新股消息 | 遇见小面通过港交所聆讯 为中国第四大中式面馆经营者

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with CMB International as the sole sponsor. The company is the fourth largest operator of Chinese noodle restaurants in China, holding a market share of 0.5% in terms of total merchandise transaction value for 2024 [1][3]. Company Overview - The company operates the Yujian Xiaomian brand in mainland China and Hong Kong, with a network of 440 restaurants in 22 cities in mainland China and 11 in Hong Kong as of October 8, 2025. Additionally, there are 101 new restaurants in the pre-opening stage [3]. - The company has experienced significant growth, with the number of restaurants increasing from 133 to 451, representing a growth of 239.1% during the reporting period [4][5]. Market Position - The Chinese fast food restaurant market is projected to account for approximately 17.6% of the overall dining service market in China by 2024. The market is highly fragmented, with the top five players holding only about 3.0% of the market share [4]. - The company ranks thirteenth in the overall Chinese fast food restaurant market with a market share of 0.14% based on total merchandise transaction value for 2024 [4]. Product Offering - The company specializes in Chongqing noodles, a popular spicy dish originating from Chongqing, and has expanded its menu to include various spicy and non-spicy dishes, including noodles, rice, snacks, and beverages [4]. Business Model - The company operates through both direct management and franchising. Since adopting the franchising model in 2019, the number of franchised restaurants has steadily increased, reaching 86 as of June 30, 2025 [5]. Financial Performance - The company's revenue for the six months ending June 30 for the years 2023 and 2024 was approximately RMB 800.5 million and RMB 1.154 billion, respectively. The net profit for the same periods was RMB 45.9 million and RMB 60.7 million [6]. - The company anticipates continued growth in the Chinese noodle restaurant market, with total merchandise transaction value expected to reach RMB 510 billion by 2029, reflecting a compound annual growth rate of 10.9% from 2025 to 2029 [5].