智通财经APP获悉，东吴证券发布研报称，首次覆盖，给予遇见小面(02408)"买入"评级，遇见小面作为 中式面馆头部品牌，近年来通过精准定位川渝风味、推行标准化与商场店模式实现快速扩张。截至2025 年11月，门店数已达465家，储备新店超百家，预计未来两年将持续高速拓店，凭借清晰的扩张策略、 海外市场布局及经营优化，公司长期成长空间明确。 东吴证券主要观点如下： 中式面馆第一梯队，加速开店势能向上 2024年遇见小面在中式面馆/中式快餐餐厅市场份额分别为0.5%/0.14%，截至2025年11月，公司餐厅网 络已包括内地22个城市的451家餐厅及香港的14家餐厅，且仍有115家新餐厅开业筹备中。2022-2024年 公司营收由4.18亿元增至11.54亿元，CAGR达66%;加速扩店帮助公司实现盈利拐点，公司经调净利润提 升至2024年的0.63亿元，2024年经调净利率为5%，经营拐点已至。公司门店以直营为主，直营餐厅数 量占比由2022年的65%提升至2024年的78%。 (2)中式面馆作为第四大中式餐饮品类，2024年行业规模为2866亿元(占比29.80%)。2024年遇见小面商品 交易额13.48 ...

"中式面馆第一股"遇见小面（02408）盘中逆市涨超6%，截至发稿，股价上涨4.08%，报5.10港元，成 交额1266.91万港元。 12月5日， 遇见小面董事长宋奇于上市仪式上表示，本月底将于新加坡开设首家门店，反映公司向国际 化迈出一步。目前公司已于中国及香港等22个城市开设近500间门市。据了解，遇见小面在三年内快速 扩张，从2022年的133家迅速扩展至465家。目前，公司尚有115家新店处于筹备阶段，预计2025年内餐 厅总数将突破500家。据公司最新规划，2026年至2028年，公司预计新增520至610家门店，重点拓展低 线城市及海外市场。 招股书显示，2022年至2024年，遇见小面营业收入从4.18亿元增长至11.54亿元，复合年增长率达 66.2%。2025年上半年，公司经调整净利润为5217.5万元，较去年同期增长131.56%。在餐饮行业竞争加 剧的背景下，其盈利能力与运营效率同步增强。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 "中式面馆第一股"遇见小面（02408）盘中逆市 ...

中国经济网北京12月5日讯 广州遇见小面餐饮股份有限公司（以下简称"遇见小面"，02408.HK）今日在 港交所上市，开盘报5.00港元，跌破发行价。截至今日收盘，遇见小面报5.08港元，跌幅27.84%。 遇见小面是一家中式面馆经营者。 根据最终发售价及分配结果公告，遇见小面本次发售股份数目97,364,500股股份，其中，香港公开发售 的发售股份数目9,736,500股股份，国际发售的发售股份数目87,628,000股股份。于上市时已发行的股份 数目（超额配股权获行使前）710,689,300股股份。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 97,364,500 | | 香港公開發售的發售股份數目 | 9,736,500 | | 國際發售的發售股份數目 | 87.628.000 | | 於上市時已發行的股份數目(超額配股權獲行使前) | 710.689.300 | 遇见小面本次发行的最终发售价为7.04港元，所得款项总额为685.4百万港元，扣除按最终发售价计算的 估计应付上市开支68.4百万港元后，所得款项净额为617.0百万港元。 | 價格資料 | | | --- ...

假设发售价为每股6.34港元且未行使超额配股权，全球发售净筹约5.516亿港元。其中：60%用于拓展餐 厅网络、扩大地理覆盖范围及加深市场渗透；10%用于升级餐厅网络的技术及数字系统，提升信息技术 能力；10%用于品牌建设及提高客户忠诚度；10%用于对上游食品加工行业潜在公司的战略投资；10% 用于一般公司用途及营运资金。 遇见小面是中国一家中式面馆经营者，品牌覆盖中国内地和中国香港。其餐厅网络包括中国内地22个城 市的451家餐厅及香港的14家餐厅，并有115家新餐厅处于开业前筹备中。根据弗若斯特沙利文资料，按 2024年总商品交易额计，公司为中国第四大中式面馆经营者，市场份额为0.5%。 （原标题：遇见小面今起招股 拟全球发售9736.45万股H股） 遇见小面11月27日至12月2日招股，拟全球发售9736.45万股H股，其中香港公开发售占10%，国际发售 占90%，另有5%超额配股权。每股发售价介于5.64—7.04港元，预期H股将于2025年12月5日上市交易。 基石投资者HHLRA、国泰君安证券、君宜香港基金、Shengying Investmen、Zeta Fund及海底捞新加坡 已签订协议，同意 ...

