行程中，考察团首先参与了"鱼众不同·马中文化与美食节"及同期举办的马来西亚中国餐饮国际论坛。 马中餐饮业协会总会长高浩云指出，马来西亚不仅提供最高5年70%的企业所得税减免，更因文化相 近、口味兼容，成为中餐落地的理想田园。 近年来，马来西亚中餐消费火热，尤其以酸菜鱼品类为代表的中式快餐热度显著攀升。据权威咨询机构 Mordor Intelligence预测，到2029年，马来西亚餐饮服务市场规模将达239.5亿美元，2024—2029年复合 增长率高达12.81%。更关键的是，当地中餐市场高度分散，连锁化率低，为具备成熟模型的中式连锁 品牌提供了巨大整合空间。 前不久，国家"十五五"规划建议明确提出"促进贸易投资一体化，引导产业链供应链合理有序跨境布 局"。政策信号清晰指出：出海不是盲目扩张，而是有体系、有协同、有本地根基的高质量"投资"。 中餐出海正从品牌的"单打独斗"迈向与加盟商"组队共赢"的新阶段。 市场热度与政策导向同步显现，吸引国内餐饮投资圈持续关注。2025年12月4日至7日，由鱼你在一起创 始人魏彤蓉带队，来自国内的十余位餐饮加盟商、资深投资人组成的考察团，奔赴马来西亚开展为期四 天的实地调研 ...

Macro Strategy - The report highlights a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," indicating a more proactive approach to external economic conditions [1][16] - There is a transition from stabilizing asset prices to stabilizing microeconomic entities, emphasizing the importance of employment, enterprises, markets, and expectations over real estate and stock markets [2][16] - The policy language has evolved from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," reflecting a balance between short-term stimulus and long-term economic structure considerations [2][16] Economic Indicators - The report anticipates a continued decline in the growth rate of social financing in November, while export growth is expected to turn positive [3][17] - The ECI supply index is reported at 49.93%, indicating a slight decline, while the demand index is at 49.87%, showing a marginal increase [17] - The report notes that the financing demand remains low, with expectations for November's new loans to be between 450 billion to 500 billion RMB, reflecting a year-on-year decrease [17] Industry Insights - The semiconductor industry is expected to see structural opportunities driven by the explosion of AI computing power and accelerated domestic production [11] - In the electronics sector, the demand for AI-driven OS agents is anticipated to lead to a smartphone replacement wave, with AR glasses expected to see significant market entry in 2026 [11] - The report emphasizes the importance of domestic enterprises in the storage sector, which are benefiting from increased procurement by cloud service providers, leading to a "super cycle" in pricing [11] Investment Recommendations - The report suggests a balanced and proactive ETF allocation strategy in the A-share market, anticipating a period of range-bound trading with potential for sector rotation [7] - Specific recommendations include focusing on companies in the engineering machinery sector that have high export profitability, as well as those in the semiconductor and AI equipment sectors [12]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned in the first tier of Chinese noodle restaurants, with significant growth potential through accelerated store openings and a focus on standardized operations and digital management [9][24]. - The company has achieved a turning point in profitability, with revenue growth driven by an increase in the number of direct-operated stores [24][25]. - The report highlights the company's strategic focus on the high-potential Sichuan-Chongqing flavor segment, which is expected to grow significantly in the coming years [56]. Summary by Sections 1. Company Overview - As of November 2025, the company operates 451 restaurants in 22 cities in mainland China and 14 in Hong Kong, with plans for 115 new openings [9][15]. - The company has seen revenue growth from 418 million to 1.154 billion yuan from 2022 to 2024, with a CAGR of 66% [24]. 2. Market Positioning - The company holds a 0.5% market share in the Chinese noodle restaurant sector, ranking fourth among competitors [53]. - The global Chinese cuisine market is projected to reach 8.1 trillion yuan by 2024, with significant contributions from overseas markets [46]. 3. Store Expansion Strategy - The company plans to increase its store count to approximately 500 by the end of 2025 and aims to surpass 900 by 2027 through both vertical and horizontal expansion strategies [9][71]. - The majority of new stores will be direct-operated, with a focus on high-traffic shopping centers, which accounted for 64% of the store count in 2024 [67][69]. 4. Financial Projections - Revenue forecasts for 2025-2027 are 16.55 billion, 24.42 billion, and 33.81 billion yuan, with year-on-year growth rates of 43%, 48%, and 38% respectively [1]. - The net profit for the same period is projected to be 1.33 billion, 2.43 billion, and 3.88 billion yuan, with growth rates of 119%, 83%, and 60% respectively [1].

