Core Viewpoint - COMMUNE is a composite restaurant and bar brand targeting Generation Z and new middle-class consumers, combining self-service drinks, a super bar, and dining areas, reflecting a shift in consumer preferences towards high-quality yet affordable dining experiences [6][11][38] Financial Performance - The company's revenue is projected to grow from RMB 8.45 billion in 2023 to RMB 10.74 billion in 2024, representing a year-on-year increase of 27.1%. For the first three quarters of 2025, revenue is expected to reach RMB 8.72 billion, showing a 14.2% year-on-year growth [13] - Adjusted net profit is expected to fluctuate, with RMB 73.4 million in 2023, declining to RMB 66.2 million in 2024, and rebounding to RMB 78.6 million in the first three quarters of 2025 [15] Profitability - COMMUNE maintains a gross margin above 65%, significantly higher than the average of 50%-70% in the restaurant industry, achieving 70.5% in 2023, slightly decreasing to 67.8% in 2024, and recovering to 68.7% in the first three quarters of 2025 [17] - The high gross margin is attributed to a product mix of high-margin alcoholic beverages and food offerings, with alcoholic drinks contributing approximately 45% of revenue, 85% of which are alcoholic beverages [20][24] Market Position and Strategy - The company has expanded its store count from 94 at the end of 2023 to 110 by the end of 2024, with plans to reach 112 stores across 40 cities by September 2025 [13][39] - In response to market changes, COMMUNE has adjusted its pricing strategy, leading to a temporary decline in same-store sales, particularly in first-tier cities, where sales dropped from RMB 2.11 billion in 2023 to RMB 2.09 billion in 2024 [32] Consumer Trends - There is a notable shift in consumer demand, with food sales beginning to surpass beverage sales, indicating a growing preference for high-quality dining experiences alongside social drinking [36][38] - The average customer spending is estimated to be between RMB 80 and 150, reflecting a balance between affordable dining and social experiences [38] Expansion Plans - The company plans to open 30-40 new stores in 2024, focusing on first and second-tier cities, with a long-term goal of adding 105-135 new stores over the next three years [39]

Core Viewpoint - COMMUNE is a leading restaurant and bar brand in China, focusing on creating a vibrant social dining experience, with plans for expansion and innovation in its offerings [3][6][10]. Group 1: Company Overview - COMMUNE operates 112 directly managed restaurants and bars across 40 cities in China, with a strategic focus on high-traffic urban areas to enhance brand visibility and economic efficiency [3][10]. - The company has been ranked first among restaurant and bar brands in China by revenue from 2022 to 2024, holding a market share of approximately 7.8% in a rapidly growing sector [6][10]. Group 2: Business Model and Revenue - The business model includes a dual approach with standard and premium store formats, allowing for tailored strategies in different market segments, which has led to a diverse customer base [9][11]. - Revenue is projected to grow from RMB 845 million in 2023 to RMB 1.074 billion in 2024, reflecting a growth rate of 27.1% [9]. - For the nine months ending September 30, 2025, revenue is expected to increase from RMB 764 million to RMB 872 million [9]. Group 3: Profitability and Cash Flow - The adjusted net profit for 2023 and 2024 is reported at RMB 73.4 million and RMB 66.2 million, respectively, with a further increase from RMB 54.5 million to RMB 78.6 million for the nine months ending September 30, 2025 [9]. - The company has consistently achieved positive cash flow from operating activities, with net inflows of RMB 275 million, RMB 221 million, and RMB 155 million for the respective years [9]. Group 4: Market Position and Expansion - The restaurant and bar market in China is characterized by rapid growth and fragmentation, with leading brands like COMMUNE leveraging standardized operations and supply chain advantages to dominate the market [10][11]. - The company is strategically expanding into lower-tier cities, which are seen as key growth areas due to their lower market penetration [11]. Group 5: IPO and Fund Utilization - The upcoming IPO aims to raise funds for expanding the COMMUNE network, enhancing digital infrastructure, product innovation, and increasing brand recognition [13].

