文 | 钱钱 编辑 | 阿景 12月5日，港交所的大屏上，"遇见小面"四个红字格外刺眼。 这个被称为"中式面馆第一股"的品牌，开盘价5港元，比7.04港元的发行价直接跌了近三成。 收盘时36.1亿港元的市值，让不少等着看"资本盛宴"的人有点懵。 毕竟，这可是高瓴资本、海底捞都站台的项目，怎么一上场就"水土不服"？ 香颂资本的沈萌说得实在，面馆生意的利润率本就不高，投资者看的是真金白银的价值。 2025年的港股市场对餐饮股本就谨慎，遇见小面顶着"第一股"的帽子，反而成了被放大镜审视的靶子。 从3家小店到465家连锁，扩张的油门踩到底 2014年，广州体育东横街的街边，三个85后华南理工毕业生支起了第一家遇见小面。 这数据，放在前几年的资本圈，妥妥的"香饽饽"。 但扩张这事儿，就像开车猛踩油门，快感过后容易出问题。 2022到2024年，遇见小面悄悄关了30家店，关店率8%。 有些店开的时候风风火火，关的时候悄无声息。 现在手里465家店，未来三年还计划每年新开150到230家，这步子迈得，有点让人捏把汗。 单店每天少卖888块，低价换流量玩不转了 今年上半年，遇见小面直营餐厅单店日均销售额11805元，看着不少 ...

Group 1 - The core viewpoint of the report highlights the IPO of "Yujian Xiaomian" (2408.HK), which debuted on the Hong Kong Stock Exchange with a closing price down 27.84% from its issue price, raising approximately HKD 617 million [1][9] - The company has opened 465 stores across 22 cities in nine provinces in mainland China and Hong Kong, with an additional 115 stores in preparation, expecting to exceed 500 stores by the end of 2025 [2][10] - The report indicates that "Yujian Xiaomian" has seen revenue growth from CNY 418 million in 2022 to CNY 1.154 billion in 2024, while net profit turned from a loss of CNY 35.97 million to a profit of CNY 60.70 million [10] Group 2 - The "Doubao Mobile Assistant" was launched on December 1, enabling automated operations for daily apps, including food delivery and ticket booking, with a retail price of CNY 3,499 and an initial stock of about 30,000 units [3][12] - The assistant's capabilities have been adjusted to restrict usage in three scenarios: score brushing, financial applications, and gaming [5][12] - The report emphasizes the potential of AI and technology in driving stock valuation optimization in Hong Kong, with recommended beneficiaries including Alibaba, Tencent, and Meituan [5]

Core Viewpoint - The successful listing of "Encounter Noodle" on the Hong Kong Stock Exchange marks a significant milestone as it becomes the first Chinese noodle restaurant stock in the Hong Kong market, indicating a new phase of high-quality development for the company [1][16]. Company Overview - Encounter Noodle has grown into a representative brand in the modern Chinese noodle restaurant sector since its establishment in 2014, driven by unique brand positioning and continuous product innovation [4]. - The company has developed a diversified product matrix that includes specialty noodles, hot pot dishes, dumplings, rice sets, and snacks to meet diverse consumer demands [5]. Financial Performance - From 2022 to 2024, Encounter Noodle's revenue increased from 418 million yuan to 1.154 billion yuan, achieving a compound annual growth rate (CAGR) of 66.2% [11]. - In the first half of 2025, the adjusted net profit reached 52.175 million yuan, representing a year-on-year growth of 131.56% [11]. Market Position and Expansion - Encounter Noodle's core products have ranked first in offline sales among Chinese chain restaurants for three consecutive years (2022-2024) [5]. - The restaurant network expanded rapidly from 133 locations in 2022 to 465 locations, covering 22 cities in mainland China and Hong Kong, with plans to exceed 500 locations by 2025 [9]. - The Hong Kong market has become a significant growth area, with a 1050.57% year-on-year increase in transaction volume for Hong Kong stores in the first half of 2025 [9]. IPO Details - Encounter Noodle issued 97,364,500 H-shares at an IPO price of 7.04 HKD per share, raising a total of 685 million HKD, with a public offering oversubscription rate of 426 times [3]. - The company attracted significant cornerstone investments from top private equity and strategic capital, accounting for approximately 25% of the total fundraising [3]. Future Plans - The funds raised from the IPO will be used to further expand the restaurant network and enhance market penetration, supporting the company's growth in both domestic and international markets [14]. - The company plans to add 520 to 610 new stores from 2026 to 2028, focusing on lower-tier cities and overseas markets [12]. Industry Context - The Hong Kong stock market continues to attract high-quality mainland consumer enterprises, with a recent surge in consumer brand IPOs, reflecting a trend towards internationalization and capitalizing on global branding opportunities [8].

