12月5日，恒生指数跌0.4%报25833.11点，恒生科技指数跌0.41%报5592.19点，国企指数跌0.32%报 9077.14点，红筹指数涨0.12%报4255.29点。 盘面上，大型科技股普遍走低，阿里巴巴跌0.78%，腾讯控股跌1.14%，京东集团跌0.95%，小米集团跌 0.67%，网易跌0.92%，美团跌0.51%，哔哩哔哩跌0.59%；机器人概念股延续涨势，三花智控涨超1%； 内房股活跃，碧桂园涨超1%；今日两只新股上市，遇见小面、天域半导体集体低开，遇见小面跌超 28%，天域半导体跌超34%。 企业新闻 碧桂园(02007.HK)境内外债务重组基本落地，降债超900亿元。 遇见小面(02408.HK)每股发售价7.04港元，香港公开发售获425.97倍认购。 中国海外发展(00688.HK)：前11个月累计合约物业销售金额约2113.99亿元，按年下跌21.8%。 石四药集团(02005.HK)：比拉斯汀及匹可硫酸钠获国家药监局批准登记成为在上市制剂使用的原料药。 龙光集团(03380.HK)：累计已有债券面值136.6亿元得到债务重组要约获配。 绿城中国(03900.HK)：前11个月总 ...

遇见小面公布配发结果，公司全球发售9736.45万股股份，香港公开发售占10%，国际发售占90%。每股 发售价7.04港元，全球发售净筹约6.17亿港元。其中，香港公开发售获425.97倍认购，国际发售获4.99倍 认购。 ...

本文源自：金融界AI电报 今日遇见小面(2408.HK)、天域半导体(2658.HK)上市，京东工业(7618.HK)、宝济药业-B(2659.HK)申 购。 ...

港股又 将 迎来 两只 新股 上市。 12 月 4 日晚间，天域半导体和遇见小面这两家港股新股迎来暗盘阶段。不过，从本次的暗盘表现来看， 这两家公司 上市首日 （ 12 月 5 日 ） 的 表现可能并不太乐 观。 富途牛牛显示，在当晚的暗盘中，两只新股双双"破发"，且跌幅均超过14%。 | 已递表 可申购(2) 待上市(暗盘) 已上市 | | | --- | --- | | 02408 遇见小面 | | | 6.040 ↓ -1.000 -14.20% 暗盘已收盘 | | | 申购倍数 | 待公布 | | 一手中签率 待公布 | | | 中签概率 | 待公布 | | 暗盘交易 | 2025/12/04 | | 上市时间 | 2025/12/05 | | 02658 天域半导体 | | | 49.540 ↓ -8.460 -14.59% 暗盘已收盘 | | | 申购倍数 | 待公布 | | 一手中签率 待公布 | | | 中签概率 | 待公布 | | 2025/12/04 暗盘交易 | | | 上市时间 2025/12/05 | | 值得注意的是，这两家公司也是各有特点，遇见小面作为一家成立于广东却主打重庆小面 ...

遇见小面(02408)公布配发结果，公司全球发售9736.45万股股份，香港公开发售占10%，国际发售占 90%。每股发售价7.04港元，全球发售净筹约6.17亿港元。每手买卖单位500股，预期H股将于2025年12 月5日(星期五)上午九时正(香港时间)开始在联交所买卖。 其中，香港公开发售获425.97倍认购，国际发售获4.99倍认购。 ...

智通财经APP讯，遇见小面(02408)公布配发结果，公司全球发售9736.45万股股份，香港公开发售占 10%，国际发售占90%。每股发售价7.04港元，全球发售净筹约6.17亿港元。每手买卖单位500股，预期 H股将于2025年12月5日(星期五)上午九时正(香港时间)开始在联交所买卖。 其中，香港公开发售获425.97倍认购，国际发售获4.99倍认购。 ...

假设全球发售于2025年12月5日(星期五)上午八时正(香港时间)或之前成为无条件，预期H股将于2025年 12月5日(星期五)上午九时正(香港时间)开始在联交所买卖。H股将以每手买卖单位500股H股交易，H股 的股份代号将为2408。 格隆汇12月4日丨遇见小面(02408.HK)公告，公司全球发售97,364,500股H股，每股H股7.04港元，所得 款项净额6.17亿港元。香港公开发售股份数目占全球发售股份数目10%，获认购425.97倍；国际发售股 份数目占全球发售股份90%，获认购倍4.99倍。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表聲明，並明確表示概不 會就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）或法律 禁止有關派發的任何其他司法權區發佈、刊發、派發。本公告並不構成證券的任何出售要約或 招攬買入、購買或認購的要約或其組成部分，亦不得在美國境內或有關要約或招攬屬違法的任 何其他司法權區出售任何發售股份。本公告提及的證券並無亦不會根據1933年美國證券法（經 不時修訂）（「美國證券法」）或美國任何州證券法登記。證券不得在美國境內或向或代表美國人 士（定義見美國證券法S規例（「S規例」））或為其利益而提呈發售、出售、質押或轉讓，惟根據 美國證券法的登記規定可獲豁免或於不受其規限的交易，並遵守任何適用州證券法則另作別 論。證券將不會在美國公開發售。發售股份乃依據美國證券法S規例以離岸交易方式在美國境 外提呈發售及出售。 本公告僅作說明用途，並不構成收購、購買或認購本公司證券的邀請 ...

