近日，遭资本冷遇多年的中式面馆赛道被注入一剂强心针。 文｜不慌财说 继2025年4月首次向港交所递表后，广州遇见小面餐饮股份有限公司（简称：遇见小面）于近日正式通过港交所聆讯。 这个非川渝地区的重庆小面馆，用11年时间构建出450+全国连锁门店网络。据弗若斯特沙利文数据，2024年遇见小面是中国第四大的中式面馆经营者，并 稳居川渝风味细分市场首位。 然而，在行业老四率先抢夺"中式面馆第一股"叙事下，所背负的是中式面馆资本化"试金石"的重任，遇见小面的商业模式正被市场聚焦检验。 2022年至2024年，遇见小面营业收入由4.18亿元增至11.54亿元，同期净利润实现转盈，由-3597.3万元增至6070万元。2025年上半年，遇见小面依旧保持双 位数增长态势，营收、净利润增速分别33.7%、95.77%。 但规模扩张只是表象，可持续单店盈利才是连锁品牌的生命线。 自2024年起，遇见小面单店日均销售额、翻座率均呈现下滑态势，折射出中式面馆品牌正经历规模扩张与盈利平衡之间的深层博弈。 所以，市场对于遇见小面将会如何定价，成为这一节点关键。 中式面馆集体"断食" 需要特别关注的是，遇见小面在IPO期间遭遇二股东减持 ...

遇见小面以对重庆小面的热情开始发展历程。重庆小面是一系列麻辣口味的主食，起源于山城重庆，以 其独特的风味，在全国各地久负盛名。根据弗若斯特沙利文的资料，2022年至2024年连续三年，遇见小 面的重庆小面、豌杂面和酸辣粉线下销售量在所有中国连锁餐厅中排名第一。 当前遇见小面餐厅网络已覆盖中国内地9个省份的22个城市及香港特别行政区。招股书披露，2025年上 半年，公司总商品交易额达7.99亿元，其中，一线及新一线城市总商品交易额6.18亿元，同比增长 21.57%；二线及以下城市总商品交易额1.39亿元，同比增长31.21%；香港特别行政区总商品交易额 4227.2万元，同比增长1050.57%，香港地区增长占整体增长21.30%。其下沉及出海市场表现均超预期。 截至最后实际可行日期，遇见小面已有101家新餐厅在积极筹备中，2025全年门店有望突破500家。同 时，遇见小面新加坡首店亦正在筹备中，预计于今年12月开业，公司有望迎来第一家海外门店。 据悉，遇见小面拟发行不超过2.35亿股境外上市普通股，同时公司11名股东拟将所持合计6.13亿股境内 未上市股份转为境外上市股份，并在港交所上市流通。其本次港股IP ...

中国中式面馆市场是中式快餐市场的重要组成部分，2024年市场份额约为29.8%。整个中国中式快餐餐 厅市场高度分散，2024年前五名参与者合计市场份额为3.0%。遇见小面在该市场排名第十三，市场份 额为0.14%。 遇见小面已通过港交所主板上市聆讯，招银国际为其独家保荐人。 根据弗若斯特沙利文的数据，按2024年总商品交易额计算，遇见小面是中国第四大的中式面馆经营者， 市场份额为0.5%。 该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2025年10月8日，共拥有451家餐厅，另 有101家餐厅在筹备中。公司的大部分餐厅位于中国东部及南部，超过一半在广东省。 遇见小面的产品以重庆小面为基础，并已扩展到其他辣与不辣的菜品，包括面条、米饭、小吃和饮料。 公司采用直营和特许经营模式，截至2025年6月30日，拥有86家特许经营餐厅。预计中国中式面馆市场 将继续加速增长，到2029年总商品交易额将达到5100亿元人民币，年复合增长率为10.9%。以川渝风味 为主的中式面馆市场增长尤为强劲，预计2029年总商品交易额将达1357亿元人民币，年复合增长率为 13.2%。 ...

智通财经APP获悉，据港交所11月17日披露，广州遇见小面餐饮股份有限公司(以下简称：遇见小面)通 过港交所主板上市聆讯，招银国际为独家保荐人。根据弗若斯特沙利文的资料，就2024年总商品交易额 而言，该公司为中国第四大中式面馆经营者，市场份额为0.5%。 该公司的根基建立在重庆小面之上。重庆小面是一系列麻辣风味的主食，起源于山城重庆，在全国各地 享有盛名。作为以重庆小面系列为主打的中式餐饮连锁品牌，该公司的产品已扩展到各种辣与不辣的菜 品，涵盖面条、米饭、小吃和饮料。 该公司的餐厅采用直营或特许经营模式经营。于往绩记录期间，该公司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，该公司的餐厅数量已由133家增长239.1%至 451家。 | 編纂]的[編纂]數目 | :: | [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | : | [編纂]股H股(可予[編纂]) | | [編纂]數目 | : | [編纂]股H股(可予[編纂]及視乎[編纂]行 | | 使與否而定) | | | | 最高[編纂] : | | 每股 ...

