近日，遭资本冷遇多年的中式面馆赛道被注入一剂强心针。 文｜不慌财说 继2025年4月首次向港交所递表后，广州遇见小面餐饮股份有限公司（简称：遇见小面）于近日正式通过港交所聆讯。 这个非川渝地区的重庆小面馆，用11年时间构建出450+全国连锁门店网络。据弗若斯特沙利文数据，2024年遇见小面是中国第四大的中式面馆经营者，并 稳居川渝风味细分市场首位。 然而，在行业老四率先抢夺"中式面馆第一股"叙事下，所背负的是中式面馆资本化"试金石"的重任，遇见小面的商业模式正被市场聚焦检验。 2022年至2024年，遇见小面营业收入由4.18亿元增至11.54亿元，同期净利润实现转盈，由-3597.3万元增至6070万元。2025年上半年，遇见小面依旧保持双 位数增长态势，营收、净利润增速分别33.7%、95.77%。 但规模扩张只是表象，可持续单店盈利才是连锁品牌的生命线。 自2024年起，遇见小面单店日均销售额、翻座率均呈现下滑态势，折射出中式面馆品牌正经历规模扩张与盈利平衡之间的深层博弈。 所以，市场对于遇见小面将会如何定价，成为这一节点关键。 中式面馆集体"断食" 需要特别关注的是，遇见小面在IPO期间遭遇二股东减持 ...

Core Viewpoint - The company "Yujian Xiaomian" is preparing for an IPO in Hong Kong, aiming to become the first publicly listed Chinese noodle restaurant chain, despite facing challenges such as declining same-store sales and profitability concerns [1][2][12]. Company Overview - Founded in 2014, Yujian Xiaomian has expanded from a single store in Guangzhou to 451 locations across over 23 cities in 11 years [1]. - The company is targeting to raise funds through its IPO to support its expansion and digital transformation efforts [2][3]. IPO Details - The company plans to issue up to 235 million shares, with the exclusive sponsor being CMB International [2]. - The IPO proceeds will be allocated for store expansion, digital upgrades, brand building, and strategic investments in food suppliers [3]. Financial Performance - Yujian Xiaomian's revenue is projected to grow from 418 million yuan in 2022 to 1.154 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 66.2%, significantly higher than the industry average of 15%-20% [4][12]. - The net profit is expected to turn from a loss of 35.973 million yuan in 2022 to a profit of 60.7 million yuan in 2024 [4]. Expansion Strategy - The company plans to open 520 to 610 new stores from 2026 to 2028, focusing on first-tier and new first-tier cities [3]. - The number of stores increased from 170 to 451 in three years, with a notable expansion in the Hong Kong market, where the number of stores grew to 10 within a year [6]. Market Position - Yujian Xiaomian ranks fourth among Chinese noodle restaurants, holding a market share of 0.5% based on total transaction value [9][12]. - The overall market for Chinese noodle restaurants is expected to reach 510 billion yuan by 2029, but the industry remains fragmented with intense competition [12]. Challenges Ahead - Despite rapid growth, the company faces declining single-store profitability, with average daily sales per store dropping from 13,880 yuan in 2023 to 12,402 yuan in 2024 [10]. - The average order value has also decreased, indicating potential issues with customer retention and pricing strategy [10][12].

