主打川渝风味的遇见小面，在最不能吃辣的广东做到IPO了？

Core Viewpoint - The restaurant brand "Yujian Xiaomian," known for its Sichuan and Chongqing flavors, is making a second attempt to go public on the Hong Kong Stock Exchange, despite the common perception that Guangdong cuisine is less spicy and more focused on lighter flavors [1][4]. Financial Performance - Yujian Xiaomian reported revenues of 418 million yuan, 800 million yuan, and 1.154 billion yuan for the years 2022 to 2024, with a compound annual growth rate of 66.2%. In the first half of this year, revenue reached 703 million yuan, a year-on-year increase of 33.8% [6]. - The cost of raw materials and consumables as a percentage of total revenue has been decreasing, from 38.3% in 2022 to 31.4% in 2024 [6][7]. - The net profit turned from a loss of 35.97 million yuan in 2022 to approximately 46 million yuan and 60.7 million yuan in 2023 and 2024, respectively [7][8]. Market Dynamics - The average order value per restaurant has been declining, from 36.2 yuan in 2022 to 31.8 yuan in 2024, indicating a strategy of lowering prices to attract customers [11][12]. - The number of restaurants has increased significantly, from 170 in 2022 to 451 by mid-2025, which has contributed to increased total transaction volume but has also led to declining same-store sales [13][14]. Competitive Landscape - The restaurant industry is highly competitive, with over 17.6 million existing dining establishments in China, leading to price wars among brands [16][18]. - Major competitors like Haidilao and Xiaobing Xiaobing have also reduced prices, reflecting a broader trend in the industry [18][19]. Expansion Plans - Yujian Xiaomian plans to open 150-230 new restaurants from 2026 to 2028, indicating a focus on rapid expansion to drive growth [25][40]. - The company has completed seven rounds of financing and has a pressing need to go public to support its expansion and operational needs [26][31]. Supply Chain Management - The brand is exploring supply chain efficiencies similar to successful models in the industry, focusing on high-quality ingredients at lower costs [34][35]. - The reliance on outsourced labor has raised concerns about service quality and consistency, especially during a period of rapid expansion [38][40].