Core Viewpoint - The debut of "Yujian Xiaomian" (02408.HK) 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, indicating a lack of investor confidence despite prior high demand for its IPO [1][3] Company Overview - Founded in 2014, Yujian Xiaomian operates 440 restaurants in 22 cities across mainland China and 11 in Hong Kong, making it the largest operator of Sichuan-Chongqing style noodle restaurants in China and the fourth largest Chinese noodle restaurant operator [5] - The company has experienced significant revenue growth, with a compound annual growth rate (CAGR) of 66.2%, increasing from 418 million CNY in 2022 to 1.154 billion CNY in 2024, and achieving profitability in 2023 [5] - In the first half of 2025, Yujian Xiaomian reported revenue of 703 million CNY, a year-on-year increase of 33.8%, and a net profit of 42 million CNY, up 95.8% [5] Market Challenges - The company's strategy of "price for volume" has led to a decline in average order value from 36 CNY in 2022 to 31.8 CNY in 2024, without a significant increase in table turnover rates, which have fluctuated between 3.0 and 4.0 [6] - The concentration of its restaurant network poses a regional risk, with over half of its locations in Guangdong Province, particularly in Guangzhou, which accounts for over 30% of its outlets [6] - The franchise model, while accelerating store expansion, raises concerns about food safety and operational standardization, with reports of franchisees facing regulatory penalties due to quality control issues [7] Investor Sentiment - Despite the challenges, Yujian Xiaomian attracted significant interest from cornerstone investors, raising 22 million USD prior to its IPO, indicating some institutional confidence in its long-term prospects [9] - The IPO saw an oversubscription of 425.97 times in the public offering, with a final issue price of 7.04 HKD per share, raising a net amount of 617 million HKD [9] - However, the dark pool trading prior to the listing indicated a downward trend, with declines of 14.2% to 14.8%, foreshadowing the poor market performance on the first trading day [9] Strategic Concerns - Analysts highlight a "single-dimensional" dilemma for Yujian Xiaomian, including a lack of geographic diversification, a narrow product range focused on Chongqing noodles, and a limited operational model that hampers expansion efficiency [10] - The company needs to address these challenges to enhance its market valuation and investor confidence moving forward [10]

Core Viewpoint - The IPO of "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," faced a disappointing debut on the Hong Kong Stock Exchange, opening significantly lower than its issue price, reflecting investor skepticism about the sustainability of rapid expansion in the restaurant sector [3][9]. Company Overview - Yujian Xiaomian officially listed on the Hong Kong Stock Exchange on December 5, with the stock code "09992.HK" [3][9]. - The company, founded in 2014 and headquartered in Guangzhou, focuses on Chongqing noodles and operates a dual model of direct sales and franchising [11]. IPO Performance - The stock opened at 5 HKD, a drop of nearly 29% from the issue price of 7.04 HKD, and closed at 5.12 HKD, marking a total decline of 27.27% with a market capitalization of 36.39 billion HKD [3][9]. - The IPO raised approximately 617 million HKD, with the Hong Kong public offering being oversubscribed by 425.97 times and the international offering by 4.99 times [10][12]. Financial Performance - Revenue is projected to grow from 418 million CNY in 2022 to 1.154 billion CNY in 2024, representing a compound annual growth rate (CAGR) of 66.2% [6][12]. - The company turned a profit in 2023, with a projected profit of 60.7 million CNY in 2024, and reported a revenue of 703 million CNY in the first half of 2025, a year-on-year increase of 33% [6][12]. Market Position and Strategy - Yujian Xiaomian has established 465 stores across 22 cities and Hong Kong, with plans to open 150 to 230 new stores annually from 2026 to 2028, including an expansion into Singapore [11][12]. - The Chinese fast-food market is nearing 300 billion CNY, with a focus on standardization and digitalization as key drivers for brand expansion [12].

更引人关注的是其豪华基石投资者阵容，高瓴资本旗下HHLRA、中式餐饮龙头海底捞新加坡等5家机构 合计认购2200万美元，占募集额四分之一。按发行价计算，公司预计所得款项总额为6.85亿港元，扣除 上市开支后净额为6.17亿港元。 公开资料显示，遇见小面于成立于2014年，凭借标准化运营与川渝风味特色，快速从广州一家30平方米 小店扩张至全国。招股书显示，截至2025年11月18日，已在全国布局465家门店，其中内地451家（超过 一半餐厅位于广东省），香港14家，另有115家门店处于筹备阶段。 财务数据上，遇见小面也颇为亮眼。2022年至2024年，公司营收从4.18亿元飙升至11.54亿元，三年增长 近2倍，年复合增长率达66.2%，远超中式快餐行业15%—20%的平均增速。净利润更是实现跨越式增 长，从2022年亏损3597.3万元，增至2024年盈利6070万元，2025年上半年净利润进一步增至4183.4万 元，同比增长95.77%。 然而，光鲜业绩背后暗藏隐忧。门店规模快速扩张的同时，经营效率指标持续下滑。数据显示，遇见小 面的直营餐厅单店日均销售额从2023年的13997元降至2025年上半年的1 ...

