(Please see APPENDIX 1 for English summary) 研究报告 Research Report 31 Mar 2026 小菜园 Xiaocaiyuan International (999 HK) 交接覆盖：2025 年营收利润双增长，2026 年主动战略调整期 Transferring Coverage: 2025 Revenue and Profit Both Increase; 2026 Proactive Strategic Adjustment Period [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 下调至中性 Downgrade to NEUTRAL 评级 中性 NEUTRAL 现价 HK$6.78 目标价 HK$6.79 HTI ESG 4.3-4.5-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$7.98bn / US$1.02bn 日交易额 (3 个月均值) US$1.72mn 发行股票数目 1,177mn ...