（原标题：方正证券：首次覆盖遇见小面(02408)给予"推荐"评级 直营+特许经营相结合灵活扩张） 智通财经APP获悉，方正证券发布研报称，遇见小面(02408)为川渝风味面馆龙头，菜品以川渝风味为 主、主打性价比，短期关注公司同店修复及门店扩张节奏，中长期看，公司在国内外市场仍有较大开店 空间。该行预计2025-2027年公司经调整净利润分别为1.4/2.4/3.7亿元，首次覆盖，给予"推荐"评级。 方正证券主要观点如下： 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 ...

Core Viewpoint - The company "Yujian Xiaomian," a chain restaurant brand specializing in Chongqing noodles, has officially listed on the Hong Kong Stock Exchange, but its stock price fell nearly 29% on the opening day, indicating a lack of market confidence in its valuation and growth potential [1][4]. Company Overview - Yujian Xiaomian was founded in 2014 by Song Qi, who has a background in management training at McDonald's and Yum Brands, and has expanded to 451 restaurants in 22 cities in mainland China and 14 in Hong Kong [6][8]. - The company has completed eight rounds of financing from notable investors, including Country Garden Ventures and Jiu Mao Jiu Group, achieving a valuation of 30 billion RMB after strategic financing in 2021 [6][13]. Financial Performance - The company's revenue grew from 418.1 million RMB in 2022 to 800.5 million RMB in 2023, with a projected increase to 1.154 billion RMB in 2024, reflecting a compound annual growth rate of 66.2% [10][12]. - In the first half of 2025, revenue reached 703.2 million RMB, a 33.8% increase from the same period in 2024 [10][12]. - The net profit turned from a loss of 36 million RMB in 2022 to a profit of 45.9 million RMB in 2023, with a further increase to 60.7 million RMB in 2024 [12]. Market Position - Yujian Xiaomian ranks first in offline sales of Chongqing noodles, wonton noodles, and hot and sour noodles among all Chinese chain restaurants from 2022 to 2024, and is the largest operator of Sichuan-Chongqing flavor noodle restaurants in China [6][10]. Investment and Shareholding - Major investors include Baifu Holdings, Country Garden Holdings, and Jiu Mao Jiu, with Song Qi holding 28.22% of the company post-IPO, valued at approximately 900 million RMB based on the opening market cap [15]. Pricing Strategy - The company has adopted a strategy of lowering menu prices to attract customers, resulting in a decrease in average order value from 36.1 RMB in 2022 to 30.9 RMB in the first half of 2025 [17]. - The turnover rate has remained stable, indicating potential challenges in maintaining sales growth through price reductions [18].

Core Viewpoint - The company "Encounter Little Noodles" faced a significant decline in stock price on its first day of trading, dropping nearly 30% and closing at 5.20 HKD per share, resulting in a market capitalization of 3.696 billion HKD [1][2]. Group 1: IPO and Initial Performance - Encounter Little Noodles raised approximately 22 million USD (around 171 million HKD) from five cornerstone investors during its IPO [3]. - The company was valued at 3 billion CNY prior to its listing and has expanded its store count from 133 to 360 between the end of 2022 and the end of 2024, with plans to reach 451 stores by mid-2025 [3][4]. Group 2: Financial Performance - The company reported revenues of 418 million CNY, 801 million CNY, and 1.154 billion CNY for the years 2022, 2023, and 2024, respectively, achieving a compound annual growth rate of approximately 66% [4]. - Net profits for the same years were -35.973 million CNY, 45.914 million CNY, and 60.700 million CNY, indicating a turnaround to profitability in 2023 [4]. - In the first half of 2025, the company generated 703 million CNY in revenue, a year-on-year increase of 33.8%, with net profit rising by 95.8% to 41.83 million CNY [4]. Group 3: Market Position and Challenges - Encounter Little Noodles holds a market share of 0.5% among the top five Chinese noodle brands, which collectively account for only 2.9% of the market [4]. - Despite revenue growth, the average order value has declined from 36.1 CNY in 2022 to 32 CNY in 2024, indicating a decrease in customer spending [4][5]. - The company has experienced a decline in same-store sales, with a drop of 3.1% for direct-operated restaurants and 2.9% for franchised restaurants in 2025 [5][6]. Group 4: Profitability and Strategic Focus - The operating profit margins for direct-operated restaurants in first-tier and new first-tier cities were -8.4%, 12.2%, 12.6%, and 14.1% from 2022 to the first half of 2025, while second-tier and lower cities showed higher margins [7]. - The company is currently focused on transitioning from a growth model reliant on financing to a sustainable profit-driven business model [7].

Core Viewpoint - The Chinese noodle chain brand "Yujian Xiaomian" (02408.HK) is set to launch its IPO in Hong Kong from November 27 to December 2, 2025, with plans to list on December 5, 2025, under the exclusive sponsorship of CMB International [2][4]. Group 1: IPO Details - The company plans to issue 97.3645 million H-shares, representing 13.70% of the total shares post-IPO, with 90% allocated for international offering and 10% for public offering [4][5]. - The expected share price range is between HKD 5.64 and HKD 7.04, aiming to raise approximately HKD 6.85 billion [4][5]. - The total estimated expenses for the IPO are around HKD 65.7 million, including underwriting commissions and other fees [5]. Group 2: Use of Proceeds - Approximately 60% of the net proceeds will be used to expand the restaurant network and increase market penetration [6]. - About 10% will be allocated to upgrading technology and digital systems across the restaurant network [6]. - Another 10% is earmarked for brand building and enhancing customer loyalty, with the remaining 10% for strategic investments in upstream food processing companies and general corporate purposes [6]. Group 3: Shareholder Structure - Post-listing, the controlling shareholders will include Song Qi and Su Xuxiang, holding a combined 45.98% of the shares [7][8]. - Other notable shareholders include Baifu Holdings, Jiumaojiu, Country Garden, and various private investors [7][8]. Group 4: Company Overview - Founded in 2014, Yujian Xiaomian specializes in modern Chinese noodle dishes, primarily focusing on Chongqing-style noodles, and has expanded its menu to include various spicy and non-spicy dishes [8][9]. - The company operates 451 restaurants across 22 cities in mainland China and 14 in Hong Kong, with 115 additional restaurants in the pipeline [8][9]. - According to Frost & Sullivan, Yujian Xiaomian is the largest operator of Sichuan-style noodle restaurants in China and ranks fourth among all Chinese noodle chains by total transaction value [9].