文 | 财经天下weekly linmu

编辑 | 吴跃

01 被对赌协议催着跑步上市

ipozhejidecanyinqiyeyouhenduo，dagongrenzaishuxibuguodelaoxiangji、lvcha、yangguofujiebangshangyouming。danlaizianhuitongling，zuohuicaiqijiadexiaocaiyuan，shangshizhiluquezoudeyichangshunli。

12yue20ri，xiaocaiyuanguojikongguyouxiangongsi（yixiajiancheng“xiaocaiyuan”）zhengshizaigangjiaosuoqiaozhong，meigudingjia8.5gangyuan，kaipanjiuzhangle7%，zongshizhida107yigangyuan。

suizhexiaocaiyuanshunlishangshi，xiannian52suideanhuitonglingrenwangshugao，zhongyuyuanleshangshimeng，huoxuhainengzaijinniandehurunbaifubangshangzhanjuyixizhidi。

butongyuqitalaoban，wangshugaozheicishidaizhexiongdimenyiqishangshide。julejie，xiaocaiyuandemendiandaduoyouzongbuheyuangongyiqikai，gongsiyoushangbaigegudong，meigebianchenggudongdeyuangongdounagufen，yiqixiangshougongsichengzhangdehongli。zaixiaocaiyuandeguquanjiegouzhong，wangshugaojiangzijideguquanfenchengleqifen，yifenzijiquanzichiyou，yifenyugaoguangongfen，shengxiadewufenzeliujilejituande100duoweihexinyuangong，yutamengongxiangchaoguo40%deguquan。

duiyuzheimezuodeyuanyin，wangshugaocengtoulu：“ruguozhiyouwozijizhuanqianqitarenbuzhuandehua，woxinlihuigandaobuan，juededuibuqita。”

huisuwangshugaodelaishilu，shiyiduandianxingdechushenhanmen、baishouqijiadegushi。zaonianyinjiajingpinhan，wangshugaozaozaochuoxuezuoqilechushi，jiehunhoukailejiazhudaanhuicaide“fuqidian”，zhuandaorenshengdiyitongjin。zaizhihou，wangshugaoyongzhuanlaideqiantouzikaishangwujiudian，yikuisun、shibaigaozhong，doudouzhuanzhuan，youzhongxinhuidaolaobenxing，juedingzuo“haochibugui”depingjiazhongshicanyin，xiaocaiyuanyingyunersheng。

xiaocaiyuanzoudaotaiqian，zoujinyulunchang，buguozuijinliangsanniandeshier。2022nian，yixiecantingweijingxukeshiyong“xiaocaiyuan”demingzi，beixiaocaiyuanqisu，zuizhonghouzheshengchu。yeshicongneishihouqi，bushaorencaihouzhihoujue，yuanlaiyougelaizianhuidecanyinjituan，mingzijiujiao“xiaocaiyuan”，haiyijingkaichuleshangbaijiamendian。

zaizhihou，jiahuazibendejibitouzi，youtianlebahuo，rangxiaocaiyuanzaicanyinjiederedugenggao。

2022nian11yuehe2023nian6yue，xiaocaiyuanfaxingguolianglunkehuanguzhaiquan，rengoufangjunweijiahuaxi，lianglunrengoujinegongji4yiyuan，zhihouzhuanhuanchengyouxiangu。2023nian12yue，xiaocaiyuanyoufaxingguoyilunyouxiangu，jiahuaxichuzi1yiyuanrengou。suanxialai，jiahuazibenqianqianhouhouhuale5yiyuan，rengoulexiaocaiyuan7.01%deyouxiangufene。

zaixiaofeilingyu，jiahuazibensuanshixiangdangdangdecunzai。wulunshizuocanyindelaoxiangji，haishimaishipinyinliaodejinmailang、dongpengteyin，beihouzhanzhededoushijiahuaziben。zaijiashang2023nianqianhoushizhi“xiaofeitouzihandong”，yishijian，xiaocaiyuanbeiguanyilezhuru“zhongcanjianzisheng”“yinxingjutou”“zhongshizhengcansaodiseng”dengminghao。

yeshilaizijiahuazibendetouzi，yijimouxie“duidu”bandetiaokuan，rangxiaocaiyuanbudebujiakuaishangshijincheng，shenzhizaidiyifenzhaogushushixiaodangtian，jiulimatijiaolezuixinbanben，shengpadanwushangshijincheng。

