年轻人钟情市井"烟火气" 街巷小店焕新机 中新网南昌10月12日电 (记者 吴鹏泉)从打卡地标到品味烟火，越来越多年轻人的旅行方式已悄然转 变。那些藏身街头巷尾的烟火小店，正成为他们旅途中的新宠。 12日，来自湖北武汉的"95后"游客李俊晨，在江西南昌一家街边米粉店品尝了拌粉和瓦罐汤。这次专程 来南昌旅游的他，特意将市集和老街区纳入行程。 10月12日，在江西省南昌市西湖区羊子街鸭子塘巷，不少年轻食客品尝地道南昌美食。记者 吴鹏 泉 摄 在南昌市西湖区羊子街鸭子塘巷，广西游客林欣怡穿行于街巷之间，品尝地道南昌美食。"要真正了解 一个城市，仅靠参观博物馆是不够的，还要走进社区深处。"她认为，街巷小店是一座城市最真实的写 照，"在这里，能真切感受到当地人的生活氛围。" 如今，越来越多的游客不再满足于"走马观花"式的景点打卡，转而追求原汁原味的市井"烟火气"，这已 成为旅游新趋势。 在南昌市广场东路经营煨汤店十余年的王丽见证了这种变化。她告诉记者，今年国庆中秋假期，众多外 地年轻游客专程前来打卡品尝，"一天要卖出上千罐汤，炉子里的木炭24小时不停火。" 大众点评数据也印证了这一趋势：今年"双节"假期，众多美食小城的 ...

Summary of the Conference Call for Xiaocai Garden Company Overview - Xiaocai Garden aims for a target market value of HKD 16.4 billion by 2025, maintaining a buy rating [2] - The company has shown strong growth potential with operating efficiency improvements, where profit growth outpaces revenue growth [2][4] Core Business Insights - The company is adjusting prices to align with the value-for-money consumption trend, which may temporarily affect average transaction value, but same-store sales are expected to turn positive in the second half of the year [2][4] - Xiaocai Garden plans to open approximately 130 new stores this year, with a total store count expected to exceed 2,000 in the future [2][5] Competitive Advantages - Key competitive advantages include standardized supply chain management and centralized procurement, self-built central kitchens, and cold chain logistics [2][6] - The company has a unique employee incentive mechanism, covering over 130 management personnel, linking bonuses to store performance, which enhances employee motivation [2][6][15] Market Positioning - Xiaocai Garden is positioned as a mass-market Chinese dining brand within the HKD 50 price range, focusing on classic home-style dishes [2][7] - The user demographic is broad, covering students, families in lower-tier cities, and various dining scenarios [7] Store Expansion and Performance - As of the first half of 2025, Xiaocai Garden operates nearly 700 stores, with an annual expansion rate exceeding 20% [8] - The company has seen an increase in the proportion of takeout sales, which now accounts for approximately 38% of total sales [8] Financial Projections - Expected net profits for 2025 to 2027 are projected at CNY 755 million, CNY 906 million, and CNY 1.08 billion, with growth rates of 30%, 20%, and 19% respectively [4] - The net profit margin is anticipated to be around 17%-18% in 2024, with over 20% operating profit margin in the first half of 2025 [3][15] Industry Trends and Competitive Landscape - Xiaocai Garden benefits from the value-for-money consumption trend, particularly in lower-tier cities, where over half of its stores are located [10] - The company is the largest mass-market Chinese dining brand in a highly fragmented industry, competing with smaller brands like Green Tea and Tai Er [10] Supply Chain and Quality Assurance - The company employs standardized and centralized procurement strategies, enhancing cost control and supply chain efficiency [11] - Freshness and quality of ingredients are ensured through pre-processing at central kitchens and the use of smart cooking devices [12][13] Organizational Structure and Management - The organizational structure includes a board of directors, regional managers, and store managers, with a performance-based compensation system [14][15] - The management team, led by Mr. Wang Shugang, has over 20 years of experience in the restaurant industry [9] Future Development Strategy - The core strategy focuses on new store openings, with plans to reach 800 stores by the end of 2025 and 1,000 by the end of 2026 [16] - The company is also pursuing a trend towards smaller store formats, enhancing profitability [16]

