从安徽铜陵走到港交所，小菜园国际控股有限公司(以下简称"小菜园")用13年时间证明：餐饮业的"长坡 厚雪"，不在资本的狂飙中，而在顾客的碗里、在员工的笑容里、在供应链的每一环精密咬合中。 小菜园赴港上市后的首份半年报显示，今年上半年，公司实现收入、净利双增长。在餐饮行业存量竞争 加剧的当下，公司交出的这份成绩单颇为不易。 近日，《证券日报》记者来到安徽铜陵，实地探访小菜园首店，并与小菜园高管们进行了面对面的交 流，从公司的"慢哲学"中思考中式餐饮的发展之道。 "合伙人制度"护航企业发展 铜庄店是小菜园开设的第一家门店，这家坐落在铜陵市铜官区的门店，一楼仅有门脸，餐厅开在二楼。 作为公司首店，店内展示着小菜园的企业愿景、发展目标等信息。走进会议室，两面"照片墙"更是生动 展现了企业的发展故事。 2012年，小菜园正式注册。此后，在2018年开出第100家店；2019年一年就新开了100家店；2025年计划 开出800家店。2024年12月20日，小菜园在港交所上市，发行价8.5港元/股，募集资金8.6亿港元。截至 2025年8月28日，公司市值达131亿港元。 事实上，小菜园的扩张密码，就藏在其独特的"合伙人制 ...

Core Insights - The company, Xiaocaiyuan, has experienced significant growth in a competitive restaurant industry by focusing on high cost-performance and practical operations, leading to nearly 700 stores in 12 years and substantial revenue and profit increases in the first half of the year [1][9]. Group 1: Business Philosophy - Xiaocaiyuan's operational philosophy is centered around "practical management," emphasizing providing delicious and affordable meals without gimmicks, focusing on fresh ingredients and genuine cooking methods [2][3]. - The company aims to solve customer pain points by ensuring meals are tasty, served quickly, and made with trustworthy ingredients, maintaining a customer price point of 50-70 yuan [2][3]. Group 2: Supply Chain and Quality Control - Xiaocaiyuan has invested in a robust supply chain, including a cold chain logistics system and a 200-acre organic vegetable base, ensuring the freshness and safety of ingredients [3][4]. - The company has established 15 distribution centers in key cities, each serving 40 to 60 stores daily, and is set to launch a new processing plant with an investment of 450 million yuan to enhance food safety and supply chain efficiency [4]. Group 3: Employee Culture and Team Cohesion - The company promotes a "family culture," prioritizing employee well-being and growth, which fosters a strong sense of loyalty and commitment among staff [6][7]. - During financial difficulties caused by the pandemic, employees and shareholders demonstrated solidarity, showcasing the company's strong internal cohesion and trust [8]. Group 4: Financial Performance - In the first half of the year, Xiaocaiyuan reported a 6.5% increase in revenue to 2.71 billion yuan and a 35% increase in net profit to 382 million yuan, attributed to optimizing store models and enhancing operational efficiency [9][10]. - The company has adapted to changing market conditions by refining its store size and focusing on supply chain improvements, demonstrating resilience in a challenging environment [9][10].