文 | 融中财经

caogenwangshugao，daizhe663jiahuicaiguan，ipole。

2024nian12yue20ri，xiaocaiyuan（00999.hk）zhengshidenglugangjiaosuo，shangshishourikaibao9gangyuan/gu，jiaoshangshifashoujia8.5gangyuanweizhang6%，zongshizhiyue100yigangyuan。

chengliyu2013niandexiaocaiyuan，shihenduoxiaofeizheyanli“huicai”liansuocanguandedaibiao，yi“chouguiyu”zhuming——jiezhizuihoushijikexingriqi，xiaocaiyuanyou663jiazaiyingdezhiyingmendian，fugaizhongguo14geshengde146gechengshi/xian，qizhong，zhuyaomendianjingyingdiquweiyuhuadongdiqu。

furuositeshaliwenziliaoxianshi，jiu2023niandemendianshourueryan，xiaocaiyuanzaikedanjiajiehu50-100yuandezhongguodazhongbianminzhongshicanyinshichangdesuoyoupinpaizhongpaimingdiyi，zhanshichangfenede0.2%。anshouruji，gaixifenshichang2023niandeshichangguimodadao22529yiyuan，yuezhanzhengtizhongshicanyinshichangde55.2%，bingyujijiangyi9.1%defuhenianzengzhanglvzengzhangzhi2028niande55871yiyuan。

zhideyitideshi，cantingkuozhangjihuazaixiaocaiyuanneibuzhanlveyiyizhongda，ipomujizijinyeyouxiangdangdabufenyongyuci。jutilaikan，guanyushangshiyuanyin，xiaocaiyuanfangmianbiaoshi，benciipomujisuodezijinjingejiangzhuyaoyongyuchixukuodamendianwangluo，yikuodadilifugaifanweibingtigaoshichangshentoulv；zengqianggongyingliannengli；shengjizhinengshebeiheshuzihuaxitongyitigaoxinxijishunengli，yijiyongzuoyingyunzijinjiyibanqiyeyongtu。

gengjuyiyideyimushi，zaigangjiaosuohuiqiqiaozhongbaochuidexiaocaiyuan，yeshijijinnian10yue11rizhengshidenglubeijiaosuodetongguankuangjianhou，anhuisixianchengshitonglingshipaochudedi13jiashangshigongsi，tongshiyeshi2024nianshougefanguanipo。

muguangshunzhexiaocaiyuanshenhouwangqu，zhengyouyuelaiyueduodetonglingshiqiyezaikouxiangipodamen，zibenshichang“tonglingbankuai”riyizhuangda。

70后安徽大厨，干出一个IPO

xiaocaiyuandegushi，yeshiyiwei70houcaogenzaicanyinjiedapinfazhandegushi。

jinnian52suidewangshugao，shixiaocaiyuandechuangshiren。1972nian，wangshugaochushengzaianhuitonglingdeyigeputongnongjia，jiajingpinhanshitazaozaodilikailexuexiao，18suibiankaishizaishehuishangmopagunda。

guanyuwangshugao，xiaocaiyuanzaizhaogushuzhongdebimobuduo，“wangxianshengyucanyinxingyeyongyouchaoguo20nianjingyan”，bianshiduiwangshugaozuizhijiedejieshao。

zaonianzuoguochushidewangshugao，qishizai2006nianbiankaishichuangye。zhaogushujizai，zaichuanglixiaocaiyuanzhiqian，wangshugaobiancengfenbieyu2006nian3yue、2007nian5yuehe2010nian12yuechuanglitonglingshiwangwangmeishilin、tonglingshijiaoquhexiedajiudianhetonglingshihexiecanyinyouxianzerengongsi。tianyanchaxianshi，shangshusanjiazhutijunyizhuxiao。

jutilaikan，wangshugaozai2006nianchuangbandetonglingshiwangwangmeishilin，shizeshiheqiziyiqikaidezhudaanhuicaide“fuqidian”，zheijiadianrangwangshugaozhuandaolerenshengdediyitongjin。suihou，tajuedingkuodashengyi，kaiqilejiudian，2007nian，wangshugaozaitonglingkaisheleyijiashangwuxingjiudian，bingxunsukuozhangdaoshijijialiansuodian。

raner，mingyunsihubingbuzongshijuanguzheiweiqinfendeanhuidachu，tadejiudianshengyizuizhongyinweitouzishibaieryiguanmengaozhong。shibaibingmeiyourangwangshugaoqinei，xiangfan，guzilibianzidaicaogenrenxingdewangshugaojuedingdongshanzaiqi。