Core Viewpoint - The company "Yujian Xiaomian" officially listed on the Hong Kong Stock Exchange, becoming the first Chinese noodle restaurant stock, with an initial share price of HKD 7.04, but it opened at HKD 5, reflecting a significant drop of 28.98% on the first day of trading [1] Group 1: Company Overview - Yujian Xiaomian was founded in Guangzhou in 2014, specializing in Chongqing noodles, and offers a range of products including noodles, rice, snacks, and beverages [1] - The company has received multiple rounds of financing, with shareholders including Jiumaojiu, Baifu Holdings, and the founder of Xijia De, among others [1] Group 2: Restaurant Network and Expansion Plans - As of November 18, 2025, Yujian Xiaomian operates 451 restaurants in 22 cities in mainland China and 14 in Hong Kong, with an additional 115 restaurants in preparation [2] - The company plans to open 1-2 new direct-operated restaurants in Singapore by December 31, 2025, and aims to establish 150-180, 170-200, and 200-230 new direct-operated and franchised restaurants in 2026, 2027, and 2028, respectively [2] Group 3: Financial Performance - Revenue increased from CNY 418 million in 2022 to CNY 1.154 billion in 2024, with CNY 703 million in revenue for the first half of 2025 [2] - Net profit rose by 32.2% from CNY 45.91 million in 2023 to CNY 60.70 million in 2024, and increased by 95.8% from CNY 21.37 million in the first half of 2024 to CNY 41.83 million in the first half of 2025 [2] Group 4: Consumer Behavior and Pricing Strategy - The average order value for direct-operated stores decreased from CNY 36.2 in 2022 to CNY 32.1 in 2024, while franchise stores saw a similar decline [3] - The decrease in average order value is attributed to the company's strategy of lowering menu prices to attract customers and increase overall sales [3] Group 5: Use of Proceeds from IPO - Approximately 60% of the net proceeds from the global offering will be used to expand the restaurant network, enhance geographical coverage, and deepen market penetration [3] - Funds will also be allocated for upgrading technology and digital systems across the restaurant network, including the adoption of AI, IoT systems, and big data analytics to support operational growth [3]

Core Viewpoint - The stock of Yujian Xiaomian, known as the "first Chinese noodle restaurant stock," experienced a significant drop on its debut, opening at HKD 5.00, down 28.98% from its IPO price of HKD 7.04, indicating a lack of investor confidence despite high pre-IPO demand [1][9]. Company Overview - Yujian Xiaomian was founded in 2014 and operates a network of 440 restaurants in 22 cities across mainland China and 11 in Hong Kong. It is recognized 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 value for 2024 [4][12]. - The company's revenue grew from RMB 418 million in 2022 to RMB 1.154 billion in 2024, achieving a compound annual growth rate of 66.2% and turning profitable in 2023 [4][12]. Financial Performance - In the first half of 2025, Yujian Xiaomian reported revenue of RMB 703 million, a year-on-year increase of 33.8%, and a net profit of RMB 42 million, up 95.8% [5][13]. - The company's strategy of lowering menu prices to increase customer volume has led to a decline in average order value from RMB 36 in 2022 to RMB 31.8 in 2024, without a significant increase in table turnover rates [5][13]. Market Challenges - The company faces challenges related to its pricing strategy, which has not effectively increased customer turnover, with turnover rates fluctuating between 3.0 and 4.0, and a decline noted in the first half of 2025 [5][13]. - Yujian Xiaomian's restaurant network is heavily concentrated in Guangdong Province, with over half of its locations there, exposing the company to regional economic fluctuations and competitive pressures [5][13]. - The franchise model, while accelerating store expansion, poses risks to food safety and operational standardization, with reports of franchisees facing regulatory penalties due to quality control issues [5][13]. Investor Sentiment - Despite the challenges, Yujian Xiaomian attracted significant interest from cornerstone investors, raising USD 22 million prior to its IPO, indicating some institutional confidence in its long-term prospects [6][14]. - The IPO saw an oversubscription of approximately 426 times in the public offering, with a final offer price of HKD 7.04 per share, raising a net amount of HKD 617 million [6][14]. Strategic Outlook - Analysts highlight that Yujian Xiaomian is facing a "single-dimensional" dilemma, with concentrated regional presence, limited product variety, and a lack of diversified operational models, which could hinder its expansion and adaptability [7][15]. - The company needs to address these challenges to enhance its market valuation and investor confidence moving forward [7][15].

