遇见小面的资本尴尬：百倍认购却在上市首日股价下跌27%，多次因食安问题被通报

Core Viewpoint - The initial public offering (IPO) of Guangzhou Yujian Xiaomian Restaurant Co., Ltd. faced significant challenges, with the stock price dropping nearly 28% on its debut, highlighting a disconnect between market enthusiasm and the company's fundamental performance [1][3]. Group 1: IPO Performance - Yujian Xiaomian's IPO was highly anticipated, achieving a subscription rate of 425.97 times, the highest for a Chinese fast-food stock in the year [1]. - The company raised a total of 685 million HKD, with a net amount of 617 million HKD intended for store expansion, supply chain upgrades, and digitalization [3]. - Despite the initial excitement, the stock opened at 5 HKD, down nearly 29%, and closed at 5.08 HKD, reflecting a 27.84% decline from the issue price of 7.04 HKD, resulting in a market capitalization of approximately 3.61 billion HKD [1][3]. Group 2: Financial Performance and Concerns - From 2022 to 2024, Yujian Xiaomian's revenue grew from 418 million CNY to 1.154 billion CNY, with a compound annual growth rate of 66.2%, and net profit shifted from a loss of 35.97 million CNY to a profit of 60.7 million CNY [4]. - However, key operational metrics showed concerning trends, with average daily sales per store declining from approximately 13,997 CNY in 2023 to about 11,805 CNY in the first half of 2025, a drop of 15.66% [4][5]. - The same-store sales for direct-operated restaurants fell by 3.1% year-on-year in the first half of 2025, indicating growth challenges in core markets [6]. Group 3: Dividend Policy and Financial Health - Despite high debt levels, Yujian Xiaomian maintained a high dividend payout, distributing 19.5 million CNY in 2023 and 14.7 million CNY in March 2025, totaling over 34 million CNY, which is 56% of the 2024 net profit [8]. - The company's short-term borrowings reached 50 million CNY, with cash reserves of only 42.19 million CNY, leading to a net current liability of 242 million CNY and an asset-liability ratio consistently above 90% [8][9]. - The high dividend payout amidst financial strain raises concerns about the company's ability to sustain operations and invest for growth, as highlighted by experts [8][9]. Group 4: Brand Reputation and Consumer Feedback - Yujian Xiaomian faced multiple food safety issues, including violations of food safety regulations and consumer complaints about product quality, which have negatively impacted its brand reputation [9]. - As of December 24, 2025, there were 84 complaints against the company, including serious issues such as food contamination [9]. - The changing valuation logic in the restaurant industry emphasizes the need for sustainable profit models and robust quality control, indicating that Yujian Xiaomian must address these challenges to succeed in the long term [9].