餐饮投资正从"规模崇拜"转向"效率优先" 遇见小面coco city店，此为午饭时间。 深圳商报记者李佳佳文/图 营收3年间从4.18亿元跃升至11.54亿元，门店数量从170家猛增至451家……近日，被誉为"中式面馆第一股"的 遇见小面登陆港交所。但迎接它的不是掌声，而是开盘即破发的现实。 公开信息显示，遇见小面每股定价7.04港元。12月5日，遇见小面(2408.HK)在香港交易所上市。上市首日破 发，股价大跌27.84%，报5.08港元/股，总市值为36亿港元。截至12月9日收盘，遇见小面的股价为5.00港元。 创立以来，遇见小面获得过多轮融资，持股股东包括九毛九、百福控股、喜家德创始人高德福及碧桂园等。 遇见小面本次IPO的基石投资者阵容强大，包括高瓴资本、海底捞、君宜资本等，显示出资本对其品牌价值 与增长潜力颇为看好。 总体来看，遇见小面的上市进程可以说颇为顺利。2025年4月15日，遇见小面向港交所递交招股书；12月5 日，遇见小面在港交所上市，股票代码"2408"。 根据弗若斯特沙利文报告，2022年至2024年，遇见小面的"重庆小面""红碗豌杂面""金碗酸辣粉"线下销量连 续3年位居行业第一。 ...

Core Viewpoint - The article discusses the trend of "scale worship" in the internet industry, highlighting the structural failures of companies like Ximalaya and Hupu, which, despite their large user bases, struggled with monetization and ultimately resorted to acquisitions at lower valuations than their peak [4][7][10]. Summary by Sections Acquisition Cases - In June, two major acquisitions occurred in the internet sector: Xunlei acquired Hupu for 500 million RMB, and Tencent Music acquired Ximalaya for approximately 2.9 billion USD [4][7]. Ximalaya's Journey - Ximalaya, after 14 years, was acquired by Tencent Music for nearly 2.9 billion USD, significantly lower than its peak valuation of around 4.3 billion USD [7]. - The acquisition reflects a failure of the "scale worship" approach, where rapid user growth was prioritized over monetization [7][10]. Business Model and Financials - Ximalaya's strategy focused on user scale, leading to impressive growth but also significant losses, totaling 3.166 billion RMB from 2018 to 2022 [8]. - In 2021, Ximalaya spent 2.63 billion RMB on sales and marketing, accounting for 44.9% of its total revenue, indicating a heavy reliance on marketing to drive user growth [8]. - Despite having over 400 million audio contents and 300 million monthly active users, Ximalaya struggled to convert its large user base into profitable revenue streams [8][10]. Lessons for the Industry - The experiences of Ximalaya and Hupu serve as cautionary tales for other startups in the content industry, emphasizing the need for a clear path to profitability rather than merely focusing on user growth [10][11]. - The current market environment is harsher than a decade ago, with shorter capital cycles and stricter valuation standards, making it essential for companies to demonstrate a viable business model [10][11].