财华社讯 11月27日，遇见小面（02408.HK）正式启动香港全球招股。公司计划全球发售9736.45万股股 份，其中国际发售8762.8万股，香港公开发售973.65万股。 发售价区间为每股5.64港元至7.04港元。若以中位数6.34港元定价，并扣除相关开支且超额配股权未获 行使，公司预计募集资金净额约5.516亿港元。其中，约60%将用于拓展餐厅网络、扩大地理覆盖及加 深市场渗透；约10%用于升级整个餐厅网络的技术及数字化系统，提升信息技术能力；约10%用于品牌 建设及进一步提升客户忠诚度。 作者：遥远 香港公开发售时间为11月27日至12月2日，最终发售价及股份分配结果预计于12月4日公布。公司股份计 划于12月5日在香港联交所主板开始买卖，股份代号为2408，每手500股，入场费约3555.51港元。 本次发行吸引了多家基石投资者参与，包括高瓴旗下HHLRA、君宜投资者(国泰君安证券及君宜香港基 金）、Shengying Investment、Zeta Fund，以及海底捞（06862.HK）旗下的海底捞新加坡。基石投资者 已同意在满足若干条件的前提下，按发售价认购总额约2200万美元（约1.71 ...

11月27日，遇见小面(02408)正式启动港股IPO招股程序，拟全球发售9,736.45万股股份，其中香港公开 发售约973.65万股H股(占10%)，国际发售约8,762.81万股H股(占90%)，另有5%超额配售权。每股发售 价5.64-7.04港元，每手500股，入场费最多3,520港元,预计募集净额约5.52亿港元。公司预期12月5日于 港交所主板挂牌上市，有望成为港股"中式面馆第一股"。 此次IPO的一大亮点是引入了强大的基石投资者阵容。根据公告，5家知名投资机构参与了本次基石投 资，包括高瓴资本、海底捞、君宜资本、晟盈投资、Zeta Fund等，涵盖顶级私募、战略产业资本及知 名长线基金。基石投资者合计认购2,200万美元，约占募集资金总额25%。 作为中国第一大川渝风味面馆品牌及第四大中式面馆经营者，遇见小面在2022年至2024年展现出强劲增 长动能，营收从4.18亿元跃升至11.54亿元，年复合增长率达66.2%，显著高于行业平均水平。本次港股 所募资金将主要用于餐厅网络扩张、供应链体系建设及数字化能力提升。 把握市场发展机遇，餐厅网络及业绩迅猛增长 中式面馆是中国快餐市场的重要组成部分， ...

Core Viewpoint - The company "Yujian Xiaomian" has officially launched its IPO process in Hong Kong, aiming to raise approximately HKD 552 million, with a strong foundation of cornerstone investors and significant growth potential in the Chinese noodle restaurant market [1][4]. Group 1: IPO Details - Yujian Xiaomian plans to globally offer 97.3645 million shares, with 10% for public sale in Hong Kong and 90% for international investors, along with a 5% over-allotment option [1]. - The expected share price ranges from HKD 5.64 to HKD 7.04, with an entry fee of up to HKD 3,520 [1]. Group 2: Financial Performance - The company's revenue is projected to grow from CNY 418 million in 2022 to CNY 1.154 billion in 2024, reflecting a compound annual growth rate (CAGR) of 66.2%, significantly above the industry average [4][9]. - Net profit is expected to turn from a loss of CNY 35.973 million in 2022 to a profit of CNY 45.914 million in 2023, further increasing to CNY 60.7 million in 2024 [9]. Group 3: Market Opportunity - The Chinese noodle restaurant market is a vital segment of the fast-food industry, projected to grow from CNY 183.3 billion in 2020 to CNY 296.2 billion by 2024, with a CAGR of 12.7% [5]. - The market is expected to reach CNY 510 billion by 2029, maintaining an annual growth rate of over 10% [5]. Group 4: Competitive Landscape - The current market is highly fragmented, with the top five brands holding less than 3% market share, providing opportunities for consolidation and expansion for chain enterprises [6]. - Yujian Xiaomian has expanded its restaurant count from 133 to 465, covering 22 cities in mainland China and Hong Kong, with plans to exceed 500 locations by the end of the year [8]. Group 5: Strategic Initiatives - The company aims to enhance its restaurant network, supply chain, and digital capabilities using the funds raised from the IPO [4]. - Yujian Xiaomian has established a robust digital infrastructure for operations, including a comprehensive store management system that enhances efficiency and customer experience [14]. Group 6: Future Expansion Plans - The company plans to open approximately 520 to 610 new restaurants over the next three years, significantly increasing its operational network [18]. - Yujian Xiaomian is also initiating international expansion, starting with Singapore, expected to open in December 2025 [18].

