Core Viewpoint - The company "Yujian Xiaomian" (02408.HK), known as the first stock of Chinese noodle restaurants, faced a significant drop in share price on its debut, closing at HKD 5.08, a decrease of 27.84% from the issue price of HKD 7.04, indicating challenges in the restaurant chain's high-quality development despite rapid expansion [1] Group 1: Company Overview - Yujian Xiaomian started in 2014 in Guangzhou and has grown into a chain focusing on Chongqing noodles, with sales ranking first among all Chinese chain restaurants for products like Chongqing noodles, wonton noodles, and hot and sour noodles from 2022 to 2024 [1] - The company has expanded its product offerings to include various dishes such as noodles, rice, snacks, and beverages [1] Group 2: Financial Performance - Revenue is projected to grow from CNY 418 million in 2022 to CNY 1.154 billion in 2024, with a 33.8% year-on-year increase in the first half of 2025, reaching CNY 703 million [2] - After turning a profit in 2023, net profit is expected to rise to CNY 60.7 million in 2024, with a significant increase of 95.8% to CNY 41.83 million in the first half of 2025 [2] Group 3: Expansion and Challenges - The number of restaurants increased from 133 to 465 from early 2022 to November 2025, marking a growth of 249.6%, with expansion into 22 cities in mainland China and plans for an overseas store in Singapore [3] - The company has faced challenges in balancing rapid expansion with operational quality, as indicated by a decline in same-store sales by 4.4% in 2024 and 3.1% in the first half of 2025 [3] Group 4: Financial Health - The company has experienced increasing current liabilities, with a net current liability of approximately CNY 255 million and a current ratio of 0.5, indicating high leverage with a debt ratio of 87.83% [4] - The financial pressures from rapid expansion raise concerns about the company's ability to maintain a balance between growth and operational stability, which is critical for its future prospects [4]
遇见小面港股上市首日破发 门店高速扩张背后或存隐忧