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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82
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西双版纳傣族自治州(勐海县、勐腊县、景洪市)

作者| 老高来源| 投资家(ID:touzijias)

现在的港股异常拥挤,迎来各路“神仙妖魔”。

最近,一家开面馆的明星公司备受争议,其在IPO前夕搞掉了自家的公关总监。且裁员通知不是发给本人,发到了家里,引起该公关总监的巨大不满。公关总监在朋友圈质疑,“公司是否尊重员工的基本人格?”这家公司便是,在中国20多个城市开了约400家面馆的遇见小面。港交所官网显示,遇见小面已向港交所递交招股书,冲击“中式面馆第一股”。

在创投圈,遇见小面是一家颇具“传奇”色彩的餐饮品牌。公司三位创始人宋奇、苏旭翔、罗燕灵,是来自华南理工大学的85后学霸。这三人没有攻坚科技而是盯上了重庆小面的生意,一起辞职创业、同甘共苦。2016年,遇见小面拿到百福集团2500万元A轮融资时估值只有1亿元,到了2021年,这家公司拿到碧桂园创投、喜家德水饺1亿元A+轮融资时,估值逆袭达到30亿元,5年估值暴增30倍,连时下最火爆的人形机器人看了也要自愧不如。

一旦IPO成功,三位华工学霸就要暴富了。不过,这家公司为何IPO前夕开掉岗位至关重要的公关总监?裁员通知不发本人,发到家里同样是谜。难道只能同共苦,却不能同享福?

港股,真热闹。自“春天里的一杯奶茶”蜜雪冰城在港股大放异彩后,不知不觉中,港股迎来大批“神仙妖魔”密集IPO。这些公司赛道不同目标一致,“借资本通道,上市暴富”。

当然,这些公司跑港股还在于,“要求没大A严苛”。上周有一家卖挂面的大忽悠公司不信邪毅然挑战A股,结果被上交所定性“5年内不准IPO”。这加速了幻想资本暴富的公司们去港股IPO的想法。眼下就有一家面馆公司跑去港股了,只是IPO前夕闹出不愉快事件。

它就是遇见小面。说起遇见小面一线城市的食客应该不会陌生,这家创立于2014年的餐饮品牌“用一碗口味独特的重庆小面”切入市场,迅速走红,目前已布局中国20多个城市。实际上,中国餐饮赛道不缺面馆,遇见小面热度升温跟它们得到产业资本的青睐有很大关联。

长久以来,VC/PE、产业资本很少关注餐饮里的面馆品类,一是开面馆的一般是“家族模式”根本就用不着融资。二是“面馆估值低,资本故事很难讲下去。”它不像“春天里的一杯奶茶”靠“Z+世代”的年轻人撑起市场规模。所以,面馆一直是VC/PE眼中的“冷门”方向。

“中国第二大忽悠”前瑞幸咖啡创始人陆正耀曾尝试过面馆创业,“他想用面馆讲故事”然后,面馆项目搞到一半,不了了之。陆正耀“迷途知返”回归老本行卖咖啡。2025年初,知名网红李凉凉发布视频称,“李凉凉重庆小面正式结业,门店全部关闭,亏损超300万元。”

根据百度文库的一份报告显示,面馆是餐饮最卷品类之一。其中,中式面馆市场规模复合增速达到12.72%,2024年市场规模增至2866亿元。尽管中式面馆市场规模增速飞快,但面馆倒闭数量也在激增。2024年上半年,超100万家从事面馆业务的公司退出市场,竞争惨烈。

面馆比奶茶狠。奶茶是死掉了5万家公司,面馆是半年就有超100万家退出市场。想靠面馆创业逆袭、把公司做大并不容易。遇见小面是“异类”,它们罕见获得了资本垂青。2014年,遇见小面就收获了一轮300万元天使轮融资,资本为何对遇见小面抛出资本橄榄枝?

在众多中式面馆里,遇见小面的创始团队跟口味一样“独特”。

它们有三位看上去跟卖面条无关的创始人。根据AI大模型DeepSeek解读,“面馆之所以卷,是因为对创业者的各方面要求低,是低学历创业的核心方向。”DeepSeek进一步分析,面馆创业具备技术门槛低、初始投入少、人力配置灵活的三大特征,“面馆制作流程标准化程度高,投入2-3人,学习周期仅需3-6天即可掌握基础操作,适合无专业烹饪背景的创业者。”

遇见小面的三位85后创始人宋奇、苏旭翔、罗燕灵是高学历面馆创业。他们三人皆来自“双一流985”的华南理工大学。三人之中,宋奇的经历丰富。香港科技大学硕士毕业后,宋奇突发奇想去麦当劳工作,他又从“负责点餐卖汉堡”的营业部跳到了百胜中国的开发部。

积累了运营、服务、选址等经验后,宋奇开启了人生第一创业。可他并不是卖“洋快餐”,而是开了一家饺子馆。不久饺子馆不顺,宋奇二次创业搞了一家茶餐厅,也不顺。此处,能看出一个什么问题?宋奇就是DeepSeek眼中的那种“无专业烹饪背景创业者”。此外,宋奇创业有很大试错成分,他的早期创业旅途有点像“陆正耀”,这个失败马上换下一个。

