“午饭搭子”要上市了？30元预制面能否留住打工人的胃？

Core Viewpoint - Guangzhou Yujian Xiaomian Catering Co., Ltd. is attempting to relist on the Hong Kong Stock Exchange after a failed attempt earlier this year, aiming to become the first publicly listed Chinese noodle restaurant [1][2] Company Performance - From 2022 to 2024, Yujian Xiaomian's revenue is projected to grow from 418 million RMB to 1.154 billion RMB, but the growth rate is expected to slow significantly in 2024 [3][7] - The average transaction value has been declining for four consecutive years, dropping from 36.2 RMB in 2022 to 32.1 RMB in 2024, and further to 31.8 RMB in the first half of 2025 [3][4] - Daily sales per store are also decreasing, with an average of 14,000 RMB in 2023 falling to 12,400 RMB in 2024, a decline of 11.43% [3] Market Context - The total transaction value of the Chinese noodle restaurant market is expected to reach 286.6 billion RMB in 2024, with a compound annual growth rate (CAGR) of 12.7% from 2020 to 2024, but slowing to 10.9% from 2025 to 2029 [7] - The top five players in the noodle restaurant market only account for 2.9% of the total market share, indicating low brand loyalty among consumers [12] Competitive Landscape - Other noodle brands like He Fu Lao Mian and Wu Ye Ban Mian have also attracted significant investment, with major capital backing from firms like Tencent and Hillhouse Capital [10] - Despite previous interest, the noodle restaurant sector has seen a decline in new capital investments since 2022 [12] Expansion Strategy - Yujian Xiaomian plans to continue expanding its store count, with projections to open 150 to 230 new stores annually from 2026 to 2028 [23] - The company has a centralized kitchen system for standardized food preparation, which allows for quick service, appealing to busy urban professionals [18] Challenges - The brand faces criticism regarding food safety and quality, with over 200 complaints reported, primarily related to food safety issues [24] - The pricing strategy, with average transaction values above 30 RMB, may hinder market penetration in lower-tier cities where local competitors offer lower prices [20][23]