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  2025年4月15日,中式面馆连锁品牌遇见小面正式向港交所递交招股说明书,拟主板挂牌上市,招银国际担任独家保荐人。这一消息引发了市场的广泛关注,作为中式面馆赛道的潜力选手,遇见小面的招股书透露了其业绩表现、经营策略、股权结构以及行业竞争格局等多方面信息。

  业绩表现:营收与利润双增长,但同店销售额存波动

  从财务数据来看,遇见小面在过去三年实现了显著的业绩增长。招股书显示,2022—2024年,公司营业收入分别为4.18亿元、8.01亿元和11.54亿元,年复合增长率高达66.2%。净利润方面,2022年为亏损3597.3万元,2023年成功扭亏为盈,实现净利润4591.4万元,2024年进一步增长至6070万元。这一业绩表现反映了公司近年来在市场拓展和运营管理方面的成效。

  然而,同店销售额的变化趋势却呈现出一定的波动性。2023年相比2022年,同店销售额增幅超过28%,但2024年同店销售额同比下降4.2%。公司解释称,这主要是由于主动降低菜品价格以吸引更多顾客和增加整体销售额。数据显示,遇见小面餐厅的订单平均消费额由2022年的36.1元降至2023年的34元,并进一步降至2024年的32元。尽管降价策略在一定程度上提升了客流量,但也对同店销售额产生了一定的负面影响。

  经营表现:直营与特许经营双轮驱动,数字化运营助力发展

  遇见小面采用直营和特许经营相结合的经营模式。截至2024年底,公司共有360家餐厅,其中279家为直营餐厅,81家为特许经营餐厅。直营餐厅收入在公司总收入中占据主导地位,2022—2024年,来自直营餐厅的收入分别为3.36亿元、6.72亿元和10亿元,占总收入的比重分别为80.5%、83.9%和86.7%。

  在门店拓展方面,遇见小面保持了较快的速度。2022—2024年,公司分别新开设了43家、92家和120家自营和特许经营餐厅,门店总数从2022年底的170家增加至2024年底的360家。公司计划在未来三年继续加快开店步伐,2025—2027年分别开设约120—150家、150—180家和170—200家直营及特许经营餐厅。

  数字化运营是遇见小面的一大特色。公司自主开发了一套数字化系统,用于餐厅业务及财务分析、采购、库存、供应链管理、人力资源、雇员培训等方面。此外,公司还在所有餐厅实行“赛马体系”,评估机制量化了餐厅运营中的关键指标,如客户服务、厨房操作、人员管理、食品安全、财务管理、库存管理等,通过及时发现和纠正问题,提升餐厅的运营效率和服务质量。

  股权结构:多元化股东背景,知名机构与个人加持

  遇见小面的股权结构较为多元化,控股股东为宋奇先生、苏旭翔先生、淮安创韬、淮安遇见好人等,合计持股约53.28%。其他股东中,百福控股通过奇昕持股约17.16%、顾东升持股约7.73%、九毛九通过品芯悦谷持股约6.50%、碧桂园通过汇碧二号和一号分别持有约5.08%和3.97%的公司股份。此外,青骢资本持股3.26%,喜家德水饺创始人高德福持股3.01%。

  值得注意的是,前京东集团CEO徐雷和原麦当劳有限公司(香港)前首席财务官和技术官于今年4月1日以独立非执行董事的身份加入遇见小面。徐雷对品牌、营销、即时零售等领域非常熟悉,其加入有望为遇见小面的品牌升级和即时零售业务发展提供有力支持。

  行业竞争:市场分散,头部品牌竞争激烈

  中式面馆市场高度分散,按2024年总商品交易额计,前五名参与者占市场份额的2.9%。尽管遇见小面在川渝风味面馆市场占据领先地位,2024年按总商品交易额计为中国第一大川渝风味面馆经营者及第四大中式面馆经营者,但在整个中式面馆市场中,其市场份额仍相对较低。

  在竞争激烈的市场环境下,遇见小面面临着来自多个方面的挑战。一方面,行业内价格战激烈,消费者对价格敏感度提升,众多餐饮品牌纷纷推出低价套餐以吸引顾客,遇见小面也不得不通过降价来保持竞争力,这对其盈利能力造成了一定的压力。另一方面,下沉市场和海外市场的拓展也面临着诸多不确定性。在下沉市场,品牌知名度和消费习惯的差异可能影响门店的运营效果;在海外市场,文化差异、运营成本以及品牌知名度的提升都需要投入大量的资源和时间。

  机遇与挑战并存,未来发展值得期待

  尽管面临诸多挑战,但遇见小面也迎来了难得的发展机遇。随着消费者对中式餐饮的需求不断增长,中式面馆市场仍具有较大的发展潜力。遇见小面作为川渝风味面馆的代表品牌,已经形成了差异化定位,并且在香港市场的成功布局为其国际化发展奠定了基础。

  此次IPO募集资金将用于拓展餐厅网络、升级技术及数字系统、品牌建设及提高客户忠诚度、对上游食品加工行业潜在公司的战略投资与收购等方面。通过这些举措,遇见小面有望进一步提升自身的竞争力,实现规模化发展和品牌升级。

  然而,未来能否在激烈的市场竞争中脱颖而出,实现可持续发展,仍取决于遇见小面能否有效平衡扩张速度与盈利质量,持续提升品牌影响力和运营效率。投资者也将密切关注公司未来的经营表现和发展战略,以评估其投资价值。

  总体而言,遇见小面冲刺港股IPO是其发展历程中的一个重要里程碑。在业绩增长、经营模式创新和多元化股东支持的背后,公司既面临着行业竞争和市场拓展的挑战,也拥有巨大的发展机遇。未来,遇见小面能否成为“中式面馆第一股”,引领行业发展,值得我们拭目以待。

  本文创作借助AI工具收集整理市场数据和行业信息,结合辅助观点分析和撰写成文。

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