Investment Dynamics - Thunder Innovation has completed a Series C financing round led by CITIC Jinshi, with participation from CITIC Securities International Capital and CITIC Securities Investment. The funds will focus on R&D in near-eye display, AI algorithms, and multimodal interaction, aiming to transition AR glasses from niche products to mainstream smart devices [3] - Nestlé is intensifying its efforts to develop nutritional solutions targeting emerging growth areas, particularly focusing on women's health, longevity, and weight management through strategic collaborations with universities [6] - Timex Group has acquired a 51% stake in Daniel Wellington, marking the brand's entry into Timex's multi-brand matrix while maintaining its independence and design ethos [8] - Wancheng Group plans to launch a non-deal roadshow (NDR) for its Hong Kong IPO on November 11, aiming to raise approximately $300 million to $500 million, equivalent to about 2.1 billion to 3.6 billion RMB [11] - Meet Noodle is set to begin its pre-IPO roadshow this month, with expected fundraising between $100 million to $200 million, which will be used for store expansion and central kitchen development [14] - If Coconut Water has signed a memorandum of cooperation with the Shanghai Xihongqiao government to establish its first mainland China branch, enhancing its product matrix and consumer service experience [17] Financial Reports - Swire Properties reported that as of September 30, 2025, its three core shopping centers in Hong Kong maintained a 100% occupancy rate, with retail sales increasing by 3.6%, 3.0%, and 0.2% year-on-year [19] - Tapestry, the parent company of Coach, reported a 16% increase in sales for the first fiscal quarter, reaching $1.7 billion, with adjusted operating income rising by 24.2% to $354 million [21] Personnel Dynamics - PepsiCo plans to close two Frito-Lay facilities in Orlando, Florida, affecting a total of 500 jobs, as part of its strategy to curb declining snack sales in the U.S. [23] - Diageo has appointed Dave Lewis as CEO, effective January 1, 2024, who previously served as CEO of Tesco and has extensive experience at Unilever [26]

2025年10月的资本市场，广州遇见小面的上市节奏骤然提速——13日获证监会境外上市备案，15日火速更新港股招股书，距港交所仅一步之遥。这家从珠江 新城街边小店起步的品牌，如今已坐拥451家门店，即将突破500家规模，更以"中国第一大川渝风味面馆经营者"的身份剑指"中式面馆第一股"。然而，在营 收三年翻近2倍、2025年上半年净利润同比激增131.56%的亮眼数据背后，招股书却撕开了三重隐忧：连续四年主动降价换量却换不来翻座率回升，流动资 产净值常年为负且负债率高企，更被2028年3月前必须上市的对赌协议步步紧逼。这场资本竞速赛，早已埋下关乎生存的考题。 客单价三连降，同店增长遇挫 财务数据揭示了更严峻的现实：2022-2024年，遇见小面流动资产净值连续三年为负，且缺口逐年扩大，从-1.49亿元增至-2.42亿元，2025年上半年进一步恶 化至-2.55亿元。截至2024年末，公司现金储备仅4219万元，而流动负债高达4.9亿元，流动比率仅0.5，远低于餐饮行业1.5的健康线标准。 公司将流动性紧张归咎于"直营门店扩张占用资金"及"租赁负债列作流动负债"，但贸易应收款的持续攀升更显被动——2025年上半年已 ...

