Core Viewpoint - The company "遇见小面" is aggressively expanding its store network while facing declining same-store sales, raising questions about its strategy and potential for success in the capital market as it prepares for an IPO [1][2]. Group 1: Company Overview - "遇见小面" was founded in 2014 and has become a notable player in the Chinese noodle restaurant sector, ranking fourth in sales among similar brands as of 2024 [4]. - The company has received significant investment from various backers, including 百福控股 and 碧桂园控股, and its founders hold a combined 53.28% stake [5][7]. Group 2: Expansion and Store Network - The company has rapidly increased its number of stores, reaching 252 by the end of 2023, with plans to open an additional 120 to 150 stores in 2025 [8][12]. - As of April 2025, "遇见小面" operates 374 restaurants in mainland China and 6 in Hong Kong, with 64 more in preparation [9]. Group 3: Financial Performance - Revenue has shown strong growth, with figures of 418 million RMB in 2022, 800 million RMB in 2023, and projected 1.15 billion RMB in 2024, reflecting a compound annual growth rate of 66.2% [13][14]. - Despite revenue growth, the company has faced increasing debt, with a net current liability of 2.42 billion RMB by the end of 2024, indicating financial strain [17][18]. Group 4: Pricing Strategy and Sales Performance - The company has adopted a "price for volume" strategy, leading to a decline in average order value from 36.1 RMB in 2022 to 32.0 RMB in 2024, which has affected profitability [15][16]. - Same-store sales have decreased by 5.14% in first-tier cities, with total same-store sales dropping from 740 million RMB to 709 million RMB in 2024 [16]. Group 5: Operational Challenges - The company has faced criticism for its management practices, including a significant reduction in full-time employees by approximately 45% in 2024, while relying heavily on outsourced labor [23][25]. - Food safety issues have been reported, with multiple complaints regarding service and food quality, raising concerns about operational standards [25][27].

文 | 《 BUG 》栏目 徐苑蕾 当前，遇见小面正以"中式面馆第一股"的概念冲刺港股市场。 而就在其递交招股书后 3 天，公司公关总监却突遭裁员，其怒斥公司"用完即弃"。原本应 是 IPO 静默期的维稳者却成了危机源头，这桩带有争议的劳务纠纷无疑给遇见小面的资本 故事蒙上了一层阴影。 根据招股书显示，过去 3 年，遇见小面以"麦当劳式"扩张横扫市场，营收年复合增长率达 66.2% ，门店数量翻倍至 360 家，但 2024 年单店和同店经营效率均出现下滑，暴露 出"以价换量"策略的疲态。 纵观行业，中式面馆赛道高度分散，行业前五名合计市占率不足 3% ，价格战与同质化竞 争愈演愈烈。遇见小面的这场 IPO 不仅是其自身发展的转折点，更是整个中式面馆行业能 否跑通规模化商业模式的试金石。 公关总监被裁 指责"用完即弃" 日前，遇见小面原公关总监在社交媒体上发布的一系列动态引发广泛关注。该总监发声称，自 己突然收到公司的裁员通知，指责公司"用完即弃"，且通知原件直接寄到了家里，联系方式写 的是家人电话而非其本人。 据透露，目前其正在进行法律维权。《 BUG 栏目》了解到，该总监自 1 月入职遇见小 面，收到解除 ...

Core Viewpoint - The company "Yujian Xiaomian" has submitted its IPO application to enter the Hong Kong stock market, showcasing rapid growth in performance, but faces uncertainties regarding future growth due to competitive pricing strategies and internal management issues highlighted by the sudden dismissal of its PR director during the IPO process [1][2][18]. Company Overview - "Yujian Xiaomian," officially known as Guangzhou Yujian Xiaomian Catering Co., Ltd., was founded by three graduates from South China University of Technology, focusing on Sichuan and Chongqing cuisine with signature dishes including various noodle and snack offerings [8][9]. - The company has experienced significant growth since its inception in 2014, with a unique approach to standardizing recipes and operations in a traditionally competitive restaurant industry [8][9]. Financial Performance - The company has shown impressive revenue growth, with reported revenues of 4.18 billion RMB in 2022, 8.01 billion RMB in 2023, and projected 11.54 billion RMB in 2024, reflecting year-on-year growth rates of 91.47% and 44.21% for 2023 and 2024 respectively [15][16]. - The net profit transitioned from a loss of 359.73 million RMB in 2022 to a profit of 45.91 million RMB in 2023, and further to 60.70 million RMB in 2024, indicating a significant turnaround [15][16]. Market Expansion - The company plans to continue its aggressive expansion strategy, aiming to open approximately 120 to 150 new restaurants in 2025, 150 to 180 in 2026, and 170 to 200 in 2027 [15]. - As of the end of 2024, the total number of restaurants is expected to reach 360, with a significant concentration in first-tier and new first-tier cities [15]. Pricing Strategy - The average order value has decreased from 36.1 RMB in 2022 to 32.0 RMB in 2024, reflecting a deliberate pricing strategy to attract more customers amid a competitive landscape [16][17]. - The company has seen an increase in table turnover rates, from 3.9 times per day in 2023 to 4.1 times in 2024, despite a decline in same-store sales [16][17]. Financial Health - The company's debt-to-asset ratio has decreased from 95.77% in 2022 to 89.86% in 2024, indicating a gradual improvement in financial stability, although it remains high [18]. - Cash flow issues are evident, with net cash increases of -6.99 million RMB in 2022, -9.76 million RMB in 2023, and a positive 15.39 million RMB in 2024, suggesting ongoing financial pressure [18].