来源：瑞恩资本RyanbenCapital 据独角兽早知道消息，中国品质火锅第一品牌巴奴国际控股有限公司(下称"巴奴国际")将于7月31日启 动香港上市管理层NDR（非交易路演）。是次IPO募资规模将视市场反馈而定，预期募资规模约1亿-2 亿美元。 NDR（Non-Deal Roadshow，非交易路演），是指非交易性路演，是一种前期试水性的路演形式。投行 及拟上市公司可以通过路演提前了解市场对于公司的潜在投资意向，投资者有时需要签署保密协议以获 取一些尚未公开的交易信息。在整个上市流程中，NDR并非必须进行的环节。 巴奴国际是中国最大的品质火锅企业之一，以"毛肚+菌汤"为招牌产品，成为中国品质火锅市场的绝对 领导者。 巴奴国际相关信息： 定位：以"毛肚+菌汤"为特色，主打高客单价的品质火锅。 门店数量：截至2024年底，巴奴拥有145家直营门店，覆盖全国39个城市。 https://www1.hkexnews.hk/app/sehk/2025/107447/documents/sehk25061601203_c.pdf 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首 ...

Core Viewpoint - The company Lao Xiang Ji has restarted its IPO application in Hong Kong, aiming to become the leading Chinese fast-food brand listed in the market, following a wave of new listings in the restaurant industry [1][10]. Company Overview - Lao Xiang Ji operates 1,564 stores across 58 cities in China, with 911 being directly operated and 653 franchised, predominantly in the East China region [3][4]. - The company is recognized as the only major Chinese fast-food chain with a full industry chain layout, leading in average daily sales per store and turnover rate among its peers [2][3]. Financial Performance - From 2022 to 2024, Lao Xiang Ji's revenue grew from 4.528 billion RMB to 6.288 billion RMB, with year-on-year growth rates of 58.38%, 24.8%, and 11.27% respectively [10]. - The net profit for the same period increased from 252 million RMB to 409 million RMB, with growth rates of 86.67%, 48.81%, and 9.07% [10]. - In the first four months of 2025, the company achieved a revenue of 2.12 billion RMB, reflecting a year-on-year growth of 9.9% [10]. Market Position - The Chinese fast-food market is currently dominated by non-chain restaurants, with a chain penetration rate of only 32.5%, significantly lower than the 67.9% for Western fast food [2]. - The top five Chinese fast-food brands hold a combined market share of just 3.6%, compared to 50.8% for the top five Western brands [2]. Store Performance - The average customer spending at direct-operated stores has decreased from 29.7 RMB in 2022 to 27.5 RMB in 2024, while franchise stores saw a decline from 31.5 RMB to 28.9 RMB during the same period [4]. - The turnover rate for direct-operated stores was 4.8 in early 2025, consistent with 2024, while franchise stores lagged behind at 3.3 [4]. Family Business Structure - Lao Xiang Ji is characterized as a family business, with key positions held by family members, including the CEO and other executives [5][6]. - The founder's shares have been passed to the next generation, with significant voting power concentrated among family members [6]. Rental Agreements - The company has established rental agreements with related parties, with rental liabilities recorded at 20.2133 billion RMB as of December 31, 2024 [7][8]. - Payments to related parties have been consistent, with specific amounts detailed for the years 2022 to 2025 [7][9]. Competitive Landscape - Compared to other listed companies in the sector, Lao Xiang Ji's revenue scale is larger than that of competitors like Xiao Cai Yuan and Green Tea Group, although its net profit is lower than that of Xiao Cai Yuan [10][12]. - Other competitors, such as Ba Nu and Yu Jian Xiao Mian, have lower revenue figures and are also seeking to expand through IPOs [11][12].

Core Viewpoint - The introduction of a tipping system at Haidilao has sparked controversy among consumers, highlighting a clash of consumption philosophies between traditional Chinese practices and Western tipping culture [3][6]. Group 1: Consumer Reactions - Many consumers express discomfort with the idea of tipping for services that they believe should be included in the already high prices of Haidilao's menu items [3][6]. - A significant majority of participants in an online poll indicated that they are unwilling to tip, with 90% of over 80,000 respondents preferring that service fees be included in the total price [6]. Group 2: Service Industry Perspectives - Some supporters of the tipping system argue that it could enhance service quality by providing a direct incentive for service staff [3]. - A restaurant industry insider noted that while Haidilao's service staff salaries are slightly higher than average, the demanding nature of the job justifies the need for a tipping mechanism as a way to reward hard work [3]. Group 3: Cultural Context - The attempt to integrate Western tipping culture into the Chinese dining experience may have overlooked the differences in consumer expectations and practices [3][4]. - In the U.S., tipping is often seen as a necessary part of the dining experience, with automatic service charges being common, contrasting sharply with the Chinese preference for clear pricing and straightforward transactions [6].

