COMMUNE幻师冲击港股IPO，高瓴资本为股东，中国最大的餐酒吧品牌

Core Viewpoint - COMMUNE is a leading restaurant and bar brand in China, focusing on creating a vibrant social dining experience, with plans for expansion and innovation in its offerings [3][6][10]. Group 1: Company Overview - COMMUNE operates 112 directly managed restaurants and bars across 40 cities in China, with a strategic focus on high-traffic urban areas to enhance brand visibility and economic efficiency [3][10]. - The company has been ranked first among restaurant and bar brands in China by revenue from 2022 to 2024, holding a market share of approximately 7.8% in a rapidly growing sector [6][10]. Group 2: Business Model and Revenue - The business model includes a dual approach with standard and premium store formats, allowing for tailored strategies in different market segments, which has led to a diverse customer base [9][11]. - Revenue is projected to grow from RMB 845 million in 2023 to RMB 1.074 billion in 2024, reflecting a growth rate of 27.1% [9]. - For the nine months ending September 30, 2025, revenue is expected to increase from RMB 764 million to RMB 872 million [9]. Group 3: Profitability and Cash Flow - The adjusted net profit for 2023 and 2024 is reported at RMB 73.4 million and RMB 66.2 million, respectively, with a further increase from RMB 54.5 million to RMB 78.6 million for the nine months ending September 30, 2025 [9]. - The company has consistently achieved positive cash flow from operating activities, with net inflows of RMB 275 million, RMB 221 million, and RMB 155 million for the respective years [9]. Group 4: Market Position and Expansion - The restaurant and bar market in China is characterized by rapid growth and fragmentation, with leading brands like COMMUNE leveraging standardized operations and supply chain advantages to dominate the market [10][11]. - The company is strategically expanding into lower-tier cities, which are seen as key growth areas due to their lower market penetration [11]. Group 5: IPO and Fund Utilization - The upcoming IPO aims to raise funds for expanding the COMMUNE network, enhancing digital infrastructure, product innovation, and increasing brand recognition [13].