他跟传统意义上的餐饮创业者也不太像,“比如洋快餐经验丰富的人就干洋快餐。”你说他擅长洋快餐吧,他卖饺子,你说他喜欢饺子吧,他干茶餐厅。宋奇是用各种品类试错,他想找到一条通往创业暴富路的“捷径”。两次创业不顺的宋奇偶然在一档节目里听到重庆小面。

他那颗创业躁动的心,兴奋了。这次,宋奇要感谢他人生中的“贵人”罗燕灵。罗燕灵是遇见小面的三位创始人之一,她不单是宋奇的大学同学,还有个更加特殊的身份,宋奇妻子。据宋奇在一次公开演讲中回忆,“他很感谢妻子,两人在一家重庆面馆前赖了半天,用5000元的学费成本,学到了重庆小面最精华的部分。”他们拿到“精华”进行了多次“改良”。

2014年,宋奇、罗燕灵想拉一位好友兼同学“下水”。苏旭翔受不住两位同学软磨硬泡,三人决定共同创业,在广州体育东横街开出了遇见小面的第一家面馆。这三人用“科学方法论”做餐饮,“把电子秤、量杯、油温计、盐度计等实验室设备搬进厨房,调配用料比例。”

华工出了很多科技大佬,TCL创始人李东生、‌石头科技掌门人昌敬。宋奇、苏旭翔、罗燕灵是用科技思维卖面条。三人里,宋奇的想法多、野心大,根据他自己的描述,“他在麦当劳炸薯条时,就想过未来创立中餐品牌,去挑战麦当劳。”但卖面条挑战麦当劳很清奇。

关键,这种清奇的想法被资本“认可”。

2016年,产业资本投向遇见小面。

一年,遇见小面拿到两轮融资。分别是知名餐饮品牌九毛九的数百万元Pre-A轮融资,百福集团的2500万元A轮融资。Pre-A轮设置,懂资本的创业者才这样融资,目的是加股东扩估值。百福集团是以1亿元估值投了遇见小面。干了两年,遇见小面估值就做到一个亿了。

可能1亿元估值对科技创业来说,“毛毛雨”。面馆创业却是合理估值。需要说明的是,九毛九、百福集团是产业资本非财务投资者,财务投资者是VC/PE,VC/PE投面馆的不多,也不会给面馆投很多钱。前面提到,“面馆讲不出好故事”。面馆也不靠估值增长收获回报。

科技公司为何靠估值增长收获回报?技术赋能价值前景辽阔、技术壁垒难以复制。面馆不一样。产业资本玩的是跟自身业务融合,比如卖大骨头的九毛九、餐饮平台百福集团本质离不开餐饮,它们投资遇见小面亦是业务扩展。2020年,全球“黑天鹅”袭来,遇见小面竟然抗住了线下冲击,“黑天鹅”第二年拿到了碧桂园创投、喜家德水饺的数千万元战略融资。

昔日卖水饺不顺的宋奇招来一位卖水饺的股东。同年7月,遇见小面又融资了,企查查APP显示,遇见小面再次拿到碧桂园创投、喜家德水饺的1亿元A+轮融资,估值达到了惊人的30亿元。这个估值暴增的有些离谱,一个卖面条的2016年估值1亿元,2021年30亿元?

5年估值暴增30倍,专业的VC/PE看了估计也要深思,“估值何来?”。根据DeepSeek总结的历史资料,2016年,遇见小面的门店数量10家左右。2022年,门店数量超130家。6年,遇见小面的门店数量增长10多倍,但估值在2021年就增长了30倍,真的挺离谱。

这家学霸夫妻搞起的餐饮品牌清奇透着“神奇”。“似乎每个创业者都有一个IPO梦想,别管是干什么的,必须IPO。”最近,遇见小面也去港股IPO了,这家公司终于不再神秘。

招股书显示,遇见小面2022年、2023年、2024年营收分别为4.18亿元、8.01亿元、11.54亿元。对应净利润分别为-3597.3万元、4591.4万元、6070万元。2022年,遇见小面还是亏损状态,2023年开始扭亏为盈。这份财务数据,想要挑战麦当劳是不切实际的“幻想”。

餐饮赛道挺看重净利润率,遇见小面2023年、2024年的净利润率分别为5%-6%和5.26%。可行业的平均水平是8%。意味着,遇见小面的净利润率低于行业平均值,境况不算乐观。

门店数量方面,遇见小面跑的挺快,2024年门店总数约400家,拿到好成绩,遇见小面很快想到了资本市场,看到卖奶茶、咖啡、功能饮料、零食、盲盒的去港股IPO了,也去碰碰运气。成功了就是“中式面馆第一股”。IPO前,宋奇‌、‌苏旭翔‌及其控股公司合计持股‌53.28%,按着30亿元估值计算,宋奇罗燕灵(夫妻一体)、‌苏旭翔或将各自斩获超10亿元财富。

2024年,遇见小面才赚了6070万元,若顺利,上市一战三位创始人就彻底暴富了。但遇见小面突然冒出来的公关总监裁员风波,则给公司蒙上了一层迷雾,“快IPO了卸磨杀驴?”

那么,你看好遇见小面的IPO之旅吗?‌

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