Core Viewpoint - The first-day trading of Haiwei Co. shares resulted in a decline, breaking the record of over 2500 times subscription without a drop in Hong Kong IPO history, indicating a negative impact on market sentiment [1]. Group 1: Company Overview - Yujian Xiaomian, established in 2014, operates as a modern Chinese noodle restaurant chain, primarily featuring Chongqing noodles, and has expanded its menu to include various spicy and non-spicy dishes [3][4]. - As of June 30, 2025, Yujian Xiaomian operates 417 restaurants across China, with 331 being directly operated and 86 franchised [4]. - The company ranks as the fourth largest Chinese noodle restaurant operator by total merchandise transaction volume and thirteenth in the overall Chinese fast food market [5][12]. Group 2: Financial Performance - Yujian Xiaomian's revenue grew from 418 million RMB in 2022 to 1.154 billion RMB in 2024, achieving a compound annual growth rate of 66.2% [6]. - In the first half of 2025, the company reported revenue of 703.2 million RMB, a year-on-year increase of 33.77%, and a net profit of 41.83 million RMB, up 95.77% [7]. - The average order value has shown a declining trend from 36.1 RMB in 2022 to 32.0 RMB in 2024, while employee costs increased significantly from 109 million RMB in 2022 to 265 million RMB in 2024 [7]. Group 3: Market Position and Strategy - The market for Chinese noodle restaurants is highly fragmented, with the top five companies holding only 2.9% of the market share, while Yujian Xiaomian holds 0.5% [12]. - The company aims to differentiate itself by combining Sichuan-Chongqing flavors with standardized management practices, allowing for taste standardization and replicability [12]. - Yujian Xiaomian plans to open approximately 120 to 150 new restaurants in 2025, with further expansions planned for 2026 and 2027, indicating a strong commitment to market capture [12]. Group 4: IPO and Valuation - The IPO of Yujian Xiaomian involved issuing shares representing 13.7% of total shares, raising 685 million RMB at a maximum offer price of 7.04 HKD per share, with a market capitalization of 5 billion HKD [13]. - The company’s valuation stands at 70 times earnings, which is significantly higher compared to peers like Jiamaoji and Green Tea Group, raising concerns about future growth potential [13]. - The presence of notable cornerstone investors, including Hillhouse Capital, suggests confidence in the company's growth prospects despite the high valuation [13].
遇见小面港股打新分析，一碗小面卖出了米其林三星的价