小面破发，基石投资者亏麻了

Core Viewpoint - The company "Yujian Xiaomian," a chain restaurant brand specializing in Chongqing noodles, has officially listed on the Hong Kong Stock Exchange, but its stock price fell nearly 29% on the opening day, indicating a lack of market confidence in its valuation and growth potential [1][4]. Company Overview - Yujian Xiaomian was founded in 2014 by Song Qi, who has a background in management training at McDonald's and Yum Brands, and has expanded to 451 restaurants in 22 cities in mainland China and 14 in Hong Kong [6][8]. - The company has completed eight rounds of financing from notable investors, including Country Garden Ventures and Jiu Mao Jiu Group, achieving a valuation of 30 billion RMB after strategic financing in 2021 [6][13]. Financial Performance - The company's revenue grew from 418.1 million RMB in 2022 to 800.5 million RMB in 2023, with a projected increase to 1.154 billion RMB in 2024, reflecting a compound annual growth rate of 66.2% [10][12]. - In the first half of 2025, revenue reached 703.2 million RMB, a 33.8% increase from the same period in 2024 [10][12]. - The net profit turned from a loss of 36 million RMB in 2022 to a profit of 45.9 million RMB in 2023, with a further increase to 60.7 million RMB in 2024 [12]. Market Position - Yujian Xiaomian ranks first in offline sales of Chongqing noodles, wonton noodles, and hot and sour noodles among all Chinese chain restaurants from 2022 to 2024, and is the largest operator of Sichuan-Chongqing flavor noodle restaurants in China [6][10]. Investment and Shareholding - Major investors include Baifu Holdings, Country Garden Holdings, and Jiu Mao Jiu, with Song Qi holding 28.22% of the company post-IPO, valued at approximately 900 million RMB based on the opening market cap [15]. Pricing Strategy - The company has adopted a strategy of lowering menu prices to attract customers, resulting in a decrease in average order value from 36.1 RMB in 2022 to 30.9 RMB in the first half of 2025 [17]. - The turnover rate has remained stable, indicating potential challenges in maintaining sales growth through price reductions [18].