巴奴更新招股书：今年前三季度净利润同比增长超80%

Core Viewpoint - Banu International Holdings Limited is advancing its IPO process on the Hong Kong Stock Exchange, positioning itself as the largest quality hotpot brand in China based on projected 2024 revenue [2] Group 1: Company Expansion and Market Presence - As of December 7, 2025, Banu has established a network of 162 directly operated stores across 46 cities, marking a 95.2% increase since the end of 2021 [4] - Banu operates 52 stores in Henan and 110 in other provinces, successfully replicating its "Henan model" in various cities [4] - 80.2% of Banu's stores are located in second-tier and lower cities, challenging the notion that high-quality dining is exclusive to top-tier markets [4] - Banu plans to open over 20 additional stores by the end of 2025 [4] Group 2: Product and Supply Chain Innovation - Banu's signature offerings include "beef tripe + mushroom soup," utilizing healthier processing techniques and sourcing high-quality ingredients from New Zealand and Yunnan [4] - The company employs a "third-generation supply chain" model, ensuring fresh delivery through a logistics system that allows for same-day distribution from central kitchens [5] - Banu has established five comprehensive central kitchens and one specialized processing plant, serving 14 provincial regions in mainland China [5] Group 3: Financial Performance - Banu's revenue for 2022, 2023, and 2024 is projected at 1.433 billion, 2.112 billion, and 2.307 billion yuan respectively, with a 24.5% year-on-year revenue growth to 2.078 billion yuan in the first three quarters of 2025 [5] - Adjusted net profits for the same years are expected to be 42 million, 144 million, and 196 million yuan, with a significant over 80% increase to 236 million yuan in the first three quarters of 2025 [5] - Same-store sales growth for the first three quarters of 2025 is reported at 4.3%, with a table turnover rate of 3.6 times per day, surpassing industry averages [6] Group 4: IPO and Future Plans - Prior to the IPO, Tomato Capital was the only external investor holding 7.95% of Banu's shares, with Hu Xiaoming serving as an independent non-executive director since June [7] - The net proceeds from the IPO will primarily be used for expanding the restaurant network, enhancing digital management, brand building, supply chain optimization, and general corporate purposes [7]