一家年入千万的COMMUNE门店，还不如奶茶店赚钱？

Core Viewpoint - COMMUNE, a chain of restaurant bars, is officially seeking to become the first publicly listed company in the restaurant bar sector in Hong Kong, with its parent company submitting a listing application to the Hong Kong Stock Exchange [1]. Group 1: Company Overview - COMMUNE is a hybrid restaurant bar that combines a self-service beverage area, a super bar, and dining spaces, targeting Generation Z and new middle-class consumers [4]. - As of September 30, 2025, COMMUNE plans to operate 112 directly managed stores across 40 cities in China, with 109 of these under the COMMUNE brand [4]. - The company has achieved significant revenue growth, with projected revenues increasing from 845 million yuan in 2023 to 1.074 billion yuan in 2024, representing a year-on-year growth of 27.1% [4]. Group 2: Market Position - According to Frost & Sullivan, COMMUNE has ranked first among restaurant bar brands in China by revenue for three consecutive years from 2022 to 2024 [4]. - The total revenue of the Chinese chain restaurant bar market is expected to reach 13.5 billion yuan in 2024, with COMMUNE holding a market share of 7.8%, which is approximately double that of its second and third largest competitors combined [4]. Group 3: Business Model and Strategy - COMMUNE's business model innovatively integrates dining and drinking experiences, operating as a full-time restaurant bar that caters to socializing needs throughout the day [10]. - The company operates with a "full-time + full scene" logic, significantly enhancing asset utilization and efficiency, with daily orders per store increasing from 256 in 2023 to 327 in the first three quarters of 2025 [12]. - The average customer spending ranges from 80 to 160 yuan, focusing primarily on first and second-tier cities, which account for 91.74% of its stores by September 30, 2025 [14]. Group 4: Financial Performance - COMMUNE's gross margin has consistently remained above 65%, reaching 70.5% in 2023, with a slight decline to 67.8% in 2024, and rebounding to 68.7% in the first three quarters of 2025 [13]. - The company reported adjusted net profits of 73.4 million yuan in 2023 and 66.2 million yuan in 2024, with single-store profits of approximately 780,000 yuan and 600,000 yuan, respectively [16]. Group 5: Competitive Landscape - Despite its strong brand influence, COMMUNE faces competition from both direct competitors in the restaurant bar sector and established players in the broader dining industry, such as Haidilao and others venturing into the bar space [16]. - The company is adapting its expansion strategy to focus on enhancing its presence in first-tier cities and selectively entering second and lower-tier cities, aiming to solidify its brand influence [16][18].