香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表聲明，並明確表示概不 會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）或法律 禁止有關派發的任何其他司法權區發佈、刊發、派發。本公告並不構成證券的任何出售要約或 招攬買入、購買或認購的要約或其組成部分，亦不得在美國境內或有關要約或招攬屬違法的任 何其他司法權區出售任何發售股份。本公告提及的證券並無亦不會根據1933年美國證券法（經 不時修訂）（「美國證券法」）或美國任何州證券法登記。證券不得在美國境內或向或代表美國人 士（定義見美國證券法S規例（「S規例」））或為其利益而提呈發售、出售、質押或轉讓，惟根據 美國證券法的登記規定可獲豁免或於不受其規限的交易，並遵守任何適用州證券法則另作別 論。證券將不會在美國公開發售。發售股份乃依據美國證券法S規例以離岸交易方式在美國境 外提呈發售及出售。 本公告僅作說明用途，並不構成收購、購買或認購本公司證券的邀請 ...

Core Viewpoint - The company "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," is set to go public, having completed six rounds of financing with significant investments from major players like Hillhouse Capital and Haidilao, despite ongoing consumer concerns regarding its use of pre-prepared ingredients [2][3][4]. Financial Performance - Yujian Xiaomian's revenue is projected to grow from 418 million RMB in 2022 to 1.154 billion RMB in 2024, although growth is expected to slow down significantly in 2024 [3]. - As of June 30, 2025, the company reported revenue of 703 million RMB with a profit of 42 million RMB, resulting in a profit margin of only 6% [3]. Store Expansion Strategy - The company employs a dual strategy of direct operation and franchising to accelerate store expansion, increasing from 170 stores in 2022 to 465 stores by 2024 [4]. - The number of new stores opened in the last three years was 82, 108, and 105, indicating a consistent acceleration in expansion [4]. Sales and Revenue Trends - The average daily sales per store decreased from 14,000 RMB in 2023 to 11,000 RMB by mid-2025, reflecting an 11.43% decline year-over-year [6]. - The average customer spending has also dropped from 36.2 RMB in 2022 to 31.8 RMB in the first half of 2025 [6]. Franchise Model and Financial Implications - The company plans to increase its franchise model, aiming to open 120-200 new stores annually from 2025 to 2027, which may further dilute per-store revenue [6]. - Contract liabilities have risen from 37 million RMB in 2022 to 111 million RMB, indicating increased financial obligations associated with the franchise model [6]. Executive Compensation - Despite challenges faced by franchisees, executive compensation has surged, with total salaries for the executive team rising from 1.537 million RMB in 2022 to 4.664 million RMB in 2024, a growth of over 300% [8]. Consumer Sentiment and Product Quality - There is growing consumer dissatisfaction regarding the quality of food, with many complaints about the use of pre-prepared ingredients, leading to a negative perception of the brand [9][11]. - A former employee confirmed that approximately 80% of the ingredients used are pre-prepared, which has been corroborated by the company's customer service [11][13].

Core Viewpoint - The company "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," is set to go public, having completed six rounds of financing with significant investments from major players like Hillhouse Capital and Haidilao. However, there are growing concerns on social media regarding the use of pre-prepared ingredients in their dishes, with claims that 80% of their offerings are pre-made [2][3][15]. Financial Performance - Yujian Xiaomian's revenue is projected to grow from 418 million RMB in 2022 to 1.154 billion RMB in 2024, although the growth rate is expected to slow down significantly in 2024. By June 30, 2025, the company is expected to achieve a revenue of 703 million RMB with a profit of 42 million RMB, resulting in a profit margin of only 6% [3][16]. Store Expansion Strategy - The company employs a dual strategy of direct operation and franchising to accelerate store expansion. The number of stores increased from 170 in 2022 to 465 by the latest data, with a consistent opening of new locations over the past three years [4][17]. Sales Performance - The average daily sales per store have declined from 14,000 RMB in 2023 to 11,000 RMB by mid-2025, representing a year-on-year decrease of 10.69%. The average transaction value has also dropped from 36.2 RMB in 2022 to 31.8 RMB in the first half of 2025 [6][19]. Franchise Model and Liabilities - Yujian Xiaomian plans to increase its franchise model, aiming to open 120-200 new stores annually from 2025 to 2027. This shift is likely to further suppress individual store revenue. Additionally, the company's contract liabilities have risen from 37 million RMB in 2022 to 111 million RMB [7][20]. Executive Compensation - Despite the financial pressures faced by franchisees, executive compensation has surged, with the total salary for the executive team increasing from 1.537 million RMB in 2022 to 4.664 million RMB in 2024, marking a growth of over 300% [8][21]. Consumer Sentiment - There is a notable shift in consumer perception, with many expressing dissatisfaction regarding the quality of food, citing issues such as pre-packaged ingredients and poor service. Complaints have been prevalent on social media and consumer complaint platforms [9][22][24]. Operational Transparency - The company has confirmed that franchisees only need basic tools like scissors and a microwave, as ingredients are supplied pre-packaged. This operational model raises concerns about the quality control and service standards across franchises [13][26].

