但巴奴的上市之路并不顺利。一方面，今年8月，证监会曾向其发出"连环九问"，直指公司治理、上市前大额分红及用工合规等问题；另一方面，海底捞 与呷哺呷哺股价持续下挫，整个火锅板块表现低迷。 更关键的是，在餐饮行业竞争日益残酷的背景下，坚持高端"产品主义"的巴奴，能否经受住市场考验？它的故事又能否打动资本市场？ 若成功上市，巴奴将成为"品质火锅第一股"，同时也是继海底捞、呷哺呷哺之后，第三家登陆港股的主营火锅企业。 162家店，年营收超23亿元 "贵"是巴奴火锅给消费者最直观的印象。前两年，"18元一份土豆仅5片"曾引得消费者热议，创始人杜中兵发微博表示"巴奴暂时不考虑降价"更是将巴奴 推上了风口浪尖。 虽然巴奴和海底捞朝着不同方向，可对火锅食客来说"殊途同归"。 近日，巴奴火锅再次冲击上市。 12月17日，在首份招股书失效的第二天，巴奴国际控股有限公司（以下简称"巴奴"）迅速更新并重新递交上市申请。 据弗若斯特沙利文的资料，按收入计，巴奴是2024年中国火锅市场第三大品牌，市场份额约为0.4%。 高价之下，巴奴的营收自然不低。据招股书披露，2022年至2024年巴奴收入分别为14.33亿元、21.12亿元和23. ...

（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 ...

根据弗若斯特沙利文的资料，中国火锅行业预计将于2024年至2029年间保持稳健增长，年复合增长率约 为6.5%。其中品质火锅行业增速更为显著，年复合增长率预计达7.8%。凭借公司已建立的品牌优势与 组织能力，巴奴将在这一趋势中持续受益，进一步巩固在品质火锅赛道的领先地位。 巴奴毛肚火锅以毛肚及菌汤为招牌产品。于往绩记录期间，巴奴毛肚火锅的直营巴奴门店总数由截至 2022年12月31日的86家增长至截至2023年12月31日的111家，并进一步增长至截至2024年12月31日的144 家以及截至2025年9月30日的156家。直营巴奴门店总数由截至2022年1月1日的83家增长至截至2025年12 月7日的162家，增长率达95.2%。门店数量增长，体现了巴奴在品质火锅赛道上的持续扩张能力。 智通财经获悉，据港交所12月17日披露，巴奴国际控股有限公司(简称：巴奴毛肚火锅)向港交所主板递 交上市申请，中金公司和招银国际为联席保荐人。该公司曾于今年6月16日向港交所递交过上市申请。 招股书显示，巴奴毛肚火锅是中国最大的品质火锅品牌，秉持产品主义经营理念，追求差异化市场定 位。根据弗若斯特沙利文的资料，按收入计，巴 ...

据港交所12月17日披露，巴奴国际控股有限公司(简称：巴奴毛肚火锅)向港交所主板递交上市申请，中金公司（601995）和招银国际为联席保荐人。该公司 曾于今年6月16日向港交所递交过上市申请。 | 【編纂】項下的[編纂]數目 : [編纂](視乎[編纂] | | | | --- | --- | --- | | 行使與否而定) | | | | [編纂]數目 | : | [編纂](可予重新分配) | | [編纂]數目 | | :「編纂」(可予重新分配 | | 及視乎[編纂]行使與否而定) | | | | 最高[編纂]:每股[編纂][編纂]港元,另加1%經 | | | | 紀佣金、0.0027％證監會交易徵費、 | | | | 0.00565%聯交所交易費及0.00015% | | | | 會財局交易徵費(須於申請時以港元 | | | | 繳足,多繳款項可予狠環) | | | | 面值 | : | 每股股份[編纂]美元 | 招股书显示，巴奴毛肚火锅是中国最大的品质火锅品牌，秉持产品主义经营理念，追求差异化市场定位。根据弗若斯特沙利文的资料，按收入计，巴奴是 2024年中国品质火锅市场最大品牌，市场份额约为3.1%，按 ...

智通财经APP获悉，据港交所12月17日披露，巴奴国际控股有限公司(简称：巴奴毛肚火锅)向港交所主板递交上市申请，中金公司和招银国际为联席保荐 人。该公司曾于今年6月16日向港交所递交过上市申请。 | [編纂]項下的[編纂]數目:「編纂](視乎[編纂] | | --- | | 行使與否而定) | | 「編纂]數目 : [編纂](可予重新分配) | | [編纂]數目 : : [編纂](可予重新分配 | | 及視乎[編纂]行使與否而定) | | 最高[編纂]:每股[編纂][編纂]港元,另加1%經 | | 紀佣金、0.0027％證監會交易徵費、 | | 0.00565%聯交所交易費及0.00015% | | 會財局交易徵費(須於申請時以港元 | | 繳足,多繳款項可予退環) | | 面值 : 每股股份[編纂]美元 | | Caroline, Parcelland | 招股书显示，巴奴毛肚火锅是中国最大的品质火锅品牌，秉持产品主义经营理念，追求差异化市场定位。根据弗若斯特沙利文的资料，按收入计，巴奴是 2024年中国品质火锅市场最大品牌，市场份额约为3.1%，按收入计，巴奴是2024年中国火锅市场第三大品牌，市场份额 ...

