Group 1 - The company "Encounter Small Noodles" has officially launched its global offering in Hong Kong, planning to issue 97.3645 million shares, with an offering price range of HKD 5.64 to HKD 7.04 per share [2] - The expected net proceeds from the offering, assuming a median price of HKD 6.34 and excluding related expenses, is approximately HKD 551.6 million, with 60% allocated for expanding the restaurant network and market penetration [2] - The company has attracted several cornerstone investors, agreeing to subscribe for shares totaling approximately USD 22 million (about HKD 171 million), including participation from Haidilao's Singapore branch [3] Group 2 - Encounter Small Noodles was established in Guangzhou in 2014, specializing in Chongqing noodles and various Sichuan cuisine, with a significant increase in restaurant count from 170 at the end of 2022 to 465 as of November 18, 2023 [3] - The company has adopted a "price for volume" strategy, resulting in a decrease in average order value from RMB 36.2 in 2022 to RMB 31.8 in the first half of 2025 [3] - The company's revenue has shown strong growth, increasing from RMB 418 million in 2022 to RMB 1.154 billion in 2024, with a net profit of RMB 60.7 million projected for 2024 [3] Group 3 - Despite the revenue growth, the company faces challenges with customer traffic, as the overall table turnover rate for direct-operated stores decreased from 3.8 times per day in the previous year to 3.4 times per day in the first half of 2025 [4]

Core Viewpoint - The company "Yujian Xiaomian" is taking a significant step towards capitalizing on the growing Chinese fast-food market by initiating its IPO process on the Hong Kong Stock Exchange, aiming to become the first Chinese noodle restaurant listed in Hong Kong [2][3]. Company Overview - Founded in 2014 by graduates from South China University of Technology, Yujian Xiaomian started with a single store in Guangzhou and has since expanded to 440 restaurants in 22 cities across mainland China and 11 in Hong Kong, focusing on both spicy and non-spicy noodle dishes, rice sets, snacks, and beverages [4]. - The company operates through a combination of direct sales and franchising, with a significant concentration of its outlets in economically vibrant eastern and southern regions of China, particularly Guangdong Province, which accounts for over half of its total stores [4]. Market Position - According to Frost & Sullivan, Yujian Xiaomian ranks as the fourth largest Chinese noodle restaurant operator in terms of total merchandise transaction value, holding a market share of 0.5% for 2024 [5]. Financial Performance - The company's revenue projections for 2022, 2023, and 2024 are RMB 418 million, RMB 801 million, and RMB 1.154 billion, respectively, with adjusted net profits expected to shift from a loss of RMB 34.97 million in 2022 to a profit of RMB 63.89 million in 2024 [5]. - In the first half of 2025, Yujian Xiaomian reported a revenue of RMB 703 million, reflecting a year-on-year growth of 33.8%, and an adjusted net profit of RMB 52.18 million, up 131.56% from the previous year [5]. Revenue Sources - The majority of the company's revenue comes from direct restaurant operations, which accounted for 80.5% in 2022, increasing to 89% by the first half of 2025. This includes both dine-in and takeout services [6]. - Franchise management also contributes to revenue, though its share has been gradually decreasing, from 19.3% in 2022 to 10.9% in the first half of 2025 [6]. IPO Details - The IPO will involve a global offering of 97.3645 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international investors, at a price range of HKD 5.64 to HKD 7.04 per share. Notably, cornerstone investors have committed to USD 22 million, representing 25% of the total fundraising [4][5]. Future Outlook - The funds raised from the IPO will be utilized for expanding the restaurant network, enhancing technology and digital systems, brand building, strategic investments in the upstream food processing sector, and general corporate purposes [7]. - Despite the competitive landscape of the Chinese noodle restaurant sector, the high standardization, strong repurchase rates, and moderate customer spending suggest significant potential for scalable replication, positioning Yujian Xiaomian for greater market presence in the trillion-yuan fast-food industry [7].

Core Viewpoint - The upcoming IPO of "Encounter Little Noodles," a leading Sichuan-Chongqing style noodle restaurant, is set to make it the first Chinese noodle restaurant stock in Hong Kong, with a planned global offering of approximately 97.36 million shares and expected net proceeds of up to HKD 685 million [1][2]. Group 1: Investment Highlights - The strong cornerstone investor lineup includes notable firms such as Hillhouse Capital and Haidilao, indicating significant confidence in the company's fundamentals and future prospects [3][4]. - Hillhouse Capital's involvement, particularly in the consumer sector, underscores the investment appeal of Encounter Little Noodles, as they typically back high-profile projects [3]. - Haidilao's participation reflects industry trust in Encounter Little Noodles' business strength and market position, potentially leading to synergistic benefits [3]. Group 2: Long-term Value Drivers - Encounter Little Noodles operates in a rapidly growing niche market, with the Sichuan-Chongqing noodle segment projected to reach a market size of RMB 133.8 billion by 2029, growing at a CAGR of 13.2% from 2025 to 2029 [6]. - The company has established a diversified operating model that appeals to a broad customer base, enhancing customer frequency and operational efficiency [7]. - The number of restaurants has significantly increased from 133 in early 2022 to 465, with an additional 115 in preparation, indicating robust expansion and operational growth [7][8]. - Revenue has surged from RMB 418 million in 2022 to RMB 1.154 billion in 2024, reflecting a CAGR of 66.16%, with adjusted net profit reaching RMB 63.88 million in 2024 [9]. - The company is expanding into overseas markets, with seven direct restaurants in Hong Kong showing strong performance metrics, including a total merchandise transaction value of RMB 42.27 million in the first half of the year [10].

