来源：第一财经 【#遇见小面冲刺中式面馆第1股#，重庆小面品类增速快但消费场景单一】近日，广州遇见小面餐饮股 份有限公司（简称"遇见小面"）赴港上市进程加速，继获中国证监会境外发行备案通知书后，更新其港 股IPO招股书，冲刺"中式面馆第一股"。 但值得注意的是，重庆小面品类当下发展还面临着诸多挑战。《重庆小面品类发展报告2025》显示，重 庆小面品类面临例如品牌面临地道风味与标准化、各地饮食习惯等多重矛盾；消费场景受限，口味偏油 腻、价值感不强的问题；还有部分品牌溢价过高，难以提升消费者的消费频率等。 据公司更新版招股书显示，2025年上半年，公司实现营业收入7.03亿元，同比增长33.8%；经调整净利 润5217.5万元，较上年同期增长131.56%。遇见小面在营餐厅门店达451家。据悉，其新加坡首店亦正在 筹备中，预计第一家海外门店将于今年12月正式开业。 企查查数据显示，2024年全年，全国重庆小面相关企业的注册量超3800家，相关企业的存量为22137 家，同比增长了0.5%。截至2025年4月，重庆小面相关企业的存量近2.3万家。 ...

今年以来，港股餐饮企业的业绩和股价走势均出现分化。 股价方面，海底捞(06862.HK)、大家乐(00341.HK)、九毛九(09922.HK)等股股价均出现较大幅度回调，小菜园(00999.HK)、太兴集团(06811.HK)、达势股份 (01405.HK)等股表现抢眼。 遇见小面的业务布局呈现显著的区域集中性，其超半数餐厅位于广东省内，显示出对广东市场的高度依赖。 与海底捞、九毛九等品牌近年"断臂求生"的策略不同，遇见小面选择逆势扩张。 在这一背景下，中国第四大中式面馆品牌——遇见小面，正加速推进其港股上市进程。 10月14日，公司获得中国证监会境外上市备案，次日即在港交所更新招股书，离登陆资本市场仅一步之遥。 一边疯狂开店，一边降价换量 遇见小面于2014年在广州创立，主打重庆小面及各类川渝风味菜品，涵盖面条、米饭、小吃与饮品，其川渝菜品包括招牌红碗豌杂面、金碗酸辣粉及老麻抄 手。 数据显示，以2024年总商品交易额计，遇见小面在中国中式面馆市场中的份额仅为0.5%，排名第四，显示出行业高度分散的竞争格局。 中式面馆市场是一个竞争高度分散的市场，遇见小面过去几年迅猛拓店以抢夺市场份额，这也带动了其经营业 ...

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. is progressing towards an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed Chinese noodle restaurant chain, with significant revenue growth and expansion plans [2][4]. Financial Performance - In the first half of this year, Yujian Xiaomian achieved revenue of 703 million yuan, a year-on-year increase of 33.8%, and an adjusted net profit of 52.175 million yuan, up 131.56% compared to the same period in 2024 [2]. - The total merchandise transaction volume for Yujian Xiaomian from 2022 to 2024 is projected to grow from 511 million yuan to 1.348 billion yuan, with a total transaction volume of 799 million yuan in the first half of this year [4]. Market Position - Yujian Xiaomian is recognized as the largest operator of Sichuan-Chongqing style noodle restaurants in China and the fourth largest among all Chinese noodle restaurant operators, with the highest compound annual growth rate in total merchandise transaction volume among the top ten Chinese noodle restaurant operators from 2022 to 2024 [4][6]. Operational Efficiency - The company has developed a highly standardized, systematic, and digital management system that integrates traditional charm with modern restaurant management, leading to significant improvements in operational efficiency and quality [6]. - The operating profit margin for direct-operated restaurants reached 15.1% in the first half of this year, an increase from 13.3% in 2024 [6]. Customer Engagement - Yujian Xiaomian has attracted over 22.1 million members, with a 44.5% repurchase rate among stored-value members in 2024, significantly higher than the industry average [7]. - The total number of orders increased to 42.094 million in 2024, with over 25.259 million orders in the first half of 2025, reflecting a year-on-year growth of over 32.52% [7]. Industry Growth - The total merchandise transaction volume of the Chinese noodle restaurant market has grown from 183.3 billion yuan in 2020 to 296.2 billion yuan in 2024, with Sichuan-Chongqing style noodle restaurants experiencing the highest growth rate [9]. - The market for Sichuan-Chongqing style noodle restaurants is expected to continue growing at a compound annual growth rate of 13.2%, reaching 135.7 billion yuan by 2029 [9]. Future Plans - The net proceeds from the IPO will primarily be used to expand the restaurant network, enhance technological capabilities, build brand loyalty, and pursue strategic investments in the upstream food processing industry [10].

