门店数量狂奔，单店盈利能力却下滑！“遇见小面”冲刺港股上市｜港美股看台·IPO观察

Core Viewpoint - "Yujian Xiaomian" is preparing for its IPO, aiming to become the first publicly listed Chinese noodle restaurant chain, following its recent registration with the China Securities Regulatory Commission and the update of its prospectus [1][4][5]. Group 1: Company Growth and Expansion - Since its first store opened in 2014, "Yujian Xiaomian" has expanded to 451 stores across over 23 cities, transitioning from a street-side eatery to a potential public company in 11 years [2]. - The company plans to add 520 to 610 new stores from 2026 to 2028, focusing on first-tier and new first-tier cities [7]. - The number of stores increased from 170 to 451 in three years, with a notable expansion in Hong Kong, where the number of stores grew to 10 within a year [11][12]. Group 2: Financial Performance - The company reported a net profit of 6,070 million yuan in 2024, recovering from a loss of 35.973 million yuan in 2022, with a significant revenue increase from 418 million yuan in 2022 to 1.154 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 66.2% [9][10]. - The average daily sales per store decreased from 13,880 yuan in 2023 to 12,402 yuan in 2024, a decline of 10.79% [17]. Group 3: Investment and Capitalization - The IPO aims to raise funds for store expansion, digital upgrades, brand building, and strategic investments in food suppliers, with plans to invest in 3 to 5 suppliers with annual revenues of 500,000 to 1 million yuan [6][7]. - The company has received significant backing from investors, including Country Garden and Jiumaojiu, with a valuation reaching 3 billion yuan after a series of funding rounds [12]. Group 4: Market Position and Challenges - "Yujian Xiaomian" ranks fourth in the Chinese noodle restaurant market, holding a market share of 0.5% as of 2024, amidst a highly fragmented and competitive landscape [16][22]. - Despite rapid growth, the company faces challenges such as declining same-store sales and profitability, with a 4.2% drop in same-store sales expected in 2024 [19][22].