12月5日，港交所的敲锣仪式上，"中式面馆第一股"遇见小面正式挂牌上市。电子屏幕显示的开盘数字却令现场气氛微妙——5.00港元，较发行价7.04港元暴 跌28.98%。 截至当日收盘，遇见小面报收5.08港元，跌幅定格在27.84%，公司市值约36.10亿港元。这家从广州30平米街边小店起步的面馆，在经历了425.97倍超额认购 的资本追捧后，上市首日即遭遇破发。 01 破发 遇见小面今日的开盘表现打破了近期港股新股普遍上涨的势头。上午9时30分，公司股票以5港元开盘，较发行价大幅低开。 股价在盘中一度跌至4.98港元低点，最终收盘报5.08港元。 与发行价相比，跌幅达到27.84%，市值缩水至约36.10亿港元。 此次上市，遇见小面全球发售约9736.45万股H股，发行价为每股7.04港元，募集资金净额约6.17亿港元。 02 基石投资者 尽管遇冷，遇见小面IPO的投资者阵容堪称豪华。公司引入了六名基石投资者，包括高瓴旗下HHLR Advisors、君宜深圳与君宜香港、晟盈投资、思达资本 Zeta Fund以及海底捞新加坡。 这些基石投资者合计认购了2200万美元的发售股份，约占募集资金总额的25%。 但首 ...

Core Viewpoint - The rapid expansion of "Yujian Xiaomian" has raised concerns about its long-term profitability due to declining per-store earnings despite increasing store numbers [2][10] Company Overview - "Yujian Xiaomian" debuted on the Hong Kong Stock Exchange on December 5, 2023, with an IPO price of HKD 7.04 per share, raising approximately HKD 617 million [2] - The company has expanded to 465 stores across 22 cities in nine provinces in mainland China and Hong Kong, with plans to exceed 500 stores by the end of 2025 [3] Financial Performance - Revenue increased from CNY 418 million in 2022 to CNY 1.154 billion in 2024, while net profit turned from a loss of CNY 35.97 million to a profit of CNY 60.7 million [4] - However, the company faces criticism regarding the use of pre-prepared ingredients, which has raised questions about its food quality [4] Investor Insights - The IPO attracted significant institutional interest, with cornerstone investors subscribing to USD 22 million (approximately HKD 171 million), accounting for 25% of the total funds raised [5] - On the first day of trading, the stock price fell by 27.84%, resulting in a loss of over USD 1 million for cornerstone investors [5] Growth Strategy - The founders, with backgrounds in engineering and experience in the fast-food industry, implemented a standardized operational model that has been key to the brand's growth [7][8] - The company has established a comprehensive supply chain and digital operations framework, enhancing its market position [9] Challenges - The company is facing a "triple singularity" dilemma, with a high concentration of stores in Guangdong, a lack of product diversification, and limited adaptability in its operational model [10] - Despite rapid expansion, average daily sales per store have declined, raising concerns about the sustainability of its growth strategy [10]

