“月薪5千别吃”的巴奴再闯港股，一边欠缴员工社保一边大额分红

Core Viewpoint - The company, Banu, has updated its prospectus, showing significant financial improvements for the first nine months of 2025, despite previous controversies regarding pricing and product quality [1][2]. Financial Performance - Banu's total revenue for the years 2022 to 2025 (first nine months) is reported as 1.433 billion, 2.112 billion, 2.307 billion, and 2.077 billion RMB respectively, with adjusted net profits of 41.5 million, 144 million, 168 million, and 235 million RMB [2]. - The adjusted net profit for 2024 has decreased from 196 million to 168 million RMB, a reduction of 28 million RMB, while the revenue and profit for the first nine months of 2025 have significantly increased, with an operating profit margin rising from 7.3% in 2024 to 11.3% [2][3]. Cost Management - Banu's operating profit margin has increased from 15.2% in 2022 to 21.5% in 2024, reaching 24.3% in the first nine months of 2025, attributed to standardized and refined operations [4]. - The proportion of raw materials and consumables in total revenue has decreased from 33.8% in 2022 to 30.6% in the first nine months of 2025, marking a significant reduction [5]. Employment Practices - The number of Banu's stores increased from 111 in 2023 to 162 in the first nine months of 2025, a growth of 46%, while the number of formal employees rose by 23% [7]. - The company has significantly increased its part-time workforce, with part-time employees growing by 198% from 1,111 to 3,308, leading to issues with unpaid social security contributions [7][8]. Customer Metrics - The average daily customer count per store has rebounded to 393 in the first nine months of 2025, remaining stable compared to 2023, while the average daily sales per store increased from 5.27 million RMB in 2024 to 5.76 million RMB [11]. - However, the average customer spending has declined from 150 RMB in 2023 to 138 RMB in the first nine months of 2025, despite still being significantly higher than the industry average [15]. Controversies and Challenges - Banu has faced scrutiny over product quality issues, including a scandal involving misrepresented meat products and high pricing controversies, which have affected its public image [16][18]. - The company has been criticized for its high pricing strategy and controversial statements from its founder, which have led to perceptions of disconnect from its customer base [20][22].