“中式面馆第一股”遇冷：遇见小面上市即破发，资本为何不买单？

Core Viewpoint - The stock of "Yujian Xiaomian," known as the first Chinese noodle restaurant listed, fell 27.84% on its debut, indicating a lack of sustained investor enthusiasm despite a record oversubscription during its IPO phase [1] Financial Performance - Revenue is projected to grow from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with a compound annual growth rate (CAGR) of 66.2% [2] - The company transitioned from a net loss of 35.97 million yuan in 2022 to a profit of 60.7 million yuan in 2023, with further growth expected to 41.83 million yuan in the first half of 2025, reflecting a year-on-year increase of 95.77% [2] Operational Challenges - The average daily sales per store decreased from 13,997 yuan in 2023 to 11,805 yuan in the first half of 2025, a decline of 15.66% [4] - The turnover rate for direct-operated restaurants fell from 3.9 times per day to 3.4 times, while franchise restaurants saw a drop from 3.6 to 3.1 times [4] - The average order value has decreased from 36.2 yuan in 2022 to 31.8 yuan in the first half of 2025, indicating a strategy to attract customers through lower prices [4] Expansion Plans - Approximately 60% of the net proceeds from the IPO will be used to expand the restaurant network, with plans to increase the number of stores to 1,000 over the next three years [3] - The company aims to open 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028 [3] Market Position - Despite the growth in store numbers, the market share of Yujian Xiaomian is only 0.5%, with the top five Chinese noodle brands holding less than 3% of the market [4] - The company has faced closures of franchise restaurants, with three and four closures reported in 2024 and the first half of this year, respectively [5] Investor Sentiment - The initial enthusiasm from institutional investors did not translate into long-term confidence from retail investors, leading to a significant drop in stock price post-IPO [2][5] - The market is shifting focus from mere store count and revenue growth to sustainable profit models and healthy store economics [5]