巴奴火锅冲击ipo，前三季度营收21亿，证监会九问还没答完

Core Viewpoint - The article discusses the competitive landscape of the hot pot industry, focusing on the rise of Ba Nu Hot Pot as a significant challenger to Hai Di Lao, particularly in light of Ba Nu's recent IPO efforts and its unique positioning in the market [1][3]. Company Overview - Ba Nu Hot Pot was founded in 2001 by Du Zhongbing in Anyang, Henan, and has evolved into a leading player in the high-end hot pot sector [2][3]. - The brand's strategy shifted in 2012 from a service-oriented approach to a product-focused one, emphasizing quality ingredients like beef tripe and mushroom soup [3]. Financial Performance - As of the first three quarters of 2025, Ba Nu reported a revenue of 2.077 billion yuan and a net profit of 156 million yuan, surpassing its total revenue for the previous year [3]. - The number of Ba Nu's direct stores has increased to 162, a growth of over 95% since the end of 2021 [3]. Pricing Strategy - Ba Nu's average customer spending has decreased from 150 yuan in 2023 to 138 yuan, yet it remains 40 yuan higher than Hai Di Lao's average of 97.9 yuan [3]. Regulatory Challenges - Ba Nu faces scrutiny from the China Securities Regulatory Commission (CSRC) regarding its financial practices, particularly concerning a significant dividend payout amidst outstanding social security contributions [4]. - The company has been questioned about its workforce structure, with over 80% of its employees being temporary or outsourced, raising compliance concerns as it seeks to go public [6]. Expansion Plans - Ba Nu aims to open over 50 new stores annually from 2026 to 2028, with a goal to double its store count within three years, highlighting its ambition for rapid growth [6].