Core Viewpoint - The company Banu Hotpot, originating from Henan, is attempting to enter the Hong Kong stock market, aiming to become the third hotpot stock after Haidilao and Xiaobuxiang, but faces regulatory challenges and scrutiny regarding its business practices and financials [1][6]. Group 1: Financial Performance - Banu's revenue has shown consistent growth, achieving revenues of 1.433 billion yuan in 2022, 2.112 billion yuan in 2023, and projected 2.307 billion yuan in 2024, with net profits of -5.19 million yuan, 102 million yuan, and 123 million yuan respectively [1]. - The average customer spending has decreased from 147 yuan in 2022 to 138 yuan in Q1 2025, while same-store sales fell by 9.9% from 2023 to 2024 [3][6]. - The company's profit margins have been under pressure, with profit rates of -0.4%, 4.8%, and 5.3% from 2022 to 2024, which are lower than Haidilao's corresponding rates [5]. Group 2: Business Model and Market Strategy - Banu operates under a "Henan model," focusing on self-operated restaurants and daily ingredient deliveries from central kitchens, which allows for a higher price positioning in the market [2]. - The company has a significant presence in lower-tier cities, with 78.6% of its 114 stores located outside first-tier cities, while maintaining a high average customer price of 138 yuan, which is above competitors [3]. - Banu plans to expand aggressively, with intentions to open approximately 40, 50, and 60 new stores in 2025, 2026, and 2027 respectively, requiring an estimated investment of at least 750 million yuan over three years [6]. Group 3: Regulatory and Market Challenges - Banu has faced scrutiny from the regulatory body regarding its shareholding structure, dividend policies, and social security payments, leading to a series of inquiries [1][7]. - The company has distributed significant dividends, with a payout of 70 million yuan in January 2024, which constituted 57% of its net profit for that year, raising concerns about financial management [6]. - The market sentiment towards the hotpot sector appears cautious, with major competitors like Haidilao and Xiaobuxiang experiencing significant stock price declines, indicating potential challenges for Banu in gaining investor confidence [7].

Core Viewpoint - The founder of Banu Hotpot, Du Zhongbing, made controversial statements regarding the affordability of hotpot for lower-income individuals, which he later clarified and apologized for, stating that his intention was to encourage prudent spending among those with limited financial means [2] Group 1: Company Overview - Banu Hotpot was established in 2001 and has recently surpassed 100 stores, with store counts of 86, 111, and 144 for the years 2022, 2023, and 2024 respectively [3][5] - The company reported revenues of 14.33 billion RMB, 21.11 billion RMB, and 23.07 billion RMB for the same years, indicating a revenue growth of 60.99% from 2022 to 2024 [3] - Adjusted net profits for the same periods were 0.41 billion RMB, 1.43 billion RMB, and 1.95 billion RMB, showing a continuous improvement in profitability [3] Group 2: Market Position and Challenges - Banu Hotpot's average customer spending is significantly higher than its competitors, with an average of 142 RMB per person, compared to 54.8 RMB for Xiaobai and 97.5 RMB for Haidilao [7][9] - The company faces challenges such as declining average spending per customer and slowing store growth, with a noted decrease in average revenue contribution per store [3][10] - The average customer spending has decreased by 5.33% year-on-year in 2024, with the most significant drop occurring in first-tier cities [9] Group 3: Employee Structure and Costs - Banu Hotpot has increasingly relied on part-time and outsourced employees, with 83.85% of its workforce being part-time or outsourced as of Q1 2025 [12][16] - The total employee cost for Q1 2025 was 242.76 million RMB, with 103.47 million RMB allocated to salaries and benefits for full-time employees [15][16] - The average monthly cost per outsourced employee is approximately 6,422 RMB, while the cost for full-time employees is estimated at 6,926 RMB [16]

