2025年10月的资本市场，广州遇见小面的上市节奏骤然提速——13日获证监会境外上市备案，15日火速更新港股招股书，距港交所仅一步之遥。这家从珠江 新城街边小店起步的品牌，如今已坐拥451家门店，即将突破500家规模，更以"中国第一大川渝风味面馆经营者"的身份剑指"中式面馆第一股"。然而，在营 收三年翻近2倍、2025年上半年净利润同比激增131.56%的亮眼数据背后，招股书却撕开了三重隐忧：连续四年主动降价换量却换不来翻座率回升，流动资 产净值常年为负且负债率高企，更被2028年3月前必须上市的对赌协议步步紧逼。这场资本竞速赛，早已埋下关乎生存的考题。 客单价三连降，同店增长遇挫 财务数据揭示了更严峻的现实：2022-2024年，遇见小面流动资产净值连续三年为负，且缺口逐年扩大，从-1.49亿元增至-2.42亿元，2025年上半年进一步恶 化至-2.55亿元。截至2024年末，公司现金储备仅4219万元，而流动负债高达4.9亿元，流动比率仅0.5，远低于餐饮行业1.5的健康线标准。 公司将流动性紧张归咎于"直营门店扩张占用资金"及"租赁负债列作流动负债"，但贸易应收款的持续攀升更显被动——2025年上半年已 ...

近日，广州遇见小面餐饮股份有限公司（简称"遇见小面"）赴港上市进程加速，继获中国证监会境外发 行备案通知书后，更新其港股IPO招股书，冲刺"中式面馆第一股"。 据公司更新版招股书显示，2025年上半年，公司实现营业收入7.03亿元，同比增长33.8%；经调整净利 润5217.5万元，较上年同期增长131.56%。遇见小面在营餐厅门店达451家。据悉，其新加坡首店亦正在 筹备中，预计第一家海外门店将于今年12月正式开业。 招股书显示，遇见小面发展至今得到过顾东生、青骢资本、九毛九、弘毅投资旗下百福、高德福及碧桂 园创投的投资。不过，遇见小面在IPO期间遭二股东减持套现。8月6日，百福控股（01488.HK）发布公 告，称公司的全资附属公司奇昕控股有限公司以总代价4800万元转让遇见小面1.71%的股权。百福控股 认为中国餐饮业目前处于成长阶段，出售股份可适时回笼初始投资成本以补充营运资金并寻求新投资机 遇，同时可以获得可观收益，公司目前没有计划出售剩余股权。 重庆小面作为西南特色美食的典型代表，凭借"麻辣鲜香"的味觉记忆与亲民属性，赢得了较高的消费者 关注度。此外，近几年的消费环境下，不少消费者会选择客单价较低 ...

来源：第一财经 【#遇见小面冲刺中式面馆第1股#，重庆小面品类增速快但消费场景单一】近日，广州遇见小面餐饮股 份有限公司（简称"遇见小面"）赴港上市进程加速，继获中国证监会境外发行备案通知书后，更新其港 股IPO招股书，冲刺"中式面馆第一股"。 但值得注意的是，重庆小面品类当下发展还面临着诸多挑战。《重庆小面品类发展报告2025》显示，重 庆小面品类面临例如品牌面临地道风味与标准化、各地饮食习惯等多重矛盾；消费场景受限，口味偏油 腻、价值感不强的问题；还有部分品牌溢价过高，难以提升消费者的消费频率等。 据公司更新版招股书显示，2025年上半年，公司实现营业收入7.03亿元，同比增长33.8%；经调整净利 润5217.5万元，较上年同期增长131.56%。遇见小面在营餐厅门店达451家。据悉，其新加坡首店亦正在 筹备中，预计第一家海外门店将于今年12月正式开业。 企查查数据显示，2024年全年，全国重庆小面相关企业的注册量超3800家，相关企业的存量为22137 家，同比增长了0.5%。截至2025年4月，重庆小面相关企业的存量近2.3万家。 ...

Core Viewpoint - The company "Yujian Xiaomian" is accelerating its IPO process in Hong Kong, aiming to become the first publicly listed Chinese noodle restaurant, despite facing challenges in the Chongqing noodle sector. Company Summary - Yujian Xiaomian has updated its IPO prospectus, projecting a revenue of 703 million yuan for the first half of 2025, representing a year-on-year growth of 33.8%, and an adjusted net profit of 52.175 million yuan, up 131.56% from the previous year [1][3] - The company currently operates 451 restaurants and is preparing to open its first overseas location in Singapore by December this year [1] - The company has received investments from various entities, including Qidongsheng, Qingcong Capital, and others [3] Industry Summary - As of April 2025, there are nearly 23,000 registered companies related to Chongqing noodles, with a year-on-year growth of 0.5% in the number of registered enterprises [4] - The market for Chongqing noodles is characterized by a high consumer interest due to its unique flavor profile and affordability, with 59.5% of stores having an average consumer spending of less than 20 yuan [3][4] - However, the industry faces challenges such as brand standardization issues, limited consumption scenarios, and high operational costs against low average spending [4][5] - The market potential exists due to the large consumer base and rapid growth in online sales of pre-packaged products, but risks include over-capitalization, regional taste conflicts, and food safety concerns [4][5]