廣州遇見小麵餐飲股份有限公司董事會（「董事會」）成員載列如下： 執行董事 Guangzhou Xiao Noodles Catering Management Co., Ltd. 廣州遇見小麵餐飲股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2408） 董事會成員名單與其角色和職能 鍾杰生先生 （主席） 陳國彬先生 宋奇先生 提名委員會 宋奇先生 （主席） 蘇旭翔先生 羅燕靈女士 非執行董事 王小龍先生 董事會設有三個董事會委員會。董事會委員會的組成如下： 審計委員會 陳國彬先生 （主席） 徐雷先生 鍾杰生先生 薪酬與考核委員會 獨立非執行董事 徐雷先生 陳國彬先生 鍾杰生先生 徐雷先生 （主席） 鍾杰生先生 羅燕靈女士 香港 2025年12月4日 ...

廣州遇見小麵餐飲股份有限公司 董事會提名委員會工作細則 第一章 總則 第一條 為規範廣州遇見小麵餐飲股份有限公司（以下簡稱「公司」）董事及高 級管理人員的產生，優化董事會和高級管理人員的組成，完善公司治理結構，根 據《中華人民共和國公司法》等有關法律、行政法規、規範性文件（合稱「國家法律 法規」）《香港聯合交易所有限公司證券上市規則》（以下簡稱「《香港上市規則》」） 及《廣州遇見小麵餐飲股份有限公司章程》（以下簡稱「《公司章程》」），公司特設立 董事會提名委員會，並制定《廣州遇見小麵餐飲股份有限公司董事會提名委員會 工作細則》（以下稱「本工作細則」）。 第二條 董事會提名委員會是董事會按照股東會決議設立的專門工作機構， 主要負責對公司董事（包括獨立非執行董事，下同）和高級管理人員的人選、選擇 標準和程序進行考核並提出建議。 第六條 提名委員會任期與董事會任期一致，委員任期屆滿，可以連選連 任。期間如有委員不再擔任公司董事職務或應當具有獨立非執行董事身份的委員 不再滿足《香港上市規則》有關獨立性的要求時，自動失去委員資格，並由委員會 根據上述第三條至第五條的規定補足委員人數。 第七條 委員會的組成未滿足本工作細 ...

廣州遇見小麵餐飲股份有限公司 董事會薪酬與考核委員會工作細則 第一章 總則 第一條 為了進一步建立健全公司董事及高級管理人員的考核和薪酬管理制 度，完善公司治理結構，根據《中華人民共和國公司法》等有關法律、行政法規、 規範性文件（合稱「國家法律法規」）、《香港聯合交易所有限公司證券上市規則》 （以下簡稱「《香港上市規則》」）及《廣州遇見小麵餐飲股份有限公司章程》（以下簡 稱「《公司章程》」），公司特設立董事會薪酬與考核委員會，並制定《廣州遇見小麵 餐飲股份有限公司董事會薪酬與考核委員會工作細則》（以下稱「本工作細則」）。 第二條 薪酬與考核委員會是董事會按照股東會決議設立的專門工作機構， 主要負責制定公司董事及高級管理人員的考核標準並進行考核；負責制定、審查 公司董事及高級管理人員的薪酬政策與方案，對董事會負責。 第三條 公司董事會秘書為薪酬與考核委員會提供綜合服務，負責協調薪酬 與考核委員會日常工作的聯絡、會議組織等；公司人力資源部門為薪酬與考核委 員會提供專業支持，負責提供公司有關經營方面的資料及被考評人員的有關資 料，並向薪酬與考核委員會反饋考核制度執行情況。 （一） 就全體董事及公司高級管理層的薪酬政 ...

廣州遇見小面餐飲股份有限公司 董事會審計委員會工作細則 第一章 總則 第一條 為強化董事會決策能力，做到事前審計、專業審計，確保董事會對 經理層的有效監督，完善公司治理結構，根據《中華人民共和國公司法》《香港聯 合交易所有限公司證券上市規則》（以下簡稱「《香港上市規則》」）《廣州遇見小面 餐飲股份有限公司章程》（以下簡稱「《公司章程》」）及其他有關法律、法規、規範 性文件的規定，公司特設立董事會審計委員會，並制訂《廣州遇見小面餐飲股份 有限公司董事會審計委員會工作細則》（以下簡稱「本工作細則」）。 第二條 董事會審計委員會是董事會的專門工作機構。審計委員會對董事會 負責，委員會的提案提交董事會審議決定。 第二章 人員組成 第三條 審計委員會委員由3名董事組成，成員須全部是非執行董事且必須以 獨立非執行董事佔大多數，不得在公司擔任除董事以外的其他職務，且不得與公 司存在任何可能影響其獨立客觀判斷的關係，至少有一名成員為具備《香港上市 規則》所規定的適當專業資格，或具備適當的會計或相關的財務管理專長的獨立 董事，並由獨立非執行董事中會計專業人士擔任主席。 第四條 審計委員會委員（以下簡稱「委員」）由董事會選舉產生 ...

