最近的"河南天团"，在港股要凑桌打麻将的势头挡不住。河北人杜中兵带着他在河南开的巴奴火锅，赴港IPO了。 大众对巴奴的认知，绕不开两层底色：一是"碰瓷海底捞式营销"。从"服务不是巴奴的特色，毛肚和菌汤才是"，到"服务不过度，样 样都讲究"，广告语直指海底捞过度服务，堪称阴阳大师附体。 二是"贵且翻车"。据红餐大数据，2024年火锅人均消费金额不到75元，而高举产品主义大旗，巴奴把人均消费抬到了142元，高出 了一倍，比海底捞的人均消费金额97.5元，还高出40多元。 但其高价故事屡遭打脸，在富硒土豆翻车事件后，更出圈的是杜中兵的"阶层火锅论"，称"月薪5000别吃火锅""火锅不是服务底层 人民"，曾引发舆论热议。 来源丨凤凰网财经《IPO观察哨》 核心提示： 1.巴奴火锅人均142元的消费，远超行业人均70多元的均值，比海底捞的人均消费金额97.5元，也高出了40多元，但"贵价"标签难 撑实际盈利能力。 2.巴奴门店两年大增67.4%，拉动收入增长，但却难掩单店效能滑坡的挑战。其单店日均客流量2024年下滑6.5%，同店销售额一 年下跌9.9%，一线城市门店销售额两年下滑25.5%，面临"以量补质"的增长陷阱 ...

Core Insights - Haidilao has recently gained attention in the working community by launching a self-service lunch option, offering meals priced around 20 yuan, which includes various dishes and beverages, appealing to office workers [1][4][8] - The company is expanding its business model beyond traditional hotpot offerings, creating a new consumption map that includes various meal options for different times and settings [1][3][10] Business Strategy - The introduction of the self-service lunch is a strategic move to activate underutilized resources during off-peak hours, as lunch remains a low-traffic period for the company [3][11] - Haidilao's diversification efforts include launching new brands and meal options, such as boxed meals and children's menus, to cater to a broader audience and different dining scenarios [8][10][22] Market Context - The overall restaurant industry in China is experiencing slower growth, with Haidilao's revenue growth declining to single digits in 2024, indicating a shift in the competitive landscape [11][12][13] - The hotpot industry is facing intense competition, with many brands engaging in price wars, leading to a decrease in profit margins and an increase in store closures [16][17][18] Financial Performance - Haidilao reported a revenue of 427.55 billion yuan in 2024, with a modest growth of 3.1%, and a net profit of 47 billion yuan, reflecting a slowdown compared to previous years [11][12] - The company's average table turnover rate has improved to 4.1 times per day, but the average customer spending has decreased below 100 yuan, highlighting the impact of price sensitivity among consumers [14][15] Consumer Perception - The introduction of affordable meal options has altered consumer perceptions of Haidilao, with some viewing it as a value-driven choice while others question the brand's premium positioning [7][8] - The success of the self-service lunch and other new offerings will be crucial in determining Haidilao's ability to adapt to changing consumer preferences and market conditions [21][22]

巴奴毛肚火锅（简称：巴奴）叩击港交所大门，外界似乎并不意外。 创立至今20多年时间，在巴奴显露上市野心之前，资本化路径早有铺垫。2022年，有投资机构放话要出资助力巴奴IPO，此后一年，巴 奴完成境外主体控股架构调整。而2024年下半年以来，多家消费企业在港股顺利上市，巴奴此举被视作资本规划、行业窗口与自身扩张 需求共同作用的结果。 目前，海底捞和呷哺呷哺已在港股上市，这意味着，一旦上市成功，巴奴将成为第三家港股火锅企业。本次上市，巴奴有意将募集到的 资金用于拓展自营餐厅网络，在2026年至2028年在中国计划分别开约52家、61家及64家新餐厅。 不过，贝壳财经记者注意到，翻台率增长的另一面是顾客人均消费的下滑。招股说明书显示，巴奴的顾客人均消费已经从2022年的147 元下滑至2025年第一季度的138元。 | | | 截至12月31日止年度 | | 截至3月31日止三個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | 顧客人均消費(1)(人民幣元) | | | | | | | ...