Core Viewpoint - The company "遇见小面" has officially launched its IPO process in Hong Kong, aiming to raise approximately HKD 552 million, with a strong backing from notable cornerstone investors, and is expected to become the first publicly listed Chinese noodle restaurant chain in Hong Kong [1][10]. Company Overview - "遇见小面" is the largest Sichuan-Chongqing style noodle brand in China and the fourth largest Chinese restaurant operator, with revenue projected to grow from RMB 418 million in 2022 to RMB 1.154 billion in 2024, reflecting a compound annual growth rate (CAGR) of 66.2%, significantly above the industry average [1][4]. - The company has expanded its restaurant network from 133 to 465 locations, covering 22 cities across nine provinces and Hong Kong, with plans to exceed 500 locations by the end of the year [3][4]. Market Dynamics - The Chinese noodle restaurant market is a crucial segment of the fast-food industry, expected to grow from RMB 183.3 billion in 2020 to RMB 296.2 billion by 2024, with a CAGR of 12.7% [2]. - The market is highly fragmented, with the top five brands holding less than 3% market share, providing opportunities for consolidation and expansion for chain enterprises [2]. Financial Performance - The company's revenue is projected to increase from RMB 418 million in 2022 to RMB 1.154 billion in 2024, with net profit turning from a loss of RMB 35.97 million in 2022 to a profit of RMB 45.91 million in 2023, and further to RMB 60.7 million in 2024 [4]. - In the first half of 2025, the company achieved revenue of RMB 703 million, a year-on-year increase of 33.8%, with adjusted net profit reaching RMB 52.18 million, up 131.56% [4]. Strategic Expansion - The company plans to open approximately 520 to 610 new restaurants over the next three years, with a focus on both domestic and international markets, starting with Singapore [9][10]. - The operational model combines direct management and franchising, ensuring brand consistency while expanding coverage [8]. Competitive Landscape - The fast-food market is undergoing a structural transformation driven by chain operations, with a projected increase in chain penetration from 32.5% in 2024 to 33.8% by 2029 [5][6]. - "遇见小面" is positioned as a leading representative of the new trends in the Chinese fast-food sector, focusing on high-quality, standardized dining experiences [7][10].

廣州遇見小麵餐飲股份有限公司 Guangzhou Xiao Noodles Catering Management Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2408 全球發售 獨家保薦人 重要提示 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Guangzhou Xiao Noodles Catering Management Co., Ltd. 廣州遇見小麵餐飲股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 全球發售的發售股份數目 ： 97,364,500股H股（視乎超額配股權行使與 否而定） 香港發售股份數目 ： 9,736,500股H股（可予重新分配） 國際發售股份數目 ： 87,628,000股H股（可予重新分配及視乎超 額配股權行使與否而定） 最高發售價 ： 每股H股7.04港元，另加1%經紀佣金、 0.0027%證監會交易徵費、0.00565%聯 交所交易費及0.00015%會財局交易徵費 （須於申請時以港元繳足，多繳股款可予 退還） 面值 ： 每股H股人民幣0.02元 股份代號 ： 2408 獨家保薦人 聯席整體協調人、聯 ...

就全球發售而言，招銀國際環球市場有限公司作為穩定價格操作人（「穩定價格操作人」）（或代 其行事的任何人士）可代表包銷商在上市日期後一段有限時間超額分配或進行交易以穩定或支 持H股市價在高於公開市場原本應有水平。然而，穩定價格操作人（或代其行事的任何人士）並 無責任進行任何該等穩定價格行動，而該等穩定價格行動一旦開始，將由穩定價格操作人（或 代其行事的任何人士）全權酌情進行，並可隨時終止。任何該等穩定價格行動須於香港公開發 售遞交申請截止日期後第30日（即2026年1月1日（星期四））終止。該等穩定價格行動（如採取） 可在所有獲准進行的司法權區進行，在各情況下均須遵守所有適用法律、規則及監管規定，包 括根據香港法例第571章《證券及期貨條例》項下制定的香港法例第571W章《證券及期貨（穩定 價格）規則》（經修訂）。 有意投資者務請注意，穩定價格期後，不可進行穩定價格行動以維持H股價格，而穩定價格期 於上市日期開始，並預期將於2026年1月1日（星期四）（即香港公開發售遞交申請截止日期後第 30日）屆滿。於該日後，不得採取進一步穩定價格行動，H股的需求可能會下降，H股價格因而 可能下跌。 香港交易及結算所有限公司 ...

（「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Guangzhou Xiao Noodles Catering Management Co., Ltd. 廣州遇見小麵餐飲股份有限公司 Guangzhou Xiao Noodles Catering Management Co., Ltd. 廣州遇見小麵餐飲股份有限公司 （於中華人民共和國註冊成立的股份有限公司） [編纂] 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表 示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港 ...

於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登 記前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請， 有意投資者務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定；該文件的 文本將於發售期內向公眾人士刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修訂或更換附頁，並不引起本公司、其獨家保 薦人、整體協調人、顧問或包銷團成員在香港或任何其他司法權區必須進行發售活動的 責任。本公司最終會否進行發售仍屬未知之數； (c) 本文件或其補充、修訂或更換附頁的內容可能會亦可能不會在最終正式的上市文件內全 部或部分轉載； (d) 本申請版本並非最終的上市文件，本公司可能不時根據聯交所證券上市規則作出更新或 修訂； (e) 本文件並不構成向任何司法權區的公眾人士提呈出售任何證券的招股章程、發售通函、 通告、通函、小冊子或廣告，亦非邀請公眾人士提出認購或購買任何證券的要約，且不 旨在邀請公眾提出認購或購買任何證券的要約； ...