genjuxiangguanyueding，ruguoxiaocaiyuanchehuishangshishenqing，huozheweinengzaidijiaozhaogushuhoude18geyueneishunlishangshi，jiahuazibenxiangyoushuhuiquan。ciwai，ruguojiahuazibendeyouxiangutouziweinengzaiguidingshijianneihuanchenggupiao，yejiangchufaxiangyingdeshuhuitiaokuan。zhaogushuhaipilu，tangruogongsishangshihoushizhidiyujiahuazibentouzihouguzhide130%，jiangyongsizhongxingshibuchang，ruwuchangzhuanranggufen、tigongxianjinbuchangdeng。

xingyundeshi，xiaocaiyuandeshangshijinchenghenshunli。congjinnian1yue16rishoucidijiaozhaogushusuanqi，dao12yue20rizuizhongqiaozhong，qianqianhouhouyonglebudaoyinian。duibikantongxing，laoxiangji、laoniangjiudouzai2023nianxuanbuzhongzhiipo，zhihouzaiwudongzuo，laowang、yangguofu、lvchayedouyizhizouzai“qiushangshierbude”delushang。

tongyangxingyundehaiyouwangshugaobenrenhexiaocaiyuandegudongmen。shangshiqian，xiaocaiyuanzhishaoyousancidaepaixi，gongpaichu4.728yiyuan。qizhong，wangshugaoheqitagudonghejichiyou92.99%degufen，bajiangjin4.4yiyuanshourunangzhong。jiashangxiaocaiyuanshunlishangshi，wangshugaoheshangbaiweiyuangongdecaifugengshishuizhangchuangao。

02 店多了，翻台率却在下滑

xiaocaiyuannengshunlishangshi，zhuyaoshiyinweiyouyejizhicheng。

congzhaogushupiludeshujulaikan，2021nianzhi2023nian，qiyingshoufenbiewei26.46yiyuan、32.13yiyuanhe45.49yiyuan，sannianleiji104.08yiyuan。tongqi，gongsiguimujinglirunfenbiewei2.27yiyuan、2.38yiyuanhe5.32yiyuan，sannianzhuanlejin10yiyuan。

duibikanxingyedapan，guojiatongjijudexiangguanshujuxianshi，2022nianji2023nian，quanguocanyinshourutongbizengfufenbiewei-6.3%he20.4%。tongqi，xiaocaiyuandeyingshouzengfufenbiewei12.20%he41.58%，jungaoyuxingyepingjunshuiping。

zaijinyibuchaijie，xiaocaiyuanyejiliangyan，duanqikaodeshikuaisukaidian。cong2013niankaichudiyijiadiansuanqi，xiaocaiyuanhua5nianshijian，dao2018niankaichu100jiadian，zhihoufangfoanxiajiasujian，daojiezhi2023niandide5niannei，youxinkaichu400duojiadian。jiezhi2024nian7yue8ri，xiaocaiyuandemendianzongshuwei623jia，yuangaoyumaliuji、feidachu、lvcha、waipojiadengwanghongcanyinpinpai，bingqiezheixiemendianquanbushizhiyingdian。wangshugaocenggaosu《caijingtianxia》，“xiaocaiyuanyongyuanbuhuigaojiameng”。

congzhangqilaikan，zhuyaoshikazhunle“pingjia”dingwei。jinxienian，congsaliyadaotasiting，congmixuebingchengdaotianlala，yizhongcanyinqiyenishipaochuguimo，wuyibushikaode“pingjia”。

dazhongdianpingshang，xiaocaiyuanzuiguideyidaochouguiyu，shoujia138yuan，qitazhuruchaoqingcai、tudousi、lajiaochaoroudengjiachangcai，shoujiazaishijiyuandaosanshiduoyuanbudeng。jibianzaicuntucunjindebeijing，renjunyezhiyaoqibashiyuan，henyouxingjiabi。

youtonglingbendirenzaixiaohongshushanghuiyi，xiaocaiyuandangnianzaitonglingkaidiyijiadian，henduorenshibenzhe“liangdabugui”qude。qitawangyoutiqixiaocaiyuan，bushaoyongdeyedoushi“bianyi”“jiageshihui”dengcihui。

anhuicai，zuoweibadacaixidemowei，buxiangchuancai、xiangcai，youxiyinyanqiudedadanpin，yeburulucai、yuecaiyoupushixing。huoxuyinweiruci，xiaocaiyuanjiangde，yizhishi“haochibugui”degushi。zhaogushuxianshi，2021nianzhi2023nian，xiaocaiyuantangshikedanjiawendingzai65yuanshangxia，hetongyangjiang“xingjiabi”gushidelvchacantingbuxiangshangxia。2024nian，weileshunyingxiaofeiqushi，xiaocaiyuanhaixiadiaoguoyilunkedanjia。