整体一副做足了准备的样子。 那么这一次的遇见小面，能否顺利成为"中式面馆第一股"？ 再造一个"遇见小面" 对于IPO上市，遇见小面其实是存在一定紧迫感的。 主要跟经营表现的喜忧参半有关。 招股书数据显示，2022年至2024年，遇见小面分别实现营收4.18亿元、8亿元和11.54亿元，年复合增长率为66.2%。 今年上半年营收7.03亿元，同比增长33.8%，整体表现相当亮眼。 在中文互联网的刻板印象中，广东算是最不能吃辣的省份，所以粤菜烹饪方式也多以清蒸、白灼为主，整体饮食偏清淡。 但令人意外的是，最近，一家主打川渝风味的餐饮品牌遇见小面，却要从广州大本营出发，冲向港股IPO了。 并且，这还是遇见小面二度冲刺港交所了。 今年4月份，遇见小面首次递交招股书，但很快就收到了证监会国际司提出的补充材料要求，包括但不限于"补充说明公司及下属公司经营范围是否涉及 《外商投资准入特别管理措施（负面清单）（2024年版）》领域"等六大反馈。 或许正因如此，第二份招股书在此前基础上，不仅更新了2025年上半年的业绩数据，同时还对今年7月的股权变更等相关事项进行了披露。 在成本方面，同期（2022—2024年，以及截止到20 ...

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 - The company "遇见小面" is aggressively expanding its store network while facing declining same-store sales, raising questions about its strategy and potential for success in the capital market as it prepares for an IPO [1][2]. Group 1: Company Overview - "遇见小面" was founded in 2014 and has become a notable player in the Chinese noodle restaurant sector, ranking fourth in sales among similar brands as of 2024 [4]. - The company has received significant investment from various backers, including 百福控股 and 碧桂园控股, and its founders hold a combined 53.28% stake [5][7]. Group 2: Expansion and Store Network - The company has rapidly increased its number of stores, reaching 252 by the end of 2023, with plans to open an additional 120 to 150 stores in 2025 [8][12]. - As of April 2025, "遇见小面" operates 374 restaurants in mainland China and 6 in Hong Kong, with 64 more in preparation [9]. Group 3: Financial Performance - Revenue has shown strong growth, with figures of 418 million RMB in 2022, 800 million RMB in 2023, and projected 1.15 billion RMB in 2024, reflecting a compound annual growth rate of 66.2% [13][14]. - Despite revenue growth, the company has faced increasing debt, with a net current liability of 2.42 billion RMB by the end of 2024, indicating financial strain [17][18]. Group 4: Pricing Strategy and Sales Performance - The company has adopted a "price for volume" strategy, leading to a decline in average order value from 36.1 RMB in 2022 to 32.0 RMB in 2024, which has affected profitability [15][16]. - Same-store sales have decreased by 5.14% in first-tier cities, with total same-store sales dropping from 740 million RMB to 709 million RMB in 2024 [16]. Group 5: Operational Challenges - The company has faced criticism for its management practices, including a significant reduction in full-time employees by approximately 45% in 2024, while relying heavily on outsourced labor [23][25]. - Food safety issues have been reported, with multiple complaints regarding service and food quality, raising concerns about operational standards [25][27].

