遇见小面继续冲击「中式面馆第一股」：上半年净利润翻倍，年内门店或超500家

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. is progressing towards an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed Chinese noodle restaurant chain, with significant revenue growth and expansion plans [2][4]. Financial Performance - In the first half of this year, Yujian Xiaomian achieved revenue of 703 million yuan, a year-on-year increase of 33.8%, and an adjusted net profit of 52.175 million yuan, up 131.56% compared to the same period in 2024 [2]. - The total merchandise transaction volume for Yujian Xiaomian from 2022 to 2024 is projected to grow from 511 million yuan to 1.348 billion yuan, with a total transaction volume of 799 million yuan in the first half of this year [4]. Market Position - Yujian Xiaomian is recognized as the largest operator of Sichuan-Chongqing style noodle restaurants in China and the fourth largest among all Chinese noodle restaurant operators, with the highest compound annual growth rate in total merchandise transaction volume among the top ten Chinese noodle restaurant operators from 2022 to 2024 [4][6]. Operational Efficiency - The company has developed a highly standardized, systematic, and digital management system that integrates traditional charm with modern restaurant management, leading to significant improvements in operational efficiency and quality [6]. - The operating profit margin for direct-operated restaurants reached 15.1% in the first half of this year, an increase from 13.3% in 2024 [6]. Customer Engagement - Yujian Xiaomian has attracted over 22.1 million members, with a 44.5% repurchase rate among stored-value members in 2024, significantly higher than the industry average [7]. - The total number of orders increased to 42.094 million in 2024, with over 25.259 million orders in the first half of 2025, reflecting a year-on-year growth of over 32.52% [7]. Industry Growth - The total merchandise transaction volume of the Chinese noodle restaurant market has grown from 183.3 billion yuan in 2020 to 296.2 billion yuan in 2024, with Sichuan-Chongqing style noodle restaurants experiencing the highest growth rate [9]. - The market for Sichuan-Chongqing style noodle restaurants is expected to continue growing at a compound annual growth rate of 13.2%, reaching 135.7 billion yuan by 2029 [9]. Future Plans - The net proceeds from the IPO will primarily be used to expand the restaurant network, enhance technological capabilities, build brand loyalty, and pursue strategic investments in the upstream food processing industry [10].