核心城市增长乏力，递表前夕突击大额分红，中国最大餐酒吧IPO成色几何？

Core Viewpoint - COMMUNE, the largest restaurant and bar brand in China, is seeking to go public on the Hong Kong Stock Exchange, aiming to become the first listed company in the restaurant and bar sector [1]. Group 1: Company Overview - COMMUNE has ranked first in revenue among domestic restaurant and bar brands for three consecutive years, with a market share of 7.8% in 2024, double that of its second and third competitors combined [5]. - The company's competitive edge is built on a full-time operational model, high proportion of beverage revenue, and proprietary brand advantages [4][5]. - As of September 30, 2025, COMMUNE operates 112 directly managed stores across 40 cities, with a focus on both tier-one and tier-two cities [6]. Group 2: Financial Performance - The company reported revenues of RMB 8.45 billion, RMB 10.74 billion, and RMB 8.72 billion for the years 2023, 2024, and the first three quarters of 2025, respectively [9]. - The adjusted net profits for the same periods were RMB 734.49 million, RMB 661.86 million, and RMB 786.3 million [9]. - The overall gross margin has remained above 65%, with 2023 reaching 70.5%, 2024 dropping to 67.8%, and rebounding to 68.7% in the first three quarters of 2025 [10]. Group 3: Operational Challenges - Despite revenue growth, the same-store sales growth has shown signs of fatigue, particularly in tier-one cities, where sales have recorded negative growth rates of -1.1% in 2024 and -1.4% in the first three quarters of 2025 [11]. - The company faces liquidity pressures, with a current ratio of 0.7, indicating that current assets are insufficient to cover current liabilities [15][16]. - A significant liquidity gap was noted, with net current liabilities reaching RMB 175 million as of November 30, 2025, while cash reserves were below RMB 100 million [16]. Group 4: Strategic Moves - The company plans to focus on expanding into lower-tier markets, with a goal of adding 150 to 190 new stores from 2026 to 2029 [14]. - A controversial decision to issue a special dividend of RMB 80 million just before the IPO has raised questions about the rationality of its capital allocation [18][19]. - The exit of early investor Tomato Capital, which sold its stake for approximately RMB 24.39 million around the same time as the dividend payout, has led to speculation regarding shareholder interests [18][19].