Core Insights - The company "Encounter Little Noodles" operates Chinese noodle restaurants in mainland China and Hong Kong, with a total of 451 restaurants, including 14 directly operated ones, and 115 new restaurants in preparation [1] - The company is the fourth largest Chinese noodle restaurant operator in China, with a market share of approximately 0.5% for the year 2024 [1] - The company plans to expand its restaurant network significantly over the next three years, with targets of opening 150-180 stores in 2026, 170-200 in 2027, and 200-230 in 2028, focusing on major cities [1] Financial Performance - For the first half of 2025, the company's revenue grew by 33.8% year-on-year to 703 million RMB, with adjusted net profit increasing by 130% [2] - The gross profit margin improved from 64% in the same period last year to 69%, while the adjusted net profit margin rose from 4.3% to 7.4% [2] Investment and Valuation - The company has secured six cornerstone investors, including Haidilao Singapore, who collectively subscribed to 24% of the offering shares [3] - The IPO price range is between 5.64 and 7.04 HKD, corresponding to a market capitalization of 40 to 50 billion HKD, with a projected price-to-earnings ratio of 57 to 72 for 2024, which is notably higher than industry peers [3] - The IPO does not include a mandatory reallocation mechanism [4]
【真灼港股IPO动向】遇见小面：中式面馆连锁加速扩张，估值水平仍待市场验证