「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨 赵晓 晓 编辑丨 关 雎 图源 丨遇见小面官网 中式面馆第一股， 刚刚 诞生。 遇见小面，一家成立于 2014 年、做川渝风味的面馆，在 12 月 5 日 登陆港交所 ，其在全球共发售 了 9736.45 万股，发售价为每股 7.04 港元，遇见小面募资总额约 6. 8 亿港元 。截至发稿， 市值 3 6 亿港元。 创始人宋奇、苏旭翔、罗燕灵是高学历创业者，三人皆来自"双一流 985 "的华南理工大学，宋奇硕 士毕业于香港科技大学，其和罗燕灵是夫妻。三人之中，宋奇是主导，他一直都很喜欢餐饮行业，想 拥有一家属于自己的餐饮公司，而卖重庆小面这个灵感，来自他的丈母娘。 截至 2025 年上半年，遇见小面共有门店 451 家，多半在 中国 东部及南部。去年 5 月公司在香港 开出大陆以外的第一家店，目前在香港共有 6 家店。今年 12 月，新加坡首店也将开业。这是公司在 海外的第一家门店。按照公司计划， 2028 年前要实现千店规模。 背后助推 它快速 ...

Core Viewpoint - The company "Yujian Xiaomian" (Encounter Xiaomian) faced a disappointing debut on the Hong Kong Stock Exchange, with its stock price dropping nearly 28% on the first day, reflecting a lack of investor confidence in the Chinese noodle restaurant sector [3][4]. Company 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 35.97 million yuan to a profit of 60.7 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 703 million yuan, representing a year-on-year growth of 33.8%, and a net profit of 41.83 million yuan, up 95.8% year-on-year [5]. 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 [6]. - The company plans to open approximately 150 to 180 new restaurants in 2026, 170 to 200 in 2027, and 200 to 230 in 2028, indicating a strong focus on expansion despite current challenges [9]. Challenges in the Industry - The noodle restaurant industry has been experiencing a downturn, with Yujian Xiaomian's same-store sales and turnover rates declining, indicating potential issues with customer retention and pricing strategies [8][10]. - The average daily sales per store decreased, with direct-operated restaurants averaging 11,805 yuan and franchised restaurants at 11,493 yuan, both showing declines compared to the previous year [8]. Market Context - The competitive landscape for noodle restaurants has intensified, with a total of 3,543 noodle brands and 758,400 stores in China as of November 13, 2025, highlighting the high rate of store openings but low net growth [9]. - The overall market sentiment towards noodle restaurants has shifted, with investors becoming more cautious due to the industry's low profitability and high competition [10].

Core Viewpoint - The debut of "Yujian Xiaomian" (02408.HK), known as the "first stock of Chinese noodle restaurants," on the Hong Kong Stock Exchange was met with a disappointing market reaction, opening at 5.00 HKD per share, down 28.98% from the issue price of 7.04 HKD [1][5]. Group 1: Company Performance - As of the closing, the stock price was 5.08 HKD per share, reflecting a 27% decline, with a total market capitalization of 36.1 billion HKD [4]. - The company has shown significant revenue growth, with revenue increasing from 418 million RMB in 2022 to 1.154 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 66.2% [6]. - In the first half of 2025, the company achieved revenue of 703 million RMB, a year-on-year increase of 33.8%, and net profit of 42 million RMB, up 95.8% year-on-year [7]. Group 2: Market Challenges - The company's strategy of "price for volume" has led to a decline in average order value from 36 RMB in 2022 to 31.8 RMB in 2024, without a significant increase in table turnover rates, which fluctuated between 3.0 and 4.0 [8]. - The restaurant network is heavily concentrated in Guangdong Province, with over half of the restaurants located there, making the company vulnerable to regional economic changes [8]. - The franchise model, while accelerating store expansion, poses challenges for food safety and operational standardization, with reports of franchise stores facing regulatory penalties due to quality control issues [9]. Group 3: Investor Sentiment - Despite the challenges, the company attracted significant interest from cornerstone investors, raising 22 million USD prior to the IPO, indicating some institutional confidence in its long-term prospects [10]. - The IPO saw an oversubscription of approximately 426 times in the public offering, with a final issue price of 7.04 HKD per share, raising a net amount of 617 million HKD [10]. - However, the dark market trading prior to the listing indicated a downward trend, with declines of 14.2% to 14.8%, foreshadowing the poor performance on the first trading day [10]. Group 4: Strategic Concerns - The company faces a "single-dimensional" dilemma, characterized by a lack of geographic diversification, a narrow product range centered on Chongqing noodles, and a limited operational model, which restricts its ability to expand effectively [11]. - Addressing these challenges will be crucial for the company to enhance its valuation and regain investor confidence in the capital markets [11].

