将投中网设为"星标⭐"，第一时间收获最新推送 火锅作为中国餐饮的头号品类之一，行业竞争已经日趋白热化。 作者丨王满华 来源丨 投中网 蜜雪冰城之后，河南又将跑出一个明星IPO。 近日，巴奴毛肚火锅的母公司巴奴国际控股有限公司向港交所递交招股书，拟主板挂牌上市。 巴奴火锅的前身是安阳街头的一家小店，成立11年后才正式走出河南开始全国扩张。高品质一直是其向消费者宣扬的卖点，人 均142元的价格远超"大哥"海底捞，因此也被称为"火锅界的爱马仕"。 与大多数网红消费品牌和资本深度绑定不同，成立24年的巴奴鲜少接受外部投资，IPO前仅有番茄资本通过三次注资拿下其 7.95%股份。 这意味着，巴奴倘若成功上市，番茄资本也将成为唯一享受盛宴的外部机构股东。 145家门店， "火锅界爱马仕"冲击IPO 今年初，巴奴创始人杜中兵因为一句"月薪5000就不要吃火锅，吃麻辣烫就好了"，将品牌推向风口浪尖。尽管事后他迅速澄清 并公开致歉，但巴奴"高价火锅"的形象早已深入人心。 事实上，"火锅界爱马仕"这一称呼并非一开始就与巴奴相随。起初，它还只是河南安阳街头的一家寻常小店。 杜中兵成立巴奴是在2001年，此前他一直从事生铁焦炭生意， ...

不久后，杜中兵在抖音号发布视频解释，上述言论被曲解，本意是"如果大家经济条件还没那么好（如 刚进入社会的学生），是不是应该忍一忍、不要高消费？把钱花在成长上，让自己变得越来越好。"其 同时道歉称，"如果我表达得不清楚，是我的原因和错误。" 而近日，巴奴火锅递交了港股招股说明书，谋求港交所上市。打着"品质"的旗号，巴奴火锅人均消费水 平在行业可比公司中处于较高位置，但同样面临着客单价下滑、门店增长放缓等挑战。 门店数量远低于头部，放缓趋势已现？ 巴奴火锅成立于2001年，至今已有24年历史。但直至近年，公司门店数量才突破100大关。截至2022 年、2023年、2024年，门店数量分别为86家、111家、144家。 "火锅不是服务底层人民""月薪5000元就不要吃火锅"，巴奴火锅创始人杜中兵曾发表上述言论，引发大 众关注。 上述报告期内，巴奴火锅分别实现营业收入14.33亿元、21.11亿元、23.07亿元。另据招股书显示，得益 于门店的精细化运营，公司门店平均后厨面积占比降低了约20%，整体空间利用效率大幅提升，月均坪 效从2022年的1600元左右，上升至2025年一季度的2700元左右。为此，报告期内公司 ...

据招股书披露，在近年来火锅赛道多家头部品牌陷入业绩下滑、关店困境的同时，巴奴火锅却实现了业 绩的持续增长，展现出积极的发展势头。在行业竞争愈发激烈的当下，巴奴火锅如何打造自身的差异化 竞争力并实现红海"突围"，将成为市场投资者关注的关键。 进入业绩增长期加速"跑马圈地" 公开资料显示，2001年，创始人杜中兵在河南安阳创立巴奴，开创了毛肚火锅品类。凭借对产品主义的 极致追求和差异化定位，以"毛肚+菌汤"为招牌产品，巴奴已成为中国品质火锅市场的绝对领导者。 财务数据方面，巴奴近年来呈现出收入、利润双双稳健增长的态势，盈利指标表现也十分优异。于2022 年度、2023年度、2024年度，公司分别实现收入14.33亿元、21.12亿元、23.07亿元(单位为人民币，下 同)，同期年内利润分别为-519万元、1.02亿元、1.23亿元。 近日，又一家火锅品牌开启了上市征程。 据港交所披露，巴奴国际控股有限公司(简称：巴奴火锅)向港交所主板递交上市申请，中金公司 （601995）和招银国际为联席保荐人。若此次成功上市，巴奴有望成为"港股火锅第三股"。 | | | | 瞿至12月31日止年度 | | | | | 截至3月 ...