2013nian，wangshugaozaianhuichenglilediyijiaxiaocaiyuan，zhiliyujiangqidazaochengzhongguobaixingde“jiatingchufang”。pingjieduishichangdeminruidongchaheduicanyinyedeshenkelijie，xiaocaiyuanxunsuzaiquanguogedikaihuajieguo。jiezhizuihoushijikexingriqi，xiaocaiyuanyou663jiazaiyingdezhiyingmendian，fugaizhongguo14geshengde146gechengshi/xian，qizhongbaokuo658jia“xiaocaiyuan”mendianji5jiaqitazipinpaimendian。

图/小菜园门店数量，来源/小菜园招股书

xiaocaiyuandechenggong，bujinjinzaiyuqikuaisudekuozhang，gengzaiyuqijingzhundeshichangdingweihegaoxingjiabidecelve。

“bianyi”，shidaduoshuxiaofeizheduiyuxiaocaiyuandezuishenyinxiang。laizibeijingdechengjiazixushixiaocaiyuandeyongdun，“jishikuaiqianyigecai，haishixianchaofeiyuzhicai，yongshangtuangouquanrenjundoubuyong50yuan。”

wangshugaoyecengduocibiaoshi，“kaicanting，haochi、buguishizuizhongyaode。”yinci，weiquebaoxiaofeizhehuode“haochibugui”dejiucantiyan，gongsijinxinghelidecaipindingjia，shixian“xiaocaiyuan”mendiantangshigukedekedanjiajiehu50yuanzhi70yuan。

zaixiaofeihuanjingchengyadeqingkuangxia，dikedanjiadexiaocaiyuanyijiubaochizhezhengxiangzengzhang。shujuxianshi，2021nian、2022nian、2023nianji2024nianqian8geyue，xiaocaiyuanshixianshouru26.46yiyuan、32.13yiyuan、45.49yiyuan、35.44yiyuan；shixianjinglirun2.27yiyuan、2.38yiyuan、5.32yiyuan、4.01yiyuan；jinglirunlvfenbiewei8.6%、7.4%、11.7%、11.3%。

zhideyitideshi，xiaocaiyuanxianyougudongzhong，90.4%shimendianjicengyuangongchengzhangqilaide，jihusuoyoudianzhangjichushizhanglaizineibupeiyangtiba，quyujinglize100%weineibupeiyangtiba。

cong2006niankaishichuangye，zhuanyanjianxiao20nianyiguo，zaicanyinxingyejinyinduoniandewangshugaodaizheyitongfendoudeyuangongmen，zaijintianzhongyuchenggongtuikaileerjishichangdamen，bingshouhuolerenshengzhongdediyigeipo。

一年时间，徽菜独角兽成徽菜IPO

canyinjieduiyuxiaocaiyuanziranbumosheng，erzaichuangtouquan，chengliyu2013niandexiaocaiyuanzelvexiandidiao。

zongtikanlai，xiaocaiyuandeguquanjiegouxiangduijizhong，zhuyaoyouchuangshirenwangshugaojiqiyizhixingdongrenchiyoujuedaduoshugufen，weiyidewaibutouzizhejiahuazibenchiyoushengyudeshaoshugufen。

jutilaikan，chuangshirenwangshugaotongguo7gechigupingtaikongzhizhexiaocaiyuanyifaxinggubenzhong92.99%degupiao，shigongsideshijikongzhiren。zheixiechigupingtaibaokuoxcy future limited、xcy yongqing limited、xcy xuyuan limited、xcy zhiyuan limited、xcy huiming limited、xcy weiyuan limitedhexcy liyuan limited，tamenfenbiechiyouxiaocaiyuanbutongbilidegufen。

shengyude7.01%gufenzeyoujiahuazibenchiyou。jiahuazibenzaixiaofeitouzilingyu，juefeiwumingzhibei。zuoweijiahuazibenzhangmenrendesongxiangqian，zhiyeshengyaleijizichanguanliguimochaoguo800yiyuan，qiyishouchuanglidejiahuazibenleijiguanlizijinzongeyubaiyiyuan，dongpengteyin、juranzhijia、qiaqiashipin、laiyifen、babishipindengxingyexifenlingyuchaojilongtoujunzaibeitouzhilie。

jiahuazibenduixiaocaiyuandetouzishiyu2022nian，zheiyinian11yue，jiahuazibentongguoqiqixiaharvest delicacy，yi1.5yiyuanrengouxiaocaiyuanfaxingdekehuanguzhaiquan，houyouzai2023nian6yueyi2.5yiyuanrengoudierbikehuanguzhaiquan。

zhidao2024nian1yuexiaocaiyuanxianggangjiaosuodibiaoqianyigeyue，jiahuazibencaijiangzheiliangbizhaiquanzhuanhuanweigupiao。