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]

Core Viewpoint - The company "Guangzhou Yujian Xiaomian Catering Co., Ltd." has submitted its listing application to the Hong Kong Stock Exchange, aiming to become the "first stock of Chinese noodle restaurants," but faces controversies related to food safety and employee layoffs [1][3]. Group 1: Food Safety Issues - Food safety is critical for restaurant businesses, and Yujian Xiaomian has faced regulatory scrutiny. In June 2024, the Beijing Haidian District Market Supervision Administration reported that the company failed to implement its food safety responsibilities, leading to a required rectification [3]. - In November 2024, the company received a warning for not maintaining cleanliness at its Dongzhimen branch [3]. - As of April 24, 2025, there have been 189 complaints against the company on the Black Cat Complaints platform, with several related to food safety, including reports of foreign objects in food and health issues requiring medical attention. The overall complaint resolution rate is below 30% [3]. Group 2: Layoff Controversy - Shortly after the listing application, the company faced backlash over a layoff incident. The public relations director revealed on social media that she received a layoff notice at home while on leave for her child's illness, raising concerns about privacy violations [9]. - The company's HR claimed it was a mistake in filling out emergency contact information, but the director has sought legal recourse, indicating potential legal risks for the company [9]. Group 3: Dividend Strategy Concerns - The company's dividend strategy has raised market concerns, as it declared dividends totaling 34 million yuan, which is 56% of its net profit of 60.7 million yuan for 2024, despite not having stable profitability [12]. - Financial pressures are evident, with short-term loans reaching 50 million yuan and cash reserves at only 42.19 million yuan, alongside a net current liability of 242 million yuan and a long-term debt ratio exceeding 90% [12].

Core Viewpoint - The Chinese noodle chain brand "Yujian Xiaomian" has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, attracting significant market attention due to its performance and growth potential in the Chinese noodle restaurant sector [1] Financial Performance - Yujian Xiaomian achieved substantial revenue growth over the past three years, with revenues of 418 million yuan, 801 million yuan, and 1.154 billion yuan for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 66.2% [2] - The company turned a profit in 2023 with a net profit of 45.6 million yuan, up from a loss of 35.97 million yuan in 2022, and further increased to 60.7 million yuan in 2024 [2] - Same-store sales showed volatility, with a 28% increase in 2023 compared to 2022, but a decline of 4.2% in 2024, attributed to a strategy of lowering dish prices to attract more customers [2] Operational Performance - The company employs a dual model of direct operation and franchising, with 360 restaurants by the end of 2024, of which 279 are directly operated and 81 are franchised [3] - Revenue from directly operated restaurants accounted for a significant portion of total revenue, with figures of 336 million yuan, 672 million yuan, and 1 billion yuan from 2022 to 2024, representing 80.5%, 83.9%, and 86.7% of total revenue respectively [3] - Yujian Xiaomian plans to continue its rapid expansion, aiming to open approximately 120-150, 150-180, and 170-200 new restaurants from 2025 to 2027 [3] Digital Operations - The company has developed a proprietary digital system for various operational aspects, including business and financial analysis, procurement, inventory, supply chain management, and employee training [4] - A "racehorse system" is implemented across all restaurants to quantify key operational metrics, enhancing efficiency and service quality [4] Shareholding Structure - The shareholding structure is diverse, with major shareholders including Song Qi, Su Xuxiang, and others holding approximately 53.28% of shares [5] - Notable investors include Baifu Holdings and former executives from JD Group and McDonald's, which may enhance brand and operational strategies [5] Industry Competition - The Chinese noodle restaurant market is highly fragmented, with the top five players holding only 2.9% of the market share as of 2024 [6] - Yujian Xiaomian is the leading operator in the Sichuan-Chongqing flavor noodle segment but still holds a relatively low market share in the broader market [6] - The company faces challenges from intense price competition and the need to maintain profitability while expanding into lower-tier and overseas markets [6][7] Opportunities and Challenges - Despite challenges, the growing demand for Chinese cuisine presents significant growth potential for Yujian Xiaomian [8] - The IPO proceeds will be used for restaurant network expansion, technology upgrades, brand building, and potential strategic investments in upstream food processing companies [8] - The company's future success will depend on balancing expansion speed with profitability and enhancing brand influence and operational efficiency [8]