2025年2月25日，巴奴毛肚火锅创始人杜中兵在"毛肚火锅发展研讨会"直播中发表的"月薪5000就不要吃巴奴，哪怕吃个麻辣烫""火锅不是服务底层人 民"等言论引发了广泛争议。不过，这并未阻止巴奴毛肚火锅的"进击"。 2025年6月16日，巴奴毛肚火锅的母公司巴奴国际控股有限公司正式向港交所递交主板上市申请，即将成为海底捞和呷哺呷哺之后第三家在港上市的火锅 店。IPO将提升巴奴的品牌价值，可以对其高品质形象得到修复。 若上市成功，巴奴计划在2027年前，新开150家直营门店，超过现有门店总数。当前餐饮市场普遍追求性价比，巴奴却打造人均120元以上的品质火锅标 签，与消费者价格敏感度提升形成冲突。巴奴的品质化规模落地，或存在不小的挑战。 高端叙事与市场脱节：高品质与餐饮消费潮流相悖 在巴奴成立早期，"直营+加盟"的模式和其他连锁餐饮品牌路数几乎一致，这可以让巴奴在最短的时间内获得市场份额。天眼查数据显示，巴奴前身之一 重庆巴奴饮食文化有限公司成立于2004年，巴奴品牌也在这一年创立，短短8年门店数量突破百家。2013年，巴奴直营门店15家，加盟门店已经超过90 家。 在这个过程中，巴奴进行了多次升级，比如在200 ...

Core Viewpoint - Banu International, known for its high-priced hot pot offerings, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for store expansion and supply chain optimization [2][3]. Company Overview - Banu was founded in 2001 by Du Zhongbing in Anyang, Henan, and has since expanded significantly, becoming a leading quality hot pot brand in China with a market share of 3.1% as of 2024 [4][5]. - The brand is recognized for its focus on fresh ingredients, particularly its signature dish of fresh tripe and mushroom soup, which has differentiated it in the competitive hot pot market [5]. Financial Performance - In 2023, Banu achieved a profit of 1.02 billion yuan, but its growth rate slowed in 2024, with revenue of 2.307 billion yuan, reflecting a year-on-year increase of only 9.27% [10]. - The net profit for 2024 was 1.23 billion yuan, up 20.87% year-on-year, but the company's net profit margin remains lower than that of its competitor, Haidilao [10]. Consumer Spending - Banu's average consumer spending in 2024 was 142 yuan, which is 45.64% higher than Haidilao's average of 97.5 yuan [6][10]. - Despite the high prices, Banu's customer traffic and average sales per store have declined, indicating a reliance on store expansion for revenue growth [11][12]. Expansion Plans - Banu plans to open approximately 40, 50, and 60 new stores from 2025 to 2027, with an estimated investment of up to 500 million yuan per new restaurant [14]. - The company has seen a significant increase in store numbers, growing from 86 in 2023 to 144 in the first quarter of 2025 [14]. Controversial Dividend - Prior to its IPO, Banu distributed a dividend of 70 million yuan in January 2025, with most of the funds benefiting the controlling family of Du Zhongbing [3][15][16]. - This move has drawn criticism from the market, raising concerns about the company's financial practices [17].