Core Viewpoint - The initial public offering (IPO) of "Yujian Xiaomian" faced a significant drop on its first trading day, opening at 5.00 HKD per share, down 28.98% from the issue price of 7.04 HKD, indicating a lack of investor confidence despite prior high demand for shares [2][5][10]. Company Overview - Founded in 2014, Yujian Xiaomian operates 440 restaurants in 22 cities across mainland China and 11 in Hong Kong, making it the largest operator of Sichuan-style noodle restaurants in China and the fourth largest among all Chinese noodle restaurants [7]. - The company has experienced rapid revenue growth, with revenue increasing from 418 million CNY in 2022 to 1.154 billion CNY in 2024, representing a compound annual growth rate (CAGR) of 66.2% [7]. Financial Performance - In the first half of 2025, Yujian Xiaomian reported revenue of 703 million CNY, a year-on-year increase of 33.8%, and a net profit of 42 million CNY, up 95.8% [8]. - The average order value has declined from 36 CNY in 2022 to 31.8 CNY in 2024 due to a pricing strategy aimed at increasing customer traffic, which has not effectively improved table turnover rates [8]. Market Challenges - The company faces significant challenges, including a decline in table turnover rates, which fluctuated between 3.0 and 4.0, and a decrease in same-store turnover rates attributed to increased reliance on delivery services [8]. - Yujian Xiaomian's restaurant network is heavily concentrated in Guangdong Province, with over 50% of its locations there, exposing the company to regional economic fluctuations and competitive pressures [8]. Investment Sentiment - Despite the challenges, the company attracted notable cornerstone investors such as Haidilao and Junyi Capital, raising 22 million USD prior to the IPO, indicating some institutional confidence in its long-term prospects [10]. - The IPO was oversubscribed by approximately 426 times, but the dark market trading prior to the listing showed a decline of 14.2% to 14.8%, foreshadowing the poor performance on the first trading day [10]. Strategic Concerns - Analysts highlight a "single-dimensional" dilemma for Yujian Xiaomian, including a lack of geographic diversification, a narrow product range focused on Chongqing noodles, and a limited operational model, which could hinder its expansion efforts [11]. - The company needs to address these challenges to enhance its market valuation and investor confidence moving forward [11].

Core Viewpoint - The successful listing of "Yujian Xiaomian" on the Hong Kong Stock Exchange reflects strong market confidence, with a market capitalization of HKD 3.7 billion and significant oversubscription rates during its IPO process [1][2]. Group 1: Market Position and Growth Potential - The company is positioned in a rapidly evolving consumer market, where rational consumption and value-for-money are increasingly prioritized, leading to a rise in demand for casual dining [2]. - As the first publicly listed Chinese noodle restaurant, "Yujian Xiaomian" is expected to leverage capital support to accelerate its growth and capitalize on the opportunities in the fast-casual dining sector [2][4]. - The market for Sichuan-Chongqing style noodle restaurants in mainland China is projected to reach RMB 133.8 billion by 2029, with a compound annual growth rate (CAGR) of 13.2% from 2025 to 2029, indicating strong growth potential [2]. Group 2: Expansion and Operational Efficiency - As of November 2025, "Yujian Xiaomian" operates 465 stores with an additional 115 in preparation, demonstrating a robust expansion strategy [4]. - The brand has established itself as a leader in the Sichuan-Chongqing noodle segment, with top sales rankings in key product categories, enhancing its brand strength and market presence [4]. - The company reported a strong performance in the first half of the year, with revenue and adjusted net profit growth rates of 33.8% and 131.56%, respectively, indicating improved profitability [4][5]. Group 3: International Expansion and Brand Development - "Yujian Xiaomian" has successfully entered the Hong Kong market, with seven direct-operated restaurants generating a total transaction value of RMB 42.27 million in the first half of the year, showcasing its international potential [6]. - The upcoming opening of its first store in Singapore marks the beginning of its international expansion, supported by a large Chinese population and a natural affinity for Sichuan-Chongqing cuisine in Southeast Asia [6][7]. - The company's listing in Hong Kong enhances its international brand image and accelerates its transition into a global dining brand, reinforcing its growth narrative [7].