Core Viewpoint - The hot pot industry in China is witnessing the emergence of a new player, Banlu, which aims to become the third listed company in the sector, following Haidilao and Xiaobuxiang. Banlu emphasizes product quality over service, positioning itself uniquely in a market that has seen a shift towards rational consumption and operational efficiency challenges [2][17]. Company Overview - Banlu, founded in 1999 in Zhengzhou, has evolved from a "tripe expert" to a brand known for its diverse product matrix, including beef, mushroom soup, and goose intestines. It is recognized for its slogan that challenges the traditional service-centric approach in the hot pot industry [7][5]. - As of the end of 2023, Banlu operates 123 stores, with 104 being directly managed, covering 25 cities primarily in North, Central, and East China [8]. Financial Performance - In 2023, Banlu reported total revenue of 1.86 billion RMB, representing a year-on-year growth of 41.6%. The adjusted net profit reached 133 million RMB, with a net profit margin of 7.1%, significantly higher than many competitors [10]. - Core products such as tripe, mushroom soup, and fresh beef account for over 70% of the main revenue, indicating strong customer loyalty and repeat purchase rates [11]. Business Strategy - Banlu adopts a "productism" strategy, focusing on high-quality ingredients and a robust supply chain, which differentiates it from competitors reliant on service models. This approach aims to build a brand based on product strength rather than service gimmicks [4][11]. - The company has a cautious expansion strategy, prioritizing mature commercial areas in first-tier cities, which allows for better brand control and service quality. The average revenue per store is 17.5 million RMB, with an average customer spending of 120 RMB, both above industry averages [16][14]. Market Positioning - Banlu's entry into the public market is seen as a potential revitalization of investor interest in the hot pot sector, offering a new model that emphasizes product quality over service. This could signal a shift in market dynamics, especially as consumer preferences evolve [19][20]. - The hot pot industry faces challenges in maintaining growth and investor interest, particularly as previous high valuations for established brands like Haidilao and Xiaobuxiang have diminished. Banlu's success will depend on its ability to present a clear growth trajectory and maintain operational efficiency [17][19].

6 月 16 日晚间，火锅界的知名品牌巴奴毛肚火锅迎来了重大发展节点 —— 其母公司巴奴国际控股有限公司首次向港交所 递交招股书，联席保荐人为中金公司和招银国际。这一举动无疑在餐饮投资圈与火锅爱好者群体中激起千层浪，预示着巴 奴在资本市场上即将开启新征程。若成功上市，巴奴将成为继呷哺呷哺、海底捞之后，国内第三家主营火锅业务的上市公 司。 一、巴奴的崛起之路 巴奴火锅创立于 2001 年，创始人杜中兵最初在河南安阳开设了第一家火锅店。创业初期，巴奴在竞争激烈的火锅市场中 摸索前行。2009 年，巴奴进军河南省会郑州，这一步成为其全国化发展的关键起点。2012 年，巴奴做出了一个影响深远 的战略决策：战略性地将品牌重新聚焦在招牌毛肚产品上，并正式更名为 "巴奴毛肚火锅"，确立了 "毛肚 + 菌汤" 的招牌 产品组合，精准定位品牌战略与差异化路线。"巴奴" 二字源自重庆纤夫文化，蕴含着团结同心、逆流而上的精神，也象征 着巴奴在火锅赛道中勇于开拓的决心。此后，巴奴开启了快速扩张的步伐，2018 年进军北京市场，2019 年上海首店开 业，2021 年，华南首家巴奴门店在深圳开业。截至 2025 年 6 月 9 日，巴 ...

以下文章来源于天天IPO ，作者杨文静 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 来自河南 。 作者 I 杨文静 报道 I 投资界-天天IPO 港交所又迎来一个火锅IPO。 投资界-天天IPO获悉，6月16日，巴奴国际控股有限公司（简称"巴奴"）正式向港交所 递交招股说明书，拟主板挂牌上市，中金公司和招银国际担任联席保荐人，联席保荐人 为中金公司和招银国际。 28岁那年，创始人杜中兵在河南安阳开出第一家火锅店，取名"巴奴毛肚火锅"，靠着一 盘毛肚爆火。20多年时间里，巴奴走出河南，一路扩张火锅帝国版图， 如今 50 多 岁 的 杜中兵带着公司走到了IPO大门前。 "巴奴"指的是重庆江北码头上拉船的纤夫，杜中兵从纤夫们日复一日在江边石头上磨出 的印痕想到了创业艰辛，便以此命名，借逆流而上的纤夫精神激励自己。 最开始，杜中兵没有经验，连火锅店的筷子在哪里买都不知道，火锅店普遍使用的常年 老 油 ， 以 及 用 火 碱 泡 发 牛 肚 、 百 叶 等 食 材 的 操 作 ， 一 度 让 杜 中 兵 对 行 业 十 分 困 惑 。 于 是，他开始尝试突破传统，用新鲜食材 ...

Core Viewpoint - Banu International Holdings Limited has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, marking a significant step in the competitive hotpot industry, where it aims to establish itself as a leading brand alongside existing giants [2][18]. Company Overview - Founded by Du Zhongbing in 2001, Banu started with its first hotpot restaurant in Anyang, Henan, and has since expanded to 145 locations across 39 cities in China [5][7]. - The brand emphasizes quality, focusing on fresh ingredients and a unique product offering centered around "Mao Du" (beef tripe) and mushroom soup, distinguishing itself from competitors like Haidilao [6][9]. Financial Performance - Banu reported revenues of RMB 1.433 billion, RMB 2.111 billion, and RMB 2.307 billion for the years 2022, 2023, and 2024 respectively, with a 25.7% increase in Q1 2025 revenue compared to the same period in 2024 [10][11]. - The company has transitioned from losses of RMB 0.52 billion in 2022 to profits of RMB 1.02 billion in 2023 and RMB 1.23 billion in 2024, indicating a strong recovery and growth trajectory [11]. Market Position - Banu holds a 0.4% market share in the Chinese hotpot market, ranking as the third-largest brand, and commands a 3.1% share in the quality hotpot segment, making it the largest quality hotpot company in China [9][10]. - The average customer spending at Banu is approximately RMB 138-150, positioning it at a higher price point compared to other hotpot brands [9][10]. Expansion Strategy - The company has aggressively expanded its footprint, with a 74.7% increase in store count from the end of 2021 to 2024, and plans to continue this growth trajectory [7][9]. - Banu has adopted a direct-operated model for all its restaurants, moving away from franchising to maintain control over product quality and brand image [13]. Industry Context - The hotpot industry in Hong Kong is experiencing a surge in IPO activity, with several brands vying for market share, including Leung Wong and Seven Star, indicating a competitive landscape [18][19]. - Banu's IPO is part of a broader trend of consumer-focused companies from Henan gaining attention in the market, reflecting the region's growing influence in the food and beverage sector [16][17].