Core Viewpoint - The introduction of a QR code for tipping at Haidilao could undermine its core service model, leading to consumer distrust and a potential decline in service quality [3][4][46]. Group 1: Haidilao's Service Model - Haidilao's core competitive advantage lies in its service, which is supported by its pricing strategy [7][8]. - Consumer perception of service quality is crucial, and any differentiation in treatment can lead to dissatisfaction [10][12]. Group 2: Impact of Tipping - The introduction of tipping can lead to questions about the motives behind service quality, potentially causing consumer anger [24][35]. - When tipping is involved, consumers may feel that service quality is contingent on whether they tip, which alters their expectations [31][38]. Group 3: Consumer Expectations - With the introduction of tipping, consumer expectations shift, and they may begin to compare Haidilao's service to that of high-end restaurants [39][40]. - The visibility of tipping through a QR code can create a perception of unfairness, leading to a trust crisis between consumers and service staff [46][47].

主打川渝火锅的巴奴，却是从河南起家。其创始人于2001年在河南安阳开设第一家火锅店，并以此为据点开始扩张。 近日，巴奴向港交所提交了上市申请，计划赴港上市募资，用于拓展自营餐厅网络、提升业务管理和餐厅运营的数字化水 平、品牌建设、优化供应链以及用过营运资金和一般企业用途。 当前，在港股市场上市的火锅股有海底捞（06862.HK）、海底捞的海外业务特海国际（09658.HK），以及呷哺呷哺 （00520.HK），市值分别为824亿港元、102亿港元和8.6亿港元。 对比于大众火锅海底捞和主打性价比的呷哺呷哺，定位品质火锅的巴奴在资本市场又能否取得更高品质的定位？ 巴奴与海底捞及呷哺呷哺的市场定位 巴奴以"毛肚+菌汤"为招牌产品，人均消费在120元（单位人民币，下同）以上，全部餐厅均采用直营模式经营，截至2024 年底，其拥有145家直营门店，覆盖全国39个城市，其中二线城市占比最大，达到55%。 海底捞定位为大众火锅，人均消费90-100元，以服务著称，致力于为消费者提供全方位的优质就餐体验，目标客户群体广 泛。作为火锅行业的龙头企业，门店数量众多，不仅遍布全国，还遍布全球各大洲的主要市场。2024年末大中华区 ...

Core Insights - The investment of 490 million yuan by Guoquan Food in Danzhou, Hainan, aims to enhance its food production capabilities and strengthen its supply chain, market expansion, and internationalization strategies [1][7] - The prepared food market has surpassed 500 billion yuan, while the hot pot ingredient market has exceeded 1 trillion yuan, indicating a highly competitive landscape where supply chain efficiency is crucial for gaining market advantage [1][2] Supply Chain Strategy - Guoquan's investment is part of a broader strategy to vertically integrate its supply chain, having already established six production bases across China with a "single product, single factory" approach [2] - The new Hainan base will reduce logistics costs in southern regions and enhance the company's ability to serve Southeast Asia, leveraging Hainan's free trade port advantages [2][3] Market Expansion Goals - Guoquan aims to open an additional 10,000 stores over the next five years, targeting a total of over 20,000 stores, capitalizing on its extensive C-end sales network [4][7] - The company has a significant presence in rural markets, where demand for prepared foods is growing due to rising income levels and changing consumer preferences [5] Competitive Landscape - The prepared food industry is facing challenges from rising raw material costs, with imported beef prices projected to increase significantly by 2025 [6] - Guoquan's establishment of the Hainan base is a strategic move to mitigate these cost pressures through local sourcing and tax advantages [6][7] Long-term Strategic Positioning - The investment is seen as a long-term strategic positioning for Guoquan, aiming to transition from a hot pot ingredient supplier to a global prepared food provider [7] - The company's focus on supply chain control is critical for maintaining competitive advantages in a market characterized by intense competition [6][7]

Core Viewpoint - The restaurant industry is experiencing a new wave of capital enthusiasm, with several leading brands, including Banu, preparing for IPOs in Hong Kong amidst a competitive market environment characterized by price wars and slowing growth [1][2]. Industry Overview - The restaurant sector is witnessing a surge in IPO activities, particularly in Hong Kong, with brands like Banu, Mijue Ice City, and others entering the market [1]. - The hot pot segment, represented by Banu, is facing intense competition and a slowdown in growth, raising questions about the timing of its IPO [1][2]. Company Performance - Banu's revenue has shown consistent growth over the past three years, with figures of 1.433 billion, 2.112 billion, and 2.307 billion yuan for 2022, 2023, and 2024 respectively, totaling over 5.8 billion yuan [2]. - In Q1 2025, Banu achieved a revenue of 709 million yuan, marking a 25.7% year-on-year increase [2]. - The company turned a profit in 2023 with a net profit of 102 million yuan, which increased to 123 million yuan in 2024, reflecting a 20.8% growth [2]. Profitability Concerns - Despite revenue growth, Banu's profit margins remain low, with adjusted net profit margins of 2.9%, 6.8%, and 8.5% from 2022 to 2024, significantly lower than its competitor Haidilao [3]. - The average customer spending at Banu remained high, with figures of 147 yuan, 150 yuan, and 142 yuan from 2022 to 2024, surpassing Haidilao's average of 110-120 yuan [4]. Market Strategy - Banu's high average spending has not translated into proportional profit returns, as its premium pricing strategy conflicts with the current consumer trend favoring value for money [5][6]. - The company is focusing on expanding into lower-tier cities, with 78.6% of its 145 stores located in second-tier and below cities, where it has seen higher profit margins compared to first-tier cities [12]. Competitive Landscape - Banu's operational efficiency, measured by table turnover rates, lags behind Haidilao, with Banu averaging 3.0 times per day compared to Haidilao's 4.1 times in 2024 [7]. - Unlike Haidilao's diversified strategy, Banu remains focused primarily on hot pot dining, with over 97% of its revenue coming from dine-in operations, limiting its exposure to the growing takeout market [9][10]. Future Outlook - The upcoming IPO is seen as a crucial move for Banu to raise funds for expansion and to enhance its supply chain capabilities, including the establishment of central kitchens and satellite warehouses [14]. - The company faces the challenge of maintaining customer spending levels in lower-tier markets while managing the increased operational costs associated with expansion [14].