Core Viewpoint - The stock of "Yujian Xiaomian," known as the first Chinese noodle restaurant listed, fell 27.84% on its debut, indicating a lack of sustained investor enthusiasm despite a record oversubscription during its IPO phase [1] Financial Performance - Revenue is projected to grow from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with a compound annual growth rate (CAGR) of 66.2% [2] - The company transitioned from a net loss of 35.97 million yuan in 2022 to a profit of 60.7 million yuan in 2023, with further growth expected to 41.83 million yuan in the first half of 2025, reflecting a year-on-year increase of 95.77% [2] Operational Challenges - The average daily sales per store decreased from 13,997 yuan in 2023 to 11,805 yuan in the first half of 2025, a decline of 15.66% [4] - The turnover rate for direct-operated restaurants fell from 3.9 times per day to 3.4 times, while franchise restaurants saw a drop from 3.6 to 3.1 times [4] - The average order value has decreased from 36.2 yuan in 2022 to 31.8 yuan in the first half of 2025, indicating a strategy to attract customers through lower prices [4] Expansion Plans - Approximately 60% of the net proceeds from the IPO will be used to expand the restaurant network, with plans to increase the number of stores to 1,000 over the next three years [3] - The company aims to open 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028 [3] Market Position - Despite the growth in store numbers, the market share of Yujian Xiaomian is only 0.5%, with the top five Chinese noodle brands holding less than 3% of the market [4] - The company has faced closures of franchise restaurants, with three and four closures reported in 2024 and the first half of this year, respectively [5] Investor Sentiment - The initial enthusiasm from institutional investors did not translate into long-term confidence from retail investors, leading to a significant drop in stock price post-IPO [2][5] - The market is shifting focus from mere store count and revenue growth to sustainable profit models and healthy store economics [5]

Core Viewpoint - The IPO of "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," faced a disappointing debut on the Hong Kong Stock Exchange, opening significantly lower than its issue price, reflecting investor skepticism about the sustainability of rapid expansion in the restaurant sector [3][9]. Company Overview - Yujian Xiaomian officially listed on the Hong Kong Stock Exchange on December 5, with the stock code "09992.HK" [3][9]. - The company, founded in 2014 and headquartered in Guangzhou, focuses on Chongqing noodles and operates a dual model of direct sales and franchising [11]. IPO Performance - The stock opened at 5 HKD, a drop of nearly 29% from the issue price of 7.04 HKD, and closed at 5.12 HKD, marking a total decline of 27.27% with a market capitalization of 36.39 billion HKD [3][9]. - The IPO raised approximately 617 million HKD, with the Hong Kong public offering being oversubscribed by 425.97 times and the international offering by 4.99 times [10][12]. Financial Performance - Revenue is projected to grow from 418 million CNY in 2022 to 1.154 billion CNY in 2024, representing a compound annual growth rate (CAGR) of 66.2% [6][12]. - The company turned a profit in 2023, with a projected profit of 60.7 million CNY in 2024, and reported a revenue of 703 million CNY in the first half of 2025, a year-on-year increase of 33% [6][12]. Market Position and Strategy - Yujian Xiaomian has established 465 stores across 22 cities and Hong Kong, with plans to open 150 to 230 new stores annually from 2026 to 2028, including an expansion into Singapore [11][12]. - The Chinese fast-food market is nearing 300 billion CNY, with a focus on standardization and digitalization as key drivers for brand expansion [12].

