Core Viewpoint - The company "Yujian Xiaomian" (Encounter Xiaomian) faced a disappointing debut on the Hong Kong Stock Exchange, with its stock price dropping nearly 28% on the first day, reflecting a lack of investor confidence in the Chinese noodle restaurant sector [3][4]. Company Performance - Yujian Xiaomian's revenue grew from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with net profit turning from a loss of 35.97 million yuan to a profit of 60.7 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 703 million yuan, representing a year-on-year growth of 33.8%, and a net profit of 41.83 million yuan, up 95.8% year-on-year [5]. Store Expansion and Key Metrics - The total number of Yujian Xiaomian restaurants increased from 170 at the end of 2022 to 451 by October 8, 2025 [6]. - The company plans to open approximately 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028, indicating a strong focus on expansion despite current challenges [9]. Challenges in the Industry - The noodle restaurant industry has been experiencing a downturn, with Yujian Xiaomian's same-store sales and turnover rates declining, indicating potential issues with customer retention and pricing strategies [8][10]. - The average daily sales per store decreased, with direct-operated restaurants averaging 11,805 yuan and franchised restaurants at 11,493 yuan, both showing declines compared to the previous year [8]. Market Context - The competitive landscape for noodle restaurants has intensified, with a total of 3,543 noodle brands and 758,400 stores in China as of November 13, 2025, highlighting the high rate of store openings but low net growth [9]. - The overall market sentiment towards noodle restaurants has shifted, with investors becoming more cautious due to the industry's low profitability and high competition [10].
资本不愿“续面”？遇见小面上市首日破发，翻座率下滑成危险信号