遇见小面港股IPO：门店数量狂奔单店盈利能力却下滑 早期投资者两月前套现4800万元

Core Viewpoint - The company, Yujian Xiaomian, is rapidly expanding its operations and preparing for an IPO in Hong Kong, but faces significant risks related to profitability sustainability, financial structure, and expansion strategy [1][2][3][4][5] Financial Performance - As of the first half of 2025, Yujian Xiaomian reported revenue of 703 million yuan and a net profit of 41.83 million yuan, marking a year-on-year growth of 95.77% [1] - Revenue increased from 418 million yuan in 2022 to 1.154 billion yuan in 2024, achieving profitability [2] - The average order value decreased from 36.1 yuan in 2022 to 32 yuan in 2024, a decline of over 10% [2] - Same-store sales fell by 4.2% year-on-year in 2024, with average daily sales per store dropping from 13,880 yuan in 2023 to 12,402 yuan [2] Profitability Risks - The company's growth heavily relies on a "price for volume" strategy, which raises concerns about long-term profitability [2] - Despite improvements in operating profit margins to 15.1% in the first half of 2025, these gains are attributed to one-time cost optimizations rather than sustainable practices [2] Financial Structure Risks - As of the end of 2024, the company's debt-to-asset ratio was 89.86%, indicating high leverage [3] - The current ratio was only 0.5, with net current assets remaining negative at -255 million yuan [3] - The company distributed dividends totaling 34.2 million yuan before the IPO, further straining liquidity [3] Expansion Strategy - Yujian Xiaomian plans to open 520-610 new stores from 2026 to 2028, averaging one new store every 2-3 days [4] - Over half of the stores are concentrated in Guangdong Province, with significant regional risk [4] - The company has entered the Hong Kong market, achieving a 1050.57% year-on-year increase in transaction volume from Hong Kong stores in the first half of 2025, contributing 21.30% to overall growth [4] - However, challenges in overseas markets include low brand recognition and higher operational costs [4][5] Labor and Cost Management - Employee costs rose from 109 million yuan in 2022 to 265 million yuan in 2024, reflecting long-term pressures in the restaurant industry [4] - The company has increasingly relied on outsourced labor, with outsourced employees reaching 3,678 in 2024, while the number of formal employees decreased to 1,443 [4]