比格比萨冲刺港股：创始人刚怒批门店“恶心”，负债率已超90%

Core Viewpoint - Big Pizza International Holdings Limited is preparing for an IPO on the Hong Kong Stock Exchange, with projected revenue growth but declining profit margins due to rising costs [3][4][8]. Financial Performance - Projected revenues for 2023, 2024, and the first three quarters of 2025 are RMB 943.5 million, RMB 1.147 billion, and RMB 1.389 billion respectively [4]. - Net profits for the same periods are expected to be RMB 47.5 million, RMB 41.7 million, and RMB 51.7 million, with net profit margins of 5.0%, 3.6%, and 3.7%, indicating a downward trend [4][8]. - The company has experienced a 12.2% decline in net profit from 2023 to 2024, with profit margins decreasing from 5.0% to 3.6% [8]. Expansion Plans - Big Pizza plans to open approximately 610 to 790 new stores over the next three years, potentially doubling its store count [5][6]. - As of September 30, 2025, the company operates 342 stores across 28 provinces and 105 cities in China, with 265 being self-operated [6][7]. Cost and Profitability Issues - Rising costs of raw materials and employee benefits are contributing to declining profit margins, with the company indicating that these trends may continue as store numbers increase [8][11]. - Average spending per order at self-operated stores has decreased from RMB 70.9 to RMB 62.8, while franchise stores have seen a drop from RMB 68.2 to RMB 63.7 [9][10]. Financial Health - As of September 30, 2025, Big Pizza's total liabilities are RMB 838 million against total assets of RMB 901 million, resulting in a debt-to-asset ratio exceeding 93% [10][11]. - The company's debt levels are significantly higher than industry standards, raising concerns about financing risks associated with rapid expansion [11]. Management Challenges - The rapid expansion has led to operational challenges, including issues with store hygiene and marketing controversies, which have been publicly criticized by the company's founder [12][13][20]. - Recent controversies, such as a promotional event for sanitation workers, have sparked public backlash, highlighting the company's struggles with effective marketing and community engagement [15][16].