HAIDILAO(HK:06862) Zhi Tong Cai Jing·2025-11-26 22:37Company Overview - The company operates a Chinese noodle restaurant brand called "Yujian Xiaomian" in mainland China and Hong Kong, with a total of 451 restaurants in 22 cities in mainland China and 14 in Hong Kong as of the latest available date [2] - The company is the fourth largest operator in the Chinese noodle restaurant sector, holding a market share of 0.5% based on total gross merchandise value for 2024 [2] - The company has a strong growth momentum, with 115 new restaurants in the pre-opening stage [2] Financial Performance - Revenue increased from RMB 418 million in 2022 to RMB 800.5 million in 2023, and is projected to reach RMB 1.1544 billion in 2024, representing a compound annual growth rate (CAGR) of 66.2% [3] - For the six months ending June 30, 2024, revenue was RMB 525.7 million, which further increased by 33.8% to RMB 703.2 million for the same period in 2025 [3] - Net profit rose from RMB 45.9 million in 2023 to RMB 60.7 million in 2024, with a significant increase of 95.8% from RMB 21.4 million for the six months ending June 30, 2024, to RMB 41.8 million for the same period in 2025 [3] Market Position - The Chinese fast food restaurant market, which includes noodle restaurants, is a significant segment of the overall Chinese dining service market, accounting for approximately 17.6% in 2024 [2] - The noodle restaurant market is highly fragmented, with the top five players collectively holding about 3.0% market share based on total gross merchandise value in 2024 [2] - The company ranks thirteenth in the overall Chinese fast food restaurant market with a market share of 0.14% based on total gross merchandise value for 2024 [2] IPO Details - The company plans to conduct a global offering of 97.3645 million H-shares from November 27 to December 2, 2025, with a price range of HKD 5.64 to 7.04 per share [1] - The net proceeds from the global offering are estimated to be approximately HKD 551.6 million, with 60% allocated for expanding the restaurant network and market penetration [1] - The company has secured cornerstone investment agreements totaling approximately USD 22 million from various investors [1]