「COMMUNE幻师」冲刺港交所：中国规模最大的餐酒吧，年营收超10亿元

Core Viewpoint - COMMUNE, a restaurant and bar chain, is set to go public on the Hong Kong Stock Exchange, with plans to expand its operations significantly in the coming years [2][3]. Group 1: Company Overview - As of September 30, 2025, COMMUNE operates 112 directly managed restaurants and bars across 40 cities in China, with 109 of these under the COMMUNE brand [3]. - The company was founded in 2016, transforming an old factory space in Wuhan into a successful restaurant and bar, leading to nationwide expansion [3]. Group 2: Business Strategy - COMMUNE strategically locates its outlets in high-traffic urban centers to maximize visibility and economic efficiency, with over 80% of its locations situated in prime areas [5]. - The company offers a diverse range of store formats, including "COMMUNE幻师标准店" and "COMMUNE幻师臻选店," to cater to different market demands [5]. - Plans for expansion include opening approximately 30 to 40 new stores in 2026, 35 to 45 in 2027, and 40 to 50 in 2028, focusing on first and second-tier cities [6]. Group 3: Product Offering - COMMUNE's product range includes over 200 SKUs of alcoholic and non-alcoholic beverages, with a significant portion of sales coming from alcoholic drinks, which accounted for about 45% of revenue in the first three quarters of 2025 [8]. - The company has introduced 14 proprietary beverage SKUs, contributing over 20% to total alcoholic beverage sales, enhancing brand recognition and loyalty [9]. Group 4: Financial Performance - Revenue for COMMUNE was 845 million yuan in 2023 and 1.074 billion yuan in 2024, reflecting a year-on-year growth of 27.1% [14]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 70.5%, 67.8%, and 68.7%, respectively [14]. - The average payback period for COMMUNE's stores is approximately 17 months, which is faster than the industry average [11]. Group 5: Market Position - COMMUNE holds the top position in the Chinese restaurant and bar sector by revenue for three consecutive years, with a market share of approximately 7.8% in 2024 [12]. - The Chinese restaurant and bar market is projected to grow at a compound annual growth rate of 15.4% from 2025 to 2029, indicating significant expansion potential [13].