Core Viewpoint - The restaurant industry in China showed signs of recovery in 2025, with a total revenue of 57,982 billion yuan, reflecting a year-on-year growth of 3.2% and accounting for 11.6% of total retail sales of consumer goods, an increase of 0.2 percentage points from the previous year [3]. Group 1: Industry Performance - In 2022, the restaurant revenue was 43,941 billion yuan, experiencing a decline of 6.3%. The revenue rebounded to 52,890 billion yuan in 2023, marking a significant year-on-year growth of 20.4%. In 2024, the revenue reached 55,718 billion yuan, with a growth rate of 5.3% [3]. - The overall growth of the restaurant market in 2025 exhibited a pattern of "stable growth, structural optimization, and emerging highlights," with a noticeable trend of stabilization in the latter half of the year [3][4]. Group 2: Market Trends and Innovations - The year 2025 saw active performance in new business formats and categories, with a clear trend towards health and seasonality. Beverage sectors like tea and coffee accelerated innovation and capital investment, expanding towards health and integration [4]. - Restaurant companies launched seasonal products themed around "summer coolness" and "autumn and winter warmth," with hot pot and barbecue categories continuing to gain popularity amid consumer upgrades [4]. Group 3: Capital Market Activity - 2025 marked a concentrated period for restaurant industry listings, primarily on the Hong Kong stock market. Notable new tea brands such as Gu Ming and Mi Xue Group went public, followed by several other brands like Ba Wang Cha Ji and Green Tea Group [5]. - The China Cuisine Association noted that companies actively sought innovation and diversification through "restaurant+" models, enhancing product development, holiday marketing, and cultural integration [5]. Group 4: Future Outlook - The World Federation of Chinese Catering recently predicted trends in the restaurant industry, emphasizing the survival of small, specialized, and aesthetically pleasing establishments. Key characteristics of new consumption include fresh, traceable ingredients with fewer processing steps [5]. - There is an increasing demand for standardization, professionalism, technical skills, and innovation in the restaurant industry, alongside a diversification of consumption structures and greater use of automated kitchen equipment [5].

Core Insights - The Chinese catering market in 2025 is characterized by "stable growth, structural optimization, and frequent highlights" amidst fluctuations [1][2] Group 1: Market Performance - In 2025, the national catering revenue reached 57,982 billion yuan, a year-on-year increase of 3.2%, accounting for 11.6% of total retail sales of consumer goods, up 0.2 percentage points from the previous year [2] - The catering revenue in 2022 was 43,941 billion yuan, showing a decline of 6.3%. In 2023, the revenue rebounded to 52,890 billion yuan, marking a 20.4% increase. In 2024, it further increased to 55,718 billion yuan, with a growth rate of 5.3% [2] - The overall growth rate of the catering market in 2025 showed a trend of high growth followed by stabilization, with the growth rate gradually leveling off in the second half of the year [2] Group 2: Industry Trends - New business formats and product categories are actively emerging in 2025, with clear trends towards health and seasonality. Beverage sectors like tea and coffee are accelerating innovation and capital investment, expanding towards health and integration [2] - Catering enterprises are launching seasonal themed products such as "summer cool" and "autumn and winter warm food," with hot pot and barbecue categories continuing to gain popularity, reflecting a keen grasp of market trends [2] - The year 2025 marks a concentrated period for listings in the Chinese catering industry, with many companies opting for listings on the Hong Kong stock exchange [3] - Companies are proactively innovating and expanding "catering+" multi-scenario approaches, enhancing product development, holiday marketing, and cultural integration [3] - Future trends in the catering industry include the survival of small, specialized, and aesthetically pleasing shops, with an emphasis on fresh, traceable ingredients and fewer processing steps [3]