廣州遇見小麵餐飲股份有限公司 章程 1 第一章 總則 第一條 廣州遇見小麵餐飲股份有限公司（以下簡稱「公司」）系依照《中華人 民共和國公司法》（以下簡稱「《公司法》」）和國家其他有關法律、行政法規成立的 股份有限公司。 為維護公司、股東、職工和債權人的合法權益，規範公司的組織和行為，根 據《公司法》《中華人民共和國證券法》（以下簡稱「《證券法》」）《境內企業境外發 行證券和上市管理試行辦法》（以下簡稱「《管理試行辦法》」）《上市公司章程指引》 《香港聯合交易所有限公司證券上市規則》（以下簡稱「《香港上市規則》」）等其他有 關規定，制訂《廣州遇見小麵餐飲股份有限公司章程》（以下簡稱「本章程」）。 第二條 公司系依照《公司法》和其他有關規定，由廣州遇見小麵餐飲管理 有限公司（以下稱「原有限公司」）整體變更、設立的股份有限公司。公司在廣 州市市場監督管理局登記註冊，並取得營業執照。公司的統一社會信用代碼為 91440106088050749B。 第三條 公司於2025年[●]月[●]日向中國證券監督管理委員會（以下簡稱 「中國證監會」）完成備案，於2025年[●]月[●]日經香港聯合交易所有限公司（以 下簡稱「香港 ...

Group 1 - The Chinese restaurant chain brand "Yujian Xiaomian" has launched its IPO in Hong Kong, with subscription starting on November 27 and expected listing on December 5, aiming to raise up to 685 million HKD, potentially becoming the first "Chinese noodle shop" listed in Hong Kong [1][3] - Founded in 2014 in Guangzhou, "Yujian Xiaomian" currently ranks fourth in the number of Chinese noodle chain stores, with a total of 465 locations across 22 cities in mainland China and Hong Kong, targeting to exceed 500 stores by the end of the year [1][3] - Projected revenue for 2024 is 1.154 billion CNY, representing a 44% year-on-year increase, while the first half of 2025 is expected to generate 700 million CNY, a 33.8% increase, with net profit expected to grow by 132%, indicating a three-year compound annual growth rate (CAGR) of 66% [1][3] Group 2 - The chain restaurant penetration rate in China's dining industry is relatively low, with an estimated 25% by 2025, significantly lower than the 54% in the United States, and trailing behind other categories like tea drinks [1][3] - Traditional noodle dishes, such as Lanzhou beef noodles and Sha County snacks, have long lacked standardized supply chains and brand operations, failing to achieve true capitalization [1][3] - The Chinese restaurant chain market is projected to reach 1.2 trillion CNY in 2024, with expectations to grow to several trillion CNY by 2030, driven by digital supply chain upgrades and the release of demand in lower-tier markets [2][4]

Core Viewpoint - The company "Yujian Xiaomian" is set to become the first publicly listed Chinese noodle restaurant on the Hong Kong Stock Exchange, with a planned IPO on December 5, 2023, and has secured cornerstone investors committing a total of $22 million, representing 25% of the total fundraising [1][2]. Company Overview - Founded in 2014 in Guangzhou, Yujian Xiaomian has expanded to 465 locations, primarily in Guangdong, with a focus on serving spicy noodle dishes to university students and white-collar workers [3][4]. - The company’s main market is in Guangdong, where it has 281 stores, accounting for approximately 60% of its total outlets, with significant presence in Beijing and Shanghai as well [3][4]. Market Positioning - The company targets a demographic of external migrants in Guangdong, where the local cuisine is generally milder, thus catering to the taste preferences of people from spicier regions like Sichuan [4][5]. - The noodle segment is seen as a potential "Chinese version of McDonald's," with a low chain restaurant penetration rate of 23% in China compared to 50% in the U.S., indicating significant growth potential [6][8]. Financial Metrics - The IPO price range is set at HKD 5.64 to 7.04, corresponding to a market capitalization of HKD 4 to 5 billion, with a projected P/E ratio of around 70 based on 2024 net profit estimates [1][2]. Competitive Landscape - The valuation of Yujian Xiaomian is significantly higher than other restaurant chains, such as Haidilao and Xiaocaiyuan, which have P/E ratios of 16 [2]. - The noodle market has faced challenges, particularly with the rise of food delivery services, which have impacted the sales of noodle dishes due to their inherent delivery limitations [11][12]. Future Outlook - The company is expected to focus on expanding its store count to enhance its business scale and increase its chain restaurant ratio, with single-store profitability becoming a key performance indicator [13].