（东方财富网） (编辑：王璨 林辰) 12月5日，遇见小面于港交所主板上市。该日，遇见小面开盘报5.00港元/股，收盘报5.08港元/股，跌幅 27.84%，公司总市值为36.1亿港元。 ...

Core Viewpoint - The debut of "Yujian Xiaomian" (02408.HK), known as the "first stock of Chinese noodle restaurants," on the Hong Kong Stock Exchange was met with a disappointing market reaction, opening at 5.00 HKD per share, down 28.98% from the issue price of 7.04 HKD [1][5]. Group 1: Company Performance - As of the closing, the stock price was 5.08 HKD per share, reflecting a 27% decline, with a total market capitalization of 36.1 billion HKD [4]. - The company has shown significant revenue growth, with revenue increasing from 418 million RMB in 2022 to 1.154 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 66.2% [6]. - In the first half of 2025, the company achieved revenue of 703 million RMB, a year-on-year increase of 33.8%, and net profit of 42 million RMB, up 95.8% year-on-year [7]. Group 2: Market Challenges - The company's strategy of "price for volume" has led to a decline in average order value from 36 RMB in 2022 to 31.8 RMB in 2024, without a significant increase in table turnover rates, which fluctuated between 3.0 and 4.0 [8]. - The restaurant network is heavily concentrated in Guangdong Province, with over half of the restaurants located there, making the company vulnerable to regional economic changes [8]. - The franchise model, while accelerating store expansion, poses challenges for food safety and operational standardization, with reports of franchise stores facing regulatory penalties due to quality control issues [9]. Group 3: Investor Sentiment - Despite the challenges, the company attracted significant interest from cornerstone investors, raising 22 million USD prior to the IPO, indicating some institutional confidence in its long-term prospects [10]. - The IPO saw an oversubscription of approximately 426 times in the public offering, with a final issue price of 7.04 HKD per share, raising a net amount of 617 million HKD [10]. - However, the dark market trading prior to the listing indicated a downward trend, with declines of 14.2% to 14.8%, foreshadowing the poor performance on the first trading day [10]. Group 4: Strategic Concerns - The company faces a "single-dimensional" dilemma, characterized by a lack of geographic diversification, a narrow product range centered on Chongqing noodles, and a limited operational model, which restricts its ability to expand effectively [11]. - Addressing these challenges will be crucial for the company to enhance its valuation and regain investor confidence in the capital markets [11].

Core Viewpoint - The company "Yujian Xiaomian," known as the first listed Chinese noodle restaurant, faced a disappointing debut on the Hong Kong Stock Exchange, with shares dropping nearly 28% on the first day of trading, reflecting a broader downturn in the noodle restaurant industry [2][3]. Financial 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 35.973 million yuan to a profit of 60.7 million yuan during the same period [4]. - In the first half of 2025, the company achieved revenue of 703 million yuan, a year-on-year increase of 33.8%, and net profit of 41.834 million yuan, up 95.8% year-on-year [4]. 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, with a significant focus on first-tier and new first-tier cities [5]. - Despite the growth in store numbers, key performance indicators such as average daily sales per store and turnover rates have declined, indicating challenges in maintaining profitability [6]. Market Challenges - The noodle restaurant industry is experiencing a downturn, with increased competition and a saturated market leading to declining profitability metrics for Yujian Xiaomian and other similar brands [7]. - The company plans to open approximately 150 to 230 new restaurants annually from 2026 to 2028, aiming to double its store count despite the current market challenges [8].

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 685 million for expansion and brand development [1] Financial Performance - Revenue is projected to grow from RMB 418 million in 2022 to RMB 1.154 billion in 2024, with a compound annual growth rate (CAGR) of 66.16% [1] - In the first half of 2025, the company achieved revenue of RMB 703 million, representing a year-on-year growth of 33.8% [1] - Adjusted net profit for the same period reached RMB 52.175 million, marking a significant increase of 131.56% year-on-year [1] Expansion Plans - The funds raised will primarily be used for restaurant network expansion, technology upgrades, and brand building [1] - The company plans to open approximately 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028, through both direct and franchise operations [1] Company Overview - Founded in 2014, Yujian Xiaomian focuses on Sichuan and Chongqing-style noodles, utilizing a combination of direct and franchise business models [1] - The number of restaurants has increased by 249.6% from 133 to 465, with an additional 115 restaurants in the pre-opening phase [1]