三十年间，中国火锅行业经历了翻天覆地的变化，从街头巷尾的不起眼小吃，一跃成为备受资本追逐的"万亿赛道"。2024年，火锅市场规模已突破6100亿 元，占据餐饮业总规模的18.3%（数据源于《中国餐饮产业发展报告》）。然而，这片看似红火异常的市场，实则暗流涌动，既诞生了海底捞这样的服务 标杆，也见证了小龙坎因食品安全问题而陨落的悲剧。如今，9.9元的平价锅底与人均183元的高端火锅并存，行业结构正经历着前所未有的变革。 高端市场的"价值重构"与信任危机 高端火锅市场并非一帆风顺。"月薪5000别吃火锅"的言论，虽然出自巴奴创始人杜中兵之口，却折射出高端火锅在"溢价"过程中遭遇的信任危机。巴 奴"富硒土豆"硒含量不足，以及"18元5薄片"毛肚事件，都引发了公众质疑，暴露了高端品牌在食材品质和定价策略上的问题。 然而，另一种高端化模式正在崛起。以云南野生菌火锅为代表的"山缓缓"，通过打造沉浸式用餐环境，以见手青等珍稀食材，成功将客单价提升至150 元。美团数据显示，2024年客单价超过150元的火锅门店占比已达8.6%，较2019年增长5.3个百分点，其中90后消费者贡献了62%的交易额（数据源于美 团）。 抖音生 ...

作 者 | 周淼 来源 | 网易清流工作室 导语： 巴奴以产品主义定位为品质火锅代表，创始人杜中兵曾发言"火锅不是服务底层人 民""等言论。2023年2月，巴奴火锅因"18元5片天价土豆事件"引发争议。 以下文章来源于网易清流工作室 ，作者周淼 网易清流工作室 . 穿透迷雾，探寻真相。原创财经深度研究团队，信息来源均为公开的官方资料、媒体报道，以及普通人 皆可查询的数据库文件等。 近日，"火锅界的爱马仕"巴奴国际控股有限公司（下称"巴奴"）向港交所提交上市申请书， 该公司以"毛肚+菌汤"为招牌产品，中金香港和招银国际为其联席保荐人。此次IPO，巴奴拟 将募资用于门店扩张、品牌建设、供应链优化（扩建中央厨房及卫星仓)等。 招股书显示，这 是 家 2001年创立于河南安阳的企业， 其 创始人杜中兵以 " 产品主义 " 对 抗 " 服务主义 " ，提出 " 服务不是巴奴的特色， ' 毛肚和菌汤 ' 才是 " 的口 号。自诩 " 品 质火锅 " 第一品牌，巴奴 2024年客单价142元，较海底捞（97.5元）高出45%。 不过另一方面，巴奴却陷入 " 土豆刺客 "" 假羊肉 "" 劝退穷人 " 等风波，并曾卷入商业贿 ...

【"火锅界爱马仕"巴奴赴港IPO，扩张与品质难题待解】近日，巴奴国际控股有限公司向港交所提交上 市申请书，联席保荐人为中金香港和招银国际。该公司以"毛肚 + 菌汤"为招牌，拟将募资用于门店扩 张、品牌建设、供应链优化等。 巴奴 2001 年创立于河南安阳，创始人杜中兵提出"服务不是特色，'毛 肚和菌汤'才是"。2024 年客单价 142 元，比海底捞高 45%。不过，其陷入"土豆刺客"等风波，还曾卷入 商业贿赂案。 招股书显示，巴奴拟用募资拓展门店和建设中央厨房。华东新中央厨房选址江苏，新建 1 万平方米；华南新中央厨房设于东莞周边，新建约 7000 平方米。还计划在多地建卫星仓，扩建华中中 央厨房仓储空间。 2021 年，巴奴耗资 1.5 亿在河南建中央厨房产业园。报告期内，其资本开支分别为 1.13 亿、1.46 亿、1.63 亿及 0.22 亿元。目前有 5 个中央厨房，但 2024 年产能利用率分化，不及海底 捞。 2022 - 2024 年，巴奴分别新开 11 家、25 家、35 家直营门店，共 144 家，远不及海底捞。原计划 2025 年开 40 家，一季度仅开 3 家，华北、华南扩张也不理想。 ...