Core Viewpoint - Baifuk Holdings (01488) announced the establishment of a partnership to form Shenzhen Shendianbao, focusing on investment in restaurant projects primarily located in China [1] Group 1: Partnership Agreement - The partnership agreement was signed on November 10, 2025, involving Baifuk's wholly-owned subsidiary Qianhai Youfu, Beijing Shendianbao, Yancheng Baihe, and six other limited partners [1] - The total committed capital for Shenzhen Shendianbao is RMB 50 million, with Qianhai Youfu contributing RMB 19.949 million as a limited partner [1] - Beijing Shendianbao will contribute RMB 0.1 million as a general partner, while Yancheng Baihe will invest RMB 10.951 million as a limited partner [1] - The remaining RMB 19 million will be contributed by the six other limited partners [1] Group 2: Strategic Intent - The establishment of Shenzhen Shendianbao aims to optimize the company's industry development layout and acquire quality investment opportunities and resources [1] - The focus of Shenzhen Shendianbao will be on investing in restaurant projects within China [1]

Core Viewpoint - Baifu Holdings (01488.HK) announced the establishment of a partnership agreement to form Shenzhen Shendianbao, focusing on investment in restaurant projects primarily located in China [1] Group 1: Partnership Agreement - The partnership involves Baifu Holdings' wholly-owned subsidiary Qianhai Youfu, Beijing Shendianbao, Yancheng Baihe, and six other limited partners [1] - The total committed capital for Shenzhen Shendianbao is RMB 50 million, with contributions from various partners [1] Group 2: Investment Focus - Shenzhen Shendianbao aims to specialize in investments in restaurant projects, enhancing the company's industry development layout and acquiring quality investment opportunities and resources [1]

Core Viewpoint - Baifu Holdings plans to sell 1.70% of its stake in Yujian Xiaomian for 48 million yuan, reducing its ownership from 17.16% to 15.46% [1][3] Company Summary - The three individual investors acquiring the shares are Du Ming, Gu Dongsheng, and Wei Chuanfa, with Gu already holding 7.73% of Yujian Xiaomian [3] - Baifu Holdings views the Chinese restaurant industry as being in a growth phase, and the sale is intended to recoup initial investment costs and seek new investment opportunities [3] - Despite the sale, Baifu Holdings considers its remaining stake in Yujian Xiaomian as a strategic investment and has no plans to dispose of the remaining shares [3] - Baifu Holdings initially invested 25 million yuan in Yujian Xiaomian in November 2016, followed by additional investments in February 2020 and March 2021 [3] Industry Summary - Yujian Xiaomian, founded in Guangzhou in 2014, specializes in Sichuan and Chongqing-style noodles and ranked fourth in market share among Chinese noodle restaurants last year [4] - Yujian Xiaomian's revenue for 2024 is projected to be 1.154 billion yuan, with a net profit of 60.7 million yuan [4] - Baifu Holdings primarily generates revenue through investments and operations in the restaurant and food brands sector, with a total of 1,171 brand outlets by the end of 2024 [4][6] - Baifu Holdings reported a 22.3% decline in revenue to 474 million yuan for 2024, with a net loss of 242 million yuan, attributed to intense market competition and strategic transformation [6] - The company faces liquidity challenges, with current assets of 153 million yuan and cash equivalents of only 21.3 million yuan, leading to a current ratio of 0.17 [6]