来源：猎云网 在中式快餐赛道持续升温的背景下，主打重庆小面的连锁餐饮品牌——广州遇见小面餐饮股份有限公司（以下简称"遇见小面"）正式迈出资本化关键一步。 11月27日，遇见小面正式启动港股IPO招股程序，公司计划于12月5日在港交所主板挂牌上市，有望成为港股"中式面馆第一股"。 此次全球发售共计9736.45万股H股，其中香港公开发售占10%，国际发售占90%，并设有5%的超额配股权。每股发售价区间为5.64至7.04港元。 根据公告，5家知名投资机构参与了本次基石投资，包括高瓴资本、海底捞、君宜资本、晟盈投资、Zeta Fund等，基石投资者合计认购2200万美元，约占募 集资金总额25%。 遇见小面的故事始于2014年。彼时，华南理工大学毕业生宋奇、苏旭翔与罗燕灵在广州体育东横街开出第一家门店，以地道的重庆小面切入市场。经过十余 年发展，品牌已从单一品类拓展为涵盖辣味与非辣味面条、米饭套餐、小吃及饮品的多元化产品矩阵。 财务方面，2022年-2024年，公司营收分别为4.18亿元、8.01亿元和11.54亿元，经调整净利润分别为-3497万元、4697.8万元、6388.8万元。2025年上半年，公 司实 ...

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with CMB International as the sole sponsor. The company is the fourth largest operator of Chinese noodle restaurants in China, holding a market share of 0.5% as of 2024 [1][4]. Company Overview - The company operates the Yujian Xiaomian brand in mainland China and Hong Kong, with a network of 440 restaurants in 22 cities in mainland China and 11 in Hong Kong as of October 8, 2025. It has 101 new restaurants in the pre-opening stage [4]. - The company’s restaurant locations are primarily in eastern and southern China, with over half located in Guangdong Province [4]. Market Position - The Chinese fast food restaurant market, which includes Chinese noodle restaurants, is a significant segment of the overall Chinese dining service market, projected to account for approximately 17.6% in 2024. The market is highly fragmented, with the top five players holding about 3.0% market share [5]. - The company ranks 13th in the overall Chinese fast food restaurant market with a market share of 0.14% based on total merchandise transaction value [5]. Business Model and Growth - The company has successfully expanded its restaurant count from 133 to 451, representing a growth of 239.1% during the reporting period [5]. - The company operates through both direct management and franchising, with 86 franchised restaurants as of June 30, 2025 [7]. Financial Performance - Revenue figures for the company are as follows: approximately RMB 800.5 million in 2023, RMB 1.154 billion in 2024, and RMB 703.2 million for the six months ending June 30, 2025. Profits for the same periods were RMB 45.9 million, RMB 60.7 million, and RMB 41.8 million respectively [8]. - The company’s financial performance has shown rapid growth, supported by a strong brand presence and effective management strategies [7]. Market Outlook - The Chinese noodle restaurant market is expected to grow significantly, with total merchandise transaction value projected to reach RMB 510 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.9% from 2025 to 2029 [7]. - The Sichuan-Chongqing flavored noodle market is anticipated to grow even faster, with a projected CAGR of 13.2% during the same period [7].

