川渝风味面馆第一品牌，直营+特许经营相结合灵活扩张 公司是以重庆小面系列为主打的中式餐饮连锁品牌，目前公司产品已扩展到各种辣与不辣的菜品，涵盖 面条、米饭、小吃和饮料。公司首家门店2014年于广州开设，而后陆续迎来多轮融资。2017年-2020年 公司陆续在深圳、北京等地开出首店，并于2019年开设首家特许经营门店。2021年公司门店总数突破一 百家，而后通过直营+特许经营的双重模式加速扩张，2021-2024年公司门店数量由133家增长至360家。 2024年公司在香港开设首家餐厅，截至2025年6月30日，公司旗下餐厅包括中国内地22个城市的410家餐 厅及中国香港特别行政区的7家餐厅。 中式面馆市场广阔，竞争较为分散，CR5不足5%，遇见小面近几年发展较快 中式面馆市场预期到2029年总商品交易额将达至5100亿元，预计2025年至2029年的年复合增长率为 10.9%。中式面馆市场呈现高度分散的特征，2024年前五大企业的总商品交易额仅占市场份额的2.9%。 遇见小面为前十大中式面馆中，2022-2024年总商品交易额年复合增速最快的企业。 方正证券发布研报称，遇见小面(02408)为川渝风味面馆龙头 ...

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. is set to become the "first stock of Chinese noodle restaurants" with its IPO scheduled from today until December 2, 2025, aiming to raise up to approximately HKD 552 million [3][4]. Company Overview - Yujian Xiaomian plans to issue 97,364,500 H-shares, with 9,736,500 shares available for public offering in Hong Kong and 87,628,000 shares for international placement [3]. - The company has attracted five cornerstone investors, including top private equity firms and well-known long-term funds, with a total subscription of USD 22 million (approximately HKD 171 million) [3]. Business Expansion - Since its first store opened in Guangzhou in 2014, Yujian Xiaomian has expanded to 465 stores across 22 cities in nine provinces and Hong Kong, with an additional 115 stores in preparation, aiming to exceed 500 by the end of the year [4]. - The business focus is on the Guangdong-Hong Kong-Macau Greater Bay Area, with over 100 stores in both Guangzhou and Shenzhen, and 14 stores in Hong Kong contributing significantly to growth [4]. Market Potential - The Chinese noodle restaurant segment accounts for 29.8% of the Chinese fast food market, with the total market value projected to grow from CNY 183.3 billion in 2020 to CNY 296.2 billion in 2024, at a compound annual growth rate (CAGR) of 12.7% [6]. - The market remains highly fragmented, with the top five brands holding less than 3% market share, presenting opportunities for consolidation and expansion for chain enterprises [6]. Future Growth Plans - Yujian Xiaomian plans to open approximately 150-180, 170-200, and 200-230 new restaurants in 2026, 2027, and 2028, respectively, potentially adding 520 to 610 new locations over three years [6]. - The company has initiated international expansion, with its first store in Singapore expected to open in December 2025, targeting Southeast Asia's similar culinary culture and high delivery penetration [6]. Financial Performance - Total revenue for Yujian Xiaomian is projected to grow from CNY 418 million in 2022 to CNY 1.154 billion in 2024, reflecting a CAGR of 66.2% [7]. - The company achieved profitability in 2023 with an adjusted net profit of CNY 46.98 million, expected to rise to CNY 63.89 million in 2024 [7]. Operational Efficiency - The operating profit margin for direct restaurants is expected to increase from 13.3% in 2024 to 15.1% in the first half of 2025, indicating improved operational efficiency and cost control [9]. - Yujian Xiaomian employs a centralized management system for all stores, ensuring consistency in brand and operational standards across its network [9]. Product Offering - The product range has expanded beyond the signature Chongqing noodles to include various spicy and non-spicy dishes, with top sales rankings in the Chinese chain restaurant sector for three consecutive years [10]. Customer Engagement - As of November 18, 2025, Yujian Xiaomian has attracted over 22.1 million registered members, with a 44.5% repurchase rate among stored-value members in 2024, significantly above the industry average [12].

廣州遇見小麵餐飲股份有限公司 Guangzhou Xiao Noodles Catering Management Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2408 全球發售 獨家保薦人 重要提示 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 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） 全球發售 全球發售的發售股份數目 ： 97,364,500股H股（視乎超額配股權行使與 否而定） 香港發售股份數目 ： 9,736,500股H股（可予重新分配） 國際發售股份數目 ： 87,628,000股H股（可予重新分配及視乎超 額配股權行使與否而定） 最高發售價 ： 每股H股7.04港元，另加1%經紀佣金、 0.0027%證監會交易徵費、0.00565%聯 交所交易費及0.00015%會財局交易徵費 （須於申請時以港元繳足，多繳股款可予 退還） 面值 ： 每股H股人民幣0.02元 股份代號 ： 2408 獨家保薦人 聯席整體協調人、聯 ...

Core Viewpoint - The aggressive expansion strategy of the company "遇见小面" has led to significant revenue growth, but it has also resulted in declining operational efficiency and rising debt levels, raising concerns about its long-term profitability and sustainability [4][18][25]. Group 1: Company Performance - "遇见小面" has experienced rapid expansion, increasing its number of stores from 170 to 360 between 2022 and 2024, with a compound annual growth rate (CAGR) of 45.5% [3][11]. - The company's revenue grew nearly threefold from 420 million RMB in 2022 to 1.15 billion RMB in 2024, with an average annual growth rate of 66.2% [7][9]. - Despite achieving profitability in 2023, the net profit margin decreased from 5.7% in 2023 to 5.3% in 2024, indicating a decline in profit efficiency [20][23]. Group 2: Operational Efficiency - The average daily revenue per store showed minimal growth, with a CAGR of only 2.4%, and a decline of 10.6% in 2024 compared to 2023 [11][13]. - The company’s same-store sales decreased by 4.2% in 2024, reflecting a drop in operational efficiency despite the increase in store numbers [18][24]. - The average order value has declined from 36.1 RMB in 2022 to 32 RMB in 2024, attributed to price competition in the industry [17][18]. Group 3: Financial Health - The company's debt levels have risen sharply, with an asset-liability ratio hovering around 90%, indicating high financial leverage [26][30]. - Over 70% of the company's liabilities are lease-related, contributing to a heavy asset structure that impacts financial stability [28][30]. - The company’s cash assets barely cover its short-term liabilities, raising concerns about liquidity and operational sustainability [29][36]. Group 4: Market Position and Future Outlook - The company plans to open 120-250 new stores annually from 2025 to 2027, but faces challenges in achieving this aggressive growth due to market saturation and competition [35][39]. - The profitability of franchise stores is significantly lower than that of company-owned stores, which may hinder expansion into lower-tier markets [37][38]. - The recent decision to distribute a substantial dividend before the IPO has raised questions about the company's financial prudence and long-term strategy [40][42].