截至2025年9月30日，COMMUNE在全国40个城市运营112家直营餐酒吧，其中109 家餐酒吧以 COMMUNE幻师品牌经营。根据COMMUNE的规划，其计划于2026年新开设约30至40家COMMUNE幻 师店，重点布局在一线和二线城市；于2027年新开设约35至45家COMMUNE幻师店，同时深化二线及 新兴市场的布局；于2028年新开设约40至50家COMMUNE幻师店，进一步扩大在主要经济区域及高潜 力消费市场的覆盖范围。 北京商报讯（记者 张天元）1月10日，北京商报记者了解到，极物思维有限公司（COMMUNE幻师，以 下简称"COMMUNE"）向港交所递交上市申请，拟主板挂牌上市，中金公司和中银国际担任联席保荐 人。数据显示，2023年和2024年，COMMUNE的收入分别为8.45亿元和10.74亿元；2025年前三季度， COMMUNE的收入从2024年同期的7.64亿元进一步增至8.72亿元。2023年、2024年和2025年前三个月， COMMUNE的期内溢利分别为5052.5万元、5398.1万元以及6669.8万元 ...

(於開曼群島註冊成立的有限公司) [編纂] [繼臺] 智通财经APP获悉，据港交所1月9日披露，极物思维有限公司（COMMUNE幻师）向港交所主板递交上市申请，中金公司和中银国 际为其联席保荐人。招股书显示，COMMUNE幻师是一个餐酒吧概念品牌，致力于重新定义饮酒、用餐与聚会体验。截至2025年9 月30日，在全国40个城市运营着112家直营餐酒吧。根据弗若斯特沙利文的资料，2022年至2024年以营业收入计，COMMUNE幻师 连续三年在中国餐酒吧品牌中位列第一。同一资料来源显示，COMMUNE幻师于2024年占据高度分散但成长迅速的领域约7.8%的 市场份额,是第二及第三大竞争对手合计市占率的约两倍。 COMMUNE £JUT® Jiwusiwei Limited 极物思维有限公司 CICC 中全公司 (D 中银國際 BOCI 「編纂]項下的[編纂]數目 : 「編纂](視乎[編纂] 行使與否而定) [編纂]數目 [編纂](可予重新分配) : [編纂]數目 [編纂](可予重新分配 : 及視乎[编纂]行使與否而定) 每股[編纂][編纂]港元,另加1.0% 最高[編纂] : 經紀佣金、0.0027%證監會交易 ...

据港交所1月9日披露，极物思维有限公司(COMMUNE幻师)向港交所主板递交上市申请，中金公司（601995）和中银国际为其联席 保荐人。招股书显示，COMMUNE幻师是一个餐酒吧概念品牌，致力于重新定义饮酒、用餐与聚会体验。截至2025年9月30日，在 全国40个城市运营着112家直营餐酒吧。根据弗若斯特沙利文的资料，2022年至2024年以营业收入计，COMMUNE幻师连续三年在 中国餐酒吧品牌中位列第一。同一资料来源显示，COMMUNE幻师于2024年占据高度分散但成长迅速的领域约7.8%的市场份额， 是第二及第三大竞争对手合计市占率的约两倍。 [編纂] [繼臺] CICC中金公司 (D 中银國際 BOCI 「編纂]項下的[編纂]數目 : 「編纂](視乎[編纂] 行使與否而定) [編纂]數目 「編纂](可予重新分配) : [編纂]數目 [編纂](可予重新分配 : 及視乎[编纂]行使與否而定) 每股[編纂][編纂]港元,另加1.0% 最高[編纂] : 經紀佣金、0.0027%證監會交易 徵費、0.00565%香港聯交所交易費及 0.00015%會財局交易徵費(須於 「編纂]時以港元繳足, 多繳股款可予退還 ...

