高瓴投出「中国最大餐酒吧」：112家店，年营收超10亿

Core Viewpoint - COMMUNE is a composite restaurant and bar brand targeting Generation Z and new middle-class consumers, combining self-service drinks, a super bar, and dining areas, with a focus on social dining experiences [1] Financial Performance - Revenue is projected to grow from 845 million RMB in 2023 to 1.074 billion RMB in 2024, representing a year-on-year increase of 27.1%, with a further 14.2% growth in the first three quarters of 2025, reaching 872 million RMB [1][2] - Adjusted net profit is expected to fluctuate, with 73.4 million RMB in 2023, declining to 66.2 million RMB in 2024, and rebounding to 78.6 million RMB in the first three quarters of 2025 [3] Store Expansion and Operations - The number of stores is set to increase from 94 at the end of 2023 to 110 by the end of 2024, with a total of 112 stores in 40 cities by September 2025 [3] - Average investment payback period for stores is 17 months, with a break-even point of approximately 3 months [11] Profitability and Cost Structure - COMMUNE maintains a high gross margin above 65%, reaching 70.5% in 2023, slightly decreasing to 67.8% in 2024, and recovering to 68.7% in the first three quarters of 2025, outperforming the average gross margin of 50%-70% in the restaurant industry [4][5] - The product mix includes high-margin alcoholic beverages, contributing approximately 45% of total revenue, with 85% of that being alcoholic drinks [8] Market Trends and Consumer Behavior - The restaurant industry in China saw a revenue increase to over 5 trillion RMB in 2023, but growth slowed to 5.3% in 2024, prompting COMMUNE to adjust its pricing strategy [12] - Food sales are projected to surpass beverage sales starting in 2024, indicating a shift in consumer preferences towards high-quality, affordable dining experiences [14][16] Strategic Plans - The company plans to open 30-40 new stores in 2024, focusing on first and second-tier cities, with a long-term goal of adding 105-135 new stores by 2028 [16]