巴奴更新招股书：今年前三季度净利润同比增长超80%，门店数增至162家

Core Viewpoint - Banu International Holdings Limited is advancing its IPO process on the Hong Kong Stock Exchange, with CICC and China Merchants Jinling International serving as joint sponsors [3]. Group 1: Market Position and Expansion - According to Frost & Sullivan, Banu is the largest brand in China's quality hot pot market based on projected revenue for 2024 [4]. - As of December 7, 2025, Banu has established a network of 162 directly operated stores across 46 cities, marking a 95.2% increase since the end of 2021 [6]. - Banu has successfully replicated its "Henan model" in other provinces, with 80.2% of its stores located in second-tier and lower cities, challenging the notion that high-quality dining is exclusive to top-tier markets [6]. Group 2: Product and Supply Chain Strategy - Banu's signature offerings include "beef tripe + mushroom soup," utilizing advanced techniques and high-quality ingredients sourced from New Zealand and Yunnan [7]. - The company employs a "third-generation supply chain" model, ensuring fresh delivery through a logistics system that allows for same-day distribution from central kitchens [7]. - Banu has established five comprehensive central kitchens and one specialized processing plant, covering 14 provincial regions in mainland China, significantly enhancing operational efficiency and reducing reliance on complex equipment [7]. Group 3: Financial Performance - Banu's revenue for 2022, 2023, and 2024 is projected at 1.433 billion, 2.112 billion, and 2.307 billion yuan, respectively, with a 24.5% year-on-year revenue growth to 2.078 billion yuan in the first three quarters of this year [8]. - The adjusted net profit for the same years is expected to be 42 million, 144 million, and 196 million yuan, with a remarkable over 80% increase in adjusted net profit to 236 million yuan in the first three quarters of this year [8]. - Banu's same-store sales growth rate stands at 4.3%, with a table turnover rate of 3.6 times per day, significantly exceeding industry averages [8]. Group 4: IPO and Future Plans - The funds raised from the IPO will primarily be used to expand the self-operated restaurant network, enhance digital management and operations, build brand presence, optimize the supply chain, and serve as working capital [8].