“月薪5千别吃”的巴奴再闯港股，一边欠缴员工社保一边大额分红

Core Viewpoint - The article discusses the recent updates in the prospectus of the hotpot brand Banu, highlighting its financial improvements and ongoing controversies regarding its operational practices and product quality [1][2][21]. Financial Performance - Banu's total revenue for the years 2022 to 2025 (first nine months) is reported as 14.33 billion, 21.12 billion, 23.07 billion, and 20.77 billion respectively, with adjusted net profits of 415 million, 1.44 billion, 1.68 billion, and 2.35 billion [2][6]. - The adjusted net profit for 2024 was revised down from 1.96 billion to 1.68 billion, a decrease of 280 million, while the revenue and profit for the first nine months of 2025 showed significant improvement, with an operating profit margin rising from 7.3% in 2024 to 11.3% [2][3]. Cost Management - Banu's operating profit margin increased from 15.2% in 2022 to 21.5% in 2024, reaching 24.3% in the first nine months of 2025, attributed to standardized and refined operations [4]. - The proportion of raw materials and consumables in total revenue decreased from 33.8% in 2022 to 30.6% in the first nine months of 2025, marking a significant reduction [5][6]. Employment Practices - Banu's workforce strategy involved a significant increase in part-time employees, with part-time staff rising from 1,111 in 2023 to 3,308 in 2025 (198% increase), while full-time employees grew from 1,604 to 1,974 (23% increase) [7]. - The company faced scrutiny for unpaid social security contributions, with amounts owed decreasing from approximately 1.6 million in 2022 to 500,000 in the first nine months of 2025 [7][8]. Customer Metrics - The average daily customer count per restaurant showed a recovery in the first nine months of 2025, reaching 393, compared to 372 in 2024 [11]. - The average daily sales per restaurant also rebounded to 57,642 RMB in the first nine months of 2025, after a decline in 2024 [11][12]. Product Quality Controversies - Banu faced significant backlash over product quality issues, including a scandal involving misrepresented meat products and the "expensive potato" incident, which drew public criticism [16][17]. - Despite maintaining a high average price point of 138 RMB per person, Banu's perceived value has been questioned due to these controversies and its marketing strategies [15][21]. Conclusion - Banu's financial data reflects a mix of growth and challenges, with improvements in profit margins and customer metrics, but ongoing issues related to employment practices and product quality could impact its market position and IPO success [21][22].