Core Viewpoint - The company "Encounter Little Noodles" faced a significant decline in stock price on its first day of trading, dropping nearly 30% and closing at 5.20 HKD per share, resulting in a market capitalization of 3.696 billion HKD [1][2]. Group 1: IPO and Initial Performance - Encounter Little Noodles raised approximately 22 million USD (around 171 million HKD) from five cornerstone investors during its IPO [3]. - The company was valued at 3 billion CNY prior to its listing and has expanded its store count from 133 to 360 between the end of 2022 and the end of 2024, with plans to reach 451 stores by mid-2025 [3][4]. Group 2: Financial Performance - The company reported revenues of 418 million CNY, 801 million CNY, and 1.154 billion CNY for the years 2022, 2023, and 2024, respectively, achieving a compound annual growth rate of approximately 66% [4]. - Net profits for the same years were -35.973 million CNY, 45.914 million CNY, and 60.700 million CNY, indicating a turnaround to profitability in 2023 [4]. - In the first half of 2025, the company generated 703 million CNY in revenue, a year-on-year increase of 33.8%, with net profit rising by 95.8% to 41.83 million CNY [4]. Group 3: Market Position and Challenges - Encounter Little Noodles holds a market share of 0.5% among the top five Chinese noodle brands, which collectively account for only 2.9% of the market [4]. - Despite revenue growth, the average order value has declined from 36.1 CNY in 2022 to 32 CNY in 2024, indicating a decrease in customer spending [4][5]. - The company has experienced a decline in same-store sales, with a drop of 3.1% for direct-operated restaurants and 2.9% for franchised restaurants in 2025 [5][6]. Group 4: Profitability and Strategic Focus - The operating profit margins for direct-operated restaurants in first-tier and new first-tier cities were -8.4%, 12.2%, 12.6%, and 14.1% from 2022 to the first half of 2025, while second-tier and lower cities showed higher margins [7]. - The company is currently focused on transitioning from a growth model reliant on financing to a sustainable profit-driven business model [7].

Core Viewpoint - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming the first "Chinese noodle restaurant" stock in the market [1] Group 1: Company Overview - Yujian Xiaomian 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 [1] - The company has developed a diversified product matrix, including specialty noodles, hot pot dishes, dumplings, rice sets, and snacks to meet diverse consumer needs [1] - According to Frost & Sullivan, Yujian Xiaomian's core products have ranked first in offline sales among Chinese chain restaurants for three consecutive years from 2022 to 2024 [1] Group 2: Financial Performance - From 2022 to 2024, Yujian Xiaomian's revenue increased from 418 million yuan to 1.154 billion yuan, with a compound annual growth rate of 66.2% [2] - 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% [2] Group 3: Market Expansion - The company has rapidly expanded its store count from 133 in 2022 to 465, with 115 new stores in preparation, expecting to surpass 500 restaurants by 2025 [2] - Yujian Xiaomian has opened 14 stores in Hong Kong since its first store launch in 2024, with a year-on-year transaction growth of 1050.57% in the first half of 2025 [2] - The company is also advancing its international expansion, with its first store in Singapore expected to open in December 2023 [2] Group 4: Use of IPO Proceeds - The funds raised from the IPO will be used to expand the restaurant network, enhance market penetration, upgrade technology and digital systems, strengthen brand building and customer loyalty programs, and pursue strategic investments or acquisitions in the upstream food processing sector [3]

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd., known as "Yujian Xiaomian," has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone in its development as the first publicly traded Chinese noodle restaurant chain [1][4]. Company Overview - Founded in 2014, Yujian Xiaomian specializes in Sichuan-Chongqing style noodles and has rapidly expanded to 22 cities in mainland China and Hong Kong through a combination of direct operation and franchising [3]. - As of the latest feasible date, the number of restaurants has increased by 249.6% from 133 to 465, with an additional 115 new restaurants in preparation [3]. Market Position - According to a report by Frost & Sullivan, Yujian Xiaomian is the largest operator of Sichuan-Chongqing style noodle restaurants in China and the fourth largest Chinese noodle brand overall, with a projected compound annual growth rate (CAGR) of 43.2% in total merchandise transaction value from 2022 to 2024 [3]. Financial Performance - The company has demonstrated rapid growth, with revenue increasing from RMB 418 million in 2022 to RMB 1.154 billion in 2024, reflecting a CAGR of 66.16% [3]. - In the first half of 2025, Yujian Xiaomian achieved 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% [3]. Fundraising and Future Plans - The IPO raised approximately HKD 685 million, which will primarily be used for restaurant network expansion, technology upgrades, and brand development [3]. - The company plans to open approximately 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028, both through direct operation and franchising [3]. Vision and Strategy - The Chairman and CEO, Song Qi, stated that the listing is a crucial milestone for the company, which aims to provide high-quality, cost-effective dining experiences through digital operations and supply chain optimization, while promoting the internationalization of Chinese cuisine [4].