Core Viewpoint - Banu International Holdings Limited is seeking to go public on the Hong Kong Stock Exchange, aiming to become the "third hot pot stock" following Haidilao and Xiaobawang [1][3]. Company Overview - Founded by Du Zhongbing, Banu started as a hot pot brand in Henan and has grown to become a significant player in the high-end hot pot market, emphasizing product quality over service [5][6]. - Banu's unique selling proposition is its focus on high-quality ingredients, particularly its signature dish, "毛肚" (beef tripe) [6][9]. Financial Performance - Banu reported revenues of RMB 14.33 billion, RMB 21.12 billion, and RMB 23.07 billion for the years 2022, 2023, and 2024 respectively, with a net profit of RMB 101.72 million in 2023 [15]. - The average customer spending at Banu was RMB 147, RMB 150, and RMB 142 for the years 2022, 2023, and 2024 respectively, indicating a decline in spending due to market conditions [10][11]. Market Position - Banu is recognized as the largest quality hot pot brand in China, holding a 3.1% market share in the quality hot pot segment as of 2024 [9]. - The company operates 145 self-owned restaurants across 39 cities, with a significant presence in lower-tier cities, which account for 78.6% of its total outlets [12][13]. Challenges and Controversies - Banu has faced criticism over high prices and food safety issues, including incidents involving overpriced potatoes and mislabeling of meat products, which have impacted its brand reputation [18][20]. - The company is under pressure to maintain its high-end positioning while addressing consumer concerns about pricing and product quality [24]. Future Plans - Banu plans to use funds from its IPO to expand its presence in key cities and penetrate lower-tier markets, where operational costs are lower [17]. - The company aims to adopt a sub-brand strategy to cater to different consumer segments and support sustainable growth [24].

回顾：上周6只新股上市，共募集资金约13.3亿美元。 健永生技(MENS) 以每股7.5美元，发行了267万股，募集了2000万美元。 Caris Life Sciences (CAI) 以每股21美元，发行了2353万股，募集了4.94亿美元。 Slide Insurance Holdings (SLDE) 以每股17美元，发行了2400万股，募集了4.08亿美元。 Enigmatig (EGG) 以每股5美元，发行了285万股，募集了1427万美元。 SPAC Axiom Intelligence Acquisition (AXINU)、Pioneer Acquisition I (PACHU)，分别募集了1.75亿美元、2.2亿美 元。 此外，7家公司向SEC递交招股书，其中1家来自中国，为佳美新材 (CNMT)，详情可见：快讯丨昨晚1家中企赴 美递交招股书 还有1家完成上市 本周，暂有3家公司计划上市，如下： 1、连锁火锅店——Happy City Holdings Limited 计划上市时间：2025年6月24日 交易所：NASDAQ 股票代码：HCHL 财务数据 2023-2024财年(截至8月 ...

Core Viewpoint - The hot pot industry has seen a significant slowdown in growth over the past two to three years, with companies like Banou Hot Pot facing challenges as they prepare for IPOs amid increasing competition and a pessimistic market outlook [2][7]. Company Overview - Banou Hot Pot has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "third hot pot stock" following other competitors [2]. - As of June 9, 2025, Banou operates 145 stores across 39 cities, with 78.6% of its locations in second-tier and lower cities [3]. - The company has shown revenue growth, with projected revenues of 1.433 billion yuan, 2.112 billion yuan, and 2.307 billion yuan from 2022 to 2024 [5]. Financial Performance - Banou reported a net loss of 5.2 million yuan in 2022 but turned a profit in 2023 with a net income of 102 million yuan, further increasing to 123 million yuan in 2024, representing a year-on-year growth of 20.8% [5]. - In Q1 2025, Banou's revenue reached 709 million yuan with a net profit of 55 million yuan [5]. - The company's ownership structure is highly concentrated, with the founder and his spouse controlling approximately 83.38% of voting rights [5]. Market Competition - The hot pot market is highly fragmented, with Banou holding less than 1% market share as of 2024, while the top five players collectively account for only 8.1% [6]. - The industry is experiencing intensified competition, with over 300,000 hot pot closures reported in 2024 [6]. Industry Trends - The overall growth rate of the hot pot industry is declining, with projections indicating a drop from 10% in 2019 to 4.3% by 2025 [7]. - Capital market sentiment towards the hot pot sector is negative, as evidenced by the significant decline in stock prices of major players like Haidilao and Xiaobawang [7]. Operational Efficiency - Banou's adjusted net profit margins from 2022 to 2025 Q1 are 2.9%, 6.8%, 8.5%, and 10.8%, respectively, which are lower than Haidilao's margins of 4.7%, 10.8%, and 14.6% during the same period [7][8]. - Banou's average table turnover rate improved from 3.0 times in 2022 to 3.7 times in Q1 2025, but still lags behind Haidilao's rate of 4.1 times [8]. Consumer Perception - Banou's average customer spending remains around 140 yuan, which is higher than Haidilao's 95.7 yuan in 2024, leading to perceptions of Banou as a "premium hot pot" brand [8][9]. - Controversial statements from the founder regarding pricing and target demographics have sparked public debate and criticism [9].