深度影响创新。 145家门店，冲击港股IPO。 文 ｜ 王璐 编辑 ｜ 魏佳 来源｜ 定焦One（ID：dingjiaoone） 封面来源 ｜ 巴奴毛肚火锅官方微博 在茶饮讲规模、快餐讲下沉的年代，巴奴想用一片毛肚，叩开港交所的大门。 以下文章来源于定焦One ，作者定焦One团队 定焦One . 巴奴成立于2001年，第一家门店开在河南安阳。虽然这个名字听起来很"川味"，但它和蜜雪冰城、锅圈等"消费新势力"一样，都是从河南走出去的品牌。 当时，海底捞已经成立七年， 凭借着极致服务在火锅江湖站稳了脚跟。 巴奴创始人杜中兵曾公开表示，"巴奴不是没学过海底捞。2009年巴奴杀入郑州 时，连着3年在服务上下功夫"。然而，有海底捞在前，巴奴始终不温不火。 真正让巴奴形成明确标签的，是在2012年。巴奴将品牌 聚焦在招牌产品毛肚上，正式更名为"巴奴毛肚火锅"， 并喊出那句颇具争议性的口号——"服务不 是巴奴的特色，毛肚和菌汤才是" 。 此举为其2015年提出的"产品主义"做出铺垫，但多少也带有"碰瓷海底捞"的意味。 之后，"服务不过度""好面不用舞"等广告语， 言辞之间仍直指海底 捞。 不过，随着 品牌 战略的日渐清晰 ...

巴奴国际控股有限公司（以下简称"巴奴国际"）近日向港交所提交上市申请，联席保荐人为中金公司、招银国际。 巴奴国际2001年起源于河南安阳，由杜中兵创立。截至最后实际可行日期，巴奴直营门店网络已覆盖全国39个城市，门店数量达145家。 2022年至2024年，巴奴国际业绩表现较好。其中，公司2024年实现收入23.07亿元，利润1.23亿元。 2024年，巴奴国际餐厅的顾客人均消费由上一年150元下降至当年142元，但翻台率小幅上升。 145家门店，近八成位于二线及以下城市 聆讯资料集披露显示，巴奴国际品牌名称"巴奴"源自重庆纤夫文化，纤夫是川渝火锅的开创者。巴奴国际以"毛肚+菌汤"为招牌产品。 巴奴国际全部餐厅均采用直营模式经营。截至最后实际可行日期，巴奴直营门店网络已覆盖全国39个城市，门店数量达145家。其中，在河南 区域拥有53家门店，河南外的全国市场有92家门店。从城市等级看，一线城市有31家门店，二线及以下城市有114家门店，占比78.6%。 根据弗若斯特沙利文的资料，以收入计，2024年中国前五大火锅品牌的市场份额合计约为8.1%。巴奴国际在2024年中国火锅市场中排名第 三，市场份额约为0.4% ...

Group 1 - The core point of the article is that Banu International Holdings Limited is preparing for an IPO on the Hong Kong Stock Exchange, showcasing its strategic ambitions and operational metrics [2][3] - Banu has a network of 145 directly operated stores across 39 cities in China, with an average of less than 6 new stores opened per year over 25 years, indicating a cautious expansion strategy [2][5] - The company reported revenue exceeding 2.3 billion yuan in 2024, with Q1 2025 revenue reaching 709 million yuan, translating to an average daily revenue of over 50,000 yuan per store [5][7] Group 2 - Banu's overall table turnover rate increased from 3 rounds in 2022 to 3.7 rounds in Q1 2025, reflecting improved operational efficiency [5] - The average customer spending decreased from 148 yuan to 138 yuan year-on-year, indicating a shift in consumer behavior amid economic pressures [7] - Banu has strategically focused on supply chain innovations, establishing a third-generation supply chain in 2020 and a central kitchen in 2023 to enhance product quality and freshness [8][10] Group 3 - The restaurant industry is experiencing a shift from a period of frenzy to a more rational approach to IPOs, with varying opinions on Banu's market position and future strategies [11][12] - Historical trends show that the restaurant industry has seen multiple waves of IPOs, with the current environment reflecting a more cautious and introspective approach from both capital markets and companies [16][18] - The article emphasizes that going public requires companies to adapt to increased scrutiny and competition, marking a significant transition from private to public operations [20]