来源丨凤凰网财经《IPO观察哨》 近日，巴奴更新招股书。 这个一直以"品质"为标签的火锅品牌，以毛肚+菌汤为特色，过去曾因价格昂贵、产品问题、创始人言论而陷入争议。在今年首次递 交招股书后，巴奴就曾收到证监会"九连问"，直指公司突击分红及用工合规等问题。 从成本结构来看，巴奴的原材料和员工成本，这两块最大的成本（合计超6成），均在被"压缩"。 首先是原材料及耗材占比明显缩小，2022年到2024年，原材料及耗材，占收入的比例为33.8%、33.2%、32.1%，在2025年前9 个月，再下降至30.6%，为近年来的低点。 | | | | 截至12月31日止年度 | | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | | | 人民幣千元 | | | | | 9 % 人民幣千元 % % 人民幣千元 % | | | | | | | | | | | (未經審計) | | ...

巴奴报警:开业广告被偷 2025年12月17日，巴奴毛肚火锅又一次更新了其港股上市招股书，这是其继6月首次递表失效后的再次冲刺。 不过就在巴奴火锅更新招股书的头一天晚上，12月16日晚间，巴奴毛肚火锅微信公众号发布公告称，"巴奴连云港店尚未正式营业，开业广告被偷，巴奴 已报警"。此事引发不少网友关注。 各位关心巴奴的朋友们: 这两天,巴奴连云港店尚未正式开业,门店 伙伴发现安装在店外区域的若干广告牌于夜间被 盗。我们已向当地公安机关报案,并积极配合调 查。 我们认为有必要向大家说明下情况,并向大 家征集线索,欢迎知情人士,通过官方途径向我 们提供。 巴奴呼吁行业良性竞争,共同构建健康生 态,推动餐饮文明,促进为顾客创造价值。 巴奴毛肚火锅 2025年12月16日 巴奴报警:开业广告被偷 作为继海底捞、呷哺呷哺之后的"火锅第三股"有力竞争者，巴奴的这次冲击IPO备受瞩目！ 一、业绩高增长，冲击IPO有底气 这一次冲击港股IPO，巴奴毛肚火锅交出来一份相当亮眼的成绩单。 2025年前三季度，巴奴毛肚火锅营收达20.78亿元，同比增长24.5%；经调整净利润达2.36亿元，同比大幅增长超80%。其门店经营利润率也从 ...

（文/刘媛媛 编辑/周远方） 12月17日，主打"产品主义"的巴奴毛肚火锅（巴奴国际控股有限公司，以下简称"巴奴"）更新了其港股 上市招股书。这距离其首次递表恰好六个月，而就在前一天的12月16日，其首份招股书因满六个月未通 过聆讯而宣告"失效"。 巴奴的上市之路不太顺利。 一方面，今年8月，证监会曾向其发出"九连问"，直指公司治理、突击分红及用工合规等核心问题，为 上市前景蒙上阴影；另一方面，火锅行业在港股市场表现低迷，海底捞与呷哺呷哺股价的大幅缩水，使 得市场对整个赛道的信心不足。 凌雁管理咨询首席咨询师、餐饮行业分析师林岳向观察者网表示，当下已经不是餐饮企业上市的黄金时 期，但机会依然存在。前提是企业自身能够具备清晰的业务逻辑和成熟的商业模式，巴奴的中高端定位 在当下的资本市场并没有优势，快速融资拓店的时代也已经过去，所以更需要其拿出真正的核心竞争力 来让投资市场信服。 巴奴的问题在于，它想靠"产品主义"撑起的高端故事，在消费分级、行业下行与自身模式硬伤的三重夹 击下，越来越站不住脚。 核心矛盾："高端"定价，难证"高端"价值 巴奴的故事，始于下沉市场，却最终瞄准了资本市场的高地。2001年，创始人杜中 ...

本报讯 （记者李静）12月17日，巴奴国际控股有限公司（以下简称：巴奴）更新了向港交所提交的招 股说明书，多项核心指标表现亮眼：2025年前三季度，经调整利润达2.4亿元，同比大幅增长80.8%；收 入达20.8亿元，同比增长24.5%。2025年前三季度，同店销售增长率达4.3%。在翻台率上，前三季度稳 定在3.6次/天，同比提升0.5次/天，远超行业平均水平。 在二十余年的发展中，巴奴坚持产品主义，通过供应链系统化整合、数字化赋能与精细化运营，实现了 盈利能力与规模扩张的双重提升，展现出强劲的经营韧性与增长潜力。 坚守产品主义 瞄准品质消费赛道 一场事关效率与品质的精密调度 据招股书，巴奴第三代供应链核心运营理念为："能冷鲜不冷冻，能天然不添加，能当天不隔夜"，通 过"一天一配"物流体系，从中央厨房直达全国门店，为保障食材始终如一的高品质，每家中央厨房的覆 盖半径可达600公里，实现24小时新鲜配送至门店。 这套覆盖全国46个城市、支撑160余家直营门店的庞大网络，包含了5座集仓储物流于一体的综合性中央 厨房与1家专业化底料加工厂，服务范围遍及中国大陆14个省级行政区。 这在运营层面带来了结构性效率提升： ...

