Core Viewpoint - The IPO of "Yujian Xiaomian," a Chinese noodle restaurant chain, faced a cold reception in the capital market despite having all the elements of a "blockbuster IPO," including significant oversubscription and backing from prominent investors. The stock dropped 27.84% on its first day, raising questions about valuation bubbles and the company's ability to expand nationally [2][16][19]. Group 1: Company Overview - As of mid-2025, Yujian Xiaomian operates 465 stores, with a strong presence in Guangdong, but lacks locations in its origin market of Sichuan-Chongqing, raising concerns about its national expansion capabilities [2]. - The company has been profitable for two consecutive years, but same-store sales and average order values have been declining, attributed to price reductions aimed at enhancing customer experience [7][14]. - Yujian Xiaomian plans to open 520 to 610 new stores in the next three years, focusing on lower-tier cities and international markets, with a goal to exceed 500 stores by the end of the year [5][14]. Group 2: Market Dynamics - The restaurant industry in China has increasingly adopted a pre-prepared food model, which has sparked debates about consumer rights and the quality of dining experiences [3][19]. - The competitive landscape includes various local and international chains, with Yujian Xiaomian facing challenges from established brands in the noodle segment, particularly those offering higher-quality, freshly prepared options [7][19]. - The rise of food delivery services has created new growth opportunities for the restaurant sector, but noodle dishes face inherent challenges in maintaining quality during delivery [10][11]. Group 3: Financial Performance - Yujian Xiaomian's revenue grew from 4.18 billion RMB in 2022 to 11.54 billion RMB in 2024, with a compound annual growth rate of 66.2%. Net profit also improved significantly, reaching 607 million RMB in 2024 [14]. - On its first trading day, the company’s dynamic and static price-to-earnings ratios were 41 and 58, respectively, which are significantly higher than those of comparable restaurant stocks [17]. - Following the IPO, major investors, including Hillhouse Capital, faced substantial losses due to the stock's poor performance, highlighting the volatility in the market [18].
遇见小面上市首日市值蒸发近三成，高瓴等明星机构浮亏超千万