Core Viewpoint - The company "极物思维" is attempting to become the first listed restaurant and bar stock in Hong Kong, contrasting with the struggles of "海伦司" which is facing declining performance and stock prices [1][10][11]. Group 1: Company Overview - "极物思维" submitted its main board listing application to the Hong Kong Stock Exchange on January 9, aiming to capture the title of "first restaurant and bar stock" [1][10]. - The company has established 112 direct-operated stores across 40 cities in China, with 109 operating under the "COMMUNE幻师" brand [3][12]. - "极物思维" has achieved a market share of 7.8% in the restaurant and bar sector by 2024, ranking first in revenue for three consecutive years from 2022 to 2024 [3][12]. Group 2: Business Model and Performance - The company's business model includes a full-day service approach, offering diverse food options during the day and transforming into a social drinking venue at night [3][12]. - Revenue increased from 845 million RMB in 2023 to 1.074 billion RMB in 2024, representing a year-on-year growth of 27.1% [5][14]. - The gross profit margin has remained above 65%, reaching 68.7% in the first three quarters of 2025, significantly higher than competitors like "蜜雪集团" and "海底捞" [5][14]. Group 3: Competitive Landscape - "海伦司" is struggling with a single low-cost model, leading to a 34% revenue drop to 291 million RMB in the first half of 2025, while "极物思维" has shown resilience with a net profit increase of over 40% [5][16]. - The low-cost strategy of "海伦司" has resulted in a decline in service quality, impacting customer retention, while "极物思维" mitigates risks through a diversified operational strategy [5][16]. Group 4: Growth Challenges - Despite strong current performance, "极物思维" faces challenges related to its reliance on first and second-tier cities, with over 90% of its stores located in these areas [7][16]. - The company plans to expand into lower-tier cities, but faces difficulties as sales in these markets are significantly lower, with average daily sales of approximately 20,100 RMB compared to 38,483 RMB in first-tier cities [9][18]. - The need to balance brand positioning with market demands in lower-tier cities presents a significant challenge for "极物思维" [9][18].
当海伦司失速，极物思维的“日餐夜酒”故事香吗？