越下沉客单价越低，人均138元的巴奴火锅，上市路“难”在哪？

Core Viewpoint - The restaurant industry is experiencing a new wave of capital enthusiasm, with several leading brands, including Banu, preparing for IPOs in Hong Kong amidst a competitive market environment characterized by price wars and slowing growth [1][2]. Industry Overview - The restaurant sector is witnessing a surge in IPO activities, particularly in Hong Kong, with brands like Banu, Mijue Ice City, and others entering the market [1]. - The hot pot segment, represented by Banu, is facing intense competition and a slowdown in growth, raising questions about the timing of its IPO [1][2]. Company Performance - Banu's revenue has shown consistent growth over the past three years, with figures of 1.433 billion, 2.112 billion, and 2.307 billion yuan for 2022, 2023, and 2024 respectively, totaling over 5.8 billion yuan [2]. - In Q1 2025, Banu achieved a revenue of 709 million yuan, marking a 25.7% year-on-year increase [2]. - The company turned a profit in 2023 with a net profit of 102 million yuan, which increased to 123 million yuan in 2024, reflecting a 20.8% growth [2]. Profitability Concerns - Despite revenue growth, Banu's profit margins remain low, with adjusted net profit margins of 2.9%, 6.8%, and 8.5% from 2022 to 2024, significantly lower than its competitor Haidilao [3]. - The average customer spending at Banu remained high, with figures of 147 yuan, 150 yuan, and 142 yuan from 2022 to 2024, surpassing Haidilao's average of 110-120 yuan [4]. Market Strategy - Banu's high average spending has not translated into proportional profit returns, as its premium pricing strategy conflicts with the current consumer trend favoring value for money [5][6]. - The company is focusing on expanding into lower-tier cities, with 78.6% of its 145 stores located in second-tier and below cities, where it has seen higher profit margins compared to first-tier cities [12]. Competitive Landscape - Banu's operational efficiency, measured by table turnover rates, lags behind Haidilao, with Banu averaging 3.0 times per day compared to Haidilao's 4.1 times in 2024 [7]. - Unlike Haidilao's diversified strategy, Banu remains focused primarily on hot pot dining, with over 97% of its revenue coming from dine-in operations, limiting its exposure to the growing takeout market [9][10]. Future Outlook - The upcoming IPO is seen as a crucial move for Banu to raise funds for expansion and to enhance its supply chain capabilities, including the establishment of central kitchens and satellite warehouses [14]. - The company faces the challenge of maintaining customer spending levels in lower-tier markets while managing the increased operational costs associated with expansion [14].