小菜园 20251124 摘要 小菜园计划优化收入结构，将外卖占比降至 35%，同时提升堂食客流， 10 月堂食客流增速超过门店增速，外卖订单量和单均金额也有所提升。 通过发放现金抵用券和赠送免费水果等措施，提高了堂食客流转化率， 今年国庆假期前 7 天客流同比增长 21%。 小菜园坚持高性价比路线，主动降价以释放性价比空间，同时保证利润 率。2025 年上半年门店利润率约为 20%，较去年提升，毛利率达到 70.5%，未来计划通过让利消费者保持毛利率略低于当前水平，目标是 将净利润率稳定在 12%~13%。 小菜园坚持全直营模式，门店选址到位，人员储备充足，90%的区域总 经理都是内部晋升。基层管理者薪资高于同行业 30%以上，成功运营门 店并贡献利润可晋升为上市公司股东，通过灵活薪资结构激励员工。 小菜园加速门店扩张，年底目标 800 家，明年净增 200 家至 1,000 家， 中长期目标 3,000 家，主要集中在中国内地，并以全直营模式进行。 2026 年计划在优势区域如安徽、江苏、华东加密布点，并拓展京津冀、 山东等地。 Q&A 请介绍一下小菜园近期门店的同店销售情况及未来展望。 小菜园的同店销售 ...

投资评级:买入(首次) 核心观点 中式烟火气，性价比新徽菜龙头进军千店 小菜园(00999) 证券研究报告 酒店餐饮 / 公司深度研究报告 / 2025.11.20 | 基本数据 | 2025-11-19 | | --- | --- | | 收盘价(元) | 10.26 | | 流通股本(亿股) | 11.77 | | 每股净资产(元) | 2.02 | | 总股本(亿股) | 11.77 | 最近 12 月市场表现 -15% -4% 7% 17% 28% 38% 小菜园 恒生指数 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 周诗琪 SAC 证书编号：S0160525060006 zhousq@ctsec.com 相关报告 盈利预测 | [币种Table_FinchinaSimple] (人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万) | 4,549 | 5,210 | 6,080 | 7,603 | 9, ...

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]

Core Insights - The article highlights the impressive performance of Little Garden (0999.HK) during the National Day holiday, with a nearly 107% increase in stock price, reaching HKD 11.01, marking the second consecutive day of gains [1] Company Performance - During the first seven days of the National Day holiday (October 1-7), Little Garden's nationwide stores received over 2.25 million customer visits, representing a year-on-year increase of 21% [1] - Among popular menu items, the sales of braised pork exceeded 350,000 portions, while the sales of pot chicken surpassed 190,000 portions [1] Industry Trends - The current trend of consumption upgrading is benefiting the high-cost performance mass catering sector, which continues to show strong growth potential [1] - As a leading enterprise positioned as "the kitchen for the common people," Little Garden demonstrates strong anti-cyclical capabilities and potential for market share growth due to solid supply chain management and a nationwide direct-operated network [1] Growth Strategy - The company is steadily advancing its store expansion, with a target of reaching 1,000 stores by next year, which is expected to further release scale effects [1] - Little Garden's robust cash flow generation ability and clear growth trajectory provide strong support for its valuation [1]

Group 1 - The core viewpoint of the article highlights the strong performance of Xiaocaiyuan (00999), with a stock price increase of 6.09% to HKD 10.62 and a trading volume of HKD 15.8261 million [1] - During the first seven days of the National Day holiday in 2025, Xiaocaiyuan's nationwide store traffic increased by 21% year-on-year, serving over 2.25 million customers, with popular items like braised pork selling over 350,000 portions and clay pot chicken exceeding 190,000 portions [1] - Analysts note that Xiaocaiyuan, positioned as a leader in "affordable family kitchens," demonstrates resilience against economic cycles and potential for market share growth through effective supply chain management and a nationwide direct sales network [1] Group 2 - Guotai Junan Securities previously reported that while the overall restaurant industry is experiencing a sluggish recovery, "value-for-money dining" is becoming a safe haven due to its affordable price point and rigid consumer demand [1] - Xiaocaiyuan maintains a high gross profit margin of 70.5% through supply chain optimization while accelerating store openings, indicating a strategy of "same-store recovery + scale expansion" that continues to deliver growth in a weak market [1]

Core Viewpoint - The company Xiaocaiyuan (00999) has seen a stock price increase of over 6%, currently trading at 10.62 HKD, with a transaction volume of 15.8261 million HKD. The increase is attributed to a significant rise in customer traffic and sales performance during the recent holiday period [1] Group 1: Company Performance - Xiaocaiyuan's nationwide store customer traffic increased by 21% year-on-year during the first seven days of the 2025 National Day holiday, receiving over 2.25 million visitors [1] - Popular menu items included over 350,000 servings of braised pork and more than 190,000 servings of pot chicken, indicating strong consumer demand for its offerings [1] Group 2: Market Position and Strategy - As a leading enterprise positioned as "the kitchen for ordinary families," Xiaocaiyuan demonstrates resilience against economic cycles and potential for market share growth through effective supply chain management and a nationwide direct sales network [1] - According to Guojin Securities, while the overall restaurant industry is experiencing a sluggish recovery, "value-for-money dining" options like Xiaocaiyuan are becoming a safe haven due to their affordable pricing and inelastic consumer demand [1] - The company maintains a high gross profit margin of 70.5% through supply chain optimization and is accelerating store openings, focusing on both same-store recovery and scale expansion, making it a rare growth target in a weak market [1]

Core Viewpoint - During the National Day Golden Week, the company Xiaocaiyuan (0999.HK) reported impressive performance with over 2.25 million customer visits across its nationwide stores in the first seven days, reflecting a year-on-year growth of 21%, indicating a sustained high growth trend [1] Company Summary - The company achieved remarkable sales for popular items, with braised pork sales exceeding 350,000 portions and clay pot chicken sales surpassing 190,000 portions, showcasing its product strength and operational efficiency [1] - The company is positioned as a leading player in the "family kitchen" segment, benefiting from solid supply chain management and a nationwide direct-operated network, which demonstrates strong anti-cyclical capabilities and potential for market share growth [1] - The company is steadily advancing its store expansion, with a target of reaching 1,000 stores next year, which is expected to further release scale effects [1] - The company's robust cash flow generation ability and clear growth path provide strong support for its valuation [1] Industry Summary - The industry analysis indicates that in the current trend of consumer segmentation, the high cost-performance ratio in the mass catering sector continues to show strong vitality [1]