Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first noodle restaurant to go public, marking a significant milestone for the Chinese dining industry [2][15]. Company Overview - The company issued 97.36 million H-shares at an offering price of HKD 7.04, raising a total of HKD 685 million [4]. - The public offering was oversubscribed by 426 times, with over 60,000 valid applications, indicating strong interest from both local and international investors [4][6]. - Notable cornerstone investors include Hillhouse Capital and Haidilao, which collectively invested USD 22 million, accounting for 25% of the total fundraising [4][6]. Business Performance - Yujian Xiaomian has expanded rapidly from 133 stores in 2022 to 465 stores across 22 cities [8]. - The company’s revenue increased from HKD 418 million to HKD 1.154 billion over three years, nearly doubling [10]. - Adjusted net profit for the first half of the year reached HKD 52.175 million, a 131% increase year-on-year, showcasing strong growth in the restaurant sector [10]. Expansion Strategy - The company plans to open 520 to 610 new stores between 2026 and 2028, focusing on lower-tier cities and international markets [12]. - Investment in the upstream supply chain is crucial, as food costs represent a significant portion of expenses, allowing the company to control quality and costs [12][14]. Industry Context - The listing of Yujian Xiaomian is part of a broader trend in the Hong Kong market, where several Chinese food brands have gone public, indicating a growing interest in the sector [6][15]. - The company’s approach of combining regional flavors with standardized operations serves as a model for other local dining brands aiming for expansion [14][15]. - The successful listing is seen as a milestone for the standardization and capitalization of Chinese fast food, potentially paving the way for more regional brands to enter the market [18][20].

Core Viewpoint - The successful listing of "Yujian Xiaomian" on the Hong Kong Stock Exchange marks a significant milestone for the company and reflects the rise of the Chinese fast-food sector, particularly in the noodle restaurant segment [1][13]. Group 1: IPO and Market Reception - On its first day of trading, "Yujian Xiaomian" achieved a remarkable oversubscription rate of 426 times, with approximately 97.36 million shares issued at an offering price of HKD 7.04, raising a total of HKD 685 million [3]. - The public offering received over 60,000 valid applications, and the international placement was oversubscribed by five times, indicating strong market enthusiasm for the stock [3]. - Notable investors, including Hillhouse Capital and Haidilao, participated in the cornerstone subscription, contributing a total of USD 22 million, which accounted for 25% of the total fundraising [3][5]. Group 2: Business Performance and Expansion - "Yujian Xiaomian" has demonstrated impressive growth, with revenue increasing from RMB 418 million in 2022 to RMB 1.154 billion in 2024, reflecting a compound annual growth rate of 66.2% [9][11]. - The company plans to expand its store count from 465 to over 500 by the end of the year, with 115 new stores in preparation, showcasing a strategic and rapid expansion approach [7][11]. - The brand's successful entry into the Hong Kong market, achieving a 1050.57% year-on-year increase in transaction volume, highlights its ability to adapt and thrive in competitive environments [7]. Group 3: Operational Model and Future Strategy - The company's standardized operational model has been key to its success, ensuring consistent taste and quality across different locations, which is crucial for customer retention [11]. - Future plans include opening 520 to 610 new stores between 2026 and 2028, focusing on lower-tier cities and international markets, indicating a clear growth strategy [11][13]. - Funds raised from the IPO will be allocated to store expansion, digital system upgrades, brand building, and upstream investments, all aimed at supporting sustainable growth [13].

Core Viewpoint - The company "Yujian Xiaomian" (02408), known as the first Chinese noodle restaurant stock, has seen its share price rise by over 6% during trading, reflecting positive market sentiment and growth prospects [1][4]. Group 1: Expansion Plans - The company plans to open its first store in Singapore by the end of December, marking a step towards internationalization [1][4]. - Currently, the company operates nearly 500 stores across 22 cities in China and Hong Kong, having expanded rapidly from 133 stores in 2022 to 465 stores [1][4]. - There are 115 new stores in preparation, with expectations to exceed 500 total restaurants by 2025. From 2026 to 2028, the company aims to add between 520 to 610 new stores, focusing on lower-tier cities and overseas markets [1][4]. Group 2: Financial Performance - According to the prospectus, the company's revenue is projected to grow from 418 million yuan in 2022 to 1.154 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 66.2% [1][4]. - In the first half of 2025, the adjusted net profit is reported to be 52.175 million yuan, a significant increase of 131.56% compared to the same period last year [1][4]. - The company has demonstrated enhanced profitability and operational efficiency amid increasing competition in the restaurant industry [1][4].

