极物思维IPO冲刺“餐酒吧第一股”，幻师把现金分光了？

Core Viewpoint - The company, 极物思维有限公司, is preparing for an IPO to become the first publicly listed restaurant and bar brand in China, despite facing liquidity issues and declining same-store sales growth [1][2][11]. Financial Performance - The company reported significant revenue growth, with revenues of 845 million RMB in 2023, projected to increase to 1.074 billion RMB in 2024, marking a growth rate of 27.1% [2]. - For the first nine months of 2025, revenue reached 872 million RMB, but the net profit growth was only 6.8% in 2024, indicating a disparity between revenue and profit growth [5]. - The adjusted net profit decreased from 73.45 million RMB in 2023 to 66.19 million RMB in 2024, highlighting volatility in core profitability [5]. Business Model and Market Position - Established in 2016, the company operates under the "COMMUNE幻师" brand, combining dining and drinking in a unique "all-day operation" model, which has led to a market share of 7.8% in 2024, double that of its closest competitors [3]. - The company has completed three rounds of financing, with the latest round in July 2022 raising approximately 109 million RMB, resulting in a post-money valuation of 7.16 billion RMB [3]. Operational Challenges - The company faces challenges in cost control, with raw material and labor costs rising significantly, outpacing revenue growth [5]. - Same-store sales growth has been under pressure, with a 0.3% decline in the first nine months of 2025, particularly in first-tier cities where growth rates have turned negative [6][8]. Expansion Plans - The company plans to open 30 to 40 new stores in 2026, focusing on first and second-tier cities, despite concerns about the sustainability of growth amid declining sales [9]. - As of the end of September 2025, the company operated 112 stores, with a slowdown in expansion evident as only two new stores were added in the first nine months of 2025 [9]. Liquidity and Dividend Concerns - The company declared a special dividend of 80 million RMB just before the IPO, despite having cash reserves of less than 100 million RMB, raising questions about its liquidity management [12][13]. - As of November 30, 2025, the company's net current liabilities had increased to 175 million RMB, indicating ongoing liquidity challenges [12]. Competitive Landscape - The restaurant and bar market in China is highly fragmented, with the top five brands holding only about 11% market share, suggesting intense competition [13]. - The company aims to utilize IPO proceeds for store expansion, digital infrastructure, product development, and supply chain enhancement [13].