遇见小面全球招股冲刺“中式面馆第一股”，高瓴、海底捞现身基石投资者行列

Core Viewpoint - The company "遇见小面" is on the verge of becoming the first publicly listed Chinese noodle restaurant, with significant backing from prominent investors, indicating strong market confidence in its growth potential [1][2]. Financial Performance - The company has shown explosive revenue growth, with a revenue increase from 418 million yuan in 2022 to over 800 million yuan in 2023, representing a year-on-year growth of over 90%, and projected to reach 1.1 billion yuan in 2024, a growth of 44.21% [5][6]. - The net profit turned from a loss in 2022 to 45.91 million yuan in 2023, and is expected to grow to 60.70 million yuan in 2024, with a net profit of 41.83 million yuan in the first half of 2025, a year-on-year increase of 95.77% [7][8][10]. Business Model and Expansion - The company has a highly standardized and replicable business model, which is a key factor attracting investment from major players like Hillhouse Capital and Haidilao [2][13]. - The rapid expansion of store numbers, averaging one new store every four days, has led to a total of 465 restaurants as of mid-2025, with plans to exceed 500 by year-end [14][15][18]. - The company employs both direct operation and franchise models, with a cautious approach to franchising, ensuring brand consistency [17][19]. Market Opportunity - The Chinese noodle restaurant market is characterized by low concentration, with the top five companies holding only 3% of the market share, presenting significant growth opportunities for leading players like "遇见小面" [24][25][26]. - The market for Chinese noodle restaurants is projected to grow significantly, with a compound annual growth rate of 10.9% from 2025 to 2029, particularly in the Sichuan and Chongqing flavor segment, which is expected to grow at 13.2% [27][28]. Strategic Initiatives - The company is focusing on national expansion and exploring lower-tier markets, with a notable increase in stores in second-tier and below cities, which helps optimize operational costs [29][32][34]. - The cautious approach to franchising is seen as a long-term strategy to build brand equity while avoiding the pitfalls of rapid expansion [37]. - The rise of the delivery market is viewed as a significant growth driver, with the company leveraging its standardized supply chain and digital systems to enhance delivery efficiency [38][40][42]. Conclusion - With strong financial backing and a robust growth strategy, "遇见小面" is poised for significant expansion and market penetration, potentially leading to a global presence in the future [43].