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].

中国经济网北京12月5日讯 广州遇见小面餐饮股份有限公司（以下简称"遇见小面"，02408.HK）今日在 港交所上市，开盘报5.00港元，跌破发行价。截至今日收盘，遇见小面报5.08港元，跌幅27.84%。 遇见小面是一家中式面馆经营者。 根据最终发售价及分配结果公告，遇见小面本次发售股份数目97,364,500股股份，其中，香港公开发售 的发售股份数目9,736,500股股份，国际发售的发售股份数目87,628,000股股份。于上市时已发行的股份 数目（超额配股权获行使前）710,689,300股股份。 | 發售股份及股本 | | | --- | --- | | 發售股份數目 | 97,364,500 | | 香港公開發售的發售股份數目 | 9,736,500 | | 國際發售的發售股份數目 | 87.628.000 | | 於上市時已發行的股份數目(超額配股權獲行使前) | 710.689.300 | 遇见小面本次发行的最终发售价为7.04港元，所得款项总额为685.4百万港元，扣除按最终发售价计算的 估计应付上市开支68.4百万港元后，所得款项净额为617.0百万港元。 | 價格資料 | | | --- ...

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]

（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].