wen | hongcanwang luziyan

编辑 | 王秀清

canyinxingyeyoudanshengyigebaiyijishangshigongsi！

jinri，xiaocaiyuanguojikongguyouxiangongsi（xiacheng“xiaocaiyuan”）zaigangjiaosuozhubanguapaishangshi，zheishijichabaidaozhihou，2024nianneidiergechenggongshangshidecanyinqiye。

jiezhishoupan，xiaocaiyuan（00999.hk）gujiabao 9.66gangyuan/gu，zhangfuwei14%，zongshizhiwei114yigangyuan。

01 8个月狂赚4亿元，三线以下城市收入占比超4成

xiaocaiyuanxiaocaiyuandingweidazhongbianmincanyin，zhudahuicai，qixiayongyou“xiaocaiyuan”“guandi”“fuxinglou”“caishou”dengpinpai。

jinsinianlai，xiaocaiyuandeyejizhengtichengwenjiandezengzhangtaishi。

zhaogushuxianshi，2021-2023nian，xiaocaiyuandeyingshoufenbiewei26.46yiyuan、32.13yiyuan、45.50yiyuan，jinglirunfenbiewei2.27yiyuan、2.38yiyuan、5.32yiyuan，jinglirunlvfenbiewei8.6%、7.4%、11.7%。

jinnian，xiaocaiyuandeyejihuonengshixianjinyibuzengzhang。

genjuzhaogushu，jiezhi2024nian8yue31rizhibageyue，xiaocaiyuandeyingshouhelirunfenbieda35.44yiyuan、4.01yiyuan，jinglirunlvwei11.3%。

jutidejingyingshujufangmian，2021-2023nian，xiaocaiyuandefantailvfenbiewei3.3、2.8、3.2，2024nianqian8geyue，xiaocaiyuandefantailvwei3.1；tangshigukerenjunxiaofeifangmian，2021-2023niandeshujufenbiewei66.1yuan、65.8yuan、65.2yuan，2024nianqian8geyuewei59.5yuan。

mendianshufangmian，jiezhi2024nian11yue26ri，xiaocaiyuanmendianshuda663jia，fugaijiangsu、anhui、shanghaideng16geshengshiqizhong，“xiaocaiyuan”mendianwei658jia，qiyu5jiaweiqitazipinpaimendian。

图片来源：小菜园官网

xiaocaiyuanfangmianjihua，2024-2026nianfenbiekaishe160、190he230jiaxinmendian，yishixianzai2026niantupo1100jiamendian。

xiaocaiyuanzhuda“nongcunbaoweichengshi”dezhanlve，mendianzhuyaofenbuzaisanxianjiyixiachengshi。2024nianqian8geyue，xiaocaiyuanzaiyixian、xinyixian、erxianyijisanxianjiyixiachengshi（baokuoxianjishijixian）mendianshuliangfenbiewei97jia、184jia、77jiaji278jia。

zhideyitideshi，xiaocaiyuandeyingshouyedabufenlaizigaiquyu。zhaogushuxianshi，sanxianjiyixiachengshidemendianshouruwei14.32yiyuan，zhanzongede40.8%。

图片来源：小菜园招股书

02 主打性价比、不做预制菜，把SKU精简到50款内

genjuzhaogushu，xiaocaiyuanqiangdiaojiachangfengweihegaoxingjiabi，jianchixianzuo、buyongyuzhicai。

furuositeshaliwendeshichangdiaoyanxianshi，2023nianxiaocaiyuanzaikedanjiajiehu50yuanzhi100yuandezhongguodazhongbianminzhongshicanyinshichangdesuoyoupinpaizhong，paimingdiyi。

weiletishengxingjiabiyoushi、baozhangxiaolvhechupinwendingxing，xiaocaiyuanzhengbuduankuodazhongyangchufangdeguimo。

julejie，xiaocaiyuanbajinbaikuanskujingjiandao45-50kuan，bingtongguozhongyanggongchangjiagongqiepeijingcai、jianligaoxiaodecaipinzhibeiliucheng，baozhenggaoxiaochucan，shixiandiancanhou25fenzhongneishangzhuodechengnuo。

