FoodBud
RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

Global foodservice chain intelligence. Every figure should link back to a source.

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中文

Company card

Xiaocaiyuan

High
Brand★Golden 50est. scale

HKEX 00999 · HKEX

Listing status
listed
Operating model
Direct / managed estate
Scale basis
Company-operated revenue (proxy)
Confidence
High
Segment
restaurant chain

小菜园是中式正餐连锁样本;直营/加盟组合、门店密度和单店收入质量是核心跟踪点。

Scale basis note

Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
819 stores
FY2025 (ended Dec 31, 2025): By the end of 2025, Xiaocaiyuan operated 807 stores (up 140 year on year). (operator store_count 819; latest research 807 FY2025 (ended Dec 31, 2025) — minor, within tolerance)
Source-backed
S1 official primary (opens in new tab)
Regulatory Filing · By the end of 2025, Xiaocaiyuan operated 807 stores (up 140 year on year). (operator store_count 819; latest research 807 FY2025 (ended Dec 31, 2025) — minor, within tolerance)
Provenance
Tier: S1 official primary
Source: Regulatory Filing
Scale
Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
$743.66M
FY2025 (ended Dec 31, 2025): Operating Revenue of 5,345 million CNY for the fiscal year ended December 31, 2025, increasing 2.60% vs prior year.
Company-operated revenue (proxy)Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · Operating Revenue of 5,345 million CNY for the fiscal year ended December 31, 2025, increasing 2.60% vs prior year.
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Company-operated revenue (proxy)
Precision: Estimated
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$908,010
Screening proxyest.
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
Company-operated revenue (proxy)Revenue from company-operated restaurants (mostly-owned estates). Useful for accounting scale, not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Company-operated revenue (proxy)
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$104.99M
FY2025 (ended Dec 31, 2025): Net Income to Common: 715.09 million CNY for fiscal year ended December 31, 2025, growing 23.16% year-over-year.
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · Net Income to Common: 715.09 million CNY for fiscal year ended December 31, 2025, growing 23.16% year-over-year.
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$784.76M
RMB 5,345.091M FY2025 revenue; gross profit RMB 3,763M; gross margin 70.4%.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Manual override

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$945.56M
Directional proxy
May 22, 2026: Unverified: no citable primary disclosure with a verbatim excerpt found. Stored USD 945,563,127 ≈ HKD 7.35B at ~7.77 HKD/USD. Available snapshots: Dec 31, 2025 = HKD 11.05B; May 4, 2026 = HKD 7.92B (from search result); Jun 22, 2026 = HKD 8
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Directional proxy
S3 supplementary (opens in new tab)
Media Or Aggregator · Unverified: no citable primary disclosure with a verbatim excerpt found. Stored USD 945,563,127 ≈ HKD 7.35B at ~7.77 HKD/USD. Available snapshots: Dec 31, 2025 = HKD 11.05B; May 4, 2026 = HKD 7.92B (from search result); Jun 22, 2026 = HKD 8
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

12/19 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
chinese
Cuisine (secondary)
not disclosed
Service model
casual diningS2 official secondary (opens in new tab)
Price tier
valueS3 supplementary (opens in new tab)
Company
Founded
2,013S3 supplementary (opens in new tab)
HQ country
ChinaS3 supplementary (opens in new tab)
CEO
Wang ShugaoS3 supplementary (opens in new tab)
Employees
12,034 headcountS2 official secondary (opens in new tab)
Ownership
Parent
Public-standalone; founder Wang Shugao (汪书高) controls ~92.99% of voting rights via 7 BVI holding platformsS3 supplementary (opens in new tab)
PE / holding
Jiahua Capital / 加华资本 (via Harvest Delicacy) ~7.01% — sole external pre-IPO institutional investorS3 supplementary (opens in new tab)
Recent M&A
not disclosed
Growth
System sales YoY
not disclosed
Revenue YoY
14.5%S3 supplementary (opens in new tab)
Net new units
131 unitsS3 supplementary (opens in new tab)
Pricing & digital
Avg check
$8.25S3 supplementary (opens in new tab)
Off-premise
38.5%S2 official secondary (opens in new tab)
Franchise terms
Royalty
not disclosed
Franchise fee
not disclosed
By-market footprint
China / Hong Kong
819 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed11/12 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
819 stores
819 stores
Source-backedS1 official primary (opens in new tab)
Operational scale
$744M
Direct/operator revenue proxy: RMB 5,345.091M FY2025 revenue across 819 stores; same-store sales declined 9.4% and average daily table turnover was 3.0x; no separate terminal GMV/system-sales amount was disclosed in this pass.
Source-backedS1 official primary (opens in new tab)
Revenue
$785M
RMB 5,345.091M FY2025 revenue; gross profit RMB 3,763M; gross margin 70.4%.
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

