performance in offline channels [8] Group 5: Food and Beverage - Guangda Securities maintains an "accumulate" rating for Xiaocaiyuan, noting its position as a leading casual dining chain with a customer price range of HKD 50-70, and plans to expand to 1,000 stores by the end of 2026 [10] - Xibu Securities initiates coverage on China Resources Beverages with an "accumulate" rating and a target price of HKD 15, highlighting a market share of 32.7% and improvements in gross margin through increased self-production [11]

Core Viewpoint - The company "小菜园" is a leading brand in the mass casual dining sector, focusing on "New Huai Cuisine" with a price range of 50-70 yuan, holding a 0.2% market share in 2023, ranking among the top three in the Chinese casual dining chain market [1][2]. Industry Overview - The mass casual dining market in China reached a scale of 36,187 billion yuan in 2023, accounting for 88.7% of the Chinese dining market, with a projected compound annual growth rate (CAGR) of 8.7% from 2023 to 2028 [2]. - The community dining segment grew from 11.4 trillion yuan in 2018 to 13.7 trillion yuan in 2023, with an expected CAGR of 9.4% from 2023 to 2028 [2]. Company Strategy - 小菜园 targets the 50-100 yuan price segment, aligning with consumer trends for quality and value, while maintaining strict control over ingredient quality [2]. - The company employs a centralized procurement, central processing, and cold chain distribution model to create cost barriers, with individual store investments ranging from 1.3 to 1.7 million yuan and a payback period shorter than the industry average [2]. - The brand utilizes a "现炒现做" (freshly cooked) approach combined with standardization, covering dining in-store, takeout, and community outlets [2]. Expansion Plans - The company plans to accelerate the opening of 小菜园 stores, targeting 800 stores by the end of 2025 and 1,000 by the end of 2026, with long-term projections suggesting a potential of 2,050 stores [3]. - The sub-brand "菜手" focuses on community dining with a price range of 20-40 yuan, leveraging the supply chain of 小菜园 to fill the low-price market gap and enhance overall penetration [3]. Financial Projections - The company forecasts net profits of 750 million yuan, 922 million yuan, and 1.132 billion yuan for 2025, 2026, and 2027 respectively, translating to earnings per share (EPS) of 0.64, 0.78, and 0.96 yuan [3]. - The current stock price corresponds to price-to-earnings (PE) ratios of 16X, 13X, and 11X for the years 2025, 2026, and 2027 [3].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5]. Core Insights - The company is a leading brand in the mass catering sector, focusing on "New Huai Cuisine" with a price range of 50-70 RMB per meal, holding a 0.2% market share in 2023 [1][20]. - The mass catering market in China is expected to grow at a compound annual growth rate (CAGR) of 8.7% from 2023 to 2028, with the company positioned to benefit from this trend [2][58]. - The company plans to expand its store count significantly, aiming for 800 stores by the end of 2025 and 1,000 by the end of 2026 [3][11]. Summary by Sections 1. Company Overview - The company operates a fully-owned chain model with a focus on community-based dining, having 752 stores by September 2025 [1][20]. - It has a centralized supply chain that has evolved from regional sourcing to a nationwide cold chain network, enhancing efficiency [20]. 2. Market Dynamics - The mass catering market in China reached 36,187 billion RMB in 2023, accounting for 88.7% of the Chinese dining market, with a projected CAGR of 8.7% from 2023 to 2028 [2][58]. - The competitive landscape is fragmented, with the company leading in market share among mass catering brands [2]. 3. Business Strategy - The company targets the 50-100 RMB price segment, emphasizing quality and cost control through centralized procurement and processing [2][3]. - It has a multi-layered incentive system for employees, ensuring alignment of interests between management and staff [27][30]. 4. Financial Performance - The company reported a revenue of 45.50 billion RMB in 2023, a 42% increase year-on-year, with a net profit of 5.32 billion RMB, reflecting a 124% growth [32]. - Forecasts for net profit from 2025 to 2027 are 7.50 billion RMB, 9.22 billion RMB, and 11.32 billion RMB, respectively, with corresponding earnings per share (EPS) of 0.64, 0.78, and 0.96 RMB [4][13]. 5. Expansion Plans - The company plans to accelerate store openings, with a target of 800 stores by the end of 2025 and 1,000 by the end of 2026, focusing on both domestic and international markets [3][11]. - The sub-brand "Cai Shou" aims to capture the community dining segment with a lower price point of 20-40 RMB, enhancing overall market penetration [3][11]. 6. Supply Chain and Cost Management - The company has achieved a gross margin of 70.5% in the first half of 2025, benefiting from improved supply chain management and cost control [10][33]. - Employee and rental costs are optimized, with projections indicating a stable cost structure moving forward [10][38].

Core Viewpoint - The report from Everbright Securities initiates coverage on Xiaocaiyuan (00999) with a "Buy" rating, projecting net profits for 2025-2027 to be 750 million, 922 million, and 1.132 billion yuan respectively, translating to EPS of 0.64, 0.78, and 0.96 yuan, with current PE ratios of 16X, 13X, and 11X [1] Group 1: Company Overview - Xiaocaiyuan is a leading brand in the mass-market Chinese dining sector, focusing on "New Huai Cuisine" with an average customer price of 50-70 yuan, holding a 0.2% market share in 2023 [1][2] - The company operates multiple brands including Xiaocaiyuan and Caishou, with plans to expand to 752 direct-operated stores by September 2025, primarily targeting community markets [1] - The supply chain has evolved from regional procurement to a nationwide cold chain network, supported by a concentrated shareholding structure and a robust incentive system [1] Group 2: Industry Insights - The mass-market dining segment in China, defined as meals priced under 100 yuan, reached a scale of 36,187 billion yuan in 2023, accounting for 88.7% of the Chinese dining market, with a projected compound annual growth rate (CAGR) of 8.7% from 2023 to 2028 [2] - The community dining sector has grown from 1.14 trillion yuan in 2018 to 1.37 trillion yuan in 2023, with an expected CAGR of 9.4% from 2023 to 2028 [2] Group 3: Strategic Approaches - Xiaocaiyuan targets the 50-100 yuan customer price segment, aligning with consumer trends while maintaining strict quality control over ingredients [3] - The company employs centralized procurement, central processing, and cold chain distribution to create cost barriers, with individual store investments ranging from 1.3 to 1.7 million yuan and a payback period shorter than the industry average [3] - The brand utilizes a "headquarters-regional-store" structure to support growth, with plans for both domestic expansion and international outreach [3] Group 4: Expansion Plans - In the short term, Xiaocaiyuan aims to accelerate store openings, optimizing the single-store model to improve profitability, targeting 800 stores by the end of 2025 and 1,000 by the end of 2026 [4] - Long-term projections suggest the potential for Xiaocaiyuan to reach 2,050 stores, with the sub-brand Caishou focusing on community dining at a lower price point of 20-40 yuan, leveraging the existing supply chain to enhance overall market penetration [4]