据港交所11月17日披露，广州遇见小面餐饮股份有限公司(以下简称：遇见小面)通过港交所主板上市聆 讯，招银国际为独家保荐人。根据弗若斯特沙利文的资料，就2024年总商品交易额而言，该公司为中国 第四大中式面馆经营者，市场份额为0.5%。 凭借直营模式的成功及良好的品牌知名度，该公司于2019年通过集中化管理涉足特许经营模式。自采用 特许经营模式以来，该公司的特许经营餐厅数量于往绩记录期间稳步增长。截至2025年6月30日，该公 司有86家特许经营餐厅。 据招股书，该公司是中国一家中式面馆经营者，在中国内地和香港特别行政区经营遇见小面品牌。截至 2025年10月8日，该公司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。 凭借该公司强劲的增长势头，截至2025年10月8日，该公司有101家新餐厅处于开业前筹备中。该公司的 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，该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餐厅市场的一个主要板 块，2024年的市场 ...

Core Insights - "Yujian Xiaomian" aims to become the first publicly listed Chinese noodle restaurant, having opened over 450 locations nationwide and recently updated its prospectus for an IPO in Hong Kong [3][12]. Group 1: Business Model and Market Position - The brand targets office workers in urban areas, offering a quick, affordable meal option with a diverse menu and consistent quality [1][3]. - The founders, a team of three graduates from South China University of Technology, leveraged their backgrounds in international fast food chains to create a scalable business model [3][5]. - "Yujian Xiaomian" capitalizes on the growing popularity of Chongqing noodles, adapting the flavor profile to suit the tastes of Guangdong consumers while establishing a presence in shopping centers rather than traditional street locations [4][5]. Group 2: Growth and Expansion - The company has experienced rapid growth, increasing its store count from 133 in early 2022 to 451 by mid-2025, with a valuation reaching nearly 1 billion yuan after multiple funding rounds [12][14]. - The brand has strategically expanded into major cities like Shanghai and Beijing, while avoiding the Chongqing market, focusing instead on non-local consumers [14][15]. - "Yujian Xiaomian" has a low market share of 0.5% in the broader Chinese noodle market, indicating significant room for growth despite the competitive landscape [15][17]. Group 3: Digitalization and Standardization - The company emphasizes a fully digitalized operational model, converting traditional cooking measurements into precise metrics to ensure consistency across all locations [6][9]. - "Yujian Xiaomian" has accumulated 22.1 million members, with a 44.5% repurchase rate among stored-value members, showcasing strong customer retention strategies [9][10]. - The brand's digital approach includes utilizing WeChat for ordering and private group marketing, enhancing customer engagement and operational efficiency [9][10]. Group 4: Future Strategies - Future plans include expanding into lower-tier markets, increasing the number of franchise locations, and exploring international markets [17][18]. - The company aims to balance the need for standardization with maintaining the authentic experience of traditional Chinese cuisine, which poses a challenge as it scales [18].

Core Insights - "遇见小面" has made significant progress in its IPO journey, having received approval for overseas listing and updated its prospectus, aiming to become the first publicly listed Chinese noodle restaurant chain [1] - The company reported a revenue of 703 million yuan for the first half of 2025, a year-on-year increase of 33.8%, and an adjusted net profit of 52.175 million yuan, up 131.56% from the previous year [1] - Despite growth in revenue and profit, challenges such as declining same-store sales and a competitive market environment are evident [2][3] Financial Performance - Revenue for "遇见小面" from 2022 to 2024 is projected to be 418 million yuan, 801 million yuan, and 1.154 billion yuan respectively, with net profits of -35.973 million yuan, 45.914 million yuan, and 60.7 million yuan [1] - The average customer spending has decreased from 36.2 yuan in 2022 to 31.8 yuan in the first half of 2025, indicating a trend of price reduction to attract more customers [3] Market Dynamics - The number of "遇见小面" stores has increased from 170 at the end of 2022 to 451 as of October 8, 2023, with plans for further expansion [2] - The competitive landscape is shifting, with new noodle brands emerging and gaining popularity, often at higher price points, which poses a threat to established brands like "遇见小面" [5][6] Consumer Behavior - Newer noodle brands are attracting customers with higher prices and unique offerings, leading to a decline in foot traffic for older brands [6][9] - The trend of consumers willing to pay more for premium dining experiences is evident, as seen with the rising popularity of brands like "王繁星" and "福和面馆" [6][11] Operational Challenges - "遇见小面" has experienced a decline in store turnover rates and average spending per store, indicating operational inefficiencies [2][3] - The company has attempted cost-cutting measures, such as reducing menu items, but faces challenges in maintaining profitability while attracting customers [3][12]