Core Viewpoint - The Hong Kong IPO market is experiencing a significant decrease in the new stock breakage rate, particularly in the consumer sector, indicating a favorable environment for new listings like that of Ba Nu hot pot [3][4]. Group 1: Market Environment - The breakage rate for new stocks in Hong Kong has dropped to 27.78% in 2025 from 34.29% in the previous year, reflecting a more stable market [3]. - The tea beverage sector has seen a surge in IPOs, with brands like Mi Xue Ice City and Hu Shang A Yi achieving first-day gains exceeding 50%, highlighting the resilience of consumer stocks [3][4]. Group 2: Company Financials - Ba Nu's projected revenue for 2024 is 2.31 billion RMB, with a net profit of 123 million RMB, and a year-on-year revenue growth of 25.7% in Q1 2025 [3][4]. - The average table turnover rate has increased from 3.0 times per day in 2022 to 3.7 times in Q1 2025, indicating improved customer flow and operational efficiency [4][20]. Group 3: Business Strategy - Ba Nu positions itself as the largest quality hot pot brand in China, focusing on product differentiation to attract investors [7][8]. - The company is expanding its presence in lower-tier cities, with 78.6% of its new stores located in these areas, where consumers are more price-sensitive but exhibit higher loyalty [13][24]. Group 4: Supply Chain and Operational Efficiency - Ba Nu has developed a third-generation supply chain system that ensures fresh ingredients are delivered within 48 hours, enhancing operational efficiency [15]. - The company plans to open 150 new stores over the next three years, demonstrating a strategic approach to expansion by establishing multiple bases in new regions before scaling up [16][18]. Group 5: Market Position and Future Outlook - The quality hot pot market is expected to grow at a compound annual growth rate of 7.8% from 2024 to 2029, outpacing the overall hot pot market growth of 6.5% [22]. - Ba Nu's unique marketing strategies and product offerings, such as seasonal ingredients, are designed to appeal to younger consumers and differentiate the brand in a competitive landscape [25][28].

Core Viewpoint - Banu International Holdings Limited, the parent company of Banu Mouton Hotpot, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enter the Hong Kong market [2] Company Overview - Banu International positions itself as a "quality hotpot" enterprise, claiming to be the largest quality hotpot company in China, with a focus on "mouton + mushroom soup" as its signature product [5] - As of June 9, 2025, Banu International operates 145 self-managed restaurants across 39 cities in China, with a significant presence in lower-tier cities [6][7] Market Position - In the overall hotpot market, Banu Mouton Hotpot ranks third with a market share of 0.4%, while it leads the quality hotpot segment with a market share of 3.1% [5] - The top five players in the hotpot market hold approximately 8.1% of the market share, indicating a fragmented market [5] Financial Performance - Banu International's revenue for 2022, 2023, 2024, and Q1 2025 was RMB 1.433 billion, RMB 2.112 billion, RMB 2.307 billion, and RMB 709 million respectively, with net profits of RMB -5.19 million, RMB 102 million, RMB 123 million, and RMB 55.16 million [7] - The adjusted net profit margins for the same periods were 2.9%, 6.8%, 8.5%, and 10.8% respectively, showing a positive trend in profitability [7][8] Customer Spending - The average customer spending for Banu Mouton Hotpot was RMB 147, RMB 150, and RMB 142 for the years 2022, 2023, and 2024 respectively, with a decline to RMB 138 in Q1 2025 [6][8] - Despite the decline, Banu's average spending remains higher than competitors like Haidilao and Xiabuxiabu, which reported average spends of RMB 97.5 and RMB 54.8 respectively in 2024 [6] Operational Efficiency - The operating profit margins for Banu International were 15.2%, 21.3%, 21.5%, and 23.7% for the years 2022, 2023, 2024, and Q1 2025 respectively, indicating improved operational efficiency [8] - The table turnover rate increased from 3.0 in 2022 to 3.7 in Q1 2025, reflecting enhanced customer flow [8] Sales Performance - Same-store sales growth was 22.6% in 2023 but declined by 9.9% in 2024, attributed to changes in customer spending and table turnover rates [8] - In Q1 2025, despite a decrease in average spending, same-store sales grew by 2.1% due to an increase in table turnover [8]

Core Viewpoint - Banu International Holdings Limited has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing premium hot pot market in China, despite recent challenges faced by other restaurant brands in the same sector [3][4]. Company Overview - Banu is recognized as the largest premium hot pot brand in China by revenue, focusing on high-quality ingredients and a differentiated dining experience [3][4]. - The company operates a self-service model across its 145 restaurants in 39 cities, ensuring consistency in product and service quality [8]. Market Analysis - The premium hot pot market in China is projected to grow from RMB 602 billion in 2019 to RMB 741 billion by 2024, with a compound annual growth rate (CAGR) of 7.8% expected from 2024 to 2029 [4]. - Banu's positioning in the premium segment, defined as hot pot with an average spend of over RMB 120 per person, contrasts with the mass and budget segments [4]. Financial Performance - Banu's revenue for 2022, 2023, and 2024 is projected to be approximately RMB 14.33 billion, RMB 21.12 billion, and RMB 23.07 billion, respectively, with net profits turning positive in 2023 [4][6]. - The adjusted net profit margins are expected to improve from 2.9% in 2022 to 10.8% in 2025 [6]. Consumer Behavior - The average spending per customer at Banu has shown a decline, with figures of RMB 147, RMB 150, and RMB 142 for 2022, 2023, and 2024, respectively, indicating a potential challenge in maintaining its premium positioning [9][10]. - In first-tier cities, the average spending was higher than in second and third-tier cities, but it has also been decreasing, suggesting a shift in consumer spending habits [9][10]. Competitive Landscape - Banu's average customer spending of RMB 142 in 2024 is significantly higher than competitors like Haidilao (RMB 97.5) and other brands, positioning it as a leader in the premium hot pot segment [11]. - Despite Banu's revenue growth, the decline in average spending raises questions about its ability to sustain its premium brand image in the long term [13].