Core Viewpoint - The company "Yujian Xiaomian" (02408), known as the first listed Chinese noodle restaurant, has seen its stock price rise over 6% amid market fluctuations, reflecting strong investor interest and confidence in its growth strategy [1] Expansion Plans - The chairman of Yujian Xiaomian announced plans to open its first store in Singapore by the end of December, marking a significant step towards international expansion [1] - Currently, the company operates nearly 500 stores across 22 cities in China and Hong Kong, with 115 additional stores in the preparation stage, aiming to exceed 500 total restaurants by 2025 [1] - From 2026 to 2028, the company plans to add between 520 to 610 new stores, focusing on lower-tier cities and overseas markets [1] Financial Performance - According to the prospectus, Yujian Xiaomian's revenue is projected to grow from 418 million yuan in 2022 to 1.154 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 66.2% [1] - In the first half of 2025, the company's adjusted net profit reached 52.175 million yuan, a year-on-year increase of 131.56%, indicating improved profitability and operational efficiency amid increasing competition in the restaurant industry [1]

Core Viewpoint - The IPO of "Yujian Xiaomian," a Chinese noodle restaurant chain, faced a cold reception in the capital market despite having all the elements of a "blockbuster IPO," including significant oversubscription and backing from prominent investors. The stock dropped 27.84% on its first day, raising questions about valuation bubbles and the company's ability to expand nationally [2][16][19]. Group 1: Company Overview - As of mid-2025, Yujian Xiaomian operates 465 stores, with a strong presence in Guangdong, but lacks locations in its origin market of Sichuan-Chongqing, raising concerns about its national expansion capabilities [2]. - The company has been profitable for two consecutive years, but same-store sales and average order values have been declining, attributed to price reductions aimed at enhancing customer experience [7][14]. - Yujian Xiaomian plans to open 520 to 610 new stores in the next three years, focusing on lower-tier cities and international markets, with a goal to exceed 500 stores by the end of the year [5][14]. Group 2: Market Dynamics - The restaurant industry in China has increasingly adopted a pre-prepared food model, which has sparked debates about consumer rights and the quality of dining experiences [3][19]. - The competitive landscape includes various local and international chains, with Yujian Xiaomian facing challenges from established brands in the noodle segment, particularly those offering higher-quality, freshly prepared options [7][19]. - The rise of food delivery services has created new growth opportunities for the restaurant sector, but noodle dishes face inherent challenges in maintaining quality during delivery [10][11]. Group 3: Financial Performance - Yujian Xiaomian's revenue grew from 4.18 billion RMB in 2022 to 11.54 billion RMB in 2024, with a compound annual growth rate of 66.2%. Net profit also improved significantly, reaching 607 million RMB in 2024 [14]. - On its first trading day, the company’s dynamic and static price-to-earnings ratios were 41 and 58, respectively, which are significantly higher than those of comparable restaurant stocks [17]. - Following the IPO, major investors, including Hillhouse Capital, faced substantial losses due to the stock's poor performance, highlighting the volatility in the market [18].

Group 1 - The core viewpoint of the article highlights that "Yujian Xiaomian," known as the first Chinese noodle restaurant stock, has seen its share price increase by over 6% despite market conditions, currently trading at 5.19 HKD with a transaction volume of 10.077 million HKD [1] Group 2 - On December 5, the chairman of Yujian Xiaomian, Song Qi, announced the opening of the first store in Singapore by the end of the month, marking a step towards international expansion [1] - The company has rapidly expanded its presence, growing from 133 stores in 2022 to nearly 500 stores across 22 cities in China and Hong Kong [1] - There are currently 115 new stores in preparation, with expectations to exceed 500 total restaurants by 2025 [1] - From 2026 to 2028, the company plans to add between 520 to 610 new stores, focusing on lower-tier cities and international markets [1] Group 3 - According to the prospectus, Yujian Xiaomian's revenue is projected to grow from 418 million CNY in 2022 to 1.154 billion CNY in 2024, reflecting a compound annual growth rate of 66.2% [1] - In the first half of 2025, the company's adjusted net profit reached 52.175 million CNY, a year-on-year increase of 131.56% [1] - The company has enhanced its profitability and operational efficiency amid increasing competition in the restaurant industry [1]

Core Viewpoint - The debut of "Yujian Xiaomian," known as the first Chinese noodle restaurant stock, on the Hong Kong Stock Exchange was marked by a significant drop in share price, reflecting market skepticism about the company's fundamentals and industry prospects [1][7]. Financial Performance - On its first trading day, Yujian Xiaomian opened at 5 HKD per share, down 28.98% from the issue price of 7.04 HKD, closing at 5.08 HKD, a total decline of 27.84%, resulting in a market capitalization of 3.61 billion HKD [1][7]. - The company reported a decrease in average daily sales per store for both direct-operated and franchised restaurants, with declines of 888 HKD and 1,035 HKD respectively in the first half of 2025 [1][8]. - The turnover rate for direct-operated and franchised restaurants fell from 3.8 and 3.6 in the first half of 2024 to 3.4 and 3.1 in the first half of 2025 [1][8]. Pricing Strategy - The company's strategy of "exchanging price for volume" has failed, as the average order value has consistently declined from 36.1 HKD in 2022 to 32.0 HKD in 2024, and further to 31.8 HKD (direct-operated) and 30.9 HKD (franchised) in the first half of 2025 [2][8]. - The market questions the sustainability of the company's approach to lowering menu prices to attract customers [2][8]. Industry Context - The Chinese noodle restaurant sector is experiencing a capital retreat, with many previously successful brands now facing growth challenges. In the past year, 241,600 new noodle restaurants opened, but the net increase was only 12,100, indicating a high industry elimination rate [2][8]. Business Model - Yujian Xiaomian's business model heavily relies on franchising, with 74.3% of its 374 stores being franchised, contrasting sharply with competitors like Xiangcunji, which operates over 99% of its stores as direct-operated [3][9]. - While franchising allows for rapid expansion, it also presents risks, including quality control issues, as evidenced by three franchised stores being penalized for quality problems in 2024 [4][10]. Expansion Plans - The company plans to aggressively expand, aiming to open approximately 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028, which could effectively double its current store count [5][10]. - However, the ongoing decline in same-store sales poses a significant challenge to this expansion strategy, with direct-operated and franchised same-store sales dropping by 3.1% and 2.9% respectively in the first half of 2025 [5][10]. Conclusion - The case of Yujian Xiaomian illustrates the difficulty of balancing traditional brand values with the demands of capital efficiency, providing valuable insights for the broader Chinese fast-food industry's path to capitalization [11].

