门店数量狂奔 单店盈利能力却下滑！“遇见小面”冲刺港股上市｜港美股看台·IPO观察

Core Viewpoint - The company "Yujian Xiaomian" is preparing for an IPO in Hong Kong, aiming to become the first publicly listed Chinese noodle restaurant chain, despite facing challenges such as declining same-store sales and profitability concerns [1][2][12]. Company Overview - Founded in 2014, Yujian Xiaomian has expanded from a single store in Guangzhou to 451 locations across over 23 cities in 11 years [1]. - The company is targeting to raise funds through its IPO to support its expansion and digital transformation efforts [2][3]. IPO Details - The company plans to issue up to 235 million shares, with the exclusive sponsor being CMB International [2]. - The IPO proceeds will be allocated for store expansion, digital upgrades, brand building, and strategic investments in food suppliers [3]. Financial Performance - 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%, significantly higher than the industry average of 15%-20% [4][12]. - The net profit is expected to turn from a loss of 35.973 million yuan in 2022 to a profit of 60.7 million yuan in 2024 [4]. Expansion Strategy - The company plans to open 520 to 610 new stores from 2026 to 2028, focusing on first-tier and new first-tier cities [3]. - The number of stores increased from 170 to 451 in three years, with a notable expansion in the Hong Kong market, where the number of stores grew to 10 within a year [6]. Market Position - Yujian Xiaomian ranks fourth among Chinese noodle restaurants, holding a market share of 0.5% based on total transaction value [9][12]. - The overall market for Chinese noodle restaurants is expected to reach 510 billion yuan by 2029, but the industry remains fragmented with intense competition [12]. Challenges Ahead - Despite rapid growth, the company faces declining single-store profitability, with average daily sales per store dropping from 13,880 yuan in 2023 to 12,402 yuan in 2024 [10]. - The average order value has also decreased, indicating potential issues with customer retention and pricing strategy [10][12].