Core Viewpoint - The initial public offering (IPO) of "Yujian Xiaomian," the first listed Chinese noodle restaurant, faced a significant drop in stock price, opening at 5 HKD, down 28.98% from the issue price of 7.04 HKD, indicating a cooling market sentiment towards the restaurant sector [1][4][11]. Company Overview - Yujian Xiaomian began its journey in 2014 in Guangzhou, founded by three graduates from South China University of Technology, focusing on standardized management to support future expansion [4][6]. - As of November 2025, the company operates 465 restaurants across 22 cities and Hong Kong, with a rapid expansion from 170 locations in 2022 to 252 in 2023, and projected to exceed 360 by 2024 [6][8]. Financial Performance - Revenue growth has been notable, increasing from 418 million RMB in 2022 to 1.15 billion RMB in 2024, with a compound annual growth rate (CAGR) of 66.2% [8][15]. - The company turned a profit in 2023 with a net income of 45.91 million RMB, following a loss of 35.97 million RMB in 2022 [15]. Market Position - Yujian Xiaomian's products, particularly its Chongqing noodles, have achieved significant market recognition, ranking first in offline sales for three consecutive years from 2022 to 2024 [8][11]. - The company holds a 0.5% market share, making it the fourth largest operator in the Chinese noodle restaurant sector [8]. Challenges and Concerns - Despite rapid expansion, the sustainability of single-store profitability is under scrutiny, with average daily sales per store declining [9][11]. - The rising costs of raw materials, labor, and rent have pressured profit margins, with total costs exceeding 69% of revenue in the first half of 2025 [14][15]. Industry Context - The noodle restaurant sector has faced challenges due to increased competition and a soft consumer environment, leading to a cautious investment climate [11][12]. - The industry remains fragmented, with many small players, making standardization and scalability difficult [12][19]. Strategic Insights - Yujian Xiaomian aims to use 60% of its IPO proceeds to expand its restaurant network, planning to open 150 to 230 new locations annually over the next three years [11][17]. - The company emphasizes the importance of supply chain management and product innovation to enhance profitability and customer experience [17][19].

Core Viewpoint - The company "Yujian Xiaomian" (Encounter Xiaomian) faced a disappointing debut on the Hong Kong Stock Exchange, with its stock price dropping nearly 28% on the first day, reflecting a lack of investor confidence in the Chinese noodle restaurant sector [3][4]. Company Performance - Yujian Xiaomian's revenue grew from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with net profit turning from a loss of 35.97 million yuan to a profit of 60.7 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 703 million yuan, representing a year-on-year growth of 33.8%, and a net profit of 41.83 million yuan, up 95.8% year-on-year [5]. Store Expansion and Key Metrics - The total number of Yujian Xiaomian restaurants increased from 170 at the end of 2022 to 451 by October 8, 2025 [6]. - The company plans to open approximately 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028, indicating a strong focus on expansion despite current challenges [9]. Challenges in the Industry - The noodle restaurant industry has been experiencing a downturn, with Yujian Xiaomian's same-store sales and turnover rates declining, indicating potential issues with customer retention and pricing strategies [8][10]. - The average daily sales per store decreased, with direct-operated restaurants averaging 11,805 yuan and franchised restaurants at 11,493 yuan, both showing declines compared to the previous year [8]. Market Context - The competitive landscape for noodle restaurants has intensified, with a total of 3,543 noodle brands and 758,400 stores in China as of November 13, 2025, highlighting the high rate of store openings but low net growth [9]. - The overall market sentiment towards noodle restaurants has shifted, with investors becoming more cautious due to the industry's low profitability and high competition [10].

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. (Yujian Xiaomian) was listed on the Hong Kong Stock Exchange, opening at HKD 5.00, below the issue price, and closing at HKD 5.08, a decline of 27.84% [1] Group 1: Company Overview - Yujian Xiaomian operates as a Chinese noodle restaurant chain [2] - The total number of shares offered was 97,364,500, with 9,736,500 shares for public offering in Hong Kong and 87,628,000 shares for international offering [2][3] - The final issue price was HKD 7.04, raising a total of HKD 685.4 million, with a net amount of HKD 617.0 million after deducting estimated listing expenses of HKD 68.4 million [3][4] Group 2: Use of Proceeds - The proceeds from the global offering will be used for expanding the restaurant network, enhancing geographical coverage, upgrading technology and digital systems, brand building, strategic investments in upstream food processing companies, and general corporate purposes [4] Group 3: Financial Performance - Yujian Xiaomian's revenue for 2022, 2023, and 2024 is projected to be RMB 418.1 million, RMB 800.5 million, and RMB 1,154.4 million respectively, with a profit turnaround from a loss of RMB 36.0 million in 2022 to profits of RMB 45.9 million in 2023 and RMB 60.7 million in 2024 [9] - The company recorded net cash generated from operating activities of RMB 104.8 million in 2022, increasing to RMB 245.1 million in 2023 and projected to reach RMB 313.5 million in 2024 [10][11]

