造富雪道 | 极致的单店 COMMUNE幻师用112家餐酒吧上市

Core Insights - The article discusses the emerging trend of "early C, late A" lifestyle among urban youth, leading to the growth of the restaurant and bar market in China, projected to reach a market size of 30.1 billion yuan in 2024 with a compound annual growth rate of 15.4% from 2025 to 2029 [2] Company Overview - COMMUNE, a restaurant and bar brand, was founded in 2016 and has rapidly expanded to 112 locations, recently filing for an IPO in Hong Kong [3][4] - The brand is recognized for its high efficiency and revenue per square meter, achieving a market share of 7.8% in the restaurant and bar sector, with revenues of 1 billion yuan [4] Business Model - COMMUNE operates on a "day restaurant, night bar" model, catering to different customer needs throughout the day, which helps reduce rental costs and improve space utilization [5][7] - The company has seen a significant increase in food sales, with the proportion of food revenue rising from 43.1% in 2023 to 54% in the first nine months of 2025, surpassing beverage sales for the first time [7] Financial Performance - The company reported revenues of 8.45 billion yuan in 2023, 10.74 billion yuan in 2024, and 8.72 billion yuan in the first nine months of 2025, with a consistent gross margin around 68% [7][12] - However, the adjusted net profit decreased from 73 million yuan in 2023 to 66 million yuan in 2024, indicating volatility in performance [12] Market Challenges - The growth in core markets appears to be plateauing, with same-store sales in first-tier cities declining from 2.12 billion yuan in 2023 to 1.99 billion yuan in 2025 [9][10] - The company's high-margin model faces challenges in lower-tier cities, where average daily sales are significantly lower compared to first-tier cities, indicating a need for tailored strategies [11][12] Cost Pressures - Rising costs of raw materials and labor are squeezing profit margins, with raw material costs increasing by 38.96% from 2023 to 2024 [12] - Employee benefits and labor costs also rose significantly, contributing to the overall pressure on profitability [12]