01、构建自己长期获客的能力 这其实是张海在内部的一次反思，当然也是如今所有房企的一个共性：我们所有的获客能力都基于当下 单点逻辑——独立区位下的单点项目，以及靠着即时展示面从而获得能够触达客户的能力。但是换句话 来说，我们失去售楼处就完全失去和客户接触的渠道。这其实是一个挺恐怖的现象。这样的做法让大量 的房企没有对冲风险的能力，也是需要培养长期主义重要的地方。 长期主义是每个领导都认为对的事情，但是在内部却没有建立起长期主义的机制。而在客户端，如何让 自己拥有长期获客能力，本质上就要脱离单纯围绕着项目输出价值观的内部体系。这本质上属于内部环 节的釜底抽薪，但是在如今这个赛道上来说却显得尤为重要。不论是降低单个项目的费效比，还是出现 问题时的客户沟通，包括前期的渠道成本，长期主义几乎是完整解决所有问题的根本。治本的方法当然 也需要治本的模式，而整个内部模式上需要构建一条在项目段之外，独立完整围绕着品牌做一系列的价 值链条。 02、重视品牌部门，重视长期主义 长期主义发生的第一个环节，就是重视公司内部的品牌部门。如今有大量的企业直接把品牌部门安插在 营销体系之下，甚至是放在策划条线之下。这背后是对品牌的忽视，也 ...

Core Viewpoint - The successful early delivery of Longfor's Yuhujing Phase II project reflects a shift in the industry towards tangible product quality and verifiable commitments, rather than mere promises [1] Group 1: Project Delivery and Market Response - Yuhujing has been well-received in the market since its launch, indicating strong consumer confidence and recognition of the project [2] - The early completion of Yuhujing Phase II, one year after the successful delivery of Phase I, showcases Longfor's commitment to innovation and quality in high-end residential development [2] Group 2: Design and Quality Features - Yuhujing incorporates luxury design elements inspired by the yacht brand RIVA, emphasizing a pursuit of quality through material selection, such as the use of beige stone paint and champagne-colored aluminum [4] - The project features a customized urban luxury hotel-style landscape, designed with a "jewelry luxury aesthetic," and includes a 900 square meter luxury clubhouse inspired by Waldorf Astoria [5] Group 3: Commitment to Long-term Living Experience - Longfor has focused on enhancing long-term living experiences by investing in craftsmanship and essential features, such as simplified wall designs based on extensive homeowner research [8] - A rigorous quality control system ensures that every detail, from design to execution, meets high standards, with meticulous checks conducted throughout the construction process [9] Group 4: Comprehensive Service System - Longfor's "New Heart, Smart Delivery" system expands the delivery experience from physical space to lifestyle, offering over 40 customized services based on homeowner insights [11] - This approach signifies a shift from merely delivering homes to providing a holistic, high-quality community living experience, enhancing the value of the project [11] Group 5: Ecosystem and Collaborative Development - Longfor has established a robust ecosystem in Beijing, with multiple service channels that enhance the living experience for homeowners, demonstrating resilience and comprehensive service capabilities [12] - The early delivery of Yuhujing Phase II exemplifies the synergy of Longfor's development, operation, and service strategies, contributing to a high-quality living environment for residents [13]

Core Insights - The strong sales performance of China Resources Land in major cities like Shenzhen, Beijing, and Shanghai reflects a significant trend in the high-end real estate market, driven by brand strength, prime locations, product innovation, and exceptional service [1][21] Brand Strength - China Resources Land has established a deep-rooted presence in urban development over the past 20 years, enhancing its brand value through significant contributions to city planning and infrastructure [2][4] - The company's projects are seen as integral parts of urban development, fostering a sense of trust and value among customers [6] Location Advantage - The strategic positioning of high-end properties in exclusive areas is crucial, with China Resources Land focusing on unique natural, commercial, and cultural resources to create irreplaceable value [6][8] - Key projects like Shenzhen Bay and Beijing Runyuan are situated in prime locations that offer both luxury and accessibility to essential amenities [8][9] Product Innovation - The company emphasizes a customer-centric approach in product development, prioritizing understanding client needs before design [10][11] - Innovative features such as the "Five Unique Systems" in Beijing Runyuan cater to diverse family needs, enhancing the living experience [11] Cultural Integration - Projects like Shanghai Shilin Runyuan are designed to harmonize with historical urban landscapes, fostering a sense of cultural belonging among residents [12][14] Service Excellence - China Resources Land offers a comprehensive, high-end service model that extends beyond property delivery, ensuring ongoing value for homeowners [17][19] - The service framework includes personalized assistance, community engagement, and exclusive access to high-end events, enhancing the overall living experience [20] Conclusion - The collective success of China Resources Land's high-end projects is attributed to its commitment to quality, urban integration, and customer respect, setting a benchmark for the real estate industry [21]

