Core Viewpoint - The company "COMMUNE幻师," a Chinese restaurant and bar operator, is preparing for an IPO while facing challenges in revenue growth, operational efficiency, and customer satisfaction [1][2]. Financial Performance - Revenue increased from 845 million in 2023 to 1.074 billion in 2024, a year-on-year growth of 27.1%. For the first nine months of 2025, revenue reached 872 million, up 14% from 764 million in the same period last year [3]. - Adjusted net profit fluctuated, decreasing from 73.4 million in 2023 to 66.2 million in 2024, then rising to 78.6 million in the first nine months of 2025. The gross margin remained high at 70.5% in 2023, 67.8% in 2024, and 68.7% in the first three quarters of 2025, with beverage sales contributing approximately 45% of total revenue [4]. Operational Challenges - The average sales per store in second-tier cities declined, with daily sales dropping from 27,300 to 26,900 and average sales per square meter decreasing from 53.6 to 52.7 yuan [5]. - Same-store sales also showed a downward trend, with first-tier city sales slightly decreasing from 200 million to 199 million and second-tier city sales from 468 million to 467 million in the first nine months of 2025 [7]. Customer Feedback and Service Issues - The average consumer spending at COMMUNE幻师 is reported at 89.82 yuan, but some menu items are perceived as overpriced, leading to customer complaints about pricing and taste [8][12]. - Service quality has been criticized, with reports of poor customer experiences, including long wait times and inadequate service during peak hours [13][15]. Strategic Decisions and Cash Flow - The company has experienced significant cash outflows, totaling 224 million in the first nine months of 2025, while also declaring substantial dividends of 32 million in 2024 and 80 million in 2025, raising concerns about financial strategy [20]. - The founder, 唐伟棠, holds a 27.93% stake, while institutional investors like 高瓴资本 and 日初资本 hold 9.63% and 1.71%, respectively. Notably, a shareholder exited before the IPO, selling 0.31% of shares for approximately 2.439 million [20]. Market Position and Future Outlook - The "restaurant + bar" model faces competition from established brands and new entrants, necessitating increased investment to maintain brand recognition [21]. - The company is exploring expansion into third-tier cities, but current performance metrics indicate lower profitability compared to first-tier cities, with average sales per square meter at only 35.8 yuan [23].