Core Viewpoint - The company "Yujian Xiaomian" is progressing with its IPO in Hong Kong, aiming to become the first publicly listed Chinese noodle restaurant chain, following a previous failed attempt in April 2023 [1] Industry Overview - The total transaction value of the Chinese noodle restaurant market is projected to grow from RMB 183.3 billion in 2020 to RMB 296.2 billion by 2024, with a compound annual growth rate (CAGR) of 12.7%. It is expected to reach RMB 510 billion by 2029 [1] - The Sichuan-Chongqing flavored noodle market is expected to expand from RMB 45 billion in 2020 to RMB 72.7 billion by 2024, with a CAGR of 12.8%, and is projected to reach RMB 135.7 billion by 2029, with a CAGR of 13.2% from 2025 to 2029 [1] Company Performance - Yujian Xiaomian achieved a turnaround from loss to profit, with revenues of RMB 418 million, RMB 801 million, and RMB 1.154 billion from 2022 to 2024, and net profits of RMB -36 million, RMB 46 million, and RMB 61 million during the same period [2] - In the first half of 2025, the company reported revenue of RMB 703 million, a year-on-year increase of 33.8%, and an adjusted net profit of RMB 52.2 million, up 131.56% [2] - The number of restaurants increased significantly, with 43, 92, 120 new openings in 2022, 2023, and 2024 respectively, and 63 in the first half of 2025, totaling 451 operational restaurants as of October 8, 2025, with plans for over 500 by year-end [2][3] Sales Metrics - The average daily sales per store for direct-operated restaurants decreased from RMB 11,881 in 2022 to RMB 11,805 in the first half of 2025, reflecting a decline of approximately 7% year-on-year [4] - The average order value for direct-operated and franchised restaurants fell from RMB 36.2 and RMB 36 in 2022 to RMB 31.8 and RMB 30.9 in the first half of 2025 [6] Financial Health - The company's current liabilities increased from RMB 149 million in 2022 to RMB 255 million in the first half of 2025, with a debt-to-asset ratio decreasing from 95.77% to 87.83% during the same period [6] - Costs associated with raw materials, labor, and depreciation have risen significantly, with raw material costs reaching RMB 220.9 million in the first half of 2025, an 18% increase year-on-year [6] Employee Benefits - The company has not fully paid social insurance and housing fund contributions, with discrepancies of approximately RMB 11.7 million, RMB 12.7 million, RMB 5.3 million, and RMB 2.6 million from 2022 to the first half of 2025 [7]
上半年开63家新店，遇见小面冲刺港股“中式面馆第一股”
Cai Jing Wang·2025-10-17 07:06