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. is progressing towards an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed Chinese noodle restaurant chain, with significant revenue growth and expansion plans [2][4]. Financial Performance - In the first half of this year, Yujian Xiaomian achieved revenue of 703 million yuan, a year-on-year increase of 33.8%, and an adjusted net profit of 52.175 million yuan, up 131.56% compared to the same period in 2024 [2]. - The total merchandise transaction volume for Yujian Xiaomian from 2022 to 2024 is projected to grow from 511 million yuan to 1.348 billion yuan, with a total transaction volume of 799 million yuan in the first half of this year [4]. Market Position - Yujian Xiaomian is recognized as the largest operator of Sichuan-Chongqing style noodle restaurants in China and the fourth largest among all Chinese noodle restaurant operators, with the highest compound annual growth rate in total merchandise transaction volume among the top ten Chinese noodle restaurant operators from 2022 to 2024 [4][6]. Operational Efficiency - The company has developed a highly standardized, systematic, and digital management system that integrates traditional charm with modern restaurant management, leading to significant improvements in operational efficiency and quality [6]. - The operating profit margin for direct-operated restaurants reached 15.1% in the first half of this year, an increase from 13.3% in 2024 [6]. Customer Engagement - Yujian Xiaomian has attracted over 22.1 million members, with a 44.5% repurchase rate among stored-value members in 2024, significantly higher than the industry average [7]. - The total number of orders increased to 42.094 million in 2024, with over 25.259 million orders in the first half of 2025, reflecting a year-on-year growth of over 32.52% [7]. Industry Growth - The total merchandise transaction volume of the Chinese noodle restaurant market has grown from 183.3 billion yuan in 2020 to 296.2 billion yuan in 2024, with Sichuan-Chongqing style noodle restaurants experiencing the highest growth rate [9]. - The market for Sichuan-Chongqing style noodle restaurants is expected to continue growing at a compound annual growth rate of 13.2%, reaching 135.7 billion yuan by 2029 [9]. Future Plans - The net proceeds from the IPO will primarily be used to expand the restaurant network, enhance technological capabilities, build brand loyalty, and pursue strategic investments in the upstream food processing industry [10].

Company Overview - Guangzhou Yujian Xiaomian Catering Co., Ltd. (referred to as "Yujian Xiaomian") has submitted a listing application to the Hong Kong Stock Exchange, aiming to raise $100 million, which would make it the first "Chinese noodle restaurant" listed in Hong Kong [2] - The company specializes in Sichuan-Chongqing flavors, with Chongqing noodles as its core product, and has rapidly expanded its operations [2] Financial Performance - From 2022 to 2024, Yujian Xiaomian's revenue is projected to increase from 418 million yuan to 1.154 billion yuan, transitioning from a loss of 35.97 million yuan to a profit of 60.7 million yuan, indicating strong growth momentum [3] - The average customer spending has decreased from 36.1 yuan in 2022 to 32 yuan in 2024, reflecting ongoing pressure on profit margins despite strategies to enhance turnover rates [3] Expansion Plans - As of April 2025, the total number of Yujian Xiaomian stores is expected to reach 400, covering 22 cities in mainland China and Hong Kong, with an additional 64 new stores in preparation [2] - The company plans to open more than 100 new stores annually over the next three years and aims to penetrate lower-tier markets [3] Regulatory Challenges - The China Securities Regulatory Commission (CSRC) has issued six supplementary material requests regarding compliance with equity incentive plans, shareholder equity pledges, and foreign investment access, adding uncertainty to the company's listing prospects [2][3] - Concerns have been raised about potential internal governance risks, including the possibility of interest transfer in equity incentive schemes and the status of pledged or frozen shares [3] Industry Context - The Chinese noodle restaurant sector has experienced capital frenzy, but issues such as homogenization and consumer downgrade trends have led some brands into difficulties [3] - Yujian Xiaomian's ability to leverage capital to overcome industry challenges and avoid the pitfalls faced by some "internet celebrity restaurants" will be a focal point for investors [3]

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, potentially becoming the first publicly listed Chinese noodle restaurant [1] Company Overview - Yujian Xiaomian has opened 380 stores in just three years, turning a net loss of 35.97 million yuan in 2022 into a net profit of 60.7 million yuan in 2023, with projected revenue of 1.154 billion yuan in 2024 [1] - The founders, all graduates from 985 universities, have no professional culinary background, which adds a unique narrative to the brand [3][5] Business Model and Strategy - The founders adopted a scientific approach to restaurant management, utilizing precise measurements and laboratory equipment to standardize cooking processes [9][11] - The brand has successfully localized the taste of Chongqing noodles to appeal to a broader audience, maintaining a price point of 36 yuan per bowl [11] Funding and Expansion - Yujian Xiaomian has completed eight rounds of financing, raising approximately 200 million yuan, which has facilitated rapid expansion [13] - The company plans to open 120-150 new restaurants in 2025 and 150-180 in 2026, with a total of 64 additional locations currently in preparation [15] Financial Health - As of the end of 2024, the company reported short-term loans of 50 million yuan and a net current liability of 242 million yuan, with a high debt-to-asset ratio of 89.86% [21] - Despite financial pressures, the company distributed a sudden dividend of 14.7 million yuan in March [23] Challenges and Risks - Yujian Xiaomian has faced multiple complaints regarding food safety, with a total of 189 complaints and a low resolution rate of less than 30% [16][17] - The company has been criticized for poor service quality and has been penalized for not maintaining food safety standards [17][20]