12月17日，巴奴国际控股有限公司（以下简称"巴奴火锅"或"公司"）更新招股书，中金公司（601995）、中银国际为联席保荐人。根据招股书，巴奴火锅 成立于2001年4月，总部位于河南省郑州市，创始人为杜中兵。 弗若斯特沙利文数据显示，按收入计，巴奴火锅在2024年中国火锅市场中的排名位于海底捞、呷哺呷哺之后，位列第三，市场份额约为0.4%；在中国高 端火锅市场则排名第一，市场份额约为3.1%。 首次递表后，因股权架构、分红合理性、社保欠缴等问题，巴奴国际控股有限公司被中国证监会"九连问"。公司于12月17日向港交所二次递表，并作出针 对性解释。若顺利上市，巴奴火锅将成为港股"中式火锅第三股"。 图片来源：巴奴火锅本次递交的招股书 公司在招股书中提到，二人通过D&H(BVI)LTD（持股75.26%）、BANUUNITEDLTD（持股8.11%）合计控制83.38%投票权，同时番茄资本旗下 TomatoSecond、Fifth、Sixth等合计持股7.95%；Tomato系列私募基金是2020年~2022年巴奴引入的财务投资，杜中兵夫妇未直接持有Tomato系列股权，而 是通过员工持股平台（如BANUUNIT ...

Core Viewpoint - Banu Hot Pot is attempting to become the "third hot pot stock" in the market, following Xiabuxiabu and Haidilao, despite facing challenges in performance stability and public controversies [2][4]. Financial Performance - Banu Hot Pot's revenue grew from 1.433 billion yuan in 2022 to 2.307 billion yuan in 2024, with a significant increase of 47.3% in 2023, but a decline to 9.3% growth in 2024, followed by a recovery to 25.7% in Q1 2025 [4]. - The number of restaurants increased from 86 in 2022 to 145 in 2024, covering 39 cities nationwide [3]. - Average customer spending in first-tier cities decreased from 183 yuan in 2022 to 159 yuan by March 2025, while overall average spending across all city tiers fell from 147 yuan to 138 yuan [3]. Operational Metrics - Key operational metrics in first-tier cities showed a decline: table turnover rate dropped from 3.9 times per day in 2022 to 3.6 times in 2024, average daily customer count fell from 426 to 351, and daily sales per restaurant decreased from 77,900 yuan to 58,000 yuan [3][4]. - In second and third-tier cities, while table turnover rates maintained an upward trend, the average customer count per restaurant continued to decline, leading to a decrease in daily sales [3]. Controversies and Public Perception - Banu Hot Pot faced significant public backlash due to controversial statements made by its chairman, Du Zhongbing, regarding customer spending, which sparked widespread criticism on social media [5]. - The company was also involved in a "sky-high potato" incident where a customer received an unsatisfactory portion of a dish, leading to negative publicity [6]. - Food safety issues have been reported, including incidents of foodborne illness and allegations of selling fake meat products, which have further damaged the brand's reputation [7].

巴奴毛肚火锅北京一门店外，顾客正在排队等待用餐。 中国商报（记者 贺阳 文/图）6月16日，巴奴国际控股有限公司（以下简称巴奴）在港交所递交招股书，拟于主板挂牌上市，中金公司和招银国际担任联席 保荐人。 在开店计划方面，巴奴计划2026年至2028年在中国分别开设约52家、61家及64家新餐厅。另外，为推动下沉市场的进一步渗透，并强化在华中地区的供应链 能力，巴奴计划在河南、陕西、湖北、河北、安徽、浙江及江苏省建设卫星仓，每个仓的预计投资金额约为400万至500万元。 招股书显示，巴奴毛肚火锅创始人杜中兵及韩女士（互为配偶）通过D&H（BVI）LTD控制公司已发行股本之75.26%；通过BANU UNITED LTD 持有公司 已发行股本之8.11%，合计可行使公司约83.38%的投票权。 关于此次IPO募集资金的用途，巴奴表示，将主要用于扩展自营餐厅网络，以扩大地域覆盖范围和深化市场渗透；提升业务管理和餐厅运营的数字化水平； 加强品牌建设；以及优化供应链，包括中央厨房及卫星仓的建设和扩建等。 根据咨询公司弗若斯特沙利文的资料，巴奴毛肚火锅于2024年占据了3.1%的中国品质火锅市场份额。截至最后实际可行日期 ...