Core Viewpoint - The company "Yujian Xiaomian," known as the first listed Chinese noodle restaurant, faced a disappointing debut on the Hong Kong Stock Exchange, with shares dropping nearly 28% on the first day of trading, reflecting a broader downturn in the noodle restaurant industry [2][3]. Financial Performance - Yujian Xiaomian's revenue grew from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with net profit turning from a loss of 35.973 million yuan to a profit of 60.7 million yuan during the same period [4]. - In the first half of 2025, the company achieved revenue of 703 million yuan, a year-on-year increase of 33.8%, and net profit of 41.834 million yuan, up 95.8% year-on-year [4]. Store Expansion and Key Metrics - The total number of Yujian Xiaomian restaurants increased from 170 at the end of 2022 to 451 by October 8, 2025, with a significant focus on first-tier and new first-tier cities [5]. - Despite the growth in store numbers, key performance indicators such as average daily sales per store and turnover rates have declined, indicating challenges in maintaining profitability [6]. Market Challenges - The noodle restaurant industry is experiencing a downturn, with increased competition and a saturated market leading to declining profitability metrics for Yujian Xiaomian and other similar brands [7]. - The company plans to open approximately 150 to 230 new restaurants annually from 2026 to 2028, aiming to double its store count despite the current market challenges [8].