Company Overview - Yujian Xiaomian has submitted a listing application to the Hong Kong Stock Exchange, with CMB International as the exclusive sponsor [1] - As of October 8, 2025, the company operates 451 restaurants in mainland China and Hong Kong, with an additional 101 restaurants in preparation [1] - The majority of the company's restaurants are located in eastern and southern China, with over half situated in Guangdong Province [1] Industry Insights - According to Frost & Sullivan, the Chinese Chinese noodle restaurant market is expected to accelerate growth, with total merchandise transaction value projected to reach RMB 510 billion by 2029, reflecting a compound annual growth rate (CAGR) of 10.9% from 2025 to 2029 [1] - The market for Chinese noodle restaurants, particularly those featuring Sichuan and Chongqing flavors, is anticipated to grow significantly, with total merchandise transaction value expected to reach RMB 135.7 billion by 2029, and a CAGR of 13.2% from 2025 to 2029, the highest among all regional flavor markets [1] Company Performance - In 2024, Yujian Xiaomian is projected to be the fourth largest operator of Chinese noodle restaurants in China, holding a market share of 0.5% [1] - The company's revenue increased from RMB 418 million in 2022 to RMB 1.154 billion in 2024, representing a CAGR of 66.16% [1]

来源：独角兽早知道 遇见小面已完成港股上市备案，或很快在港交所进行上市聆讯。 综合 | 招股书 编辑 | Arti 据招股书，遇见小面是中国一家现代中式面馆经营者。公司在中国内地和香港特别行政区经营遇见小面 品牌。 截至最后实际可行日期，遇见小面的餐厅网络包括中国内地22个城市的440家餐厅及香港特别行政区的 11家餐厅。凭借公司强劲的增长势头，截至最后实际可行日期公司有101家新餐厅处于开业前筹备中。 公司的餐厅多位于中国东部及南部，其中超过一半餐厅位于广东省。 根据弗若斯特沙利文的资料，就2024年总商品交易额而言，公司为中国第四大中式面馆经营者，市场份 额为0.5%。根据弗若斯特沙利文的资料，中式面馆市场为中国整体中式快餐市场的一个主要板块， 2024年的市场份额约为29.8%。中式快餐市场包括通过标准化运营、高效及可扩展模式脱颖而出的企业 及机构，凭借数字化驱动及实惠的价格，提供具有大众吸引力的稳定、快速及方便的用餐体验，满足以 快速服务及即食菜肴为优先的消费者。 中式快餐市场占2024年中国整体餐饮服务市场约17.6%。中国的中式快餐市场由于有大量不同类型的市 场参与者而高度分散，其中前五名参与者于 ...

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. is on the verge of launching its IPO on the Hong Kong Stock Exchange, following the approval from the China Securities Regulatory Commission, with significant revenue and profit growth reported in its updated prospectus [1][12]. Financial Performance - In the first half of 2025, the company achieved a revenue of 703.185 million RMB, representing a year-on-year growth of 33.8%, and an adjusted net profit of 52.175 million RMB, up 131.56% from the previous year [1][2]. - The total revenue for 2022 was 418.096 million RMB, projected to reach 800.514 million RMB in 2023 and 1.154434 billion RMB in 2024 [2]. - The adjusted net profit margin is expected to improve from 5.9% in 2023 to 7.4% in 2025 [2][4]. Expansion and Market Position - The number of restaurants has increased from 133 to 451, with plans to exceed 500 by the end of the year, including the first overseas store in Singapore [3][8]. - The company is recognized as the largest operator of Sichuan-Chongqing style noodle restaurants in China, with a compound annual growth rate (CAGR) of total merchandise transaction value from 2022 to 2024 being the highest among competitors [5][7]. Market Trends - The Chinese noodle restaurant market is projected to grow from 183.3 billion RMB in 2020 to 296.2 billion RMB by 2024, with a CAGR of 12.7% [5]. - The Sichuan-Chongqing style noodle segment is expected to expand from 45 billion RMB in 2020 to 72.7 billion RMB by 2024, with a CAGR of 12.8% [5]. Customer Engagement - The company has attracted over 22.1 million members, with a 44.5% repurchase rate among stored-value members in 2024 [8]. - Total order numbers reached 42.094 million in 2024, with a year-on-year growth of 32.52% in the first half of 2025 [8]. Future Plans - The company plans to continue expanding into lower-tier markets and overseas, with a target of opening approximately 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028 [10][12].

