新股前瞻|巴奴火锅再闯港交所：门店翻倍与利润跃升20倍的“双轨实验”

Core Viewpoint - Banu Hotpot is making a second attempt to go public on the Hong Kong Stock Exchange, showcasing strong financial performance despite a projected revenue dip in 2024, with a significant increase in net profit margin from 0.5% in 2022 to a forecasted 10.1% in 2025 [1][3]. Financial Performance - Banu Hotpot's revenue for the years 2022 to 2025 is reported as follows: 1.433 billion RMB in 2022, 2.111 billion RMB in 2023, 2.307 billion RMB in 2024, and 2.077 billion RMB for the first nine months of 2025 [2][4]. - The net profit for the same period shows a turnaround from a loss of 5.19 million RMB in 2022 to a profit of 156.14 million RMB in 2025 [2][4]. Expansion Strategy - The number of Banu Hotpot's direct-operated stores increased from 86 at the end of 2022 to 162 by December 7, 2025, reflecting a growth rate of 95.2% [2]. - As of December 7, 2025, 80.2% of Banu's stores are located in second-tier cities and below, indicating a strategic focus on expanding in less saturated markets [2]. Profitability Improvement - The net profit margin has dramatically increased from 0.5% in 2022 to a projected 10.1% in 2025, attributed to effective cost control and improved supply chain management [3]. - The cost of raw materials as a percentage of revenue decreased from 33.8% in 2022 to 30.6% in 2025, indicating enhanced operational efficiency [3]. Market Position - Banu Hotpot is the largest quality hotpot brand in China, holding a market share of approximately 3.1% in the quality hotpot segment and 0.4% in the overall hotpot market for 2024 [1][2]. - The company has established a strong brand presence through differentiation in quality, which is crucial for maintaining pricing power and profitability [5]. Industry Trends - The restaurant industry is shifting from a focus on traffic-driven growth to a competition based on brand strength and operational efficiency, with Banu positioned to capitalize on this trend [7]. - Consumer demand for quality and experience is rising, while price sensitivity remains, necessitating a balance between premium offerings and cost management [7][8]. Challenges Ahead - The sustainability of Banu's growth model is under scrutiny, particularly regarding whether increased customer traffic from price reductions can offset shrinking profit margins [8][9]. - The ability to maintain quality and service standards while expanding rapidly poses a significant challenge for Banu as it seeks to replicate its successful model across multiple locations [9].