巴奴冲击港股IPO：门店数量达145家，人均消费138元

Core Viewpoint - Banu International Holdings Limited has submitted its IPO application to the Hong Kong Stock Exchange, with CICC and CMB International as joint sponsors [1][3]. Financial Performance - Banu's revenue for the years 2022, 2023, and 2024 is reported as RMB 1.433 billion, RMB 2.111 billion, and RMB 2.307 billion respectively, with a profit of RMB -5.2 million, RMB 101.7 million, and RMB 122.9 million for the same years [3][4]. - Adjusted net profit for the same periods is RMB 41.5 million, RMB 143.7 million, and RMB 195.9 million, with adjusted net profit margins of 2.9%, 6.8%, and 8.5% respectively [3][4]. Market Position - Banu is the largest hot pot brand in China's quality hot pot market by revenue, holding a 3.1% market share in 2024 [3][4]. - As of June 9, 2025, Banu operates 145 stores across 39 cities, a 74.7% increase from 83 stores at the end of 2021 [3][4]. Customer Insights - The average customer spending in first-tier cities decreased from RMB 183 to RMB 165 from 2022 to 2024, while spending in second-tier cities remained stable at RMB 150 [5]. - As of March 31, 2025, the average customer spending was RMB 138, down from RMB 148 the previous year [5]. Use of IPO Proceeds - The net proceeds from the IPO will primarily be used for expanding the self-operated restaurant network, brand building, supply chain optimization, and general corporate purposes [6]. Company History - Founded in 2001, Banu has expanded significantly, with key milestones including the establishment of its first store in Beijing in 2018 and entry into the South China market in 2021 [8]. Consumer Feedback - Banu is recognized for its high-quality ingredients and has received positive ratings on platforms like Dianping, with scores ranging from 4.5 to 4.9 [9]. - However, there have been complaints regarding the company's app requiring users to add a corporate WeChat account to access membership benefits, which some consumers view as an infringement of their rights [11][17].