Core Viewpoint - Banu International Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CMB International as joint sponsors [1]. Company Overview - Founded in 2001 by Du Zhongbing in Anyang, Henan, Banu International has established a direct-operated store network covering 39 cities in China, with a total of 145 stores [2][5]. - The brand name "Banu" is derived from the culture of the boatmen in Chongqing, who are considered the pioneers of Sichuan hotpot [5]. Financial Performance - Banu International has shown strong performance from 2022 to 2024, with revenue increasing from 1.433 billion RMB in 2022 to 2.307 billion RMB in 2024, and profit rising from approximately 102 million RMB in 2023 to 123 million RMB in 2024 [3][8]. - The revenue growth rate has slowed down in 2024 compared to 2023, with the majority of revenue (over 95%) coming from restaurant operations, followed by sales of condiments and ingredients [7]. Market Position - In 2024, Banu International ranked third in the Chinese hotpot market with a market share of approximately 0.4%, while the top five hotpot brands collectively held about 8.1% of the market [5][7]. - The average customer spending in 2024 decreased from 150 RMB to 142 RMB, although the table turnover rate slightly increased [4][10]. Store Network and Customer Metrics - Of the 145 stores, nearly 80% are located in second-tier cities or below, with 31 stores in first-tier cities and 114 in lower-tier cities [5]. - The table turnover rate has remained stable, increasing from 3.0 times per day in 2022 to 3.2 times in 2024 [10][11]. - Same-store sales growth rate declined by 9.9% in 2024, but showed a recovery with a 2.1% increase in the first quarter of 2025 [11][12]. Future Plans - The funds raised from the listing will be used to expand the self-operated restaurant network, enhance digital management and operations, and invest in brand development [13].