2023nian12yue18ri，harvest delicacyyi4yiyuanrengoudiyilunyouxiangu，rengoujiagewei6.19yuan/gu，jiaoyiwanchenghou，harvest delicacychiyougongsi645.85gudiyilunyouxiangu，zhangongsizonggubende6.01%，duiyinggongsitouhouguzhiwei66.6yiyuan。

2024nian1yue8ri，harvest delicacyyoulingwaiyi1yiyuandedengzhimeiyuanrengouxiaocaiyuandierlunyouxiangu107.53gu，zhanbi1%，meiguchengben9.3yuan，jucijisuangongsiguzhiwei100yiyuan。

huanjuhuashuo，zaiduanduan21tianshijianli，xiaocaiyuandeguzhidazeng50%jin34yiyuan。

erconghuicaidujiaoshoudaohuicaiipo，xiaocaiyuanqianhouyejinhaoshi1nianshijian。suduzhikuai，rangzhongrenshiliaobuji，erzuoweiyijiaxiaofeiqiyechenggongchuangguanipo，beihouyiyiyeyouweizhongda。

zhongsuozhouzhi，xiaofeitouzizi2022nianyilaijinru“qupaomo”shiqi，touzireduxiajiang，erjishichangdejiannanchengduyebuhuangduorang。

suizhe2023nianchu“honghuangdeng”（qizhong“hongdengxingye”baokuoshipin、fangyi、baijiudeng）xingyexianzhizhengcedeliuchuan，xiaofeixingqiyeipochuangguandenanduyuelaiyueda。yinci，dayangshijia、zilincuye、laoxiangji、dezhoubaji、wolongshipindengduojiaxiaofeiqiyefenfenzhudongchedan、zhongzhiipo。

jinguanduibilaikan，xiangduiyushenshendeagushichang，xianggangzibenshichangdeshenhezhouqijiaoduan、shangshibiaozhunmingqueqiemenjianjiaodi、chengxuxiangduijiandanqiegengquyuguojihua，yincibaokuocanyinzaineidexiaofeiqiyegengrongyimanzuganggushangshidetiaojian。muqiangangguyejujilehaidilao、xiabuxiabu、jiumaojiu、zhouheiya、hailunsidengduogecanyinpinpai。

jinrudao2024nian，gengshichuxianlemixuebingcheng、guming、hushangayidengxinshichayinpinpaixianhoudibiaode“shengkuang”，zuihoushichabaidaogengshengyichou，zhaide“xinshichayindiergu”chenghao。

dantongshiyeyouduojiafugangipodecanyinqiyejinzhantingzhi，shangshudemixuebingcheng、hushangayizhaogushuzhuangtai，bianwei“shixiao”，gumingzeyujinrizaicidibiao。ciwai，yangguofu、laowang，shenzhisidudibiaodelvcha，ciqianyeyouguosandumianlin“shixiao”dejingli。

xiaocaiyuandechenggongshangshi，bujinweiqizishendefazhanlichengbeitianshanglenongmozhongcaideyibi，tongshiyeweineixiezhengzaipaiduidengdaiipodexiaofeiqiyezhuruleyijiqiangxinzhen。

铜陵企业，排队IPO

nianguanjiangjin，zaichengjidanshangtianshangyibidechulejiahuaziben，haiyouxiaocaiyuansuozaidi，anhuitongling。

tongling，zheizuoweiyuzhangjiangzhongxiayoudechengshi，ziguyilaijiushizhongguozhongyaodeyousejinshugongyejidi，youzhe“zhongguogutongdou”demeiyu。suizhejingjidefazhanhezhuanxing，tonglingdeqiyeyezaibuduandijinxingchanyeshengjihejiegoudiaozheng，congchuantongdeziyuanxingchanyexianggaoxinjishuchanyezhuanxing。

fangyanzhongguojingjifazhandebantushang，sixianchengshitonglingshibingbushizuiyaoyandemingxing。danjinnianlai，zheizuochengshiqueyinqidutedediliweizhiheshenhoudegongyejichu，yunyuchuleyipijuyouqianlideqiye，tamenzhengxushidaifa，zhunbeizaizibenshichangshangdazhanquanjiao。