jiezhijinnian8yue31ri，xiaocaiyuanzaianhuiyijianshe1gezhongyanggongchanghezaiquanguojianshele14gecangku，zijianlegongji200taicheliangdeyunshutuandui，tongguozijiandejiagongtixi、cangchutixi、wuliutixi，baozhengshicaidegaoxiaojiagong、quanbumendianjingzhunripeihepinkong。

xiaocaiyuanhaijihuajinyibukuodagongyinglianbuju。zhaogushuxianshi，xiaocaiyuanjihuajiangcicishangshimujizijindeyue37%yongyuzengqianggongyingliannengli，yue40%jihuayongyukuodamendianfugaifanwei、tishengshichangshentoulv，lingwai13%ji10%fenbieyongyutishengshuzihuanenglijiyibanqiyeyongtu。

chucaipinbiaozhunhua，xiaocaiyuanzaiyunyinggehuanjie，rucantingfuwu、xianshangxianxiayunying、yuangongpeixun、shipinanquanyuzhiliangkongzhi、tuodiandenghuanjieshixianlebiaozhunhuaguanli。tongshi，tongguobuduanqianghuashuzihuanenglitishengyunyingxiaolvhegukenianxing。zhaogushuxianshi，zi2021nianchuzhijin，xiaocaiyuandehuiyuanshuliangyou150wantishengzhichao830wan。

03 上市不是终点，小菜园仍存挑战

xiaocaiyuanzaikuaisufazhanyukuozhangdetongshi，yemianlinzheyixieburonghushidetiaozhan。

yifangmianshimendiankuozhangbeihoubudebumianduidewenti。

zaizhongshizhengcanzheitiaosaidaoshang，xiaocaiyuanhetiliangxiangjindejiumaojiu、lvcha、waipojiadengpinpaibutong，mendiandaduozaisanxianjiyixiachengshi。chuleweiyuqihuadongdabenyingdeshanghaimendianshuxiangduijiaoduo，beijingjinyou20jiamendianzuoyou，shenzhen、guangzhoudemendianshuzedouweigeweishu。

danduiyuzhongshizhengcanqiyelaishuo，shizhongnanyiraokaiyixianchengshi。xiachenshichangsuiranzaizujin、renlichengbenshangzhanyoushi，danjinjunyixianchengshiduiyutigaopinpaiyingxianglihefuhuaxinyetaizhiguanzhongyao。

图片来源：小菜园官网

lingyifangmian，jinguanxiaocaiyuanzaizhengtiyingshoushangchengxianchuzengzhangdelianghaoqushi，dandandiandejingyingzhuangkuangquecanchabuqi。

zhaogushuxianshi，2021nian-2023nianyijijiezhijinnian8yue31ri，xiaocaiyuankuisunmendiandeshuliangfenbiewei63jia、66jia、66jiahe56jia，xiangyingdejingyingkuisunzongefenbieshi1580wanyuan、1850 wanyuan、1330wanyuanhe1120wanyuan。jiezhi2024nian4yue，rengyou66jiamendianchuyukuisunzhuangtai。

suirancongzhengtimendianshulianglaikan，kuisunmendianshumusuozhanbilixiangduibusuangao，danyiranzhideyinqigaodujingti。

qikuisunyuanyin，zhuyaokeguijieweikaidianchengbendechixushangshengyijidandianxiaoshouedexiahua。zaizhaogushuzhong，xiaocaiyuanduimendiankuisundeqingkuangliejuleyixieliyou，liruxiaofeidahuanjingxiaxing、caipinjiagediaozhengdeng。

zongdelaishuo，zaidangqianjingzhengbairehuadecanyinshichanghuanjingxia，ganggushichangdezhengtibiaoxianyouxiangduicandan，xiaocaiyuannenggouchenggongshangshiyishubuyi。raner，shangshijinjinshiyigexindeqidian，zhenzhengdekaoyanzaiyuhouxudejingying，xiangyaowenzhudangqiandediwei，xiaocaiyuanhaixuchixunuli。