证券研究报告 | 2026年02月25日 | 晨会纪要 | | --- | | 数据日期:2026-02-24 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4117.40 | 14291.56 | 4707.54 | 15594.11 | 4174.84 | 1465.36 | | 涨跌幅度（%） | 0.86 | 1.35 | 1.01 | 1.34 | 0.96 | -0.33 | | 成交金额（亿元） | 9386.11 | 12634.50 | 5260.84 | 4409.74 | 5933.52 | 689.36 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}\overline{{{\mathbb{M}}}}$$ (4) [ (4) 36 $\mu$H$\mu$H$\mu$H$\mu$] 宏观与策略 行业与公司 非银行业快评:2 ...

Group 1 - The company, Meet Xiaomian (02408.HK), announced a share buyback on February 24, spending HKD 2.113 million to repurchase 362,500 shares [1]

Core Viewpoint - The company, Meet Xiaomian (02408), announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company will spend HKD 2.1131 million to repurchase 362,500 shares [1] - The buyback price per share ranges from HKD 5.70 to HKD 5.94 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 廣州遇見小麵餐飲股份有限公司 - H股 第 2 頁 共 7 頁 v 1.3.0 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 呈交日期： 2026年2月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 ...

Group 1 - The company, Meet Xiaomian (02408), announced a share buyback on February 23, 2026, for a total expenditure of HKD 3.1714 million [1] - The buyback involved repurchasing 553,500 shares at a price range of HKD 5.57 to HKD 5.87 per share [1]

Group 1 - The core viewpoint of the report is that the company, Yujian Xiaomian, is expected to experience significant profit growth, with adjusted net profits projected at 1.35 billion, 2.35 billion, and 3.51 billion yuan for the years 2025-2027, representing increases of 111%, 74%, and 49% respectively [1] - The company is recognized as the first publicly listed Chinese noodle restaurant, having established a standardized operational model since its founding in 2014, with a diverse product matrix centered around classic Chongqing noodles [1] - The company is projected to achieve a revenue of 11.54 billion yuan in 2024, reflecting a growth of 44.2%, with a significant portion of revenue coming from direct-operated stores and franchise services [1] Group 2 - The Chinese noodle restaurant market is expected to exceed 300 billion yuan, with a projected market size of 326 billion yuan by 2025 and a compound annual growth rate (CAGR) of approximately 11.0% from 2025 to 2029 [2] - The Sichuan-Chongqing flavored noodle segment is anticipated to capture 25.0% of the market share in 2024, with a higher CAGR of 13.2% from 2025 to 2029, indicating strong growth potential in this sector [2] - The competitive landscape shows that the top five Chinese noodle brands will hold a market share of about 2.9% in 2024, with Yujian Xiaomian currently positioned as the fourth player in the industry [2] Group 3 - The company is focusing on improving unit economics (UE) and expanding its store network, with expectations of enhanced profitability per store and a steady increase in same-store gross merchandise volume (GMV) growth rates from 0.8% to 1.2% over the years 2025-2027 [3] - The store expansion strategy, combining existing models with franchise support, aims to increase the total number of stores to between 1,428 and 1,618 over the next five years, with a projected net increase of 140, 190, and 216 stores in 2025, 2026, and 2027 respectively [3] - The company anticipates that by 2028, the total number of stores could exceed 1,000, driven by the successful validation of its new UE model [3]

Core Viewpoint - Guosen Securities projects that Yujian Xiaomian (02408) will achieve adjusted net profits of 135 million, 235 million, and 351 million yuan for the years 2025-2027, representing year-on-year growth of 111%, 74%, and 49% respectively. The company is expected to enjoy a reasonable valuation premium due to its successful new model validation and rapid store expansion, with a target stock price range of 7.8-8.2 HKD, indicating a potential upside of 34-41% from the latest closing price, and is rated "Outperform" [1] Group 1: Company Overview - Yujian Xiaomian, founded in 2014 by Song Qi in Guangzhou, is recognized as the first listed company in the Chinese noodle restaurant sector, focusing on standardized operations with a core product matrix centered around classic Chongqing noodles, complemented by rice dishes, snacks, and beverages. The main meal packages are priced at approximately 20-25 yuan, showcasing a clear cost-performance advantage [1] - The company has undergone multiple rounds of financing and is set to go public on the Hong Kong Stock Exchange in December 2025. The controlling shareholders hold a combined stake of 45.98%, with the founder having experience in leading Western fast-food chains, which has laid a solid foundation for the company's standardized operational system [1] - For 2024, the company anticipates revenue of 1.154 billion yuan, a 44.2% increase, with direct store and franchise service revenues accounting for 86.7% and 13.2% respectively. The adjusted net profit is expected to be 64 million yuan, reflecting a 36.0% growth. The profit announcement indicates that the adjusted net profit for 2025 is projected to be between 125 million and 140 million yuan, representing a year-on-year increase of 95.6%-119.1%, with the number of stores reaching 503, a 39.7% increase [1] Group 2: Industry Insights - The Chinese noodle restaurant market is projected to exceed 300 billion yuan, with strong growth potential in the Sichuan-Chongqing segment. The industry has evolved through three phases: regional decentralized operations (before 2010), chain emergence and capital support (2010-2021), and industry reshuffling (2022-present). High-quality leaders with standardized and digital operational capabilities are expected to accelerate consolidation and growth [2] - According to Frost & Sullivan data, the market size of Chinese noodle restaurants is expected to reach 326 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 11.0% from 2025 to 2029. The Sichuan-Chongqing flavored noodle restaurants are projected to account for 25.0% of the market size in 2024, with a CAGR of about 13.2%, indicating higher growth potential in this segment [2] - The competitive landscape shows that the top five Chinese noodle brands are expected to hold a market share of approximately 2.9% in 2024, with Yujian Xiaomian currently positioned as the fourth player in the Sichuan-Chongqing noodle market [2]

Group 1 - The company, Meet Xiaomian (02408), announced a share buyback on February 23, 2026, for a total expenditure of HKD 3.1714 million [1] - The company repurchased 553,500 shares at a price range of HKD 5.57 to HKD 5.87 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02408 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | | 於下列日期開始時的結存(註1) | 2026年2月20日 | | 710,689,300 | | | 0 | | | 710,6 ...

遇见小面（02408）发布公告，于2026年2月20日斥资320.8万港元回购54.75万股。 来源：新浪港股 ...