Zheng Quan Shi Bao Wang·2026-01-12 00:37Company Overview - The company, 极物思维, has submitted a listing application to the Hong Kong Stock Exchange, with CICC and BOCI as joint sponsors [1] - It is positioned as the leading restaurant and bar brand in China, characterized by crafted beverages, selected dishes, and a carefully curated atmosphere for all-day dining and nightlife socializing [1] Market Position - According to Frost & Sullivan, COMMUNE幻师 has ranked first in revenue among Chinese restaurant and bar brands for three consecutive years from 2022 to 2024, with a market share of approximately 7.8% in 2024, which is double that of the second and third largest competitors combined [1] - As of September 30, 2025, the company operates 112 directly managed restaurant and bar locations across 40 cities in China, with 109 of these under the COMMUNE幻师 brand, strategically located in core urban business districts [1] Business Model - The company's business model has a significant focus on alcoholic beverages, with approximately 45% of its revenue coming from drinks, of which about 85% are alcoholic [1] Industry Growth - The Chinese restaurant and bar market is rapidly growing, with a projected market size of 30.1 billion RMB in 2024 and an expected compound annual growth rate (CAGR) of 15.4% from 2025 to 2029; the chain restaurant and bar segment is anticipated to grow even faster, with a CAGR of 22.3% during the same period [1]