Core Viewpoint - The company "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," is set to go public, having completed six rounds of financing with significant investments from major players like Hillhouse Capital and Haidilao, despite ongoing consumer concerns regarding its use of pre-prepared ingredients [2][3][4]. Financial Performance - Yujian Xiaomian's revenue is projected to grow from 418 million RMB in 2022 to 1.154 billion RMB in 2024, although growth is expected to slow down significantly in 2024 [3]. - As of June 30, 2025, the company reported revenue of 703 million RMB with a profit of 42 million RMB, resulting in a profit margin of only 6% [3]. Store Expansion Strategy - The company employs a dual strategy of direct operation and franchising to accelerate store expansion, increasing from 170 stores in 2022 to 465 stores by 2024 [4]. - The number of new stores opened in the last three years was 82, 108, and 105, indicating a consistent acceleration in expansion [4]. Sales and Revenue Trends - The average daily sales per store decreased from 14,000 RMB in 2023 to 11,000 RMB by mid-2025, reflecting an 11.43% decline year-over-year [6]. - The average customer spending has also dropped from 36.2 RMB in 2022 to 31.8 RMB in the first half of 2025 [6]. Franchise Model and Financial Implications - The company plans to increase its franchise model, aiming to open 120-200 new stores annually from 2025 to 2027, which may further dilute per-store revenue [6]. - Contract liabilities have risen from 37 million RMB in 2022 to 111 million RMB, indicating increased financial obligations associated with the franchise model [6]. Executive Compensation - Despite challenges faced by franchisees, executive compensation has surged, with total salaries for the executive team rising from 1.537 million RMB in 2022 to 4.664 million RMB in 2024, a growth of over 300% [8]. Consumer Sentiment and Product Quality - There is growing consumer dissatisfaction regarding the quality of food, with many complaints about the use of pre-prepared ingredients, leading to a negative perception of the brand [9][11]. - A former employee confirmed that approximately 80% of the ingredients used are pre-prepared, which has been corroborated by the company's customer service [11][13].

Core Viewpoint - The company "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," is set to go public, having completed six rounds of financing with significant investments from major players like Hillhouse Capital and Haidilao. However, there are growing concerns on social media regarding the use of pre-prepared ingredients in their dishes, with claims that 80% of their offerings are pre-made [2][3][15]. Financial Performance - Yujian Xiaomian's revenue is projected to grow from 418 million RMB in 2022 to 1.154 billion RMB in 2024, although the growth rate is expected to slow down significantly in 2024. By June 30, 2025, the company is expected to achieve a revenue of 703 million RMB with a profit of 42 million RMB, resulting in a profit margin of only 6% [3][16]. Store Expansion Strategy - The company employs a dual strategy of direct operation and franchising to accelerate store expansion. The number of stores increased from 170 in 2022 to 465 by the latest data, with a consistent opening of new locations over the past three years [4][17]. Sales Performance - The average daily sales per store have declined from 14,000 RMB in 2023 to 11,000 RMB by mid-2025, representing a year-on-year decrease of 10.69%. The average transaction value has also dropped from 36.2 RMB in 2022 to 31.8 RMB in the first half of 2025 [6][19]. Franchise Model and Liabilities - Yujian Xiaomian plans to increase its franchise model, aiming to open 120-200 new stores annually from 2025 to 2027. This shift is likely to further suppress individual store revenue. Additionally, the company's contract liabilities have risen from 37 million RMB in 2022 to 111 million RMB [7][20]. Executive Compensation - Despite the financial pressures faced by franchisees, executive compensation has surged, with the total salary for the executive team increasing from 1.537 million RMB in 2022 to 4.664 million RMB in 2024, marking a growth of over 300% [8][21]. Consumer Sentiment - There is a notable shift in consumer perception, with many expressing dissatisfaction regarding the quality of food, citing issues such as pre-packaged ingredients and poor service. Complaints have been prevalent on social media and consumer complaint platforms [9][22][24]. Operational Transparency - The company has confirmed that franchisees only need basic tools like scissors and a microwave, as ingredients are supplied pre-packaged. This operational model raises concerns about the quality control and service standards across franchises [13][26].