162家店年入23亿，河南跑出的火锅店要IPO了

Core Viewpoint - Banu Hotpot is attempting to go public again despite challenges in the competitive hotpot market, aiming to become the "first quality hotpot stock" in Hong Kong after Haidilao and Xiaobawang [2][4]. Financial Performance - Banu's revenue for 2022, 2023, and 2024 is projected to be 1.433 billion, 2.111 billion, and 2.307 billion RMB respectively, totaling over 5.8 billion RMB in three years [4][5]. - The adjusted net profit for 2022, 2023, and 2024 is expected to be 41.46 million, 144 million, and 168 million RMB respectively, with a net profit of 235 million RMB in the first three quarters of 2025 [4][5]. - In the first three quarters of 2025, Banu's revenue reached 2.077 billion RMB, a 24.5% increase from 1.668 billion RMB in the same period last year [4][5]. Market Position - Banu is the third largest brand in China's hotpot market by revenue, holding approximately 0.4% market share as of 2024 [4]. - In the high-end hotpot segment, Banu leads with a 3.1% market share, while being the third overall in the hotpot market [15]. Store Expansion - As of December 7, 2025, Banu operates 162 stores across 46 cities, a 95.2% increase since the end of 2021 [7]. - The company plans to open approximately 52, 61, and 64 new stores in China from 2026 to 2028 [8]. Cost Structure - Banu's largest expenses are raw materials and labor, with raw materials accounting for 30.6% of revenue in the first three quarters of 2025, down from 33.8% in 2022 [6]. - The company employs a significant number of part-time and outsourced workers, with full-time employees making up only 17.8% of the workforce [6]. Customer Insights - Banu's average customer spending was 147 RMB in 2022, 150 RMB in 2023, and decreased to 138 RMB in 2025 [16]. - The company serves approximately 15.7 million customers in the first three quarters of 2025, a 30% increase year-on-year [13]. Competitive Landscape - Banu's table turnover rate is 3.6 times per day, higher than the industry average of 2.5 times, but still lower than Haidilao's 4.1 times [16]. - The company focuses on high-quality ingredients and a unique product offering, differentiating itself from competitors like Haidilao, which has diversified into multiple dining formats [17][19].