高瓴投出“中国最大餐酒吧”，COMMUNE幻师估值71.6亿赴港IPO

Core Viewpoint - COMMUNE幻师, a leading restaurant and bar concept brand in China, is redefining dining and social experiences by offering a diverse range of quality food and drinks in a carefully curated atmosphere, appealing to various consumer demographics and occasions [3][5]. Financial Performance - For the fiscal years 2023 and 2024, COMMUNE幻师 reported revenues of 845 million RMB and 1.074 billion RMB, respectively, with net profits of 50.53 million RMB and 53.98 million RMB [5][6]. - In the first three quarters of 2025, the company achieved a revenue of 872 million RMB, reflecting a year-on-year growth of 14.19%, and a net profit of 66.70 million RMB, up 46.85% compared to the previous year [5][6]. Business Model - The company operates 112 direct-operated restaurants and bars across 40 cities in China, with 109 of these under the COMMUNE幻师 brand, including standard and premium outlets [5][6]. - The business model allows for flexibility in catering to various consumer needs, from family dining to social gatherings and nightlife [3]. Investment and Valuation - Following the rise of the "tipsy economy" and the day-to-night dining trend, COMMUNE幻师 has attracted significant capital interest, with investors including Hillhouse Capital and Dayone Capital, leading to a post-financing valuation of 7.16 billion RMB [8][9].