更引人关注的是其豪华基石投资者阵容，高瓴资本旗下HHLRA、中式餐饮龙头海底捞新加坡等5家机构 合计认购2200万美元，占募集额四分之一。按发行价计算，公司预计所得款项总额为6.85亿港元，扣除 上市开支后净额为6.17亿港元。 公开资料显示，遇见小面于成立于2014年，凭借标准化运营与川渝风味特色，快速从广州一家30平方米 小店扩张至全国。招股书显示，截至2025年11月18日，已在全国布局465家门店，其中内地451家（超过 一半餐厅位于广东省），香港14家，另有115家门店处于筹备阶段。 财务数据上，遇见小面也颇为亮眼。2022年至2024年，公司营收从4.18亿元飙升至11.54亿元，三年增长 近2倍，年复合增长率达66.2%，远超中式快餐行业15%—20%的平均增速。净利润更是实现跨越式增 长，从2022年亏损3597.3万元，增至2024年盈利6070万元，2025年上半年净利润进一步增至4183.4万 元，同比增长95.77%。 然而，光鲜业绩背后暗藏隐忧。门店规模快速扩张的同时，经营效率指标持续下滑。数据显示，遇见小 面的直营餐厅单店日均销售额从2023年的13997元降至2025年上半年的1 ...

港股又将迎来两只新股上市。 12月4日晚间，天域半导体和遇见小面这两家港股新股迎来暗盘阶段。不过，从本次的暗盘表现来看， 这两家公司上市首日（12月5日）的表现可能并不太乐观。 富途牛牛显示，在当晚的暗盘中，两只新股双双"破发"，且跌幅均超过14%。 值得注意的是，这两家公司也是各有特点，遇见小面作为一家成立于广东却主打重庆小面的中式面馆， 将正式成为"中式面馆第一股"；而天域半导体是中国首家技术领先的专业碳化硅外延片供应商，其背后 的股东阵容极为豪华，不仅有华为、比亚迪等头部企业，还有上海、广东国资以及中国—比利时基金 等。 不过，相比近期一些新股数千倍的超额认购，本次散户对这两只新股的认购热情都不太高。遇见小面最 新发布的公告显示，其本次公开发售超额认购倍数为425.97倍。 | 有效申請數目 | 61.057 | | --- | --- | | 受理申請數目 | 9.590 | | 認購額 | 425.97倍 | | 重新分配 | | | 香港公開發售項下初步可供認購的發售股份數目 | 9.736.500 | | 從國際發售重新分配的發售股份數目 | 0 | | 香港公開發售項下發售股份的最終數目(重新 ...

港股又 将 迎来 两只 新股 上市。 12 月 4 日晚间，天域半导体和遇见小面这两家港股新股迎来暗盘阶段。不过，从本次的暗盘表现来看， 这两家公司 上市首日 （ 12 月 5 日 ） 的 表现可能并不太乐 观。 富途牛牛显示，在当晚的暗盘中，两只新股双双"破发"，且跌幅均超过14%。 | 已递表 可申购(2) 待上市(暗盘) 已上市 | | | --- | --- | | 02408 遇见小面 | | | 6.040 ↓ -1.000 -14.20% 暗盘已收盘 | | | 申购倍数 | 待公布 | | 一手中签率 待公布 | | | 中签概率 | 待公布 | | 暗盘交易 | 2025/12/04 | | 上市时间 | 2025/12/05 | | 02658 天域半导体 | | | 49.540 ↓ -8.460 -14.59% 暗盘已收盘 | | | 申购倍数 | 待公布 | | 一手中签率 待公布 | | | 中签概率 | 待公布 | | 2025/12/04 暗盘交易 | | | 上市时间 2025/12/05 | | 值得注意的是，这两家公司也是各有特点，遇见小面作为一家成立于广东却主打重庆小面 ...