Core Insights - The core theme of the article revolves around the successful conclusion of the "Warm Winter Season" campaign by the Chinese restaurant chain, Yujian Xiaomian, which took place across over 500 stores in major cities, focusing on providing affordable and emotionally resonant dining experiences during winter [1][2]. Group 1: Consumer Demand and Product Strategy - Yujian Xiaomian emphasizes consumer needs, particularly during winter, where hot meals and high cost-performance options are crucial [2]. - The campaign featured a "small pot + warm soup" product combination, with operating hours extended from 10 AM to 10 PM, catering to various dining scenarios [2]. - Three limited-time meal sets were introduced, priced around 30 yuan, offering a balance of flavor and affordability, appealing to both group dining and individual customers [2]. Group 2: Social Media Engagement - The campaign sparked significant interaction on social media platforms, with the hashtag FillYourStomachWarmMyHeart generating over 20,000 user shares, and more than 90% of consumers providing positive feedback [4]. Group 3: Corporate Social Responsibility - The campaign included a philanthropic component, inspired by a consumer's initiative to support stray animals, aligning with the brand's commitment to social responsibility [5]. - Yujian Xiaomian partnered with WoWo to launch the "Small Plan to Spread Love," encouraging consumer participation in sharing stories about stray animal rescue, which attracted over 50,000 users and involved more than a thousand story shares [5][7]. - The brand has previously engaged in various charitable projects, demonstrating a consistent focus on integrating consumer emotions with social responsibility [7]. Group 4: Company Growth and Future Plans - Since its establishment in 2014, Yujian Xiaomian has expanded from a single store to over 500 locations and became publicly listed on the Hong Kong Stock Exchange in December 2025 [7]. - The "Warm Winter Season" campaign represents an innovative attempt post-IPO, combining effective product strategies with philanthropic efforts to enhance brand value [7]. - The company aims to continue innovating in product and service offerings while normalizing its philanthropic practices, expanding its global presence in the Chinese dining sector [7].

Core Viewpoint - Company "Encounter Small Noodles" (02408) is a leading brand in the Sichuan-Chongqing style noodle restaurant sector, focusing on cost-effectiveness and flexible expansion through a combination of direct operation and franchising [1][2] Group 1: Company Overview - The company primarily features Chongqing noodle series and has expanded its menu to include various spicy and non-spicy dishes, covering noodles, rice, snacks, and beverages [2] - The first store was opened in Guangzhou in 2014, followed by multiple rounds of financing and the opening of stores in cities like Shenzhen and Beijing from 2017 to 2020 [2] - The total number of stores exceeded 100 in 2021, and the company plans to grow from 133 stores in 2021 to 360 stores by 2024 [2] Group 2: Market Potential - The Chinese noodle restaurant market is expected to reach a total transaction value of 510 billion yuan by 2029, with a compound annual growth rate (CAGR) of 10.9% from 2025 to 2029 [3] - The market is highly fragmented, with the top five companies accounting for only 2.9% of the total transaction value by 2024 [3] - "Encounter Small Noodles" is the fastest-growing company among the top ten Chinese noodle restaurants, with the highest CAGR in total transaction value from 2022 to 2024 [3] Group 3: Product and Operational Efficiency - The company offers a diverse menu primarily focused on Sichuan-Chongqing flavors, with each restaurant providing 30 to 40 SKUs, and main dish prices ranging from 12 to 34 yuan [4] - The majority of the stores are located in the southeastern region, with over 60% in Guangdong, and about 80% of the stores operate under a direct model [4] - The standardization and replicability of the stores are high, with a break-even point of approximately 2 months and an investment payback period of around 14.9 months for direct restaurants [4] Group 4: Fundraising and Expansion Plans - The company plans to use the funds raised for store expansion, digital upgrades, brand building, and strategic investments in the upstream supply chain [5] - The company aims to open approximately 520 to 610 new stores from 2026 to 2028, with plans to open 150 to 180 stores in 2026, 170 to 200 in 2027, and 200 to 230 in 2028 [5]

Core Viewpoint - The report from Founder Securities highlights that "Encounter Small Noodles" (02408) is a leading brand in the Sichuan-Chongqing style noodle restaurant sector, focusing on cost-effectiveness and has significant room for expansion both domestically and internationally [1] Group 1: Company Overview - Encounter Small Noodles is a Chinese restaurant chain primarily featuring Chongqing noodle dishes, with a product range that includes spicy and non-spicy options, covering noodles, rice, snacks, and beverages [1] - The company opened its first store in Guangzhou in 2014 and has since expanded to over 100 stores by 2021, utilizing a combination of direct operation and franchising for rapid growth [1] - The number of stores is projected to grow from 133 in 2021 to 360 by 2024, with plans to open its first restaurant in Hong Kong in 2024, totaling 410 restaurants in 22 cities in mainland China and 7 in Hong Kong by June 30, 2025 [1] Group 2: Market Potential - The Chinese noodle restaurant market is expected to reach a total transaction value of 510 billion yuan by 2029, with a compound annual growth rate (CAGR) of 10.9% from 2025 to 2029 [2] - The market is characterized by high fragmentation, with the top five companies accounting for only 2.9% of the total transaction value by 2024, indicating significant growth opportunities for Encounter Small Noodles [2] Group 3: Product and Operational Efficiency - The company offers a diverse menu with 30 to 40 SKUs per restaurant, with main dish prices ranging from 12 to 34 yuan as of June 30, 2025 [3] - The majority of the stores are located in the southeastern region of China, particularly in Guangdong, which accounts for over 60% of the total [3] - The company operates primarily through a direct operation model, which constitutes about 80% of its business, and has a high level of standardization and replicability in its operations, achieving a break-even point in approximately 2 months and an investment payback period of around 14.9 months for its direct restaurants [3] Group 4: Fundraising and Expansion Plans - According to the company's prospectus, the funds raised will be used for store expansion, digital upgrades, brand building, and strategic investments in the upstream supply chain [4] - The company plans to open approximately 520 to 610 new restaurants from 2026 to 2028, with annual targets of 150 to 180, 170 to 200, and 200 to 230 new direct and franchised restaurants [4]