kaozhezibenjiachiyijishunyingxiaofeizhexihaode“pingjia”dingwei，xiaocaiyuankuaisupaochuguimo，bingshunlidengluzibenshichang。danjiexialai，baizaiqimianqiandewentiyebushao。

shouxianshiruhepinghengkaidiansuduhedandianyingshouzhijiandeguanxi。

xiaocaiyuanzaizhaogushuzhongbiaoshi，jihuazai2024nian、2025nian、2026nianfenbiexinkai160jia、190jia、230jiadian，xiangdangyuyong3nianshijianzaizao1geziji。qimuziyitu，xiedeyeshiyao“chixukuodamendianwangluo”，bingqieweiqipipeigongyinglianheshuzihuanengli。

jiasukaidian，xiaocaiyuanweideshipaomaquandi，chenzhetongleijingpinhaimeipaochulaizhiqian，zhuajinshijianzhanlingshichangfene，qiangzhanxiaofeizhexinzhi。danwuyiyehuidaozhixiaofeizhebeifenliu。

zhaogushuxianshi，2023nian，xiaocaiyuandetongdianfantailvwei3.2ci/tian，diyu2021niande3.4ci/tian。2024nianqian4geyue，gaishujujinyibuxiajiangzhi3.1ci/tian。yucitongshi，2024nianqian4geyue，xiaocaiyuandetongdiandanweimianjirijunxiaoshouejiaozhi2023nian，tongyangyousuoxiajiang，cong77.4yuanjiangzhi73.3yuan。

xiaocaiyuanxuyaohuidadediergewentizeshi，suizhepinpaijiasujinrugaoxianchengshi，gairuhekongzhichengben，baozhengyinglinengli。

zaonianjian，xiaocaiyuanzoudeshi“xiachen”zhilu。2021nianyiqian，xiaocaiyuandesuoyoumendianli，fenbuzaisanxianjiyixiachengshidezhanbichaoguo50%。yeyinweiruci，xiaocaiyuanguoquchongfenxiangshoudaoledixianchengshizujin、rengongdehongli。danyaoxiangtishengpinpaiyingxiangli，jinerfuhuagengduozipinpai，xiaocaiyuanbixuwangdachengshizou。

shishiyedequeruci。jiezhi2024nian4yuedi，xiaocaiyuanzaiyixian、xinyixian、erxianchengshidemendianzhanbidadao55.1%。danyucitongshi，feiyongkaizhiyesuizhizengjia。

2024nianqian4geyue，xiaocaiyuanhuazaiguanggaocuxiaoshangdefeiyongdadao2062wanyuan，tongbizengjia42.73%。tongqi，xiaocaiyuanyongyuyuancailiaojixiaohaopin、yuangong、shiyongquanzichanzhejiu、qitazujinjixiangguankaizhidefeiyongtongbizengjia14.73%，gaoyuyingshouzengsude12.0%。

kaolvdaoxiaocaiyuanzhudadeshi“pingjia”biaoqian，suizhedachengshimendianzhanbibuduantisheng，xiangguanfeiyongzhichuzengjia，xiaocaiyuandeyinglinenglijianghuichixushoudaokaoyan。

ciwai，benzhe“duotiaotui”zouludeyuanze，canyinjituandaduohuifuhuazipinpai、zuofupai，weideshifensanfengxian、dakaizengzhangkongjian。zaizheiyidianshang，chule“xiaocaiyuan”zheigepinpai，xiaocaiyuanhaiyongyou“guandi”“fuxinglou”“caishou”dengduogepinpai，qizhong“caishou”miaozhundeshishequcanyinshichang。dancongmuqianlaikan，“xiaocaiyuan”rengranshiyingshoudabenying，99%deyingshoujunlaiziyuci。

03 安徽老板喂饱了很多人的胃

suizhexiaocaiyuanshunlishangshi，“anhuibang”dezhanjibuyouchenggongbeitianshangyibi，tamenkaicanyindian，weibaolewushurendewei。

suishuohuicaibenshencunzaiganbusuangao，buruchuanxiangcaiyouhuatidu，danfangyanzhongguocanyinjie，“anhuibang”keweiyigubukehushideliliang。

zaibeijing，liuchuanzhe“anhuirenchengqibeijingcanyinbanbiantian”deshuofa。wulunshichangnianmenqianpaidaduide，maikaoyadesijiminfu，guijiedexiaolongxiadianhudafandian，haishijidagongrengongjiyirisancandebabimantou、nanchengxiang、laoxiangji、guanshichiba，maichayindetianlala，beihouzhanzhede，qingyisedoushianhuilaoban。

jiarukuodashiye，bamuguangfangzailiansuodianzhiwaideliudongxiaotan、zaocanpushang，wenlaobanlaizinali，dedao“anhui”zheigedaandekenengxingyegaoyuqita。

