Meet Noodle's first financial report released: 2025 revenue and net profit both increased; ESG practices support long-term value

Meet Noodle's First Financial Report Released: Double Growth in Revenue and Net Profit in 2025, ESG Practices Boost Long-term Value

In 2025, China's catering industry exceeded a total value of 5.7 trillion yuan, showing a steady and progressive positive trend. The focus of development shifted from scale expansion to efficiency improvement and structural optimization, entering a new stage of high-quality development. The industry's chain rate climbed for six consecutive years to 25%, food delivery penetration exceeded 30%, and AI and supply chain technologies accelerated the reshaping of operational logic. In this round of structural adjustment, as a leading and fast-growing Chinese noodle restaurant operator, Meet Noodle has secured a solid position in the industry reshuffle by focusing deeply on efficiency, quality, and long-term value.

Steady Improvement in Profitability, Dual Growth in Scale and Efficiency

Recently, the "first stock of Chinese noodle restaurants," Meet Noodle (2408.HK), disclosed its first financial report since listing. During the reporting period, the company achieved revenue of RMB 1,622.4 million, a year-on-year increase of 40.5%; net profit of RMB 106.1 million, a year-on-year increase of approximately 74.8%; and adjusted net profit of RMB 135.4 million, an increase of approximately 111.9% year-on-year, with profitability continuing to improve. As of the end of 2025, the total number of the company's restaurants had increased to 503.

Benefiting from the growth in the number of directly operated restaurants, revenue from directly operated restaurants increased by 44.9% from RMB 1,001.0 million in 2024 to RMB 1,450.2 million in 2025. The proportion of this revenue increased from 86.7% in 2024 to 89.4% in 2025, demonstrating the growth resilience of the directly operated model. Meanwhile, food delivery business revenue as a percentage of total revenue rose rapidly from 15.6% in 2024 to 23.3% in 2025, becoming a new driver of revenue growth.

In terms of operational efficiency, the average daily orders per store for directly operated and franchised restaurants increased from 386 and 390 in 2024 to 406 and 412 in 2025, respectively. As of the end of 2025, Meet Noodle had 395 directly operated restaurants and 92 franchised restaurants in 24 cities in mainland China, 15 restaurants in the Hong Kong Special Administrative Region, and 1 restaurant in Singapore, steadily advancing its nationwide and international layout.

While achieving robust performance growth, the company places high importance on shareholder returns. The board of directors proposed to pay a final dividend for the year ended December 31, 2025, of RMB 0.03 per H share, with the overall dividend payout ratio for 2025 exceeding 50%. This move is not only a substantive return for shareholders' long-term support but also demonstrates the company's financial health with genuine profitability and ample cash flow, further enhancing investors' recognition and trust in the company's governance level and brand value.

Deepening ESG Practices: Public Welfare and Talent Building Long-term Value Together

As ESG has become a core yardstick for measuring the long-term value of enterprises, Meet Noodle has embedded social responsibility into its business model, emergency response, and talent investment. Public welfare donations in 2025 reached RMB 1.4 million.

Since 2023, the company launched the "Baby Meal Public Welfare Plan," donating 0.1 yuan for each baby meal sold for public welfare purposes. By the end of 2025, approximately 2.18 million meals had been sold cumulatively, pooling public welfare funds of about RMB 218,000, forming a positive cycle of "sales growth—expansion of the public welfare pool—enhancement of brand reputation." In September 2025, the company, together with the Shanghai United Foundation, donated RMB 100,000 to initiate the "One Egg Love Donation Activity," providing daily eggs and nutrition courses for rural children, focusing on the health and education support for disadvantaged children with concrete actions. Regarding talent innovation investment, the company collaborated with South China University of Technology to establish the "Campus Culture Construction Fund" and the "Innovation and Entrepreneurship Public Welfare Fund," donating RMB 600,000 in 2024, planning a cumulative donation of RMB 3 million within five years, and donating another RMB 300,000 in 2025, continuously supporting education and the cultivation of innovative talent.

Faced with sudden disasters, the company demonstrated mature emergency response capabilities. After the fire at Hongfu Court in Tai Po, Hong Kong in November 2025, the company activated its public welfare emergency mechanism on the same day, donating HKD 1 million for the resettlement of affected households, reflecting a well-established ESG governance framework and authorization mechanism.

Furthermore, the company attaches great importance to internal talent development, adhering to the philosophy of "talent promotes development," providing employees with continuous learning and career advancement opportunities. During the reporting period, the training rate for all employees reached 100%, with cumulative training hours of 40,756.2, averaging 19.8 hours per person, which is at a relatively high level in the industry. The company has established an online training system based on digital infrastructure, providing standardized training programs and comprehensive onboarding training for new employees to ensure consistency in professional standards and service experience. While reducing talent training costs during store expansion, it also shortens the ramp-up period for new stores, providing talent supply chain support for rapid store openings.

From product-driven micro-public welfare to precise social issue intervention, to long-term education investment, rapid crisis response, and internal talent training, Meet Noodle has not only formed a clear path of "symbiosis between business and public welfare, with equal emphasis on short-term and long-term," but has also built strategic assets that enhance brand premium, reduce employee turnover, and strengthen investor confidence.

Forward-looking Layout for Industry Trends, Promising Growth Space

Looking at industry development trends, the Chinese fast-food track is accelerating its upgrade towards standardization, digitalization, and branding. First, consumer demand for healthy, convenient, and cost-effective dining continues to rise, and leading enterprises with strong supply chain capabilities and scale effects will benefit from increased market concentration. Second, AI and automation technologies are deeply restructuring cost structures, with applications such as intelligent scheduling, precise inventory management, and unmanned delivery gradually being implemented, further releasing technological dividends. Additionally, ESG performance has become a key indicator for measuring the long-term value of catering enterprises, with non-financial factors such as green stores, low-carbon operations, and community responsibility increasingly influencing capital and consumer choices. With its product innovation, operational efficiency, and first-mover advantage in ESG in its niche track, Meet Noodle is expected to continue expanding its market share.

In summary, in 2025, Meet Noodle provided customers with an ultimate dining experience through delicious dishes, quality service, and a unique dining atmosphere, achieving many impressive results in profitability, financial optimization, shareholder returns, and green practices, successfully transitioning from scale expansion to quality-driven transformation. In the future, with the increase in industry concentration and the deepening of digitalization and ESG strategies, the company's core competitiveness will continue to strengthen, and its operating performance is expected to reach new heights, injecting strong momentum into the high-quality development and green transformation of the industry.