大众便民餐饮市场机遇：内地的大众便民中式餐饮市场迎合了广大民众刚性、高频的就餐需求。大众便民中式餐饮市场规模庞大且正处于快速发展过程中，2023 年市场规模已达人民币36,187 亿元，是内地餐饮市场中规模最大的细分领域。预期大众便民中式餐饮市场规模于2023 年至2028 年将以9.1%的复合年增长率增长，至2028 年达人民币55,871 亿元。公司认为，虽然大众便民中式餐饮市场近年来历经蓬勃发展，但从规模和质量上距离满足广大民众的日常就餐需求仍有显著差距，市场发展空间巨大。Futu News reported on December 19. $XIAOCAIYUAN (00999.HK)$ Today the dark market opened flat, increased by 0.71%, reported at 8.56 Hong Kong dollars, with a transaction amount of 2.3689 million Hong Kong dollars; each hand is 800 shares, excluding handling fees, earning 48 Hong Kong dollars per hand.
Market data source: Futu Securities >
Investment Highlights
Opportunities in the public dining market: The public-oriented Chinese dining market in mainland China meets the rigid and high-frequency dining needs of the vast population. The public-oriented Chinese dining market is vast and is currently experiencing rapid development, with the market size reaching 3,618.7 billion yuan in 2023, making it the largest segment in the mainland dining market. It is expected that the scale of the public-oriented Chinese dining market will grow at a compound annual growth rate of 9.1% from 2023 to 2028, reaching 5,587.1 billion yuan by 2028. The company believes that despite the significant growth in the public-oriented Chinese dining market in recent years, there is still a significant gap in scale and quality to meet the daily dining needs of the public, meaning there is enormous room for market development.
Continuous expansion of operational scale: During the performance record period, the company operated a total of 674 stores, closing only 34 stores. Despite the challenges brought by the pandemic, the total number of operational stores increased from 278 at the start of the performance record period to 640 as of August 31, 2024. In 2021, 2022, and 2023, and for the eight months ending August 31, 2024, the company opened 107, 48, 132, and 109 new stores, respectively. The company's operational scale continues to expand.
Risk Warning
市场竞争激烈：中国餐饮业在食物质量及一致性、味道、价格、氛围、服务、位置、优质食材供应及僱员等方面的竞争都非常激烈。根据弗若斯特沙利文的资料，大众便民中式餐饮市场高度分散，该市场的参与者面临激烈竞争。于2023年，大众便民中式餐饮市场的市场规模按收入计为人民币3618.7 billion元，而中国大众便民中式餐饮市场每个前五大品牌的收入仅介乎人民币2 billion元至人民币4.5 billion元。公司各处的门店均面临来自各个细分市场的不同门店的激烈竞争，包括本地门店以及区域性及国际性连锁门店。
营收来源单一：公司业务在很大程度上取决于“小菜园”品牌的市场知名度，于往绩记录期间，公司收入主要来自“小菜园”品牌门店，分别占公司于2021年、2022年、2023年以及截至2023年及2024年8月31日止八个月总收入的98.7%、98.8%、99.1%、99.1%及99.0%。倘公司无法维持或提升“小菜园”品牌形象知名度，公司的业务、财务状况及经营业绩可能会受到重大不利影响。
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Editor/Jamie
