遇见小面上市首日股价大跌27%，单店指标明显下滑

Core Viewpoint - The company "Yujian Xiaomian" (02408.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first stock of a Chinese noodle restaurant, but its stock price fell by 27.84% on the first day of trading, closing at HKD 5.08 per share, with a total market capitalization of approximately HKD 3.61 billion [1][4][10]. Company Overview - Founded in 2014, Yujian Xiaomian has received investments from various firms including Jiumaojiu Group, Baifu Holdings, Country Garden Ventures, and Xijia De, and has expanded its presence in cities like Beijing, Shanghai, Guangzhou, Shenzhen, and Hong Kong [1][10]. - The company raised approximately HKD 685 million through the issuance of 97.36 million H-shares at an issue price of HKD 7.04 per share, with cornerstone investors subscribing to USD 22 million worth of shares, accounting for about 25% of the total fundraising [4][12]. Market Performance - On its first trading day, Yujian Xiaomian's stock price opened nearly 29% lower and closed down 27.84% from its issue price, reflecting market skepticism about its business model and future prospects [4][12]. - The company achieved a significant oversubscription of 425.97 times for its public offering, indicating initial strong interest from investors [4][12]. Business Challenges - Analysts have identified three major "singularization" challenges facing Yujian Xiaomian: 1. Geographic concentration, with stores heavily concentrated in Guangdong Province and insufficient expansion outside this region 2. Limited product range, primarily focused on Chongqing noodles, lacking diversification to support risk resilience 3. A singular operational model that restricts efficiency in cross-regional expansion [5][13]. Expansion Strategy - Yujian Xiaomian is in a phase of accelerated expansion, having opened its 200th store in Shanghai in July 2023 and planning to reach 400 stores by April 2025 [7][15]. - As of November 18, 2025, the company operates 465 restaurants, with 331 being directly operated and 86 franchised, and plans to add 520 to 610 new stores from 2026 to 2028, focusing on lower-tier cities and overseas markets [7][15]. 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 35.973 million to a profit of CNY 60.7 million [7][15]. - In the first half of 2025, revenue reached CNY 703 million, a year-on-year growth of 33%, while net profit surged by 95.77% to CNY 41.834 million [7][15]. Operational Efficiency - Despite revenue growth, key operational metrics such as average daily sales per store have declined, with direct-operated restaurants seeing a drop from CNY 12,693 to CNY 11,805, and franchised restaurants from CNY 12,528 to CNY 11,493 [8][16][17]. - The overall turnover rates for direct and franchised stores also decreased, indicating potential inefficiencies in the current business model [8][18]. Future Outlook - The funds raised from the IPO will be used to expand the restaurant network, enhance market penetration, upgrade technology and digital systems, strengthen brand loyalty programs, and pursue strategic investments or acquisitions in the upstream food processing sector [18]. - Analysts suggest that the company should focus on improving operational efficiency and diversifying its product offerings before pursuing aggressive expansion, as the current model may not be sustainable [18].