巴奴火锅增速放缓 涉"假羊肉"风波当年营收净利齐飙升

Core Viewpoint - Banu International Holdings Limited, the largest quality hotpot company in China, has disclosed its prospectus, revealing significant revenue growth and a recent scandal involving food safety issues related to its sub-brand, Chaodao [1][6]. Financial Performance - Banu's revenue for 2022, 2023, and 2024 was reported at 1,433.1 million, 2,111.6 million, and 2,307.3 million respectively, with a year-on-year growth of 47.3% in 2023 and a projected growth of 9.3% in 2024, indicating a slowdown in growth rate [2][7]. - The company recorded profits of -5.2 million, 101.7 million, and 122.9 million for the same years, achieving a turnaround to profitability in 2023 [3][8]. Food Safety Incident - In September 2023, Banu's sub-brand, Chaodao, faced a scandal when it was found that its lamb products contained duck meat, leading to public outcry and administrative penalties [9][12]. - Banu acknowledged regulatory failures and implemented corrective measures, including compensating affected customers 8.354 million and closing all Chaodao locations by January 2025 [4][13]. Market Position - Banu holds a 3.1% market share in China's quality hotpot sector as of 2024, maintaining its status as the largest brand by revenue [6][7]. - The company has experienced a decline in same-store sales, with a 22.6% increase from 2022 to 2023 followed by a 9.9% decrease from 2023 to 2024, attributed to changes in product offerings [13][14]. Customer Spending Trends - The average customer spending at Banu has shown a slight decline, with figures of 147, 150, and 142 yuan for 2022, 2023, and 2024 respectively [14].