「港股IPO观察」极物思维冲刺“餐酒吧第一股”，幻师遭遇一线市场增长之困，同店销售下滑成隐忧

Core Viewpoint - COMMUNE幻师's parent company, 极物思维有限公司, has initiated its IPO journey on the Hong Kong Stock Exchange, aiming to leverage its position as a leading brand in the restaurant and bar industry amidst signs of slowing growth and declining same-store sales [2][5]. Group 1: Company Performance - As of September 30, 2025, 极物思维 operates 112 direct-operated restaurants and bars, with 109 under the COMMUNE幻师 brand [2][3]. - The company reported a revenue of 1.074 billion yuan in 2024, a year-on-year increase of 27.1%, and a net profit of 53.98 million yuan, up 6.8% [3]. - For the first three quarters of 2025, revenue reached 870 million yuan, reflecting a 14.2% year-on-year growth, while net profit surged to 66.7 million yuan, a 46.9% increase [3]. Group 2: Same-Store Sales and Expansion - Despite overall revenue growth, same-store sales have declined, with a reported 0.3% drop to 703 million yuan in the first three quarters of 2025 [3][4]. - The decline in same-store sales is primarily attributed to first and second-tier cities, where sales fell by 1.4% and 0.2%, respectively [4]. - The company has slowed its expansion pace, with only a net increase of 4 stores in 2025 compared to 16 in 2024, including a reduction of 1 store in first-tier cities [5]. Group 3: Future Expansion Plans - The IPO proceeds are intended to primarily expand the COMMUNE幻师 network, particularly targeting lower-tier cities [5][6]. - The company plans to open approximately 30 to 40 new stores in 2026, focusing on first and second-tier cities, with further expansions planned for subsequent years [7]. - The initial investment for opening a new store ranges from 5 million to 6.5 million yuan, with challenges anticipated in establishing a presence in lower-tier cities due to brand positioning and local competition [7].