Core Viewpoint - The company "Yujian Xiaomian" is preparing for an IPO, aiming to become the first publicly listed Chinese noodle restaurant, with significant growth in store expansion and revenue, despite facing challenges in same-store sales and profitability [1][2][12]. Group 1: IPO Progress - The company has received approval from the China Securities Regulatory Commission for overseas issuance and updated its prospectus, planning to issue up to 235 million shares on the Hong Kong Stock Exchange [2]. - If successful, "Yujian Xiaomian" will be the first in the Chinese noodle restaurant sector to go public, a market that has seen multiple brands announce IPO intentions without concrete actions [2]. Group 2: Fundraising Utilization - The IPO proceeds will be allocated to four main areas: 1. Store expansion, with plans to open 520-610 new locations from 2026 to 2028, focusing on first-tier and new first-tier cities [3]. 2. Digital upgrades, including AI technology, IoT systems, and big data analytics to support operational growth [3]. 3. Brand building initiatives [3]. 4. Strategic investments in 3-5 food suppliers with annual revenues of approximately 500,000 to 1 million yuan, targeting investments of 10-20 million HKD each [3]. Group 3: Financial Performance - The company has shown remarkable financial recovery, with net profit projected to rise from a loss of 35.973 million yuan in 2022 to a profit of 60.7 million yuan in 2024, and a significant increase in revenue from 418 million yuan in 2022 to 1.154 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 66.2% [4][5]. - The number of stores has increased from 170 to 451 over three years, with a notable expansion in the Hong Kong market, where the number of stores grew to 10 within a year [6]. Group 4: Market Position and Challenges - As of 2024, "Yujian Xiaomian" ranks fourth in the Chinese noodle restaurant sector with a market share of 0.5%, amidst a highly fragmented market where the top five companies hold only 2.9% of the total market [9][12]. - Despite rapid expansion, the average daily sales per store have declined from 13,880 yuan in 2023 to 12,402 yuan in 2024, indicating challenges in maintaining profitability as the company lowers prices to attract customers [10]. Group 5: Capital Support - The company's rapid expansion has been supported by significant capital investments from various stakeholders, including major players like Country Garden and Jiamaojiu, with a notable increase in valuation to 3 billion yuan following a series of funding rounds [7]. Group 6: Future Outlook - The IPO is seen as a critical test for the capitalized model of the Chinese noodle restaurant industry, which is expected to grow to a market size of 510 billion yuan by 2029 [12]. - The company must address challenges related to profitability, food safety, and franchise risks post-IPO, as it navigates a competitive landscape with other brands also preparing for public offerings [12].

Core Viewpoint - "Yujian Xiaomian" is preparing for its IPO, aiming to become the first publicly listed Chinese noodle restaurant chain, following its recent registration with the China Securities Regulatory Commission and the update of its prospectus [1][4][5]. Group 1: Company Growth and Expansion - Since its first store opened in 2014, "Yujian Xiaomian" has expanded to 451 stores across over 23 cities, transitioning from a street-side eatery to a potential public company in 11 years [2]. - The company plans to add 520 to 610 new stores from 2026 to 2028, focusing on first-tier and new first-tier cities [7]. - The number of stores increased from 170 to 451 in three years, with a notable expansion in Hong Kong, where the number of stores grew to 10 within a year [11][12]. Group 2: Financial Performance - The company reported a net profit of 6,070 million yuan in 2024, recovering from a loss of 35.973 million yuan in 2022, with a significant revenue increase from 418 million yuan in 2022 to 1.154 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 66.2% [9][10]. - The average daily sales per store decreased from 13,880 yuan in 2023 to 12,402 yuan in 2024, a decline of 10.79% [17]. Group 3: Investment and Capitalization - The IPO aims to raise funds for store expansion, digital upgrades, brand building, and strategic investments in food suppliers, with plans to invest in 3 to 5 suppliers with annual revenues of 500,000 to 1 million yuan [6][7]. - The company has received significant backing from investors, including Country Garden and Jiumaojiu, with a valuation reaching 3 billion yuan after a series of funding rounds [12]. Group 4: Market Position and Challenges - "Yujian Xiaomian" ranks fourth in the Chinese noodle restaurant market, holding a market share of 0.5% as of 2024, amidst a highly fragmented and competitive landscape [16][22]. - Despite rapid growth, the company faces challenges such as declining same-store sales and profitability, with a 4.2% drop in same-store sales expected in 2024 [19][22].

盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 一碗均价32元的重庆小面， 搅动了港交所的资本江湖。 以下文章来源于盐财经 ，作者李含章 钟宸 陈慧 文 ｜ 李含章 钟宸 陈慧 编辑 ｜ 宝珠 来源｜ 盐财经(ID： nfc-yancaijing) 封面来源 ｜ Pixabay 一碗均价32元的重庆小面，搅动了港交所的资本江湖。 2025年4月15日，广州遇见小面餐饮股份有限公司正式递交招股书，冲刺"中式面馆第一股"。 招股书显示，其2024年营收11.54亿元，三年复合增长率66.2%，净利润从亏损3597万元逆袭至6070万元。 华南理工三位校友，从外企辞职下海，以广州体育东路一家30平米的小店为起点，将面馆做到近30亿元估值。 创始人宋奇做过麦当劳的管培生，在聊起创业初衷时他曾公开表示，"当我在麦当劳炸下第一筐薯条时，就有以后创立中餐品牌，甚至挑战麦当劳的想 法。" 然而，中式面馆赛道竞争激烈，先后出现过和府捞面、陈香贵等不同玩家。2024年中国中式面馆经营者排名里，前五大企业占整体市场份额只有2.9%。 而排名第四的遇见小面，市场份额仅为0.5%。 资本想讲一个"中国麦当劳"的故事，但面 ...