Group 1 - The core viewpoint of the article highlights the disappointing market debut of "Yujian Xiaomian," which opened at a 29% loss from its IPO price, reflecting investor skepticism towards the restaurant chain's growth narrative [2][3] - The company has experienced significant revenue growth, with income rising from 400 million RMB in 2020 to 1.15 billion RMB in 2024, and a turnaround from a net loss of 36 million RMB in 2022 to a profit of 45.9 million RMB in 2023 [3][6] - The increase in profitability is largely attributed to a higher proportion of direct sales, which rose from 80.5% to 89%, indicating a shift in the company's operational strategy [3][6] Group 2 - The article points out the challenges faced by the restaurant industry, particularly the reliance on price reductions to drive sales, as evidenced by a decrease in average customer spending from 36.1 RMB to 30.9 RMB [6][7] - The rapid valuation increase of Yujian Xiaomian, from 1 billion RMB to 3 billion RMB in just four months in 2021, is contrasted with the current market's cautious evaluation of such growth models [6][7] - The company aims to balance standardization and personalization in its offerings, emphasizing the importance of maintaining authentic flavors and customer experience amidst expansion [6][7]

Core Viewpoint - The debut of "Yujian Xiaomian" (02408.HK) on the Hong Kong Stock Exchange was met with a disappointing market reaction, opening at 5.00 HKD per share, down 28.98% from the issue price of 7.04 HKD, indicating a lack of investor confidence despite prior high demand for its IPO [1][3] Company Overview - Founded in 2014, Yujian Xiaomian operates 440 restaurants in 22 cities across mainland China and 11 in Hong Kong, making it the largest operator of Sichuan-Chongqing style noodle restaurants in China and the fourth largest Chinese noodle restaurant operator [5] - The company has experienced significant revenue growth, with a compound annual growth rate (CAGR) of 66.2%, increasing from 418 million CNY in 2022 to 1.154 billion CNY in 2024, and achieving profitability in 2023 [5] - In the first half of 2025, Yujian Xiaomian reported revenue of 703 million CNY, a year-on-year increase of 33.8%, and a net profit of 42 million CNY, up 95.8% [5] Market Challenges - The company's strategy of "price for volume" has led to a decline in average order value from 36 CNY in 2022 to 31.8 CNY in 2024, without a significant increase in table turnover rates, which have fluctuated between 3.0 and 4.0 [6] - The concentration of its restaurant network poses a regional risk, with over half of its locations in Guangdong Province, particularly in Guangzhou, which accounts for over 30% of its outlets [6] - The franchise model, while accelerating store expansion, raises concerns about food safety and operational standardization, with reports of franchisees facing regulatory penalties due to quality control issues [7] Investor Sentiment - Despite the challenges, Yujian Xiaomian attracted significant interest from cornerstone investors, raising 22 million USD prior to its IPO, indicating some institutional confidence in its long-term prospects [9] - The IPO saw an oversubscription of 425.97 times in the public offering, with a final issue price of 7.04 HKD per share, raising a net amount of 617 million HKD [9] - However, the dark pool trading prior to the listing indicated a downward trend, with declines of 14.2% to 14.8%, foreshadowing the poor market performance on the first trading day [9] Strategic Concerns - Analysts highlight a "single-dimensional" dilemma for Yujian Xiaomian, including a lack of geographic diversification, a narrow product range focused on Chongqing noodles, and a limited operational model that hampers expansion efficiency [10] - The company needs to address these challenges to enhance its market valuation and investor confidence moving forward [10]

