遇见小面更新IPO招股书，2025半年报利润同比翻倍

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. is on the verge of launching its IPO on the Hong Kong Stock Exchange, following the approval from the China Securities Regulatory Commission, with significant revenue and profit growth reported in its updated prospectus [1][12]. Financial Performance - In the first half of 2025, the company achieved a revenue of 703.185 million RMB, representing a year-on-year growth of 33.8%, and an adjusted net profit of 52.175 million RMB, up 131.56% from the previous year [1][2]. - The total revenue for 2022 was 418.096 million RMB, projected to reach 800.514 million RMB in 2023 and 1.154434 billion RMB in 2024 [2]. - The adjusted net profit margin is expected to improve from 5.9% in 2023 to 7.4% in 2025 [2][4]. Expansion and Market Position - The number of restaurants has increased from 133 to 451, with plans to exceed 500 by the end of the year, including the first overseas store in Singapore [3][8]. - The company is recognized as the largest operator of Sichuan-Chongqing style noodle restaurants in China, with a compound annual growth rate (CAGR) of total merchandise transaction value from 2022 to 2024 being the highest among competitors [5][7]. Market Trends - The Chinese noodle restaurant market is projected to grow from 183.3 billion RMB in 2020 to 296.2 billion RMB by 2024, with a CAGR of 12.7% [5]. - The Sichuan-Chongqing style noodle segment is expected to expand from 45 billion RMB in 2020 to 72.7 billion RMB by 2024, with a CAGR of 12.8% [5]. Customer Engagement - The company has attracted over 22.1 million members, with a 44.5% repurchase rate among stored-value members in 2024 [8]. - Total order numbers reached 42.094 million in 2024, with a year-on-year growth of 32.52% in the first half of 2025 [8]. Future Plans - The company plans to continue expanding into lower-tier markets and overseas, with a target of opening approximately 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028 [10][12].