本土比萨龙头赴港IPO！性价比红利VS扩张隐忧

Core Viewpoint - The article discusses the IPO of Big Pizza, a leading domestic pizza restaurant chain in China, aiming to become the first local pizza stock in Hong Kong, amidst a growing trend of restaurant companies going public in Hong Kong in 2026 [2][5]. Company Growth and Market Position - Big Pizza has grown from a small couple-run shop in Beijing to 387 stores nationwide, capitalizing on the consumer demand for high cost-performance dining options [5]. - As of September 30, 2025, Big Pizza ranked first in the domestic pizza restaurant sector by GMV, and also leads in the self-service and Western casual dining segments [7]. - The company has expanded its presence to 127 cities, covering all provincial capitals in China, with 310 self-operated stores and 77 franchise stores as of January 11, 2026 [7]. Financial Performance - Big Pizza's revenue has shown significant growth, with 2023 revenue at 944 million RMB, increasing to 1.147 billion RMB in 2024, representing a year-on-year growth of 21.5%. The revenue for the first three quarters of 2025 reached 1.389 billion RMB, a 66.6% increase compared to the same period in 2024 [12][13]. - The average customer spending at Big Pizza has decreased from 70.9 RMB in 2023 to 62.8 RMB in the first three quarters of 2025, while the table turnover rate increased from 4.6 times per day to 6.0 times [11][12]. Business Strategy and Consumer Engagement - Big Pizza has adopted a strategy focused on high product quality, efficiency, and cost-effectiveness, which has been crucial for its growth [14]. - The company leverages social media, particularly short videos, to maintain communication with consumers and quickly adapt to feedback, enhancing customer engagement and loyalty [14][16]. Challenges and Risks - Despite strong performance, Big Pizza faces challenges such as regional imbalance in store distribution and high debt levels, which could hinder its expansion plans [18][19]. - As of September 30, 2025, the company's asset-liability ratio was 93.02%, significantly exceeding the industry safety threshold of 70% [21]. - The company plans to use IPO proceeds for store expansion, technology upgrades, supply chain optimization, and brand building, with a target of opening 610 to 790 new stores by 2028 [19][21]. Competitive Landscape - Big Pizza operates in a highly competitive pizza market, facing challenges from both international brands like Pizza Hut and local competitors such as Zunbao, which may affect its market share, especially in southern regions where consumer preferences differ [21][24]. - The company's pricing strategy, with an average ticket price of 60 to 70 RMB, may not be competitive against local brands offering lower prices [21].