在人均消费额超过120元的品质火锅赛道，以3.1%市占率位居第一。 前五大客单价120元以上的连锁品质火锅中，巴奴是唯一保持了正增长的品牌。 然而在餐饮降价、火锅内卷、加盟模式兴起等诸多背景下，巴奴仍面临严峻的增长挑战。 奔赴港股上市的大军终于出现了火锅企业的身影。 继海底捞（6862.HK）、呷哺呷哺（0520.HK）后，国内第三大火锅品牌巴奴日前向港交所递交招股说 明书。 2024年，巴奴以0.4%的市场份额排在海底捞、呷哺呷哺品牌之后。 但在高端火锅连锁赛道，巴奴堪称"一枝独秀"。 "产品主义"的故事还能讲多久？ 高价与"产品主义" 定位高端火锅品牌的巴奴，并非起源于于北上广深，而是诞生在河南四线小城安阳。 2009年，巴奴初入河南省会郑州，开始与海底捞狭路相逢。 创始人杜中兵评价"干了3年，学了3年，一心想超越海底捞，却连边儿都没沾着。" 三年后，巴奴首次喊出口号"服务不是巴奴的特色，毛肚与菌汤才是"，将"产品主义"作为立足的核心。 作为招牌的毛肚产品摒弃传统的火碱发制工艺，创新采用"木瓜蛋白酶嫩化技术"，口感更好、也更健 康，很快在川渝火锅赛道中打出差异化。 最大外部投资机构番茄资本，2020年至2 ...

Core Insights - The core idea of the articles revolves around the success of "He Shifu Mei Wa Yu Tou," a restaurant chain specializing in frog and fish head hot pot, founded by He Yi in Wuhan, which has expanded significantly due to its unique flavor and effective marketing strategies [1][2][3]. Group 1: Business Expansion - He Yi opened his first "Mei Wa Yu Tou" restaurant in Wuhan and has since expanded to 23 locations in the city and 43 more across other cities in China [1]. - The restaurant's success is attributed to its ability to adapt to local tastes, with a focus on high-quality ingredients and a unique recipe that includes over 60 types of spices [1][2]. Group 2: Competitive Advantage - Despite competition from four other similar restaurants that have since closed, "He Shifu Mei Wa Yu Tou" continues to thrive, primarily due to its superior taste and quality [2]. - The restaurant ensures freshness by using live frogs and fresh fish heads sourced daily from Danjiangkou, which contributes to the tenderness of the meat [2]. Group 3: Marketing Strategies - Innovative marketing strategies, such as discounted meal packages and leveraging platforms like Dazhong Dianping and Meituan for promotions, have significantly increased customer traffic and brand visibility [2]. - The restaurant's presence on Douyin (TikTok) has further boosted its popularity, with a notable sales achievement of over one million yuan during a live-streaming event [2]. Group 4: Customer Engagement - The daily customer flow at the Nanjing Road location exceeds 500, with the combined daily consumption across all 23 Wuhan locations reaching 3 tons of frogs and 1 ton of fish heads [3].