Core Viewpoint - The upcoming IPO of "Encounter Little Noodles," a leading Sichuan-Chongqing style noodle restaurant, is set to make it the first Chinese noodle restaurant stock in Hong Kong, with a planned global offering of approximately 97.36 million shares and expected net proceeds of up to HKD 685 million [1][2]. Group 1: Investment Highlights - The strong cornerstone investor lineup includes notable firms such as Hillhouse Capital and Haidilao, indicating significant confidence in the company's fundamentals and future prospects [3][4]. - Hillhouse Capital's involvement, particularly in the consumer sector, underscores the investment appeal of Encounter Little Noodles, as they typically back high-profile projects [3]. - Haidilao's participation reflects industry trust in Encounter Little Noodles' business strength and market position, potentially leading to synergistic benefits [3]. Group 2: Long-term Value Drivers - Encounter Little Noodles operates in a rapidly growing niche market, with the Sichuan-Chongqing noodle segment projected to reach a market size of RMB 133.8 billion by 2029, growing at a CAGR of 13.2% from 2025 to 2029 [6]. - The company has established a diversified operating model that appeals to a broad customer base, enhancing customer frequency and operational efficiency [7]. - The number of restaurants has significantly increased from 133 in early 2022 to 465, with an additional 115 in preparation, indicating robust expansion and operational growth [7][8]. - Revenue has surged from RMB 418 million in 2022 to RMB 1.154 billion in 2024, reflecting a CAGR of 66.16%, with adjusted net profit reaching RMB 63.88 million in 2024 [9]. - The company is expanding into overseas markets, with seven direct restaurants in Hong Kong showing strong performance metrics, including a total merchandise transaction value of RMB 42.27 million in the first half of the year [10].
遇见小面（2408.HK）招股中，高瓴、海底捞等现身基石阵容，投资逻辑清晰