江浙沪一带，一到晚上就推车卖炒饭、炒面的街边流动小摊，也大多是安徽人经营的。文化学者马未都曾经观察，北京做早点的，十有八九shianhuiren。shenzhibuzhibeijing，quanguozaocanquanhaiyouzhe“10gezaocandian，9geanhuiren”yishuo。

gancanyinshimenkuchashi。rujinzaicanyinjiejiaodeshangminghaodeanhuilaoban，daduoyouyiduanjiajingpinhan、chuoxuedagongzuocanyinyangjiadegushi。babishipinchuangshirenliuhuiping，chusanchuoxuedagong，weilexuemiandianshouyi，“jibaigongjindemianfen，tiantianyongshourou”，meitianlingchenliangdianqichuang，yizhengyanjiushiganhuo。hudafandianchuangshirensunyuzhen，jialiyou8gexiongdijiemei，yinweishangbuqixue，zhinengjieqiandaobeijingdagong。

xiaocaiyuanlaobanwangshugaotongyangruci，fumudoushinongmin，yijiarenyizhongdiweisheng，yinweijiajingpinhan，ta18suijiuburushehui，ganlejinshinianzanghuo、leihuozhihou，caizoushangzuocanyindedaolu，shigewanquankaoshuangshoudatianxiade“chuangyidai”。tacengxiang《caijingtianxia》qiangdiao，“wobushiminyingqiyejia，wozhishige‘dianxiaoer’。”yezhengshiyouyuguoguokurizi，tacaijiangxiaocaiyuandingweiyu“pingjia”。

chulenengchiku，anhuicanyinrendegongxinghaizaiyu，yuanyi“chuanbangdai”，shenzhiyongqieshideliyijinxingkunbang，xiaocaiyuanjiuyoushangbaigeyuangonggudong。

受限于地理位置，安徽省内人均资源并不丰富。上世纪八九shiniandai，chengzhenhualangchaolakaidamu，wushuanhuirenzouchujiamen，daoquanguogedi，kaocanyinzheimenmenjianbugao、qidongzijinbuduodeyingshengzhaxiagen。zaizhihou，zuoxiaocanyinzhengdaoxiaoqiandeanhuiren，shaodaishoujitongxiangchuanshouxiejingyan，shengyiguimogengdadeanhuiren，zeshitongguopinqingtongxiang、shituzhidengfangshikuaisukuozhangliebian。

biruguanshichiba，cengjingyiduyou70%deyuangonghelaobanshitongxiang。sijiminfuchenglisannianhou，yerangyuangongchengweigongsidegudong。

fancizhongzhong，ranganhuicanyinxunsujixuqililiang，jierzai“pingjiacanyin”baofadedangxiazoudaoyuelaiyueduoxiaofeizhedemianqian。

butongyuxinxiaofeipinpai，dadouyouzhewaiqibeijing、gaoguanlvlidechuangshiren，shanzhangyingxiaowanfa，“anhuibang”pubiangengposudidiao，“haochibugui”shiguanjianci。nanchengxiangzaidagongrenquntilizouhong，kaodeshidijiazaocanhe“qiongguitaocan”。zhihua3yuan，jiunengzainanchengxiangchangyinniunai、doujiang、zhoudeng7zhongleixingdeyinpin。hepengyouzaixiaocaiyuanchidunfan，renjun50yuandao70yuan，yourouyousu。

erdang“anhuibang”jitizoudaotaiqian，youxunzhebutongdefangxiang，zouchulefenchalu。

yinwei“chuanbangdai”hejiawenhua，anhuicanyintianranyuziben、jiamengmoshibutaiduifu。guoquhenzhangyiduanshijian，dajiadouyizhiyingweizhu，nanchengxiangshenzhijiangjujueziben、jujuejiamengzheijianshi，xiejinlegongsi“xianfa”。

danfazhanzhijin，hudafandianzaoyichenglexinpinpai，tongguoxinpinpaikaifangliansuoyunying。laoxiangji、xiaocaiyuanzeshijiandingqianshouziben，zoushangleshangshikuozhangdedaolu。rujinsuizhexiaocaiyuanshunlishangshi，yejizengsu、yinglikongjian、zipinpaitansuo，douxishubaizailezheiwei“huicaixinwang”mianqian。