Core Viewpoint - The company, Lao Xiang Ji, is preparing for its IPO in the Hong Kong market after withdrawing its A-share listing application, aiming for rapid expansion in the competitive fast-food industry [1][3]. Company Overview - Lao Xiang Ji is a Chinese fast-food brand focusing on chicken soup and chicken dishes, recognized for its standardized operations across the industry [2]. - The company has received investments from various institutions, with only Cahua Capital holding a 4.98% stake as of January 2025 [2]. Market Position and Strategy - The Chinese fast-food sector is the largest sub-market within the domestic fast-food industry, and Lao Xiang Ji aims to leverage its IPO for capital to support its expansion [3]. - The company has been expanding its presence in first-tier cities, although it acknowledges its brand recognition is significantly lower than Western fast-food brands [3]. Financial Performance - Lao Xiang Ji reported revenues of 45.28 billion yuan, 56.51 billion yuan, and 46.78 billion yuan for the years 2022, 2023, and the first three quarters of 2024, respectively, with adjusted net profits of 2.68 billion yuan, 4.03 billion yuan, and 3.85 billion yuan [6]. - As of September 30, 2024, the company operated 1,404 stores across 53 cities, including 949 direct-operated and 455 franchised stores [6]. Franchise Growth - The number of franchised stores increased significantly from 102 in mid-2022 to 455 by the third quarter of 2024, while the number of direct-operated stores slightly decreased [7][8]. - The performance of franchised stores has been less favorable compared to direct-operated stores, with lower turnover rates and sales per unit area [7]. Competitive Landscape - The fast-food industry is experiencing intense price competition, with local brands introducing low-cost meal options [4]. - Lao Xiang Ji has maintained a stance against engaging in price wars, although it has offered discounts through online platforms [4][5]. Operational Challenges - The company faces challenges in managing its rapid expansion, particularly in supply chain management, franchisee oversight, food safety, and talent development [1][5]. - The shift towards a franchise model has led to a reduction in direct-operated stores, attributed to factors such as decreased consumer traffic and the impact of the pandemic [8].

Company Overview - LXJ International Holdings Limited, known as "老乡鸡," is the largest Chinese QSR brand, founded in 2003 by a veteran and poultry farmer [1] - The company has transitioned from an A-share listing attempt to pursuing a listing on the Hong Kong Stock Exchange, with the prospectus updated recently [1] Market Position - In 2024, the company holds a 0.9% market share in the Chinese QSR industry and ranks eighth in the overall fast food sector with a 0.5% market share [1] - The brand's menu focuses on home-style dishes centered around chicken, with signature items priced between 12-17 yuan [1] Supply Chain and Expansion - The company has established a comprehensive supply chain involving breeding, procurement, processing, and logistics, with three chicken farms and two automated central kitchens [2] - Plans for further supply chain integration include developing a new central kitchen in Hefei, expected to be completed by 2027 [2] - As of April 30, 2025, the company operates 1,564 stores across 58 cities, with a mix of 911 direct-operated and 653 franchised stores [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 4.528 billion yuan, 5.651 billion yuan, and 6.288 billion yuan, respectively, with net profits of 252 million yuan, 375 million yuan, and 409 million yuan [3] - For the first four months of 2025, revenue reached 2.12 billion yuan, a 9.84% increase year-on-year, with net profit at 174 million yuan, up 7.41% from the previous year [3]

Core Viewpoint - Anhui Laoxiangji Catering Co., Ltd. is aiming to become the "first stock of Chinese fast food" by updating its IPO prospectus for the Hong Kong Stock Exchange, after previously withdrawing its A-share IPO application in August 2023 [1] Company Overview - Laoxiangji is the largest Chinese fast food brand, holding a 0.9% market share in the Chinese fast food industry and ranking first in terms of total transaction volume in 2024 [1] - The company was founded in 2003 by veteran Shuceng Xuan, starting with a store named "Feixi Laomujin" in Hefei, Anhui Province, specializing in the signature dish "Feixi Laomujin Soup" [1] - The brand was upgraded in 2012 to "Laoxiangji," offering a variety of dishes primarily made from chicken, pork, beef, vegetables, rice, and seafood [1] Business Model and Expansion - Laoxiangji has adopted a "direct-operated + franchise" store network model since exploring franchising in 2020, balancing quality and expansion [2] - As of April 30, 2025, Laoxiangji operates a total of 1,564 stores, including 911 direct-operated and 653 franchise stores, with an overall increase of 85 stores since 2025 [2] Financial Performance - The revenue for Laoxiangji in 2022, 2023, and 2024 was 4.528 billion, 5.651 billion, and 6.288 billion yuan respectively, with net profits of 252 million, 375 million, and 409 million yuan [2] - In the first four months of 2025, the revenue reached 2.12 billion yuan, representing a year-on-year growth of 9.84%, while net profit was 174 million yuan, up 7.41% from the previous year [2]