遇见小面上市即破发 仍处加速扩张期

Core Viewpoint - The company "Yujian Xiaomian" has officially listed on the Hong Kong Stock Exchange, becoming the first Chinese noodle restaurant stock, but its share price dropped nearly 29% on the first day, closing at HKD 5.08, down 27.84% from the issue price of HKD 7.04, resulting in a market capitalization of approximately HKD 3.61 billion [1][2]. Group 1: Company Overview - Yujian Xiaomian was founded in 2014 and has received investments from various firms including Jiumaojiu Group and Country Garden Ventures, with a presence in multiple cities such as Beijing, Shanghai, and Hong Kong [1]. - The company issued 97.36 million H-shares, accounting for 13.7% of the total share capital post-issue, with a total fundraising scale of approximately HKD 685 million [2]. Group 2: Market Performance - The stock's first-day performance reflects market skepticism regarding the company's current business model and future expectations, with concerns about the sustainability of its growth strategy [2]. - The company has faced a significant drop in key operational metrics, including a decline in average daily sales per store and overall turnover rates, indicating potential issues with its growth model [6][7]. Group 3: Expansion Plans - Yujian Xiaomian is in an accelerated expansion phase, planning to open between 520 to 610 new stores from 2026 to 2028, focusing on lower-tier cities and overseas markets [5]. - As of November 18, 2025, the company operates 465 restaurants, with a significant portion being directly operated [4]. Group 4: Financial Performance - The company's revenue increased from CNY 418 million in 2022 to CNY 1.154 billion in 2024, with a turnaround from a net loss of CNY 35.97 million to a profit of CNY 60.7 million [5]. - In the first half of 2025, revenue reached CNY 703 million, a year-on-year increase of 33%, while net profit grew by 95.77% to CNY 41.83 million [5]. Group 5: Challenges and Strategic Focus - Analysts have identified three major "singularization" challenges for Yujian Xiaomian: a lack of regional diversification, a narrow product range centered on Chongqing noodles, and a limited operational model [3]. - The company is advised to focus on improving operational efficiency and diversifying its menu to enhance profitability before pursuing aggressive expansion [7].