Group 1 - The core viewpoint of the article highlights the disappointing market debut of "Yujian Xiaomian," which opened at a 29% loss from its IPO price, reflecting investor skepticism towards the restaurant chain's growth narrative [2][3] - The company has experienced significant revenue growth, with income rising from 400 million RMB in 2020 to 1.15 billion RMB in 2024, and a turnaround from a net loss of 36 million RMB in 2022 to a profit of 45.9 million RMB in 2023 [3][6] - The increase in profitability is largely attributed to a higher proportion of direct sales, which rose from 80.5% to 89%, indicating a shift in the company's operational strategy [3][6] Group 2 - The article points out the challenges faced by the restaurant industry, particularly the reliance on price reductions to drive sales, as evidenced by a decrease in average customer spending from 36.1 RMB to 30.9 RMB [6][7] - The rapid valuation increase of Yujian Xiaomian, from 1 billion RMB to 3 billion RMB in just four months in 2021, is contrasted with the current market's cautious evaluation of such growth models [6][7] - The company aims to balance standardization and personalization in its offerings, emphasizing the importance of maintaining authentic flavors and customer experience amidst expansion [6][7]

Core Viewpoint - The Chinese noodle chain "Yujian Xiaomian" (02408.HK) successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 685 million through its IPO, with a strong demand reflected in the oversubscription rates of 425.97 times for the public offering and 4.99 times for the international offering [2]. Group 1: IPO Details - Yujian Xiaomian issued 97.3645 million H-shares, representing 13.70% of the total shares post-IPO, with a maximum price set at HKD 7.04 per share [2]. - The net proceeds from the fundraising are approximately HKD 617 million [2]. - The IPO attracted five cornerstone investors who collectively subscribed for shares worth USD 22 million (approximately HKD 171 million) [2]. Group 2: Shareholder Structure - Post-listing, the controlling shareholders, including Song Qi and Su Xuxiang, hold a combined stake of approximately 45.98% [3]. - Other notable shareholders include Baifu Holdings (13.33%), Jiumaojiu (5.61%), and various individual investors [3]. Group 3: Company Overview - Founded in 2014, Yujian Xiaomian specializes in modern Chinese noodle dishes, primarily focusing on Chongqing-style noodles, and has expanded its menu to include various spicy and non-spicy dishes [3]. - The company operates 451 restaurants across 22 cities in mainland China and 14 in Hong Kong, with 115 additional restaurants in preparation [3]. - According to Frost & Sullivan, Yujian Xiaomian is the largest operator of Sichuan-Chongqing style noodle restaurants in China and ranks fourth among all Chinese noodle restaurant operators by total merchandise transaction value for 2024 [3]. Group 4: Market Performance - As of the midday closing, Yujian Xiaomian's share price was HKD 5.12, with a total market capitalization of approximately HKD 3.639 billion [4]. - The stock experienced a high of HKD 5.50 and a low of HKD 4.98 within the last two weeks, with a price-to-earnings ratio of 41 (trailing) and 58 (forward) [5]. Group 5: Underwriting Team - The IPO was primarily managed by CMB International as the sole sponsor and global coordinator, with several other firms involved in various capacities [6].

Core Viewpoint - The successful listing of "Yujian Xiaomian" on the Hong Kong Stock Exchange marks a significant milestone as it becomes the first Chinese noodle restaurant stock, indicating a new phase of development for the company [1][3]. Company Overview - Founded in 2014, Yujian Xiaomian has established itself as a representative brand in the modern Chinese noodle restaurant sector, driven by unique brand positioning and continuous product innovation [4]. - The company has developed a diversified product matrix, including specialty noodles, hot pot dishes, dumplings, rice sets, and snacks, catering to diverse consumer needs [4]. Financial Performance - From 2022 to 2024, Yujian Xiaomian's revenue grew from 418 million yuan to 1.154 billion yuan, achieving a compound annual growth rate (CAGR) of 66.2% [6]. - In the first half of 2025, the adjusted net profit reached 52.175 million yuan, reflecting a year-on-year increase of 131.56% [6]. Market Position and Expansion - Yujian Xiaomian ranks as the largest operator of Sichuan-Chongqing style noodle restaurants in China and the fourth largest among all Chinese noodle restaurants, based on total merchandise transaction volume in 2024 [4]. - The restaurant network expanded rapidly from 133 locations in 2022 to 465 locations, with plans to exceed 500 by 2025 [5]. - 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 [5]. IPO Details - The company 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]. - Notable investors in the cornerstone subscription include Hillhouse Capital, Haidilao, and other prominent private equity and strategic funds, collectively subscribing for 22 million USD, accounting for 25% of the total fundraising [3]. Strategic Plans - The funds raised from the IPO will be used to expand the restaurant network, upgrade technology and digital systems, enhance brand building, and pursue strategic investments or acquisitions in upstream food processing [6]. - The company aims to add 520 to 610 new stores from 2026 to 2028, focusing on lower-tier cities and international markets [6]. Industry Context - The Hong Kong stock market has seen a surge in consumer brand listings, driven by the internationalization of Chinese consumer enterprises and the favorable regulatory environment [4][7]. - Yujian Xiaomian's listing is part of a broader trend of Chinese consumer brands seeking capital in Hong Kong, reflecting both policy alignment and the companies' robust capabilities [4][7].