公司是中国首批在全价值链实施标准化、首批采用数智化的中式快餐公司之一。是中国唯一一家全产业 链布局且唯一一家实施全面可追溯系统的主要中式快餐公司。2024年在前五大中式快餐公司中，单店日 均销售额(1.51万元)和平均翻座率(4.4)均排名第一。 中式快餐是中国快餐行业最大的品类，2024年市场规模为8097亿元人民币，预计到2029年将增长至 12058亿元人民币，2024年至2029年复合年增长率为8.3%。 根据灼识咨询数据，2024年老乡鸡以0.9%的市场占有率位列中国中式快餐行业第一，在中国快餐行业 排名第八，核心产品为鸡汤及鸡类菜品。截至2025年8月31日，老乡鸡在中国61个城市拥有1658家门 店，包括925家直营店和733家加盟店，形成了"直营+加盟"的门店网络。 老乡鸡向港交所主板递交上市申请，联席保荐人为中金公司（601995）和海通国际。 ...

Core Viewpoint - The company "Yujian Xiaomian" is taking a significant step towards capitalizing on the growing Chinese fast-food market by initiating its IPO process on the Hong Kong Stock Exchange, aiming to become the first Chinese noodle restaurant listed in Hong Kong [2][3]. Company Overview - Founded in 2014 by graduates from South China University of Technology, Yujian Xiaomian started with a single store in Guangzhou and has since expanded to 440 restaurants in 22 cities across mainland China and 11 in Hong Kong, focusing on both spicy and non-spicy noodle dishes, rice sets, snacks, and beverages [4]. - The company operates through a combination of direct sales and franchising, with a significant concentration of its outlets in economically vibrant eastern and southern regions of China, particularly Guangdong Province, which accounts for over half of its total stores [4]. Market Position - According to Frost & Sullivan, Yujian Xiaomian ranks as the fourth largest Chinese noodle restaurant operator in terms of total merchandise transaction value, holding a market share of 0.5% for 2024 [5]. Financial Performance - The company's revenue projections for 2022, 2023, and 2024 are RMB 418 million, RMB 801 million, and RMB 1.154 billion, respectively, with adjusted net profits expected to shift from a loss of RMB 34.97 million in 2022 to a profit of RMB 63.89 million in 2024 [5]. - In the first half of 2025, Yujian Xiaomian reported a revenue of RMB 703 million, reflecting a year-on-year growth of 33.8%, and an adjusted net profit of RMB 52.18 million, up 131.56% from the previous year [5]. Revenue Sources - The majority of the company's revenue comes from direct restaurant operations, which accounted for 80.5% in 2022, increasing to 89% by the first half of 2025. This includes both dine-in and takeout services [6]. - Franchise management also contributes to revenue, though its share has been gradually decreasing, from 19.3% in 2022 to 10.9% in the first half of 2025 [6]. IPO Details - The IPO will involve a global offering of 97.3645 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international investors, at a price range of HKD 5.64 to HKD 7.04 per share. Notably, cornerstone investors have committed to USD 22 million, representing 25% of the total fundraising [4][5]. Future Outlook - The funds raised from the IPO will be utilized for expanding the restaurant network, enhancing technology and digital systems, brand building, strategic investments in the upstream food processing sector, and general corporate purposes [7]. - Despite the competitive landscape of the Chinese noodle restaurant sector, the high standardization, strong repurchase rates, and moderate customer spending suggest significant potential for scalable replication, positioning Yujian Xiaomian for greater market presence in the trillion-yuan fast-food industry [7].

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].

（「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本聆訊後資料集全部或任何部分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Guangzhou Xiao Noodles Catering Management Co., Ltd. 廣州遇見小麵餐飲股份有限公司 Guangzhou Xiao Noodles Catering Management Co., Ltd. 廣州遇見小麵餐飲股份有限公司 （於中華人民共和國註冊成立的股份有限公司） [編纂] 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表 示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港 ...

於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登 記前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請， 有意投資者務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定；該文件的 文本將於發售期內向公眾人士刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修訂或更換附頁，並不引起本公司、其獨家保 薦人、整體協調人、顧問或包銷團成員在香港或任何其他司法權區必須進行發售活動的 責任。本公司最終會否進行發售仍屬未知之數； (c) 本文件或其補充、修訂或更換附頁的內容可能會亦可能不會在最終正式的上市文件內全 部或部分轉載； (d) 本申請版本並非最終的上市文件，本公司可能不時根據聯交所證券上市規則作出更新或 修訂； (e) 本文件並不構成向任何司法權區的公眾人士提呈出售任何證券的招股章程、發售通函、 通告、通函、小冊子或廣告，亦非邀請公眾人士提出認購或購買任何證券的要約，且不 旨在邀請公眾提出認購或購買任何證券的要約； ...

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]