巴奴火锅人均消费额走低，收入不及凑凑此前表现，凭什么闯上市？

Core Viewpoint - Banu International Holdings Limited has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing premium hot pot market in China, despite recent challenges faced by other restaurant brands in the same sector [3][4]. Company Overview - Banu is recognized as the largest premium hot pot brand in China by revenue, focusing on high-quality ingredients and a differentiated dining experience [3][4]. - The company operates a self-service model across its 145 restaurants in 39 cities, ensuring consistency in product and service quality [8]. Market Analysis - The premium hot pot market in China is projected to grow from RMB 602 billion in 2019 to RMB 741 billion by 2024, with a compound annual growth rate (CAGR) of 7.8% expected from 2024 to 2029 [4]. - Banu's positioning in the premium segment, defined as hot pot with an average spend of over RMB 120 per person, contrasts with the mass and budget segments [4]. Financial Performance - Banu's revenue for 2022, 2023, and 2024 is projected to be approximately RMB 14.33 billion, RMB 21.12 billion, and RMB 23.07 billion, respectively, with net profits turning positive in 2023 [4][6]. - The adjusted net profit margins are expected to improve from 2.9% in 2022 to 10.8% in 2025 [6]. Consumer Behavior - The average spending per customer at Banu has shown a decline, with figures of RMB 147, RMB 150, and RMB 142 for 2022, 2023, and 2024, respectively, indicating a potential challenge in maintaining its premium positioning [9][10]. - In first-tier cities, the average spending was higher than in second and third-tier cities, but it has also been decreasing, suggesting a shift in consumer spending habits [9][10]. Competitive Landscape - Banu's average customer spending of RMB 142 in 2024 is significantly higher than competitors like Haidilao (RMB 97.5) and other brands, positioning it as a leader in the premium hot pot segment [11]. - Despite Banu's revenue growth, the decline in average spending raises questions about its ability to sustain its premium brand image in the long term [13].