文 | 《 BUG 》栏目 徐苑蕾 当前，遇见小面正以"中式面馆第一股"的概念冲刺港股市场。 而就在其递交招股书后 3 天，公司公关总监却突遭裁员，其怒斥公司"用完即弃"。原本应 是 IPO 静默期的维稳者却成了危机源头，这桩带有争议的劳务纠纷无疑给遇见小面的资本 故事蒙上了一层阴影。 根据招股书显示，过去 3 年，遇见小面以"麦当劳式"扩张横扫市场，营收年复合增长率达 66.2% ，门店数量翻倍至 360 家，但 2024 年单店和同店经营效率均出现下滑，暴露 出"以价换量"策略的疲态。 纵观行业，中式面馆赛道高度分散，行业前五名合计市占率不足 3% ，价格战与同质化竞 争愈演愈烈。遇见小面的这场 IPO 不仅是其自身发展的转折点，更是整个中式面馆行业能 否跑通规模化商业模式的试金石。 公关总监被裁 指责"用完即弃" 日前，遇见小面原公关总监在社交媒体上发布的一系列动态引发广泛关注。该总监发声称，自 己突然收到公司的裁员通知，指责公司"用完即弃"，且通知原件直接寄到了家里，联系方式写 的是家人电话而非其本人。 据透露，目前其正在进行法律维权。《 BUG 栏目》了解到，该总监自 1 月入职遇见小 面，收到解除 ...

Core Viewpoint - The company "Yujian Xiaomian" has submitted its IPO application to enter the Hong Kong stock market, showcasing rapid growth in performance, but faces uncertainties regarding future growth due to competitive pricing strategies and internal management issues highlighted by the sudden dismissal of its PR director during the IPO process [1][2][18]. Company Overview - "Yujian Xiaomian," officially known as Guangzhou Yujian Xiaomian Catering Co., Ltd., was founded by three graduates from South China University of Technology, focusing on Sichuan and Chongqing cuisine with signature dishes including various noodle and snack offerings [8][9]. - The company has experienced significant growth since its inception in 2014, with a unique approach to standardizing recipes and operations in a traditionally competitive restaurant industry [8][9]. Financial Performance - The company has shown impressive revenue growth, with reported revenues of 4.18 billion RMB in 2022, 8.01 billion RMB in 2023, and projected 11.54 billion RMB in 2024, reflecting year-on-year growth rates of 91.47% and 44.21% for 2023 and 2024 respectively [15][16]. - The net profit transitioned from a loss of 359.73 million RMB in 2022 to a profit of 45.91 million RMB in 2023, and further to 60.70 million RMB in 2024, indicating a significant turnaround [15][16]. Market Expansion - The company plans to continue its aggressive expansion strategy, aiming to open approximately 120 to 150 new restaurants in 2025, 150 to 180 in 2026, and 170 to 200 in 2027 [15]. - As of the end of 2024, the total number of restaurants is expected to reach 360, with a significant concentration in first-tier and new first-tier cities [15]. Pricing Strategy - The average order value has decreased from 36.1 RMB in 2022 to 32.0 RMB in 2024, reflecting a deliberate pricing strategy to attract more customers amid a competitive landscape [16][17]. - The company has seen an increase in table turnover rates, from 3.9 times per day in 2023 to 4.1 times in 2024, despite a decline in same-store sales [16][17]. Financial Health - The company's debt-to-asset ratio has decreased from 95.77% in 2022 to 89.86% in 2024, indicating a gradual improvement in financial stability, although it remains high [18]. - Cash flow issues are evident, with net cash increases of -6.99 million RMB in 2022, -9.76 million RMB in 2023, and a positive 15.39 million RMB in 2024, suggesting ongoing financial pressure [18].