Company Overview - The company operates a Chinese noodle restaurant brand called "Yujian Xiaomian" in mainland China and Hong Kong, with a total of 451 restaurants in 22 cities in mainland China and 14 in Hong Kong as of the last practical date [2] - The company is the fourth largest operator in the Chinese noodle restaurant sector, holding a market share of 0.5% based on total gross merchandise volume for 2024 [2] - The company has a strong growth momentum, with 115 new restaurants in the pre-opening stage [2] Market Context - The Chinese noodle restaurant market is a significant segment of the overall Chinese fast food market, which is projected to have a market share of approximately 29.8% in 2024 [2] - The fast food restaurant market is characterized by standardized operations and efficient, scalable models that provide convenient meal options for consumers [2] - The overall Chinese fast food restaurant market accounts for about 17.6% of the total dining service market in China, with the top five players collectively holding around 3.0% market share in 2024 [2] Financial Performance - The company's revenue increased from RMB 418 million in 2022 to RMB 800.5 million in 2023, and is projected to reach RMB 1.1544 billion in 2024, reflecting a compound annual growth rate (CAGR) of 66.2% [3] - Revenue for the six months ending June 30, 2025, is expected to rise by 33.8% to RMB 703.2 million from RMB 525.7 million for the same period in 2024 [3] - Net profit grew from RMB 45.9 million in 2023 to RMB 60.7 million in 2024, with a significant increase of 95.8% in net profit for the six months ending June 30, 2025, reaching RMB 41.8 million [3] IPO Details - The company plans to conduct a global offering of 97.3645 million H shares from November 27 to December 2, 2025, with a share price range of HKD 5.64 to HKD 7.04 [1] - The offering will allocate 10% for public sale in Hong Kong and 90% for international sale, with an additional 5% for over-allotment [1] - Assuming a share price of HKD 6.34 and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 551.6 million, with 60% earmarked for expanding the restaurant network [1]

Company Overview - The company operates a Chinese noodle restaurant brand called "Yujian Xiaomian" in mainland China and Hong Kong, with a total of 451 restaurants in 22 cities in mainland China and 14 in Hong Kong as of the latest available date [2] - The company is the fourth largest operator in the Chinese noodle restaurant sector, holding a market share of 0.5% based on total gross merchandise value for 2024 [2] - The company has a strong growth momentum, with 115 new restaurants in the pre-opening stage [2] Financial Performance - Revenue increased from RMB 418 million in 2022 to RMB 800.5 million in 2023, and is projected to reach RMB 1.1544 billion in 2024, representing a compound annual growth rate (CAGR) of 66.2% [3] - For the six months ending June 30, 2024, revenue was RMB 525.7 million, which further increased by 33.8% to RMB 703.2 million for the same period in 2025 [3] - Net profit rose from RMB 45.9 million in 2023 to RMB 60.7 million in 2024, with a significant increase of 95.8% from RMB 21.4 million for the six months ending June 30, 2024, to RMB 41.8 million for the same period in 2025 [3] Market Position - The Chinese fast food restaurant market, which includes noodle restaurants, is a significant segment of the overall Chinese dining service market, accounting for approximately 17.6% in 2024 [2] - The noodle restaurant market is highly fragmented, with the top five players collectively holding about 3.0% market share based on total gross merchandise value in 2024 [2] - The company ranks thirteenth in the overall Chinese fast food restaurant market with a market share of 0.14% based on total gross merchandise value for 2024 [2] IPO Details - The company plans to conduct a global offering of 97.3645 million H-shares from November 27 to December 2, 2025, with a price range of HKD 5.64 to 7.04 per share [1] - The net proceeds from the global offering are estimated to be approximately HKD 551.6 million, with 60% allocated for expanding the restaurant network and market penetration [1] - The company has secured cornerstone investment agreements totaling approximately USD 22 million from various investors [1]

Core Viewpoint - The company "Yujian Xiaomian" has completed its listing application in Hong Kong and is expected to undergo a listing hearing soon, indicating its growth and expansion plans in the market [2]. Company Overview - Yujian Xiaomian operates modern Chinese noodle restaurants 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 the last feasible date [3]. - The company has a strong growth momentum, with 101 new restaurants in the pre-opening stage [3]. - The company is the fourth largest operator in the Chinese noodle restaurant sector, holding a market share of 0.5% based on total merchandise transaction value for 2024 [3]. Market Context - The Chinese fast food market, which includes standardized operations and digital-driven services, is a significant segment of the overall Chinese dining service market, projected to account for approximately 17.6% in 2024 [3][8]. - The Chinese noodle restaurant market is expected to grow significantly, with a projected total merchandise transaction value reaching 510 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 10.9% from 2025 to 2029 [9]. Business Model and Operations - The company operates both directly and through franchising, with a notable increase in restaurant numbers from 133 to 451, representing a growth of 239.1% during the reporting period [9]. - The average order value for the company's restaurants has decreased from 36.2 RMB in 2022 to 34.2 RMB in 2023, attributed to the company's strategy of lowering prices to attract more customers [10]. Financial Performance - Yujian Xiaomian's revenue has seen significant growth, increasing from 418 million RMB in 2022 to 1.154 billion RMB in 2024, with a CAGR of 66.16% [10]. - The company reported a profit of 45.914 million RMB in 2023, with expectations for continued profitability in 2024 and beyond [10]. Strategic Plans - The company plans to use the net proceeds from its Hong Kong IPO for expanding its restaurant network, enhancing technology and digital systems, brand building, strategic investments in upstream food processing companies, and general corporate purposes [12].