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]

12月5日，港交所的铜锣为"中式面馆第一股"敲响——遇见小面正式挂牌上市。 它几乎具备了所有"爆款IPO"要素，七轮融资百倍回报，高瓴等明星机构联合站台基石投资者，公开发售获426倍超额认购，与此形成强烈反差的是上市首 日破发下跌27.84%的资本市场冷遇。 承载着资本"中国麦当劳"叙事故事的中式快餐标杆上市即遇冷，是资本市场的偶然波动，还是估值泡沫的回调？亦或是对"千店一面"的标准化中式快餐的资 本化路径的质疑？ 招股书显示，截至2025年上半年，遇见小面拥有465家门店，其中广州148家、深圳96家，"粤港"两地合计321家，约占总门店数七成。 从店铺的分布来看，广东市场是绝对的大本营，但在小面发源地"川渝"市场仍是空白，这也引发对遇见小面全国化能力的质疑。 在深圳，遇见小面是Monica工作日中午经常光顾的餐厅之一，"这里无论点的是什么菜品，它都能在10分钟内给你上齐，非常适合我这种午休时间紧张的'牛 马'。" 遇见小面并不避讳谈到预制菜，有店员表示"所有都是预制的，（饮品）就是用粉冲的。"从面，到汤，再到小食，统统都是预制品。 上市前夕，有媒体报道遇见小面客服称"加盟只要准备剪刀和微波炉即可，明厨会被 ...

消息面上，12月5日， 遇见小面董事长宋奇于上市仪式上表示，本月底将于新加坡开设首家门店，反映 公司向国际化迈出一步。目前公司已于中国及香港等22个城市开设近500间门市。据了解，遇见小面在 三年内快速扩张，从2022年的133家迅速扩展至465家。目前，公司尚有115家新店处于筹备阶段，预计 2025年内餐厅总数将突破500家。据公司最新规划，2026年至2028年，公司预计新增520至610家门店， 重点拓展低线城市及海外市场。 招股书显示，2022年至2024年，遇见小面营业收入从4.18亿元增长至11.54亿元，复合年增长率达 66.2%。2025年上半年，公司经调整净利润为5217.5万元，较去年同期增长131.56%。在餐饮行业竞争加 剧的背景下，其盈利能力与运营效率同步增强。 智通财经APP获悉，"中式面馆第一股"遇见小面(02408)逆市涨超6%，截至发稿，涨5.92%，报5.19港 元，成交额1007.7万港元。 ...

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 ...

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].