遇见小面通过港交所聆讯 招银国际为独家保荐人

Core Viewpoint - Yujian Xiaomian has passed the main board listing hearing of the Hong Kong Stock Exchange, with CMB International as its sole sponsor [1] Company Summary - Yujian Xiaomian is the fourth largest operator of Chinese noodle restaurants in China, with a market share of 0.5% based on total merchandise transaction value in 2024 [1] - The company operates the "Yujian Xiaomian" brand in mainland China and Hong Kong, with 451 restaurants as of October 8, 2025, and an additional 101 restaurants in preparation [1] - Most of the restaurants are located in eastern and southern China, with over half situated in Guangdong Province [1] - The company's product offerings are based on Chongqing noodles and have expanded to include various spicy and non-spicy dishes, such as noodles, rice, snacks, and beverages [1] - Yujian Xiaomian employs both direct operation and franchising models, with 86 franchised restaurants as of June 30, 2025 [1] Industry Summary - The Chinese Chinese noodle restaurant market is a significant component of the Chinese fast food market, with an estimated market share of approximately 29.8% in 2024 [1] - The overall Chinese fast food restaurant market is highly fragmented, with the top five participants holding a combined market share of only 3.0% in 2024 [1] - Yujian Xiaomian ranks thirteenth in the Chinese noodle restaurant market, with a market share of 0.14% [1] - The Chinese noodle restaurant market is expected to continue accelerating, with total merchandise transaction value projected to reach 510 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 10.9% [1] - The market for noodle restaurants focusing on Sichuan and Chongqing flavors is anticipated to grow particularly strong, with total merchandise transaction value expected to reach 135.7 billion RMB by 2029, representing a CAGR of 13.2% [1]