时隔半年，巴奴毛肚火锅再次向资本市场发起冲击。据港交所12月17日披露，巴奴国际控股有限公司 （以下简称"巴奴火锅"）已正式递交主板上市申请，中金公司与招银国际担任联席保荐人。这也是继今 年6月首次递表后，巴奴在年内第二次叩响港交所大门。 从最新披露的财务表现看，巴奴此次冲刺IPO底气颇足：尽管2024年营收出现短期回调，但其盈利结构 已实现质的飞跃——净利润率从2022年的仅0.5%一路跃升至2025年（预测）的10.1%，三年间大幅提升 约20倍。在竞争白热化的火锅赛道，巴奴火锅能否在资本市场讲好一个关于"质量增长"的新故事？ 从规模扩张向质量效益转型？ 招股书显示，巴奴火锅是中国最大的品质火锅品牌。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，市场份额约为0.4%。 巴奴火锅以毛肚及菌汤为招牌产品。于往绩记录期间，巴奴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 ...

时隔半年，巴奴毛肚火锅再次向资本市场发起冲击。据港交所12月17日披露，巴奴国际控股有限公司 （以下简称"巴奴火锅"）已正式递交主板上市申请，中金公司（601995）与招银国际担任联席保荐人。 这也是继今年6月首次递表后，巴奴在年内第二次叩响港交所大门。 截至2025年12月7日，按城市等级划分，除在一线城市开设的32家门店外，巴奴在二线及以下城市共设 有130家门店，截至同日占巴奴门店总数的80.2%。截至同日，巴奴有5家集生产物流于一体的综合性中 央厨房，1家专业化底料加工厂，业务覆盖中国14个省及直辖市。 财报显示，2022年至2025年九个月（以下简称：报告期内，下同），公司分别录得收入14.33亿元、 21.12亿元、23.07亿元以及20.77亿元；同期公司分别录得年内利润-519万元、1.02亿元、1.23亿元以及 1.56亿元。 盈利跃升是财报最亮眼之处。净利润率从2022年的0.5%飙升至2025年（预测）的10.1%，三年提升约20 倍。驱动因素非常清晰：其一，成本端有效控制。原材料成本占比从33.8%稳步降至30.6%，供应链管 理能力增强；折旧摊销等刚性费用占比大幅压缩，资产使用效率提 ...

Core Insights - The report highlights the structural transformation of China's pet consumption market, indicating a shift from incremental growth to stock competition, entering a quality growth era from 2023 to 2025 [1][2] - The pet market is projected to exceed 300 billion yuan in urban dog and cat consumption by 2024, with the cat economy growing at 10.7%, becoming the main driver of market growth [1][16] - The consumption structure is categorized into four core segments: food, supplies, health, and services, with food accounting for the highest proportion [1][19] Market Trends - The pet market is transitioning to a "quality growth" era, with the urban dog and cat consumption market expected to reach 300 billion yuan in 2024, reflecting a 7.5% year-on-year increase [16] - The dog consumption market is valued at 155.7 billion yuan, growing by 4.6%, while the cat market is valued at 144.5 billion yuan, with a growth rate of 10.7% [16] - The average annual consumption per pet dog is 2,961 yuan, up by 3.0% from 2023, while for cats, it is 2,020 yuan, increasing by 8% [16][27] Consumer Demographics - The pet ownership demographic is becoming younger and more decentralized, with post-90s and post-00s individuals becoming the main pet owners, and the proportion of male pet owners in lower-tier cities significantly increasing [1][27][28] - The proportion of pet owners in first-tier and new first-tier cities has decreased from 47% to 41%, indicating a shift towards lower-tier cities as a major source of new growth [27][28] Consumption Structure - The pet economy has established four core segments: - Food: 52.8% of spending, with staple food as the core [19] - Supplies: Moving towards smart and scenario-based iterations [19] - Health: Medical and health care spending accounts for 28%, driven by pet aging and increased preventive awareness [22] - Services: Grooming and beauty services account for 41% of store revenue, with high-end experience services showing significantly higher repurchase rates [24] Brand Growth Strategies - The platform provides a multi-phase growth strategy for pet brands, including incubation, growth, and maturity stages, focusing on user insights, supply chain upgrades, and innovative marketing [2][10] - Successful case studies from brands like Maifudi and TOPTREES demonstrate effective strategies in food, high-end grain, and pet health sectors, validating the "user-product-marketing" integrated operational logic [2][10] Decision-Making Changes - The purchasing process is evolving from impulsive, single-platform decisions to multi-channel, long-chain decision-making, with price-performance ratio and trust becoming key factors [33][34] - Consumers are increasingly seeking solutions to specific problems rather than just products, indicating a need for brands to align their messaging with consumer queries [39][40] Future Directions - The report suggests that brands should focus on full-link conversion strategies, multi-dimensional user operations, and collaborative layouts across the four core segments to drive growth [48][49]

Core Viewpoint - Zhou Hei Ya is leading the industry with significant profit growth amidst a challenging consumer environment, driven by store quality reforms, supply chain optimization, and cost efficiency measures [1][2][6]. Financial Performance - The company expects to achieve a profit of 0.9 billion to 1.13 billion yuan in the first half of 2025, representing a year-on-year growth of 55.2% to 94.8% [1]. - Revenue is projected to be between 12 billion and 12.4 billion yuan during the same period [1]. - The gross profit margin improved by 6 percentage points to 58.3%, while net profit increased by 3.64 times in the previous year [2][5]. Operational Strategies - Zhou Hei Ya is focusing on store quality reforms by optimizing store locations in high-traffic areas and enhancing customer experience through innovative store designs and product offerings [4][6]. - The company has established a dual-driven system of "classic + innovation" to enhance its product matrix and maintain competitive pricing through effective supply chain management [4][7]. Industry Positioning - Zhou Hei Ya has outperformed its peers, such as Huang Shang Huang and Jue Wei, which are facing profit declines [1][3]. - The company is transitioning from scale growth to quality growth, positioning itself as a model for sustainable profitability in the industry [6][7]. Future Outlook - The company anticipates continued profit growth in the second half of 2025, supported by ongoing store quality improvements, a rich product matrix, and optimized supply chain management [8]. - Zhou Hei Ya is also expanding into international markets, starting with Southeast Asia, aiming to establish itself as a leader in exporting Chinese marinated food [7][8]. Shareholder Returns - Zhou Hei Ya has a strong track record of returning value to shareholders, with a cumulative dividend payout ratio of 43% since 2013 and a recent share buyback of 0.91 million shares worth 1.9 billion HKD [8].