Core Viewpoint - Banu Mouton Hotpot is the largest quality hotpot brand in China, with a market share of approximately 3.1% in the quality hotpot market and 0.4% in the overall hotpot market as of 2024 [4]. Company Overview - Banu Mouton Hotpot adheres to a product-oriented business philosophy and aims for a differentiated market position [4]. - The company has expanded its direct-operated stores from 86 as of December 31, 2022, to a projected 156 by September 30, 2025, reflecting a growth rate of 95.2% [4][5]. Financial Performance - Revenue figures for Banu Mouton Hotpot are as follows: - 2022: 1.433 billion RMB - 2023: 2.112 billion RMB - 2024: 2.307 billion RMB - 2025 (as of September 30): 2.077 billion RMB [6][7]. - The company recorded profits of: - 2022: -5.19 million RMB - 2023: 101.72 million RMB - 2024: 122.94 million RMB - 2025 (as of September 30): 156.14 million RMB [6][7]. Market Trends - The hotpot industry in China is expected to grow from 518.8 billion RMB in 2019 to 619.9 billion RMB by 2024, with a compound annual growth rate (CAGR) of 3.6% [10]. - The quality hotpot market is projected to grow from 60.2 billion RMB in 2019 to 74.1 billion RMB by 2024, with a CAGR of 4.2% [12]. - The market for hotpot in first-tier cities is expected to increase from 44 billion RMB in 2019 to 51.2 billion RMB by 2024, with a CAGR of 3.1% [14]. Operational Strategy - Banu Mouton Hotpot operates 52 stores in Henan and 110 in other provinces, demonstrating its ability to replicate its "Henan model" in other cities [5]. - The company has five integrated central kitchens and one specialized base processing factory, covering 14 provinces and municipalities in China [5]. Profitability Metrics - The gross profit margins for Banu Mouton Hotpot are as follows: - 2022: 66.2% - 2023: 66.8% - 2024: 67.9% - 2025 (as of September 30): 69.4% [8].
巴奴毛肚火锅二次递表港交所 直营门店总数增至162家
Zhi Tong Cai Jing·2025-12-17 02:46