点击上图▲立即报名 文 / 巴九灵（微信公众号：吴晓波频道） 初冬的泉州，是被时光偏爱的城。异木棉铺就一路浪漫花海，古街青石板镌刻千年沧桑，开元寺的石柱承载着宋元遗风，清真寺的回响诉说着海 丝传奇。 这座马可・波罗笔下的"东方第一大港"，既有"古韵刺桐"的人文肌理，又藏着敢闯敢拼的商业基因。此次吴晓波激荡讲堂冬季课，以《中国式商 业模式及成败探讨》为主题，将来自各行各业的企业家学员集聚在这个城市。 三天的思想盛宴中，吴晓波老师以泉州千年商业文明为底色，围绕中国式商业模式的底层逻辑、迭代方向与成败关键，带来了深入浅出的干货分 享。 拥有25年奢侈品牌管理经验的宝珀中国副总裁廖信嘉先生，以"在时间中修行"为主题，深度拆解了顶级品牌如何构建不可撼动的核心竞争力， 分享了流量时代下品牌营销与调性坚守的平衡之道。 课程落幕，思考不止。学员们带着满满的收获与感悟，将所见所闻、所思所悟落笔成文，字里行间既有对自身商业模式的复盘，也有对行业未来 的展望。我们将其中精华整理成册，化作这场思想之旅的珍贵回响，与你共赏。 左右滑动 ▲ 查看更多 高秀荣 寻根商业基因 ， 锚定未来方向 吴晓波激荡讲堂 激荡班 辽宁凤翥荣熙文化传媒广 ...

Core Viewpoint - The article emphasizes the shift in the real estate industry from a focus on quantity to quality, marking the beginning of a "quality era" where companies with solid fundamentals will be selected through the "Good House" standards [2][4]. Group 1: Industry Transformation - The "Good House" standard signifies a transformation in the supply side of the real estate market, moving towards a quality-first approach [2]. - Major real estate companies have begun to establish their own "Good House" standards and systems, reflecting their operational capabilities and technical characteristics [2][4]. Group 2: Company Standards and Frameworks - Various companies have introduced their own "Good House" systems, such as: - Greentown China with its "Good House Product Standard 2025," which includes 231 clauses that exceed national and industry standards [4]. - China Power Construction's "Good House Product Standard," which focuses on six dimensions including safety and health [15][16]. - China State Construction's "Good House" construction system, emphasizing safety, comfort, and sustainability [26][28]. - The "Good House" frameworks from companies like China Merchants Shekou and CITIC Pacific focus on creating quality living environments through comprehensive standards and innovative technologies [21][22]. Group 3: Implementation and Innovation - Companies are actively implementing their "Good House" standards in projects, showcasing innovation and a commitment to quality [36][38]. - For instance, China Resources Land's product system emphasizes community, product, and service quality, integrating various innovative living scenarios [36]. - The establishment of "Good House" laboratories and experimental projects by companies like China National Cereals, Oils and Foodstuffs Corporation demonstrates a hands-on approach to applying these standards [40]. Group 4: Future Directions and Evaluations - The 2025 product evaluation work for Chinese real estate companies has commenced, focusing on overall corporate performance and specific project assessments [43][46]. - The evaluation will include awards for comprehensive and individual project categories, with results expected to be announced in early 2026 [46][48].

Group 1 - The first national promotion event for Greentown's Fengming Guantang was held in Beijing, highlighting the project's strategic positioning and brand confidence [1][3] - The choice of Beijing for the promotion reflects Greentown's aim to connect with a national audience that appreciates its unique aesthetic lifestyle philosophy, "Born for Beauty" [1][3] - Greentown emphasizes its core asset as the "productism" spirit and ability to create living environments, showcasing its mature aesthetic system in harmony with the Haikou Bay project [1] Group 2 - Fengming Guantang embodies a deep philosophy of creation, focusing on a respectful dialogue with nature through the preservation and re-creation of natural landscapes [3] - The project aims to create a multi-dimensional ecological experience by integrating mountains, lakes, and the sea, enhancing the overall living atmosphere [3] - The promotion event serves as a critical value output, indicating the maturity of a more complete and spiritually enriching lifestyle paradigm in a resort setting [3] - The aesthetic demonstration area of Fengming Guantang is set to officially open in early December [3]