Core Viewpoint - The rapid expansion of the company "Yujian Xiaomian" raises concerns about "diseconomies of scale," as the more it expands, the lower the efficiency of individual stores, leading to a growth model that is increasingly competitive and self-defeating [3][15][20] Company Overview - "Yujian Xiaomian" has become the largest brand of Sichuan-Chongqing style noodle restaurants in China and the fourth largest operator of Chinese noodle restaurants, despite having no stores in the Sichuan-Chongqing region [2] - The company has rapidly increased its number of restaurants from 417 to 465 in less than six months as of mid-2025 [2] Expansion Strategy - The company has adopted a strategy of aggressive expansion, with a goal of reaching 1,000 stores within three years, supported by a central kitchen system [15][19] - The number of stores increased from 170 in 2022 to 360 in 2024, with a compound annual growth rate of 45.5% [15] Financial Performance - The company's revenue grew from 418 million yuan to 1.154 billion yuan from 2022 to 2024, with an annual compound growth rate of 66.2% [14] - In 2023, the company turned a profit of 45.914 million yuan after a loss of 35.973 million yuan in 2022 [12] Market Position and Challenges - Despite being the fourth largest in the industry, the company's market share is only 0.5%, indicating a weak head effect in a highly fragmented market [19] - The company faces challenges in maintaining profitability due to high debt levels, with asset-liability ratios around 90%, compared to the industry norm of 50%-70% [19][20] Consumer Behavior and Pricing Strategy - The company has lowered its average customer spending from 36 yuan in 2022 to 32 yuan in 2024 to attract more customers, but this has led to a decline in the average order value [15][18] - The shift in consumer dining habits towards takeout has also impacted the company's profitability, as takeout orders typically have lower average spending than dine-in [17] Operational Efficiency - The company has implemented a standardized production process to ensure consistent quality across its outlets, which has been crucial for its expansion [11][12] - However, this standardization has led to a perception of the product as "pre-made noodles," which may affect its appeal compared to traditional street vendors [12][20]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：时代财经APP 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月5日，遇见小面正式登陆港交所，成为新式面馆第一股，股票代号为2408。 本次上市，遇见小面发售股份数目为97364500股，其中，香港公开发售9736500股，国际发售87628000 股，最终发售价定为7.04港元。股份配发结果显示，遇见小面香港公开发售股份超额认购倍数为425.97 倍。 截至12月5日上午9点20分，盘前竞价阶段结束后，遇见小面股价为5港元/股，较发行价跌幅为28.98%。 截至12月5日上午10点46分，遇见小面股价为4.98港元/股，跌幅达29.26%。 图源：图虫 遇见小面成立于2014年。招股书显示，截至2025年11月18日，遇见小面的餐厅数量共465家，包括中国 内地的451家餐厅与香港的14家餐厅。截至2025年6月30日，遇见小面收入7.03亿元，其中，来自直营餐 厅经营的收入为6.26亿元，占比89%，来自特许经营管理的收入为7666.2万元，占比10.9%。 近年来，遇见小面开店速度明显加快。2 ...

Core Viewpoint - The article highlights a recent special inspection conducted by the Peace Market Supervision Bureau in Tashkent City, focusing on the food safety issues related to beef noodle restaurants, particularly the authenticity of soup base ingredients and compliance with food additive regulations [1] Group 1: Inspection Details - The inspection targeted nine beef noodle restaurants within the jurisdiction, thoroughly checking the entire process of soup base preparation [1] - Enforcement officers examined the storage of soup ingredients, inquired about the production process, and verified operational records to determine whether the soup was freshly made or mixed [1] - Restaurants were required to provide procurement certificates for beef bones and meat, with those unable to present soup residue or complete production records subjected to intensified scrutiny [1] Group 2: Compliance with Food Safety Standards - The inspection focused on ensuring compliance with national food safety standards, particularly regarding the use of food additives beyond permitted limits [1] - Back-of-house management was also scrutinized, including the display of licenses, health certificates for staff, separation of raw and cooked ingredients, and records of utensil disinfection [1] - Immediate corrective actions were mandated for issues such as dirty workstations, uncovered trash bins, and improper storage of ingredients [1] Group 3: Future Actions - The inspection reinforced the food safety responsibilities of beef noodle restaurant operators [1] - There will be an increase in routine inspections and random checks, along with a streamlined complaint reporting channel (12315) [1] - Legal actions will be taken against violations such as illegal use of additives and misrepresenting mixed soup as freshly made [1]