Core Viewpoint - The stock of "Yujian Xiaomian," known as the first Chinese noodle restaurant listed, fell 27.84% on its debut, indicating a lack of sustained investor enthusiasm despite a record oversubscription during its IPO phase [1] Financial Performance - Revenue is projected to grow from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with a compound annual growth rate (CAGR) of 66.2% [2] - The company transitioned from a net loss of 35.97 million yuan in 2022 to a profit of 60.7 million yuan in 2023, with further growth expected to 41.83 million yuan in the first half of 2025, reflecting a year-on-year increase of 95.77% [2] Operational Challenges - The average daily sales per store decreased from 13,997 yuan in 2023 to 11,805 yuan in the first half of 2025, a decline of 15.66% [4] - The turnover rate for direct-operated restaurants fell from 3.9 times per day to 3.4 times, while franchise restaurants saw a drop from 3.6 to 3.1 times [4] - The average order value has decreased from 36.2 yuan in 2022 to 31.8 yuan in the first half of 2025, indicating a strategy to attract customers through lower prices [4] Expansion Plans - Approximately 60% of the net proceeds from the IPO will be used to expand the restaurant network, with plans to increase the number of stores to 1,000 over the next three years [3] - The company aims to open 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028 [3] Market Position - Despite the growth in store numbers, the market share of Yujian Xiaomian is only 0.5%, with the top five Chinese noodle brands holding less than 3% of the market [4] - The company has faced closures of franchise restaurants, with three and four closures reported in 2024 and the first half of this year, respectively [5] Investor Sentiment - The initial enthusiasm from institutional investors did not translate into long-term confidence from retail investors, leading to a significant drop in stock price post-IPO [2][5] - The market is shifting focus from mere store count and revenue growth to sustainable profit models and healthy store economics [5]

| HK 遇见小面 디 Q | | | | | --- | --- | --- | --- | | 02408 L2 ▼ | | | | | 5.180 最低 今开 5.000 最高 5.000 5.040 | | | | | 换手 0.08% 总量 56.90万股 金额 287.0万 -0.79% -0.040 | | | | | 总值035.82亿 市盈 40.70 市净 重多 22.21 | | | | | 更多, 分时 五日 園K 月K | | 目K | | | 均价: 5.043 最新: 5.040 -0.040 -0.79% | | | | | 5.180 1.97% 卖8 5.120 5500 (2) | | | | | 5.110 英7 4000 (1) | | | | | 卖6 5.100 1.2万 (7) | | | | | 英5 5.090 1000 (2) | | | | | 574 5.080 1000 (1) | | | | | 卖3 | | | 5.070 1500 (2) | | 5.060 | | | | | 華2 | 1.6万 (2) | | | | 英1 5.050 25 ...

遇见小面以7.04港元定价上市，开盘5港元，直接跳水近29%，午间收盘仍回不到发行价，市值约36.4亿港元，这数字冷冰冰，却能告诉我们一个直白的 问题，资本热情能持续多久，市场信念能维持几天，答案并不美好。 但现实很会拆台，三年营收从4.18亿飙到11.54亿，净利由亏转盈，利润在2025年上半年继续增长，这些财务增长看起来漂亮，可漂亮的表面下藏着裂 缝，那就是效率与单店吸金能力的滑坡，直营单店日均销售从13997元降到11805元，订单客单价连续下滑，从36.2元跌到31.8元，这不是偶然，这是趋 势。 公司解释是主动降价、谋求物美价廉来吸客，话听起来有市场温度，但问题是，降价需要以量换利，换量未必能换回利润，更何况换量也没换回客流， 直营餐厅翻座率从3.9次降到3.4次，说明消费者并没有因为便宜而多来，说明价格不是今天这碗面的根本问题，说明经营的边界比想象中更狭窄。 再看门店布局，451家内地门店中，超过一半在广东，另有14家香港门店，115家在筹备，却高度集中，缺乏全国性网络，这本身不是错，问题在于高度 依赖单一区域，一旦区域风向变了，或者竞争加剧，风险被放大了，区域单一，品类单一，运营模式单一，结果就 ...