Outlook. YUMC's long-term business strategy seems consistent. Business model is agile, and feedbacks on its new initiatives look encouraging. We like its strategic cooperation with franchisees, which will not only generate more sales but improve FCF margin. Despite soft consumption sentiment, as well as intense competition, SSSG has been steady, but could still fluctuate due to fluid macro environment. Both KFC and PH are likely to be less impacted (compared with other restaurant players) if delivery subsid ...

廣州 遇 見 小 麵 餐 飲 股 有 限 公 司 (於中華人民共和國註冊成立的股份有限公司) [编纂] 外媒消息，来自重庆的餐饮企业遇见小面，最快本月展开上市预路演，预期募资1亿至2亿美元。 遇见小面，作为一家以重庆小面系列为主打的中式餐饮连锁品牌，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)。截至2025年10月8日，公司的餐厅网络包括中国内地22个城市的440 家餐厅、香港特别行政区的11家餐厅，另有101家新餐厅在积极筹备中。根据弗若斯特沙利文的资料， 于2024年按总商品交易额计， 遇见小面为中国第一大川渝风味面馆经营者及第四大中 式面馆经营者， 在整体中式快餐市场排名第十三。 根据招股书，遇见小面的股东包括 百福控股(01488.HK)、 碧桂园(02007.HK)、 九毛九(09922.HK)、喜 家德水饺创办人高德福、青骢资本等。 | | 前股东架构 | | | --- | --- | --- | | 控股股东 | | 持股比例 | | 淮安创韬 | 宋奇先生(66.67%,GP) | 49.04% | | | 苏旭翔先生(33.33%, LP) | | | 淮安遗见好人 ...

Core Viewpoint - The company "Yujian Xiaomian" has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step in its expansion plans after previous media reports indicated intentions for an IPO as early as January of the previous year [1]. Financial Performance - Revenue for Yujian Xiaomian from 2022 to 2024 is projected to grow from RMB 418 million to RMB 1.154 billion, reflecting a compound annual growth rate (CAGR) of 66.2% [3][4]. - The net profit is expected to shift from a loss of RMB 35.973 million in 2022 to a profit of RMB 60.7 million in 2024 [3][4]. Expansion Strategy - The company plans to use the funds raised from the IPO for expanding its restaurant network, enhancing technology and digital systems, brand building, strategic investments in upstream food processing companies, and general corporate purposes [1]. - Yujian Xiaomian has significantly increased its store openings, with a target of 120 new stores in 2024, following a net increase of 82 stores in 2023 [7][8]. Market Position - Yujian Xiaomian has established itself as the largest operator of Sichuan-Chongqing style noodle restaurants in China, with a notable presence in first-tier cities and transportation hubs [5][11]. - The company has adopted a dual strategy of self-operated and franchised stores, although it remains primarily self-operated, with franchise revenue showing only a 16.35% increase [9][10]. Competitive Landscape - The company faces intense competition in the restaurant sector, particularly in Hong Kong, where it aims to open 100 stores, despite challenges such as high rental and labor costs [13][17]. - Yujian Xiaomian's pricing strategy in Hong Kong is positioned as affordable compared to local tea restaurants, but it still competes in a saturated market [15][18]. Future Outlook - The company aims to leverage its supply chain advantages from mainland China to reduce operational costs in Hong Kong and attract price-sensitive consumers [18]. - The expansion into Hong Kong is seen as a way to enhance brand visibility and revenue, although the profitability of this move remains uncertain [15][18].