小菜园 Xiaocaiyuan
Direct vs franchise split
100%
2024
Source-backedS2 official secondary (opens in new tab)
AUV — average unit volume
28,565 RMB per restaurant day
2023
Source-backedS2 official secondary (opens in new tab)
Same-store sales
-0.114 YOY growth 8m2024
8M2024
Source-backedS2 official secondary (opens in new tab)
Unit / store-level profit
19.7%
2023
Source-backedS2 official secondary (opens in new tab)
Initial investment
1,500,000 RMB per restaurant
2024
Source-backedS2 official secondary (opens in new tab)
Payback period
13.8 months avg 2021 to aug2024
2021-2024
Source-backedS2 official secondary (opens in new tab)
小菜园
Operating margin
11%
FY2024
Source-backedS2 official secondary (opens in new tab)
Food cost %
29.6%
FY2025
Source-backedS2 official secondary (opens in new tab)
Labor cost %
25.7%
FY2025
Source-backedS2 official secondary (opens in new tab)

Single-store model

6/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Daily figure; annualized differs from L1 derived (~USD958k) by period/store-count basis.
Avg daily sales RMB28,565/restaurant (8M2023) → RMB24,491 (6M2024, -15%). Annualized ~RMB10.4m/yr.
2023
Source-backedS2 official secondary (opens in new tab)
Single-store profit
Restaurant-level (pre-HQ); secondary relay.
Restaurant-level operating margin 19.7%(2023); 17.8% 8M2024 (down from 21.3%).
2023
Source-backedS2 official secondary (opens in new tab)
Initial investment
Range 1.3-1.7m; secondary relay.
Prospectus/use of proceeds: ~RMB1.3m-1.7m per new restaurant (180 planned).
2024
Source-backedS2 official secondary (opens in new tab)
Franchise fee / royalty
Structurally N/A, not a gap.
—
2024
GapSource (opens in new tab)
Payback period
RMB; trend declining; secondary relay.
Prospectus: cash payback 15.2mo(2021)→10.3(2022)→7.3(Sep2023); avg 13.8mo 2021-Aug2024, vs industry ~18mo.
2021-2024
Source-backedS2 official secondary (opens in new tab)
Same-store sales
Secondary relay.
Same-store sales -11.4% (8M2024).
8M2024
Source-backedS2 official secondary (opens in new tab)
Store open / close
GAP — not fabricated.
—
GapSource (opens in new tab)
Company-operated share
Secondary relay.
663 restaurants, all company-operated (direct model).
2024
Source-backedS2 official secondary (opens in new tab)

Cost structure

3/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS29.6%
FY2025· pct_of_revenueS2 official secondary (opens in new tab)Source-backed
FY2025 disclosed; 2024 ~+2.3pp higher. Secondary.
Labor25.7%
FY2025· pct_of_revenueS2 official secondary (opens in new tab)Source-backed
FY2025 disclosed; 2024 ~+1.6pp higher. Secondary.
Rent / occupancy—
Gap
GAP — not fabricated.
Delivery commission—
Gap
GAP — not fabricated.
Marketing—
Gap
GAP — not fabricated.
Operating margin11%
FY2024· net_margin_pctS2 official secondary (opens in new tab)Source-backed
Net margin (group); restaurant-level ~19.7% separate. Secondary.
Not separately disclosed33.7%

Supply chain

5 suppliers · 5 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

New Hope Liuhe Co., Ltd. (新希望六和股份有限公司)SZSE:000876
Ingredients
—8%S1 filingsource (opens in new tab)
Wuchang Qingxi Rice Industry Co., Ltd. (五常市慶喜米業有限公司)
Ingredients
—6.3%S1 filingsource (opens in new tab)
Anhui Miao Yuanwai Agriculture Co., Ltd. / Anhui Miao Zhifu Investment Co., Ltd. (安徽苗員外農業有限公司/安徽苗知府投資股份有限公司)
Ingredients
—4.4%S1 filingsource (opens in new tab)
Yihai Kerry Arawana Holdings (益海嘉里金龙鱼食品集团股份有限公司; supplying entity 益海嘉里食品營銷有限公司)SZSE:300999
Ingredients
—2.8%S1 filingsource (opens in new tab)
Beijing Ershang Meat Food Group Co., Ltd. (北京二商肉類食品集團有限公司)
Protein
—3.1%S1 filingsource (opens in new tab)

Peers in this segment

HaidilaoRevenue proxySKYLARK HOLDINGS CO.,LTD.Revenue proxyFOOD & LIFE COMPANIES LTD.Company-operated revenue (proxy)SAIZERIYA CO.,LTD.Revenue proxyTORIDOLL Holdings CorporationCompany-operated revenue (proxy)COLOWIDE CO.,LTD.Revenue proxy

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.