Core Viewpoint - The Chinese noodle restaurant industry, which faced significant challenges over the past two years, is seeing a resurgence with "Yujian Xiaomian" aiming for an IPO, indicating a potential recovery in the sector despite ongoing concerns about profitability and market dynamics [4][5][6]. Group 1: Industry Overview - Two years ago, the Chinese noodle restaurant industry was struggling with declining sales and closures, leading to significant losses and layoffs [4]. - "Yujian Xiaomian" submitted its IPO application, projecting growth in revenue from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with a net profit turnaround from a loss of 35.97 million yuan in 2022 to a profit of 60.7 million yuan in 2024 [5]. - The industry is characterized by a low market share concentration, with the top five brands holding less than 3% of the market, indicating a lack of brand loyalty among consumers [11][13]. Group 2: Financial Performance - "Yujian Xiaomian" reported a same-store sales increase of over 28% in 2023 compared to 2022, but a decline of 4.2% is expected in 2024, suggesting challenges in maintaining revenue growth [5][6]. - The average order value at "Yujian Xiaomian" decreased from 36.1 yuan in 2022 to 34 yuan in 2023, further dropping to 32 yuan in 2024, reflecting pricing pressures in the market [16][21]. Group 3: Market Dynamics - The noodle restaurant sector has seen a shift towards lower pricing strategies, with many brands reducing their prices significantly to attract customers amid a consumer downgrade trend [14][15]. - Despite the potential for high margins in noodle businesses, the overall performance of high-end noodle brands has been declining, with some brands experiencing sales drops of up to 30% [20][21]. - The industry is facing increased competition, with brands resorting to price wars and the introduction of lower-cost menu items to maintain customer interest [17][24]. Group 4: Expansion and Franchise Challenges - The expansion of noodle brands has been slower compared to other food sectors like coffee and tea, with "Yujian Xiaomian" increasing its store count from 170 in 2022 to 360 in 2024, but still lagging behind competitors [10][9]. - The opening of franchise opportunities has not led to significant growth, with "Hefuliao" only adding about 60 franchise stores in over a year [18][24]. - The industry is increasingly characterized by a focus on standardized, pre-prepared food products, which has raised concerns about quality and consumer acceptance [23][24].

Core Viewpoint - The Chinese noodle restaurant industry, previously facing significant challenges, is witnessing a resurgence with "Yujian Xiaomian" aiming for an IPO, indicating potential growth despite past struggles [1][3]. Industry Overview - The Chinese noodle restaurant market has seen a total transaction value increase from 183.3 billion yuan in 2020 to an estimated 296.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.7% [6]. - The market is projected to reach 510 billion yuan by 2029, but the growth rate is expected to slow to a CAGR of 10.9% from 2025 to 2029 [6]. Company Performance - "Yujian Xiaomian" reported revenues of 418 million yuan, 801 million yuan, and 1.154 billion yuan for 2022, 2023, and 2024 respectively, with net profits turning from a loss of 35.97 million yuan in 2022 to a profit of 60.7 million yuan in 2024, reflecting a 32.2% year-on-year growth [1]. - The company plans to expand its store count from 170 in 2022 to 380 by April 2025, with new openings increasing from 43 in 2022 to 120 in 2024 [5]. Competitive Landscape - Despite the growth of "Yujian Xiaomian," other brands like "Hefuliao Mian" and "Wuyemian" have struggled, with "Hefuliao Mian" experiencing two failed IPO attempts and a cumulative loss of 700 million yuan over three years [1][3]. - The market remains fragmented, with the top five brands holding less than 3% market share, indicating low brand loyalty among consumers [7]. Pricing and Consumer Behavior - The industry is facing challenges with high-priced offerings, as consumer preferences shift towards more affordable options amid a trend of consumption downgrade [2][7]. - Many noodle brands have begun to lower prices, with "Hefuliao Mian" reducing prices by approximately 27% to 32% on various menu items, while "Yujian Xiaomian" has seen average order values decline from 36.1 yuan in 2022 to 32 yuan in 2024 [7][8]. Market Dynamics - The noodle restaurant sector is experiencing a shift towards franchise models, but the expansion has not matched the rapid growth seen in other food and beverage sectors like coffee and tea [5][8]. - The introduction of pre-made dishes has become common, with many brands relying on standardized products to improve efficiency, although this has led to consumer dissatisfaction regarding quality and pricing discrepancies [11][12].

1 、作为网红品牌，公司一路都有资本保驾护航， IPO 前累计融资 8 轮，但随着消费投资遇冷，最后一轮融资定格在了 2021 年； 2 、业绩方面，遇见小面近几年冲劲十足， 2023 年开始扭亏，同比增长 227.63% ，但随着规模高速扩张，资产负债率高达 89.86% ； 3 、其所在的面馆赛道绝对是个内卷行业， 2024 年，遇见小面在中国中式面馆中排名第四，但市场份额仅为 0.5% 。 作者丨 王满华 来源丨 投中网 港交所的"菜单"再添一员，这次的主角是重庆小面。 近日，广州遇见小面餐饮管理有限公司（以下简称 " 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。 如果成功上市， 遇见小面将成为"中式面馆第一股"。 除了"第一股"的光环之外，遇见小面的身上还有几个看点： 将投中网设为"星标⭐"，第一时间收获最新推送 三年营收翻三倍。 回看遇见小面的创业故事，始于创始人宋奇的一个"大胆设想"。 在香港科技大学读完硕士之后，宋奇在科技公司干了一年就到香港麦当劳去做管培生，而后又到百胜餐饮负责新店选址。这两 段工作经历，让这位理科生对餐饮创业萌生了强烈兴趣。宋奇曾公开回忆称： " 当我在 ...