UBS: Maintains "Buy" rating on XIAOCAIYUAN (00999), target price of 14 Hong Kong dollars.

UBS released a research report stating that it maintains a "buy" rating for XIAOCAIYUAN (00999) with a target price of HK$14. The management reiterated its target of reaching 800 and 1000 restaurants by the end of 2025 and 2026 respectively, and aims to have 3000 owned-and-operated restaurants within 5-7 years. The report states that XIAOCAIYUAN's management attended the bank's Asian Consumer, Internet, and Gaming Company Day, emphasizing the company's focus on providing delicious and affordable food for customers. They plan to reduce the average spending per customer from RMB 57 in the first half of the year to RMB 50-55, which may decrease gross profit margin but increase customer traffic. The company's target customer group is consumers with a monthly income of RMB 3000-5000.