Investment Rating - The report gives a "Buy" rating for the company [5] Core Viewpoints - The company, Xiaocaiyuan, is a rapidly growing mass-market Chinese dining enterprise focusing on new Huizhou cuisine, with a core philosophy of "delicious and affordable" [5][14] - The Chinese dining market shows strong resilience, with a compound annual growth rate (CAGR) of 4.4% from 2018 to 2023, expected to reach 8.26 trillion yuan by 2028 [5][34] - Xiaocaiyuan has a significant competitive advantage in the mass-market dining segment, holding a 0.2% market share in the 50-100 yuan price range, ranking first in this category [5][40] Company Overview - Xiaocaiyuan has expanded rapidly since opening its first store in Tongling, Anhui in 2013, reaching 673 stores across 14 provinces and 146 cities by the end of 2024, with plans to exceed 800 stores in 2025 [5][14] - The company operates under a direct chain model, ensuring consistent quality and service across its outlets [29] Market Analysis - The mass-market Chinese dining segment, defined as having an average spend of under 100 yuan, accounted for 36.18 billion yuan in 2023, representing 88.7% of the overall Chinese dining market [34][36] - The segment has shown resilience with a CAGR of 3.8% from 2018 to 2023, despite challenges such as the pandemic [36] Competitive Strengths - Xiaocaiyuan's strengths include precise brand positioning, a standardized operational system, strong supply chain integration, and a robust employee incentive mechanism [4][5] - The company has established a centralized kitchen and logistics team, which has helped reduce raw material costs to 29.5% of revenue in the first half of 2025 [4] Financial Performance - Xiaocaiyuan's revenue grew from 2.646 billion yuan in 2021 to 5.21 billion yuan in 2024, with a CAGR of 25.3%, while net profit increased from 227 million yuan to 581 million yuan during the same period, with a CAGR of 36.7% [5][8] - The company maintains a gross margin above 65%, with a net margin of approximately 11% [5] Profit Forecast - The company is expected to achieve net profits of 753 million yuan, 921 million yuan, and 1.122 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 29.6%, 22.4%, and 21.9% [5][8]

Core Insights - The article highlights the culinary significance of Nanchang's three signature dishes, known as the "Nanchang Three Absolutes," which include Nanchang mixed noodles, clay pot soup, and Huang Shang Huang hand-pulled duck [1][9]. Group 1: Nanchang Mixed Noodles - Nanchang mixed noodles are characterized by their unique texture, made from indica rice, resulting in thin, resilient noodles that do not break easily when cooked [2]. - The dish's flavor profile is enhanced by a variety of condiments, including pickled radish, sour beans, and peanuts, creating a complex taste experience [2]. - Nanchang locals express their love for the dish with the saying, "savoring noodles is a moment of joy" [2]. Group 2: Clay Pot Soup - Clay pot soup is prepared using traditional slow-cooking methods in a clay pot, allowing for a unique flavor and health benefits [4]. - The clay pot's porous structure ensures even heating while allowing excess moisture to escape, preserving the soup's freshness [4]. - This cooking technique embodies the essence of ancient soup-making traditions, contributing to the dish's reputation as a flavorful and nourishing option [4]. Group 3: Huang Shang Huang Hand-Pulled Duck - Huang Shang Huang hand-pulled duck is renowned for its integration of traditional craftsmanship and spicy flavors, utilizing a non-heritage marinating technique with 28 plant spices [5][9]. - The preparation involves 32 meticulous steps, including a 72-hour marination process, ensuring a rich and complex flavor profile [5]. - The dish's appeal lies in its combination of savory and spicy elements, making it a favorite among locals [9]. Group 4: Culinary Culture of Nanchang - The "Nanchang Three Absolutes" serve as a culinary emblem for the city, reflecting its vibrant food culture and historical significance [9]. - Beyond these signature dishes, Nanchang offers a variety of other local delicacies, inviting food enthusiasts to explore its diverse culinary landscape [9].