Core Insights - The phenomenon of "full bowl noodles" reflects a return to the essence of business in the era of social media, emphasizing customer satisfaction and genuine service [1][6][7] Group 1: Business Model and Strategy - The "full bowl noodles" restaurant in Wuhan, which offers free refills and generous portions, has seen a dramatic increase in daily orders from 30 to 200 after a viral video [1][5] - The owner, Wang Rui, established a refund mechanism and extended operating hours to adapt to the surge in demand, showcasing practical wisdom in managing supply chain challenges [5][7] - The restaurant's strategy contrasts with the industry trend of reducing portion sizes to cut costs, highlighting a unique selling proposition that resonates with consumers [5][6] Group 2: Consumer Behavior and Market Trends - The rise of "full bowl noodles" indicates a structural change in consumer spending, particularly in lower-tier cities where service consumption has increased by 8 percentage points since 2020 [6] - The success of the restaurant is attributed to its ability to meet basic survival needs while also providing a sense of community and warmth, as seen in other examples like the "Yang Xiu Yue Beef Noodle Restaurant" [6][7] - The trend reflects a shift in consumer preferences towards authenticity and value, as younger consumers prioritize substantial meals over trendy but expensive options [7] Group 3: Industry Challenges and Opportunities - The rapid growth of the "full bowl noodles" trend exposes vulnerabilities in traditional restaurant supply chains, as seen when the restaurant quickly ran out of noodles after going viral [5][7] - The industry faces challenges such as maintaining quality and dealing with imitators, prompting some owners to focus on core principles rather than rapid expansion [7] - The overall landscape of the food industry is evolving, with a growing emphasis on social responsibility and community engagement as competitive advantages [6][7]

Core Insights - "遇见小面" has made significant progress in its IPO journey, having received approval for overseas listing and updated its prospectus, aiming to become the first publicly listed Chinese noodle restaurant chain [1] - The company reported a revenue of 703 million yuan for the first half of 2025, a year-on-year increase of 33.8%, and an adjusted net profit of 52.175 million yuan, up 131.56% from the previous year [1] - Despite growth in revenue and profit, challenges such as declining same-store sales and a competitive market environment are evident [2][3] Financial Performance - Revenue for "遇见小面" from 2022 to 2024 is projected to be 418 million yuan, 801 million yuan, and 1.154 billion yuan respectively, with net profits of -35.973 million yuan, 45.914 million yuan, and 60.7 million yuan [1] - The average customer spending has decreased from 36.2 yuan in 2022 to 31.8 yuan in the first half of 2025, indicating a trend of price reduction to attract more customers [3] Market Dynamics - The number of "遇见小面" stores has increased from 170 at the end of 2022 to 451 as of October 8, 2023, with plans for further expansion [2] - The competitive landscape is shifting, with new noodle brands emerging and gaining popularity, often at higher price points, which poses a threat to established brands like "遇见小面" [5][6] Consumer Behavior - Newer noodle brands are attracting customers with higher prices and unique offerings, leading to a decline in foot traffic for older brands [6][9] - The trend of consumers willing to pay more for premium dining experiences is evident, as seen with the rising popularity of brands like "王繁星" and "福和面馆" [6][11] Operational Challenges - "遇见小面" has experienced a decline in store turnover rates and average spending per store, indicating operational inefficiencies [2][3] - The company has attempted cost-cutting measures, such as reducing menu items, but faces challenges in maintaining profitability while attracting customers [3][12]