Core Viewpoint - Both newly listed stocks, Tianyu Semiconductor and Yujian Xiaomian, experienced significant declines on their debut, indicating a lack of investor enthusiasm despite their unique market positions [3][7]. Group 1: Stock Performance - Tianyu Semiconductor (2658) closed down 24.97% on its first day, with a market capitalization of 17.1 billion HKD and a price-to-earnings ratio of -32 [1]. - Yujian Xiaomian (2408) fell by 27.27%, with a market capitalization of 3.6 billion HKD and a price-to-earnings ratio of 42.6 [2]. - Both stocks had poor performance in the dark market prior to their official listing, with declines exceeding 14% [2]. Group 2: Subscription and Demand - Yujian Xiaomian had an oversubscription rate of 425.97 times, while Tianyu Semiconductor's rate was only 60.63 times, indicating a disparity in investor interest [3][4]. - In the international placement, Tianyu Semiconductor had an oversubscription of 2.47 times, while Yujian Xiaomian's was 4.99 times [5]. Group 3: Company Background - Yujian Xiaomian is positioned as the "first stock of Chinese noodle restaurants," focusing on Chongqing-style noodles, while Tianyu Semiconductor is the first specialized supplier of silicon carbide epitaxial wafers in China, backed by major investors like Huawei and BYD [3][6]. - Both companies have a limited allocation of shares to retail investors, with only 10% of shares available, which theoretically supports stock price stability [6]. Group 4: Recent Market Trends - The trend of newly listed stocks in the Hong Kong market shows a rising incidence of first-day declines, with 7 out of 15 new stocks since November experiencing a drop, indicating a concerning trend for new listings [7].

Core Viewpoint - The Chinese noodle brand "Yujian Xiaomian" (02408.HK) debuted on the Hong Kong Stock Exchange on December 5, but faced a significant drop in share price, falling by 28.69% on its first day, resulting in a market capitalization of less than 4 billion HKD [2]. Group 1: Company Structure and Shareholding - The significant drop in share price may be attributed to the company's highly concentrated shareholding structure, with the controlling shareholders holding 45.7% of the shares [3]. - The top ten and top twenty-five shareholders collectively hold 88.3% and 95.3% of the shares, indicating a notable concentration of ownership [3]. Group 2: IPO Details and Market Reception - Yujian Xiaomian issued 97.3645 million H-shares at an IPO price of 7.04 HKD per share, raising approximately 617 million HKD, with plans to allocate about 60% of the funds for restaurant network expansion and market penetration [5]. - The public offering received high interest, with a subscription rate of 425.97 times for the Hong Kong portion and 4.99 times for the international portion [5]. Group 3: Business Performance and Strategy - Yujian Xiaomian operates 451 restaurants in mainland China and 14 in Hong Kong, with an additional 115 new stores in preparation [7]. - The company has experienced rapid growth in total merchandise transaction volume and order quantity since 2022, primarily due to rapid store expansion and price reductions to attract consumers [7]. - However, the average order value at direct-operated restaurants has decreased from 36.2 RMB in 2022 to 31.8 RMB in the first half of 2025, indicating that price cuts have not effectively improved single-store profitability [7]. - The average daily sales per direct-operated restaurant fell from 12,700 RMB in the first half of 2024 to 11,800 RMB in the first half of 2025, and the overall turnover rate of direct-operated stores decreased from 3.8 times per day to 3.4 times per day [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：时代财经APP 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月5日，遇见小面正式登陆港交所，成为新式面馆第一股，股票代号为2408。 本次上市，遇见小面发售股份数目为97364500股，其中，香港公开发售9736500股，国际发售87628000 股，最终发售价定为7.04港元。股份配发结果显示，遇见小面香港公开发售股份超额认购倍数为425.97 倍。 截至12月5日上午9点20分，盘前竞价阶段结束后，遇见小面股价为5港元/股，较发行价跌幅为28.98%。 截至12月5日上午10点46分，遇见小面股价为4.98港元/股，跌幅达29.26%。 图源：图虫 遇见小面成立于2014年。招股书显示，截至2025年11月18日，遇见小面的餐厅数量共465家，包括中国 内地的451家餐厅与香港的14家餐厅。截至2025年6月30日，遇见小面收入7.03亿元，其中，来自直营餐 厅经营的收入为6.26亿元，占比89%，来自特许经营管理的收入为7666.2万元，占比10.9%。 近年来，遇见小面开店速度明显加快。2 ...