12月5日，港交所的铜锣为"中式面馆第一股"敲响——遇见小面正式挂牌上市。 它几乎具备了所有"爆款IPO"要素，七轮融资百倍回报，高瓴等明星机构联合站台基石投资者，公开发售获426倍超额认购，与此形成强烈反差的是上市首 日破发下跌27.84%的资本市场冷遇。 承载着资本"中国麦当劳"叙事故事的中式快餐标杆上市即遇冷，是资本市场的偶然波动，还是估值泡沫的回调？亦或是对"千店一面"的标准化中式快餐的资 本化路径的质疑？ 招股书显示，截至2025年上半年，遇见小面拥有465家门店，其中广州148家、深圳96家，"粤港"两地合计321家，约占总门店数七成。 从店铺的分布来看，广东市场是绝对的大本营，但在小面发源地"川渝"市场仍是空白，这也引发对遇见小面全国化能力的质疑。 在深圳，遇见小面是Monica工作日中午经常光顾的餐厅之一，"这里无论点的是什么菜品，它都能在10分钟内给你上齐，非常适合我这种午休时间紧张的'牛 马'。" 遇见小面并不避讳谈到预制菜，有店员表示"所有都是预制的，（饮品）就是用粉冲的。"从面，到汤，再到小食，统统都是预制品。 上市前夕，有媒体报道遇见小面客服称"加盟只要准备剪刀和微波炉即可，明厨会被 ...

Investment Rating - The report initiates coverage on Beike with a "Buy" rating and a target price of HKD 65.64, based on a 26x adjusted PE for 2026 [2][10]. Core Insights - Beike is positioned as a leading O2O real estate transaction platform in China, benefiting from supportive policies that are expected to facilitate a moderate market recovery. The company is anticipated to improve its profitability through enhanced operational efficiency and AI integration in its services [6][19]. - The real estate market is stabilizing, with signs of recovery in sales, particularly in second-hand housing, although challenges remain in new housing sales and inventory management [7][10]. - Beike's brokerage business is expected to gain market share, driven by its extensive network and the integration of third-party stores, which will enhance its revenue contribution [8][10]. Summary by Sections Business Overview - Beike has restructured into four main business lines: brokerage, home decoration, rental services, and data-driven residential development, aiming for a synergistic growth model [23]. - The company operates over 60,000 stores and employs nearly 568,000 agents, significantly outpacing competitors in terms of scale and market coverage [24][29]. Financial Projections - Revenue is projected to grow from RMB 93.46 billion in 2024 to RMB 125.93 billion by 2027, with a compound annual growth rate (CAGR) of approximately 11% [5][10]. - Adjusted net profit is expected to improve significantly, reaching RMB 9.82 billion by 2027, supported by operational leverage and a turnaround in the home decoration segment [10][21]. Market Dynamics - The real estate sector is gradually stabilizing, with government policies aimed at supporting the market. The demand for second-hand homes is expected to increase, while new home sales face ongoing pressure [7][10]. - Beike's home decoration business is projected to achieve a revenue of RMB 204 billion by 2027, with a net profit margin of around 10% [21][22]. Competitive Advantages - Beike's competitive edge lies in its channel advantages and the ACN network, which enhances transaction efficiency and transparency [19]. - The company is leveraging AI tools to improve customer experience and operational efficiency across its service offerings [20][21].