Core Viewpoint - The company "Yujian Xiaomian" is accelerating its steps towards an IPO in Hong Kong, aiming to become the first publicly listed Chinese noodle restaurant, amidst a challenging restaurant industry environment characterized by intensified competition and declining profits [1][2]. Financial Performance - From 2022 to 2024, Yujian Xiaomian's revenue is projected to grow from 418 million to 1.154 billion yuan, with a compound annual growth rate (CAGR) of 66.16%. The adjusted net profit for 2024 is expected to be 63.88 million yuan [3]. - In the first half of this year, the company reported a revenue of 703 million yuan, a year-on-year increase of 33.8%, with adjusted net profit soaring by 131.56% to 52.175 million yuan [3]. - The number of restaurants increased from 133 to 451 from early 2022 to the latest feasible date, with plans for 101 new restaurants, potentially surpassing 500 locations by year-end [3]. Operational Efficiency - The operating profit margin for direct-operated restaurants is steadily increasing, projected to reach 13.3% in 2024 and 15.1% in the first half of this year [4]. - The company's growth is attributed to scale effects, which enhance profitability through cost dilution, improved supply chain efficiency, and brand effect [3]. Business Model Innovation - Yujian Xiaomian's business model is characterized by diversification and high efficiency. It offers a wide range of popular Sichuan and Chongqing dishes, appealing to a broad audience and ensuring high consumption frequency [5]. - The company has developed a standardized and digitalized operational system, ensuring brand consistency and operational efficiency across all restaurants [5]. Market Position - According to Frost & Sullivan, Yujian Xiaomian is the largest operator of Sichuan and Chongqing-style noodle restaurants in China, with the highest CAGR in total merchandise transaction value among the top ten Chinese noodle restaurant operators from 2022 to 2024 [6][7]. Market Expansion Opportunities - The overall market for Chinese noodle restaurants is expected to continue expanding, with a projected market size of 495.6 billion yuan by 2029 and a CAGR of 11.0% from 2025 to 2029. The Sichuan and Chongqing-style segment is anticipated to grow at a CAGR of 13.2%, outpacing other segments [9]. - Yujian Xiaomian is also preparing to enter the overseas market, with its first store in Singapore expected to open in December this year, capitalizing on the large Chinese population and their affinity for Sichuan and Chongqing flavors [10].

据港交所10月15日披露，广州遇见小面餐饮股份有限公司(简称：遇见小面)向港交所主板提交上市申请书，招银国际为独家保荐人。 招股书显示，遇见小面是中国一家现代中式面馆经营者，根基建立在重庆小面之上，在中国内地及中国香港均有门店。截至2025年10月8日，遇见小面的餐 厅网络包括中国内地22个城市的440家餐厅及香港特别行政区的11家餐厅。 行业方面，根据弗若斯特沙利文的资料，中国中式面馆市场预期将进一步加速增长，到2029年，总商品交易额将达至人民币5,100亿元，2025年至2029年的 年复合增长率为10.9%。在中式面馆市场中，中国以川渝风味为主的中式面馆市场的总商品交易额预期2029年将达至人民币1,357亿元，2025年至2029年的年 复合增长率为13.2%，在中国不同地域风味的中式面馆市场中年复合增长率最高。 凭借强劲的增长势头，截至2025年10月8日，遇见小面有101家新餐厅处于开业前筹备中。公司的餐厅多位于中国东部及南部，其中超过一半餐厅位于广东 省。根据弗若斯特沙利文的资料，就2024年总商品交易额而言，遇见小面为中国第四大中式面馆经营者，市场份额为0.5%。根据同一的资料，按2024年 ...

智通财经APP获悉，据港交所10月15日披露，广州遇见小面餐饮股份有限公司(简称：遇见小面)向港交所主板提交上市申请书，招银国际为独家保荐人。 行业方面，根据弗若斯特沙利文的资料，中国中式面馆市场预期将进一步加速增长，到2029年，总商品交易额将达至人民币5,100亿元，2025年至2029年的 年复合增长率为10.9%。在中式面馆市场中，中国以川渝风味为主的中式面馆市场的总商品交易额预期2029年将达至人民币1,357亿元，2025年至2029年的年 复合增长率为13.2%，在中国不同地域风味的中式面馆市场中年复合增长率最高。 凭借强劲的增长势头，截至2025年10月8日，遇见小面有101家新餐厅处于开业前筹备中。公司的餐厅多位于中国东部及南部，其中超过一半餐厅位于广东 省。根据弗若斯特沙利文的资料，就2024年总商品交易额而言，遇见小面为中国第四大中式面馆经营者，市场份额为0.5%。根据同一的资料，按2024年总 商品交易额计，遇见小面于整体中式快餐市场排名第十三，市场份额为0.14%。 于往绩记录期间，遇见小面的餐厅数量持续攀升，财务业绩亦取得快速增长。自往绩记录期间期初至2025年10月8日，遇见小面 ...

Core Insights - The company "Yujian Xiaomian" is accelerating its IPO process in Hong Kong, aiming to become the first publicly listed Sichuan-Chongqing noodle restaurant chain [1] - The company has demonstrated impressive revenue growth, with a projected increase from 418 million to 1.154 billion yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 66.16% [1] - In the first half of 2025, the company achieved revenue of 703 million yuan, representing a year-on-year growth of 33.8% [1] - Adjusted net profit reached 52.175 million yuan, showing a year-on-year increase of 131.56% [1] - The rapid expansion of restaurant numbers, from 133 to 451, has significantly contributed to the company's growth, with plans to exceed 500 locations by year-end [1] - The company is also preparing to open its first overseas store in Singapore, expected to launch in December [1] Industry Insights - According to Frost & Sullivan, the market size for Chinese noodle restaurants is projected to reach 296.2 billion yuan in 2024, with Sichuan-Chongqing flavors growing at a rate of 13.2% [2] - Yujian Xiaomian holds the largest market share in the Sichuan-Chongqing noodle segment and ranks first in offline sales for specific noodle dishes among all Chinese restaurant chains from 2022 to 2024 [2]