川渝风味面馆龙头企业广州遇见小面餐饮股份有限公司（以下简称"遇见小面"）11月27日向港交所正式提交招股说明书，离"中式面馆第一股"仅一步之 遥。这份正式招股书一经披露，站在公司背后的基石资本团也浮出水面。 记者翻阅招股书发现，遇见小面突破传统面馆的成长边界，公司高度标准化的可复制商业模式，以及未来广阔的成长空间，正是这些资本青睐的核心逻 辑。 营收净利双高增，现金流充沛筑牢根基 遇见小面是一家发源于广州的现代中式面馆经营商，公司2014年成立。历经11年时间，公司仍处于发展的快车道，这是高瓴资本、海底捞等基石投资者参 股的第一大原因。 根据弗若斯特沙利文（Frost & Sullivan）的数据，按2024年商品交易总额（GMV）计算，遇见小面已是中国最大的川渝风格面馆运营商、中国第四大中 式面馆运营商。在前十中式面馆运营商中，公司斩获2022-2024年GMV复合年增长率第一的成绩。 有别于餐饮行业在大众心中稳步增长的固有印象，遇见小面财务数据呈现成长型"科技股式" 爆发。 营业收入方面，遇见小面三年三级跳，营收规模爆发性增长。2022年公司营业收入为4.18亿元，到2023年突破8亿元关口，同比增长超过 ...

川渝风味 面馆龙头企业广州遇见小面餐饮股份有限公司（以下简称 "遇见小面"） 11 月 27 日向港交所正式提交招股说明书，离"中式面馆第一股"仅一 步之遥。这份正式招股书一经披露，站在公司背后的基石资本团也浮出水面。 令市场惊喜的是，这份名单 "星光熠熠"。根据公告， 5 家知名投资机构参与了本次基石投资，包括高瓴资本、海底捞、君宜资本、晟盈投资、 Zeta Fund 等，涵盖顶级私募、战略产业资本及知名长线基金。基石投资者合计认购 2,200 万美元，约占募集资金总额 25% 。 国内面店千千万，连锁公司也不在少数，遇见小面何以获得向来 "惜投"餐饮业的高瓴资本的青睐？鲜少参股同行的海底捞又为何会"押注"其中？ 记者翻阅招股书发现，遇见小面突破传统面馆的成长边界，公司高度标准化的可复制商业模式，以及未来广阔的成长空间，正是这些资本青睐的核心逻 辑。 营收净利双高增，现金流充沛筑牢根基 遇见小面 是一家发源于广州的 现代 中式面馆经营 商 ，公司 2014 年成立 。 历经 11 年时间，公司仍处于发展的快车道，这是高瓴资本、海底捞等基石 投资者参股的第一大原因。 根据 弗若斯特沙利文 （ Frost & ...

Core Viewpoint - The company Kudi Coffee is facing challenges in its expansion into the convenience store sector, with mixed results observed in its existing stores and concerns about profitability and operational efficiency [4][11][14]. Group 1: Business Model and Strategy - Kudi Coffee's new franchise policy allows for a full refund of initial investment costs if the business does not perform well within six months, reducing the financial risk for franchisees [3]. - The company aims to integrate coffee sales with convenience store offerings, creating a "coffee-themed convenience store" that includes a variety of food and retail products [9][10]. - Kudi's expansion strategy is driven by a goal to reach 50,000 stores, necessitating new revenue streams beyond coffee sales to achieve this target [8][22]. Group 2: Market Position and Competition - The convenience store market in China is highly fragmented, with significant opportunities for Kudi to differentiate itself and target lower-tier markets [22][23]. - Kudi's approach of combining coffee with convenience store products may attract customers who are already familiar with coffee consumption in convenience settings [23]. - However, Kudi's supply chain and operational efficiency are currently lacking compared to established competitors, which may hinder long-term success [11][23]. Group 3: Operational Challenges - Franchisees have reported inefficiencies in Kudi's support system, including delays in providing necessary materials for store setup, leading to some opting out of partnerships [12]. - There are issues with product availability and mismatches in inventory, which could negatively impact customer satisfaction and sales [13]. - The company is heavily reliant on promotional discounts and external subsidies to drive sales, raising concerns about the sustainability of its current growth model [18][19]. Group 4: Recent Performance and Future Outlook - Kudi Coffee has seen a significant increase in sales through online platforms, with over 40 million orders reported on JD.com and a tenfold increase in sales on Taobao within 24 hours [16][18]. - Despite recent growth, the company faces a critical challenge in maintaining momentum and profitability as external subsidies decrease [18][24]. - The ongoing competition in the coffee and convenience store sectors will require Kudi to adapt quickly to market demands and improve its operational capabilities to avoid potential setbacks [25].