【聚焦IPO】巴奴再冲港股IPO，营收超 20 亿，非正式用工占比超8成引关注

Core Viewpoint - Banu International Holdings Limited has updated its prospectus for an IPO in Hong Kong, following the expiration of its first prospectus, amid controversies regarding pricing and product issues [5][17]. Financial Performance - For the first three quarters of 2025, Banu reported revenue of 2.077 billion RMB and an adjusted net profit of 235 million RMB, with a same-store sales growth rate of 4.3% [5][6]. - The company's revenue from 2022 to September 2025 was 1.433 billion RMB, 2.111 billion RMB, 2.307 billion RMB, and 2.077 billion RMB respectively, showing a growth trend [6][12]. - Banu's gross margin has improved, with the cost of materials decreasing from 33.8% in 2022 to 30.6% in the first nine months of 2025 [8]. Market Position - Banu ranks third in the Chinese hot pot market and first in the high-end segment with a market share of approximately 3.1% [5][6]. - The average customer spending has decreased from 150 RMB in 2023 to 138 RMB in the first nine months of 2025, although it remains higher than competitors like Haidilao [12][16]. Store Expansion and Operations - As of September 2025, Banu operates 162 stores across 46 cities, a 95.2% increase from the end of 2021 [6][10]. - The company has adopted a labor model with a high proportion of non-formal employees, with 82.2% of its workforce being part-time or outsourced [8][10]. Challenges and Risks - Banu faces challenges in maintaining its high-end brand narrative amid declining customer spending and increased competition in the hot pot market [12][16]. - The company has been scrutinized for its labor practices and governance issues, including a controversial dividend payout of 70 million RMB amid high debt levels [17][18]. Future Plans - Banu plans to use the funds raised from the IPO to expand its restaurant network, enhance digital capabilities, and optimize its supply chain, with a target of opening approximately 177 new restaurants from 2026 to 2028 [17][18].