112家直营门店，能否撑起“餐酒吧第一股” ？

Core Viewpoint - COMMUNE, the largest restaurant and bar brand in China, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first restaurant and bar stock in the Hong Kong market [1][6]. Company Overview - COMMUNE has maintained the top position in revenue among Chinese restaurant and bar brands from 2022 to 2024, with a projected market share of 7.8% in 2024, which is double that of the second and third-ranked competitors combined [3][8]. - As of September 30, 2025, the company has established 112 direct-operated stores across 40 cities in China, with over 80% of these stores located in prime commercial areas [3][8]. Business Model - The business model of COMMUNE focuses on "Japanese cuisine and night bar" to cover all-day consumption, offering Western cuisine during the day and transforming into a social drinking hub at night, with beverage revenue accounting for 45%, of which 85% are alcoholic drinks [3][8]. - The company has demonstrated strong financial performance, with projected revenue of 1.074 billion RMB in 2024, representing a year-on-year growth of 27.1%, and an adjusted net profit of 78.6 million RMB for the first nine months of 2025, reflecting a 44.2% increase [4][9]. Financial Data - Revenue for the year ending December 31, 2023, is reported at 844.639 million RMB, with a forecast of 1.073908 billion RMB for 2024 [4][9]. - The gross profit margin has consistently remained above 65%, with an average payback period of 17 months for stores and a break-even period of 3 months, both outperforming industry averages [3][8]. Expansion Plans - The company plans to open 30-40 new stores in 2026, 35-45 in 2027, and 40-50 in 2028, focusing on consolidating its presence in first and second-tier cities while also penetrating lower-tier markets [5][10]. - However, challenges exist in lower-tier markets, where daily sales per store are only half of those in first-tier cities, and the sales per square meter are less than one-third of those in first-tier cities [5][10]. Competitive Landscape - The restaurant and bar market in China is highly competitive, with traditional brands and cross-industry players like Haidilao and Dian Dou De entering the "restaurant and bar fusion" space, further blurring category boundaries [5][10]. - The market is currently undergoing consolidation, with increasing concentration among chain brands, making it crucial for COMMUNE to strengthen its supply chain and brand barriers to succeed as the first restaurant and bar stock [5][10].