Core Viewpoint - Banu Mutton Hotpot is preparing for an IPO, with a projected revenue of 2.3 billion yuan in 2024, but shows a slowdown in revenue and profit growth compared to previous years [1][2] Financial Performance - Revenue for Banu Mutton Hotpot from 2022 to 2024 is projected to be 1.433 billion yuan, 2.111 billion yuan, and 2.307 billion yuan respectively, with adjusted net profits of -5.19 million yuan, 102 million yuan, and 123 million yuan [2][4] - The revenue growth rate is expected to decline from 47.38% in 2023 to 9.23% in 2024, while adjusted net profit growth is projected to decrease from 248.78% to 37.06% [2][4] Store Expansion Plans - The company plans to open 150 new stores over the next three years, significantly higher than the previous three years' average of 25 new stores annually [5][7] - As of March 2025, Banu Mutton Hotpot has 144 stores, with plans to increase this number to approximately 40, 50, and 60 new stores in 2025, 2026, and 2027 respectively [5][6] Customer Metrics - Average daily customer volume per store decreased from 387 in 2022 to 372 in 2024, while average spending per customer dropped from 147 yuan to 142 yuan [10] - In the first quarter of 2025, the average daily customer volume increased to 420, but average spending fell to 138 yuan [10] Market Strategy - Banu Mutton Hotpot aims to penetrate lower-tier markets, planning to enhance supply chain capabilities in central China and invest approximately 4 to 5 million yuan in satellite warehouses [8][10] - The company emphasizes a value-based pricing strategy, balancing brand premium and customer acceptance through quality and transparency [12] Controversies and Challenges - The high-end positioning of Banu Mutton Hotpot has faced criticism, particularly regarding its market appeal and recent controversies involving the founder [11][12]
巴奴毛肚火锅冲港股IPO：营收增速放缓，有意渗透下沉市场
Nan Fang Du Shi Bao·2025-06-17 06:45