据弗若斯特沙利文的资料，2022年至2024年，按营业收入计算，COMMUNE幻师连续三年在中国餐酒 吧品牌中位列第一。2024年，中国连锁餐酒吧市场的总收入达135亿元。COMMUNE幻师2024年占市场 份额的7.8%，是中国最大餐酒吧品牌，是第二及第三大竞争对手合计市占率的约两倍。 尽管面临市场环境波动，COMMUNE幻师仍保持了稳健的增长态势。公司的收入由2023年的8.45亿元增 长至2024年的10.74亿元，同比增长27.1%；2025年前九个月收入为8.72亿元，较2024年的7.64亿元持续 提升。盈利能力方面，2024年经调整净利润(非香港财务报告准则计量)为6620万元，2025年前九个月进 一步增至7860万元，展现出良好的盈利韧性。 1月9日晚间，据港交所披露，极物思维有限公司(以下简称"COMMUNE幻师")向港交所主板递交上市申 请，中金公司（601995）、中银国际为联席保荐人。 根据规划，COMMUNE幻师将于2026年新开30至40家门店，聚焦一、二线城市；2027年计划新增35至 45家，同步深化低线市场布局；2028年将进一步拓展40至50家，持续扩大在高潜力消费区域的 ...

Core Viewpoint - COMMUNE, a restaurant and bar chain, is set to go public on the Hong Kong Stock Exchange, with plans to expand its operations significantly in the coming years [2][3]. Group 1: Company Overview - As of September 30, 2025, COMMUNE operates 112 directly managed restaurants and bars across 40 cities in China, with 109 of these under the COMMUNE brand [3]. - The company was founded in 2016, transforming an old factory space in Wuhan into a successful restaurant and bar, leading to nationwide expansion [3]. Group 2: Business Strategy - COMMUNE strategically locates its outlets in high-traffic urban centers to maximize visibility and economic efficiency, with over 80% of its locations situated in prime areas [5]. - The company offers a diverse range of store formats, including "COMMUNE幻师标准店" and "COMMUNE幻师臻选店," to cater to different market demands [5]. - Plans for expansion include opening approximately 30 to 40 new stores in 2026, 35 to 45 in 2027, and 40 to 50 in 2028, focusing on first and second-tier cities [6]. Group 3: Product Offering - COMMUNE's product range includes over 200 SKUs of alcoholic and non-alcoholic beverages, with a significant portion of sales coming from alcoholic drinks, which accounted for about 45% of revenue in the first three quarters of 2025 [8]. - The company has introduced 14 proprietary beverage SKUs, contributing over 20% to total alcoholic beverage sales, enhancing brand recognition and loyalty [9]. Group 4: Financial Performance - Revenue for COMMUNE was 845 million yuan in 2023 and 1.074 billion yuan in 2024, reflecting a year-on-year growth of 27.1% [14]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 70.5%, 67.8%, and 68.7%, respectively [14]. - The average payback period for COMMUNE's stores is approximately 17 months, which is faster than the industry average [11]. Group 5: Market Position - COMMUNE holds the top position in the Chinese restaurant and bar sector by revenue for three consecutive years, with a market share of approximately 7.8% in 2024 [12]. - The Chinese restaurant and bar market is projected to grow at a compound annual growth rate of 15.4% from 2025 to 2029, indicating significant expansion potential [13].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Jiwusiwei Limited (極物思維有限公司 ) (the "Company") (A company incorporated in the Cayman Islands with limited liability) ...

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Core Insights - The article highlights the vibrant nightlife and outdoor dining culture in Shanghai's Jing'an District, particularly along the "Ju Fu Chang" area, which has become a popular destination for both locals and foreign visitors [1][2] Group 1: Outdoor Dining and Nightlife - The "Ju Fu Chang" area is recommended on social media platforms like Xiaohongshu for its lively atmosphere, featuring numerous bars and restaurants that operate until late at night [1] - A significant portion of the clientele at these establishments consists of foreign consumers who enjoy the outdoor seating arrangements, contributing to a unique urban nightlife experience [1] Group 2: Community and Business Interaction - Outdoor seating not only serves businesses but also acts as public amenities, encouraging a "social sharing" model where residents and passersby can rest, potentially increasing consumer engagement [2] - Effective management strategies are in place to address potential noise complaints from nearby residents, ensuring that disturbances are minimized through prompt intervention by local authorities [2] Group 3: Regulatory Framework - The local government emphasizes a balanced approach to outdoor seating management, focusing on maintaining pedestrian access and protecting public spaces while allowing businesses to extend their service areas [2] - The Shanghai Greenery and City Appearance Administration is developing specific plans to support the "night economy," aiming to enhance the vibrancy and attractiveness of the city while ensuring orderly urban management [2]