Core Viewpoint - The company "Yujian Xiaomian," known as the "first stock of Chinese noodle restaurants," recently listed on the Hong Kong Stock Exchange but faced a significant drop in stock price, reflecting a shift in investor sentiment towards mere scale expansion narratives [1][11]. Financial Performance - Revenue increased from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with a projected revenue of 703 million yuan for the first half of 2025 [8][11]. - Net profit rose from 45.91 million yuan in 2023 to 60.70 million yuan in 2024, and for the first half of 2025, it increased by 95.8% to 41.83 million yuan [8][11]. Market Presence - The number of stores surged from 170 to 451 over three years, with plans to open 150 to 230 new stores annually in the next three years [1][11]. - Shenzhen became the second city to host 100 stores for the brand, following Guangzhou [10]. Competitive Strategy - The company has adopted a pricing strategy to attract customers, reducing the average spending from approximately 36.1 yuan in 2022 to about 31.3 yuan in the first half of 2025 [11]. - The turnover rate decreased from 3.8 times per day in 2023 to 3.3 times in the first half of 2025, indicating declining store efficiency [11]. Investor Sentiment - Despite strong initial financial data, investor confidence appears to be waning, as evidenced by the stock's performance post-IPO, which saw a drop of 27.84% on the first day [1][11]. - Analysts express concerns regarding the balance between scale and profitability, suggesting that the core competitiveness of restaurant businesses lies more in product and operations than in rapid expansion [12].
遇见小面上市“遇冷”，深圳已有百家门店