Core Insights - The article discusses the rising popularity of "盖码饭" (Gai Ma Fan), a type of meal that consists of various stir-fried dishes served over rice, primarily featuring spicy Hunan cuisine. It has become a favored choice among urban workers due to its affordability and flavor [2][12][17]. Sales and Market Trends - In specific areas of Beijing, certain Gai Ma Fan brands have achieved impressive sales figures, with "盖码帮" and "状元派" reaching monthly sales of over 2000 units, and "霸碗盖码饭" exceeding 4000 units [2]. - The number of registered Gai Ma Fan-related businesses in China has been increasing rapidly, with 725 new registrations in 2023 and 655 in 2024, indicating a growing market interest [12][21]. Consumer Preferences - Gai Ma Fan is particularly appealing due to its low price point, with average costs around 25 yuan per person in Beijing, and some offerings available for as low as 10 yuan [13][17]. - The trend towards spicy food is significant, with over 6 million people in China identifying as spicy food lovers, which supports the popularity of Gai Ma Fan that features a variety of spicy dishes [15][17]. Competitive Landscape - The article highlights the competitive nature of the restaurant industry, noting that while Gai Ma Fan has gained traction, its low entry barriers mean that many businesses can quickly replicate successful models, leading to potential market saturation [18][20]. - Innovations such as the use of cooking robots in Gai Ma Fan restaurants are being explored to reduce labor costs and improve efficiency, although this approach has its limitations in meeting customer customization needs [18][20]. Future Outlook - Experts suggest that while Gai Ma Fan is likely to remain popular, its long-term success will depend on continuous innovation in menu offerings and maintaining competitive pricing [17][18].

Core Viewpoint - The first-day trading of Haiwei Co. shares resulted in a decline, breaking the record of over 2500 times subscription without a drop in Hong Kong IPO history, indicating a negative impact on market sentiment [1]. Group 1: Company Overview - Yujian Xiaomian, established in 2014, operates as a modern Chinese noodle restaurant chain, primarily featuring Chongqing noodles, and has expanded its menu to include various spicy and non-spicy dishes [3][4]. - As of June 30, 2025, Yujian Xiaomian operates 417 restaurants across China, with 331 being directly operated and 86 franchised [4]. - The company ranks as the fourth largest Chinese noodle restaurant operator by total merchandise transaction volume and thirteenth in the overall Chinese fast food market [5][12]. Group 2: Financial Performance - Yujian Xiaomian's revenue grew from 418 million RMB in 2022 to 1.154 billion RMB in 2024, achieving a compound annual growth rate of 66.2% [6]. - In the first half of 2025, the company reported revenue of 703.2 million RMB, a year-on-year increase of 33.77%, and a net profit of 41.83 million RMB, up 95.77% [7]. - The average order value has shown a declining trend from 36.1 RMB in 2022 to 32.0 RMB in 2024, while employee costs increased significantly from 109 million RMB in 2022 to 265 million RMB in 2024 [7]. Group 3: Market Position and Strategy - The market for Chinese noodle restaurants is highly fragmented, with the top five companies holding only 2.9% of the market share, while Yujian Xiaomian holds 0.5% [12]. - The company aims to differentiate itself by combining Sichuan-Chongqing flavors with standardized management practices, allowing for taste standardization and replicability [12]. - Yujian Xiaomian plans to open approximately 120 to 150 new restaurants in 2025, with further expansions planned for 2026 and 2027, indicating a strong commitment to market capture [12]. Group 4: IPO and Valuation - The IPO of Yujian Xiaomian involved issuing shares representing 13.7% of total shares, raising 685 million RMB at a maximum offer price of 7.04 HKD per share, with a market capitalization of 5 billion HKD [13]. - The company’s valuation stands at 70 times earnings, which is significantly higher compared to peers like Jiamaoji and Green Tea Group, raising concerns about future growth potential [13]. - The presence of notable cornerstone investors, including Hillhouse Capital, suggests confidence in the company's growth prospects despite the high valuation [13].