Guangzhou Xiao Noodles Catering Management Co., Ltd. 廣州遇見小麵餐飲股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) （Stock Code 股份代號：2408） 7 January 2026 Dear Non-Registered Shareholder, Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), Guangzhou Xiao Noodles Catering Management Co., Ltd ...

登記股東之名稱及地址 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） （股份代號：2408） 2026 年 1 月 7 日 尊敬的股東 發佈公司通訊之安排 簡介 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 2.07A 條 1 以及廣州遇見小麵餐 飲股份有限公司（「本公司」）的公司章程，本公司將以電子通訊方式向其股東 3 發佈本公司日後的公司通訊 （「公司通訊」2），並僅應股東要求向其寄發印刷本形式的公司通訊。 安排 1. 可供採取行動的公司通訊 4 本公司將以電子通訊方式（通過電子郵件）向股東個別地發送可供採取行動的公司通訊。如果本公司沒有獲 取股東的電子郵箱地址或其提供的電子郵箱地址無效 5，本公司將以印刷本形式向其發送可供採取行動的公 司通訊，連同一份索取股東有效電子郵箱地址的表格，以便將來以電子通訊方式發送可供採取行動的公司通 訊。 2. 公司通訊 本公司將在本公司網站（www.xiaonoodles.com）及聯交所網站（www.hkexnew ...

地址為 ， 為廣州遇見小麵餐飲股份有限公司（「本公司」）已發行股本中 股H股 登記股東，現委任大會主席 （附註4） 或 （姓名） （附註3） 的 地址為 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） （股份代號：2408） 將於2026年1月26日（星期一）舉行之 2026年第一次臨時股東會的 代表委任表格 | 本代表委任表格的 | H股 | | --- | --- | | （附註1） 股份數目 | | （姓名） 本人╱吾等 （附註2） 為本人╱吾等代表 （附註5） ，代表本人╱吾等出席本公司定於2026年1月26日（星期一）上午十時正假座中國廣東省廣州 市海珠區新港東路148號15樓1510-1511室召開及舉行的2026年第一次臨時股東會（「臨時股東會」）（或其任何續會）， 並於該大會（或其任何續會）上代表本人 ╱ 吾等，依照下列指示就下列決議案投票，如無作出指示，則由本人 ╱ 吾 等的代表酌情決定投票。除文義另有所指外，本代表委任表格所用詞彙與本公司日期為2026年1月7 ...

此乃要件 請即處理 閣下對本通函任何內容或將採取的行動如有任何疑問，應諮詢股票經紀或其他註冊證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有廣州遇見小麵餐飲股份有限公司的股份，應立即將本通函及隨附代表委任表 格送交買主或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，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通函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。 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） （股份代號：2408） (1) 建議購回H股的一般授權； (2) 建議採納限制性股份單位計劃； (3) 建議授權董事會及╱或其授權人士處理與 限制性股份單位計劃相關的事宜； (4) 建議修訂組織章程細則； (5) 變更公司類型； 及 2026年第一次臨時股東會通告 本封面頁所用詞彙與本通函所界定者具有相同 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，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通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。 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） （股份代號：2408） 2026年第一次臨時股東會通告 茲通告廣州遇見小麵餐飲股份有限公司（「本公司」）謹訂於2026年1月26日（星期 一）上午十時正假座中國廣東省廣州市海珠區新港東路148號15樓1510-1511室召開並 舉行2026年第一次臨時股東會（「臨時股東會」），藉以審議及酌情通過下列決議案。除 另有指明外，本通告所用詞彙與本公司日期為2026年1月7日的通函（「通函」）所界定者 具有相同涵義。 特別決議案 1. 審議及批准授予董事會於有關期間（定義見下文(d)段）購回H股的一般授 權： 「動議： (i) 在有關決議案於臨時股東會上獲通過後的本公司下屆年度股東 會結束時；或 (ii) 股東於股東會上通過特別決議案撤銷 ...