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. is attempting to relist on the Hong Kong Stock Exchange after a failed attempt earlier this year, aiming to become the first publicly listed Chinese noodle restaurant [1][2] Company Performance - From 2022 to 2024, Yujian Xiaomian's revenue is projected to grow from 418 million RMB to 1.154 billion RMB, but the growth rate is expected to slow significantly in 2024 [3][7] - The average transaction value has been declining for four consecutive years, dropping from 36.2 RMB in 2022 to 32.1 RMB in 2024, and further to 31.8 RMB in the first half of 2025 [3][4] - Daily sales per store are also decreasing, with an average of 14,000 RMB in 2023 falling to 12,400 RMB in 2024, a decline of 11.43% [3] Market Context - The total transaction value of the Chinese noodle restaurant market is expected to reach 286.6 billion RMB in 2024, with a compound annual growth rate (CAGR) of 12.7% from 2020 to 2024, but slowing to 10.9% from 2025 to 2029 [7] - The top five players in the noodle restaurant market only account for 2.9% of the total market share, indicating low brand loyalty among consumers [12] Competitive Landscape - Other noodle brands like He Fu Lao Mian and Wu Ye Ban Mian have also attracted significant investment, with major capital backing from firms like Tencent and Hillhouse Capital [10] - Despite previous interest, the noodle restaurant sector has seen a decline in new capital investments since 2022 [12] Expansion Strategy - Yujian Xiaomian plans to continue expanding its store count, with projections to open 150 to 230 new stores annually from 2026 to 2028 [23] - The company has a centralized kitchen system for standardized food preparation, which allows for quick service, appealing to busy urban professionals [18] Challenges - The brand faces criticism regarding food safety and quality, with over 200 complaints reported, primarily related to food safety issues [24] - The pricing strategy, with average transaction values above 30 RMB, may hinder market penetration in lower-tier cities where local competitors offer lower prices [20][23]

Core Viewpoint - The company "Yujian Xiaomian" is rapidly expanding its chain of Chinese noodle restaurants and aims to become the first publicly listed company in this sector, despite facing challenges such as declining average spending per customer and high debt levels [1][10]. Expansion and Growth - Founded in 2014, Yujian Xiaomian has grown to 451 stores and plans to exceed 500 by the end of the year, with a remarkable expansion rate of nearly one store every three days [1][3]. - Revenue has increased from approximately 418 million RMB in 2022 to an expected 1.154 billion RMB in 2024, reflecting a compound annual growth rate of 66.2% [5][6]. Financial Performance - The company achieved profitability in 2023, with net profits of 46 million RMB, but overall profit margins remain low, with adjusted net profit margins around 5% [7][10]. - Despite revenue growth, the company faces a "growth without profit" dilemma, as profits have not kept pace with revenue increases [6][7]. Pricing Strategy and Market Position - Yujian Xiaomian has adopted a pricing strategy aimed at increasing customer volume, resulting in a decline in average spending per customer from 36.2 RMB in 2022 to 31.8 RMB in the first half of 2025 [8][9]. - The company ranks fourth in the industry but holds less than 1% market share, indicating significant competition [8]. Operational Challenges - The company has experienced a decline in table turnover rates and average daily sales per store, which have negatively impacted overall sales performance [8][9]. - Quality control and management issues have emerged, leading to regulatory scrutiny and customer complaints [12]. Financial Structure and Liquidity - As of the end of 2024, the company's debt-to-asset ratio was 89.86%, indicating high leverage, while the current ratio was only 0.5, suggesting liquidity challenges [10][12]. - The company has distributed dividends totaling 34.2 million RMB before its IPO, further straining its financial resources [12].

Core Viewpoint - The article discusses the rapid growth and challenges faced by "Yujian Xiaomian," a leading Chinese noodle brand, as it prepares for its IPO in Hong Kong, highlighting its impressive valuation increase and the controversies surrounding its operations and management [1][26]. Group 1: Company Overview - "Yujian Xiaomian" started as a small noodle shop in Guangzhou and has grown to achieve an annual revenue of 1.1 billion yuan, attracting significant investments from major firms like Lenovo and Country Garden [1][3]. - The company has seen its valuation soar from 13 million yuan to 3 billion yuan, marking a nearly 230-fold increase over ten years [1][4]. - As of mid-2025, the company plans to operate 451 restaurants, with a goal of surpassing 500 by the end of the year [6][11]. Group 2: Financial Performance - The company reported a revenue increase from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with a significant rise in the number of orders from 14.16 million to 42.09 million during the same period [6][15]. - Despite the revenue growth, the average daily sales per store decreased from 13,900 yuan in 2023 to 12,400 yuan in 2024, indicating a decline of approximately 10.8% [15]. - The company's net profit margin has also been squeezed, with average net profit per store dropping from 182,000 yuan to 169,000 yuan [15]. Group 3: Market Position and Competition - "Yujian Xiaomian" ranks fourth in the Chinese noodle market with a total transaction value of 1.348 billion yuan in 2024, holding a market share of 0.5% [14]. - The market is highly fragmented, with the top five companies collectively holding only 2.9% of the market share, suggesting significant room for consolidation [14]. Group 4: Challenges and Controversies - The company faces scrutiny over food safety issues, with multiple complaints reported on consumer platforms regarding food quality and safety [18][19]. - A recent controversy arose when a public relations executive received a layoff notice at home, raising concerns about the company's internal management practices [25]. - The company has also been criticized for its dividend payouts, which amounted to over 34 million yuan, representing 56% of its projected net profit for 2024, leading to questions about its financial strategy [26][29].