jinrizaigangjiaosuohuiqishangshibaochuidexiaocaiyuan，shitonglingqiyepaiduiipodeyigesuoying，suizheshangshizhongshengxiangqi，tonglingshiyejiangdi13jiashangshiqiyeshourunangzhong。ciwai，1jiaqiyezhengbaobeijiaosuoshenhe，3jiafudaobeianqiye，shengjizhongdiankuruku18jia、shijihoubeikuzhongdianqiye20jia。

youcibunankanchu，tonglingshiyijianchengcengcifenmingdeshangshitiduigeju，zaiweilaiyiduanshijianneitonglingshiqiyeshangshigongzuojiangbuduanqudexintupo。

zaipeiyuzibenshichang“tonglingbankuai”zheitiaolushang，tonglingshisuoxiagongfubushao。zheizuosixianchengshi，gengshishenan“chuangtouxingzechanyexing”daoli，zai“dazaoduoweizibenzhichitixi”shang，zouzailequanshengqianlie。

zaizheili，“jijinbuluo”yijingchengweiyigexiangliangdeminghao，xiyinzhelaizisimianbafangdeshehuiziben。tonglingshizaiguoquyuzhongjinziben、zhaoshangzhengquandengtoubujigoujianlilewendingdehezuoguanxi，tuidong“jijinbuluo”yu“tonglingbankuai”liandonggongying，tongguojijincanyuqiyegufenzhigaizaojidingxiangzengfa、xiangmujianshedeng，youxiaofengfuguquanjiegou、wanshangongsizhili、zuodaqiyeguimo。yipichuangyetouzijijinzhulilandunguangdian、jingsaikeji、jieyagufen、fuledechenggongshangshi，bingyouxiaoshixianzibenshichangzhengxiangshouyi。

ciwai，tonglingshicaizhengjubiaoshijiangjinyibujiadasimujijinzhaoyinlidu，zuodajijin“xushuichi”，yijijinweiniudai，qiaodonggengduoshehuizibentebieshiminyingzibenfuwujingjifazhan，jujiaozhaoshangyinzixiangmu，yizhanlvexingxinxingchanye、xianjinzhizaoyedengweizhugongfangxiang，bashanzhangdetouzilingyuhetonglingdeyoushichanyelianjieqilai，jiaqiangduixinkeji、xinsaidao、xinshichangdejinrongzhichi，weitonglingkejichuangxinfazhanchixuzhuruqiangjingdongneng。

tongshi，tonglingshidejinrongjigouyezaijijixingdong，chongfenfahuijinrongyaosufuwushitijingjifazhandezuoyong，zuzhijinrongjigouduihoubeishangshiqiyejinxinggenzongfuwu，weiqiyecaiwuguanlitigongzhuanyehuajianyi，bangzhuqiyeyouhuarongzijiegou。

zhanwangweilai，tonglingshibiaoshijiangjinkougaozhiliangfazhanzheiyizhuti，jixujiaqiangyuzhengjianbumen、jiaoyisuo、zhongjiejigoulianxiduijie，chixuchongshiwanshanshangshiguapaihoubeiziyuanku，jingzhunqufenqiyeduijiezibenshichangde“chengshudu”“fenleishice”zhidaoqiyetishengyunyongzibenshichangdeyishihenengli，buduanjiandingqiyejiashangshidejuexinhexinxin，tuoshanjiejueshangshiguochengzhongdegeleiwenti，nuliweiqiyetigongquanfangweifuwu，quanlijiakuaishangshijindu，buduanzuodazuoqiangzibenshichang“tonglingbankuai”。

tonglingqiyedeipo，yeshizhongguozibenshichangfazhandeyigesuoying。suizhezhongguozibenshichangdebuduanwanshanhekaifang，yuelaiyueduodeqiyexuanzetongguoipolaishixianzishendefazhanhekuozhang。zheixieqiyedechenggongshangshi，bujinnenggouweiqiyezishendefazhantigongzijinzhichi，yenenggoutuidongzhongguozibenshichangdejiankangfazhan。tonglingdeqiye，zhengzaitongguoipozheiyipingtai，zhanshizijideshiliheqianli，xiyingengduodetouzizhehehezuohuoban。

zibenshichang“tonglingbankuai”dezhuangda，shizhongguozibenshichangfazhandeyigesuoying。suizhezhongguozibenshichangdebuduanwanshanhekaifang，yuelaiyueduodeqiyexuanzetongguoipolaishixianzishendefazhanhekuozhang。

erdangxia，bufangqidaitonglingshidi14jiashangshigongsidechuxian。