HAIDILAO(HK:06862) Zhi Tong Cai Jing·2025-11-26 22:42Company 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 last practical 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 volume for 2024 [2] - The company has a strong growth momentum, with 115 new restaurants in the pre-opening stage [2] Market Context - The Chinese noodle restaurant market is a significant segment of the overall Chinese fast food market, which is projected to have a market share of approximately 29.8% in 2024 [2] - The fast food restaurant market is characterized by standardized operations and efficient, scalable models that provide convenient meal options for consumers [2] - The overall Chinese fast food restaurant market accounts for about 17.6% of the total dining service market in China, with the top five players collectively holding around 3.0% market share in 2024 [2] Financial Performance - The company's 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, reflecting a compound annual growth rate (CAGR) of 66.2% [3] - Revenue for the six months ending June 30, 2025, is expected to rise by 33.8% to RMB 703.2 million from RMB 525.7 million for the same period in 2024 [3] - Net profit grew from RMB 45.9 million in 2023 to RMB 60.7 million in 2024, with a significant increase of 95.8% in net profit for the six months ending June 30, 2025, reaching RMB 41.8 million [3] 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 share price range of HKD 5.64 to HKD 7.04 [1] - The offering will allocate 10% for public sale in Hong Kong and 90% for international sale, with an additional 5% for over-allotment [1] - Assuming a share price of HKD 6.34 and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 551.6 million, with 60% earmarked for expanding the restaurant network [1]