遇见小面今起招股：获高瓴、海底捞等1.7亿港元基石认购，海外首店即将开业

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. is set to become the "first stock of Chinese noodle restaurants" with its IPO scheduled from today until December 2, 2025, aiming to raise up to approximately HKD 552 million [3][4]. Company Overview - Yujian Xiaomian plans to issue 97,364,500 H-shares, with 9,736,500 shares available for public offering in Hong Kong and 87,628,000 shares for international placement [3]. - The company has attracted five cornerstone investors, including top private equity firms and well-known long-term funds, with a total subscription of USD 22 million (approximately HKD 171 million) [3]. Business Expansion - Since its first store opened in Guangzhou in 2014, Yujian Xiaomian has expanded to 465 stores across 22 cities in nine provinces and Hong Kong, with an additional 115 stores in preparation, aiming to exceed 500 by the end of the year [4]. - The business focus is on the Guangdong-Hong Kong-Macau Greater Bay Area, with over 100 stores in both Guangzhou and Shenzhen, and 14 stores in Hong Kong contributing significantly to growth [4]. Market Potential - The Chinese noodle restaurant segment accounts for 29.8% of the Chinese fast food market, with the total market value projected to grow from CNY 183.3 billion in 2020 to CNY 296.2 billion in 2024, at a compound annual growth rate (CAGR) of 12.7% [6]. - The market remains highly fragmented, with the top five brands holding less than 3% market share, presenting opportunities for consolidation and expansion for chain enterprises [6]. Future Growth Plans - Yujian Xiaomian plans to open approximately 150-180, 170-200, and 200-230 new restaurants in 2026, 2027, and 2028, respectively, potentially adding 520 to 610 new locations over three years [6]. - The company has initiated international expansion, with its first store in Singapore expected to open in December 2025, targeting Southeast Asia's similar culinary culture and high delivery penetration [6]. Financial Performance - Total revenue for Yujian Xiaomian is projected to grow from CNY 418 million in 2022 to CNY 1.154 billion in 2024, reflecting a CAGR of 66.2% [7]. - The company achieved profitability in 2023 with an adjusted net profit of CNY 46.98 million, expected to rise to CNY 63.89 million in 2024 [7]. Operational Efficiency - The operating profit margin for direct restaurants is expected to increase from 13.3% in 2024 to 15.1% in the first half of 2025, indicating improved operational efficiency and cost control [9]. - Yujian Xiaomian employs a centralized management system for all stores, ensuring consistency in brand and operational standards across its network [9]. Product Offering - The product range has expanded beyond the signature Chongqing noodles to include various spicy and non-spicy dishes, with top sales rankings in the Chinese chain restaurant sector for three consecutive years [10]. Customer Engagement - As of November 18, 2025, Yujian Xiaomian has attracted over 22.1 million registered members, with a 44.5% repurchase rate among stored-value members in 2024, significantly above the industry average [12].