巴奴火锅，传7月底启动香港上市管理层NDR

Group 1 - The core viewpoint is that Banu International, a leading quality hotpot brand in China, is set to launch a non-deal roadshow (NDR) on July 31 for its upcoming IPO, aiming to raise approximately $100 million to $200 million depending on market feedback [2] - Banu International is recognized as the largest quality hotpot enterprise in China, specializing in "beef tripe + mushroom soup" as its signature offering, and holds a dominant position in the quality hotpot market [2] - As of the end of 2024, Banu International operates 145 directly-owned stores across 39 cities in China [2] Group 2 - According to a report by Frost & Sullivan, Banu International is the largest brand in the quality hotpot market in China, with a market share of 3.1% based on revenue in 2024 [6] - The company's financial performance indicates a revenue of RMB 2.307 billion for the entire year of 2024, with over RMB 709 million in revenue for the first quarter of 2025 [6] - The store operating profit margin has increased from 15.2% in 2022 to 23.7% in the first quarter of 2025, surpassing the national industry average [6] - The overall table turnover rate has improved from 3.0 times per day in 2022 to 3.7 times per day in the first quarter of 2025 [6]