巴奴国际赴港上市：高溢价低净利、基本盘增长乏力 “产品主义”难讲新故事

Core Viewpoint - Banu International Holdings Limited has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, following in the footsteps of other hotpot chains like Xiaobuxiang and Haidilao [2] Financial Performance - Banu International's total revenue for 2022-2024 is projected to be 1.433 billion, 2.112 billion, and 2.307 billion yuan, with adjusted net profits of 41.46 million, 144 million, and 196 million yuan, reflecting compound annual growth rates of 17.5% and 67.8% respectively [2] - In Q1 2025, the company reported total revenue of approximately 709 million yuan, a year-on-year increase of 25.7%, and adjusted profits of about 76.68 million yuan, up 33.2% from the same period in 2024 [2] - The number of operating restaurants reached 144, with a profit margin of 23.7% at the store level [2] Market Position and Challenges - Despite impressive growth figures, Banu International faces challenges in profitability and operational efficiency compared to industry leader Haidilao [2] - The company’s same-store sales growth was only 2.1% in Q1 2025, a significant drop from 22.6% in the previous year [7] - Banu's average customer spending remains high at 138 yuan in Q1 2025, but this has not translated into higher profit margins, with adjusted net profit margins of 2.9%, 6.8%, and 8.5% for 2022-2024 [3][4] Cost Structure and Expansion Plans - Banu's cost structure is heavily impacted by fixed costs related to self-operated restaurants, including raw materials, labor, and rent, which accounted for 74.1% of total revenue in Q1 2025 [4] - The company plans to open 177 new restaurants from 2026 to 2028, requiring an aggressive expansion strategy that may pressure profit margins [4] Target Market - Banu primarily operates in second-tier and lower-tier cities, with 82.6% of its restaurants located in these areas as of 2024 [6] - However, the performance in these markets is concerning, with same-store turnover rates not exceeding 3.0 times per day [6] Investment and Valuation - Banu's valuation has increased from 769 million yuan in 2015 to 5 billion yuan in 2022, but this growth is modest compared to other new consumer brands [8] - The company has relied heavily on Tomato Capital for funding, which has raised concerns about its financial independence and market perception [11][12]