巴奴冲刺港交所：国内最大的品质火锅品牌，胡晓明担任独立非执行董事

Core Viewpoint - Banu International Holdings Limited is set to go public on June 16, 2025, aiming to expand its presence as the largest quality hotpot brand in China, with a market share of 3.1% in 2024 [2] Group 1: Company Overview - Founded in 2001, Banu has grown to become the largest quality hotpot enterprise in China, with 145 direct-operated stores across 39 cities as of June 9, 2025, marking a 74.7% increase from 83 stores at the end of 2021 [2] - The first Banu hotpot restaurant opened in Anyang, Henan, in 2001, and the company has since expanded into major markets including Beijing and Shanghai [2] Group 2: Store Distribution - As of June 9, 2025, Banu has 53 stores in Henan and 92 stores in other national markets, with 78.6% of its total restaurants located in second-tier and lower cities [3] - Banu has successfully replicated its "Henan model" in other provinces, demonstrating its ability to adapt its quality hotpot positioning and pricing strategy to meet customer demands in various city tiers [3] Group 3: Financial Performance - Banu's revenue from 2022 to 2024 was 1.433 billion, 2.112 billion, and 2.307 billion yuan, respectively, with a 25.7% increase in Q1 2025 revenue to 709 million yuan compared to the same period in 2024 [4] - The adjusted net profit for the same period was 42 million, 144 million, and 196 million yuan, with a 32.8% increase in Q1 2025 net profit to 77 million yuan [5] Group 4: Profitability Metrics - The adjusted net profit margins from 2022 to 2024 were 2.9%, 6.8%, and 8.5%, with Q1 2025 reaching 10.8% [6] - Banu's store operating profit margins were 15.2%, 21.3%, 21.5%, and 23.7% for the same periods, with second-tier and lower city stores showing a higher operating profit margin of 24.5% compared to 20.7% in first-tier cities [6] Group 5: Operational Efficiency - The overall table turnover rate increased from 3.0 times per day in 2022 to 3.7 times per day in Q1 2025, indicating improved operational efficiency [7] Group 6: IPO and Future Plans - Prior to the IPO, Tomato Capital was the only external institutional investor holding 7.95% of Banu's shares [8] - The funds raised from the IPO will primarily be used for expanding the restaurant network, enhancing digital management and operations, brand building, supply chain optimization, and general corporate purposes [8]