Core Viewpoint - The article discusses the listing of "Yujian Xiaomian," the first Chinese noodle restaurant stock on the Hong Kong Stock Exchange, highlighting its rapid growth and the challenges faced by the industry as a whole [2][3][4]. Company Overview - Yujian Xiaomian was founded in 2014 and has expanded to nearly 500 stores across 22 cities in mainland China and Hong Kong, with plans to open 150 to 230 new stores annually from 2026 to 2028 [4]. - The company has achieved a revenue growth from RMB 418 million in 2022 to RMB 1.154 billion in 2024, with a compound annual growth rate (CAGR) of 66.16% [2][4]. - In the first half of 2025, Yujian Xiaomian reported a revenue of RMB 703 million, a year-on-year increase of 33.8%, and an adjusted net profit of RMB 52.175 million, up 131.56% [2]. Industry Context - The Chinese noodle restaurant sector has experienced significant fluctuations since 2012, with many brands facing challenges such as over-reliance on capital and lack of profitability [3][6]. - The industry has seen a shift from rapid expansion to a more competitive environment, with many brands closing stores and facing financial difficulties since 2022 [6][10]. - Yujian Xiaomian stands out as one of the few brands achieving sustained profitability and expansion during this challenging period [6][10]. Competitive Strategy - Yujian Xiaomian differentiates itself by offering a diverse menu that includes not only traditional noodle dishes but also innovative products and other food categories, enhancing customer experience and increasing average spending [7]. - The company has established a strong standardization system, reducing labor costs by over 30% while maintaining product quality through centralized kitchen operations [7]. - The brand targets urban young consumers with a modern aesthetic and a pricing strategy that balances quality and affordability [7]. Future Challenges - The company faces ongoing challenges, including balancing the need for standardization with the demand for fresh, authentic flavors, as well as addressing consumer complaints about inconsistent taste [10][12]. - The noodle restaurant sector is also grappling with limited dining occasions, as most consumption occurs during lunch hours, which may hinder growth compared to other dining categories [10]. - As competition intensifies, Yujian Xiaomian must develop a robust membership system to enhance customer loyalty and mitigate rising customer acquisition costs [10][12].

Core Viewpoint - The company "Yujian Xiaomian" (02408.HK), known as the "first stock of Chinese noodle restaurants," experienced a disappointing debut on the Hong Kong Stock Exchange, with its share price dropping significantly below the IPO price. Group 1: IPO and Market Performance - Yujian Xiaomian opened at HKD 5 per share, a decline of 28.98% from the IPO price of HKD 7.04, and closed at HKD 5.08, resulting in a total market capitalization of HKD 3.61 billion [2] - The IPO saw oversubscription, with a total of 97.36 million H-shares issued, representing 13.7% of the post-issue total share capital, and a total fundraising of approximately HKD 685 million [3] - The Hong Kong public offering was oversubscribed by 425.97 times, while cornerstone investors, including Hillhouse Capital and Haidilao, subscribed for USD 22 million, accounting for about 25% of the total fundraising [3] Group 2: Company Background and Financials - Founded in 2014 by three alumni from South China University of Technology, Yujian Xiaomian specializes in Chongqing noodles, bowl mixed noodles, and sour and spicy noodles [3] - Revenue projections for 2022 to 2024 are HKD 418 million, HKD 801 million, and HKD 1.154 billion, respectively, with net profits expected to shift from a loss of HKD 35.97 million in 2022 to profits of HKD 45.91 million in 2024 [3] Group 3: Store Expansion and Challenges - As of November 18, 2025, Yujian Xiaomian has established 465 stores nationwide, with plans to open an additional 520 to 610 stores from 2026 to 2028, focusing on lower-tier cities and overseas markets [4] - However, the average daily sales per store decreased from HKD 13,880 in 2023 to HKD 12,402 in 2024, a decline of 10.79%, alongside a drop in average order value from HKD 36.1 to HKD 32 [5] - The company faces challenges such as a lack of regional diversification, a narrow product range centered on Chongqing noodles, and a single operational model, which may hinder its ability to expand effectively [5][6]