但巴奴的上市之路并不顺利。一方面，今年8月，证监会曾向其发出"连环九问"，直指公司治理、上市前大额分红及用工合规等问题；另一方面，海底捞 与呷哺呷哺股价持续下挫，整个火锅板块表现低迷。 更关键的是，在餐饮行业竞争日益残酷的背景下，坚持高端"产品主义"的巴奴，能否经受住市场考验？它的故事又能否打动资本市场？ 若成功上市，巴奴将成为"品质火锅第一股"，同时也是继海底捞、呷哺呷哺之后，第三家登陆港股的主营火锅企业。 162家店，年营收超23亿元 "贵"是巴奴火锅给消费者最直观的印象。前两年，"18元一份土豆仅5片"曾引得消费者热议，创始人杜中兵发微博表示"巴奴暂时不考虑降价"更是将巴奴 推上了风口浪尖。 虽然巴奴和海底捞朝着不同方向，可对火锅食客来说"殊途同归"。 近日，巴奴火锅再次冲击上市。 12月17日，在首份招股书失效的第二天，巴奴国际控股有限公司（以下简称"巴奴"）迅速更新并重新递交上市申请。 据弗若斯特沙利文的资料，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%。 高价之下，巴奴的营收自然不低。据招股书披露，2022年至2024年巴奴收入分别为14.33亿元、21.12亿元和23. ...

Core Viewpoint - The recent Henan Provincial Economic Work Conference emphasizes the integration and service of the national unified market as a key direction for the province's development over the next five years [2][3]. Group 1: Market Opportunities - Henan has a population exceeding 100 million, with over 22 million in the middle-income group and more than 11 million business entities, representing significant market capacity and consumer potential [6]. - The core opportunity for Henan in the context of the "14th Five-Year Plan" is to leverage its vast consumer potential to shape industrial clusters, transforming market demand into a fertile ground for industry [7]. - The example of the hot pot industry illustrates this, with Henan ranking fourth in the number of hot pot restaurants nationwide, showcasing the province's ability to attract and develop food supply chains [9][10]. Group 2: Transportation Hub Redefinition - Henan has developed a comprehensive transportation network, including a "米" shaped high-speed rail system and over 10,000 kilometers of highways, which positions it as a critical logistics hub [13]. - The province aims to upgrade its transportation hubs into economic hubs, with recent initiatives including the establishment of six economic pilot zones to enhance industrial clustering [15][16]. Group 3: Environmental Improvement - The development of a favorable business environment is crucial for attracting and retaining enterprises, as evidenced by the increase in wintering swan populations in the region, reflecting improved ecological conditions [17]. - Henan's government is focused on creating a conducive environment for business, shifting from competitive land and tax incentives to a holistic ecosystem that promotes fair competition and transparency [19]. - The establishment of a branch of Shenzhen's leading robotics company in Henan highlights the effectiveness of the province's improved business environment in attracting high-tech enterprises [21]. Group 4: Strategic Development Logic - Henan's integration into the national unified market is seen as a strategic move to drive high-quality development, aligning national needs with local capabilities and business expectations [21].

Core Insights - The small hot pot market is experiencing significant growth driven by consumer demand for cost-effective dining options, with search interest for "small hot pot" increasing from under 500,000 in early 2024 to approximately 1.5 million by November 2025 [1][2] - Major restaurant brands are entering the small hot pot segment, with companies like Haidilao and Xinrongji launching new products and acquiring existing brands to enhance their market presence [2][3] Industry Trends - The small hot pot market is projected to reach a scale of 400 billion yuan by 2025, with a year-on-year growth rate of 14% [7] - The report indicates that the hot pot market overall is expected to grow to 6.5 trillion yuan by 2025, highlighting the importance of small hot pots as a significant sub-sector [7] Competitive Landscape - Haidilao has acquired the self-service small hot pot brand Jugaogao, emphasizing the importance of high cost-performance in its strategy [2] - Xinrongji has reintroduced its small hot pot offerings in cities like Beijing and Xi'an, focusing on premium seafood and goat meat packages priced at 398 yuan per person [3] - Other brands, such as Qingfeng Baozipu and Yang Guofu, are also entering the small hot pot market with competitive pricing and unique offerings [3] Quality Focus - Brands are increasingly emphasizing quality in their offerings, with examples like Yiwei Feiniu Hot Pot promising 100% authentic beef sourced from various countries [5] - Weila Hot Pot is focusing on fresh ingredients, ensuring daily preparation of its menu items to maintain quality [7] - Innovations in broth options are also being pursued, with brands introducing diverse flavors to differentiate themselves in the market [7][8] Challenges and Opportunities - Despite rapid growth, the small hot pot sector faces challenges related to product homogeneity, prompting the need for innovation in ingredients, broth flavors, and branding strategies [8] - The industry is encouraged to enhance brand recognition through storytelling, store design, and packaging, while also improving product quality through supply chain management [8]

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 ...

有消费者发现，巴奴连云港店所在商场 4楼恰好有一家海底捞门店，两家高端火锅品牌 的"商战"猜测随之升温。巴奴客服回应称 ， 报警后暂无调查结果 。 海底捞官方则暂无回 应。 巧合的是，这起离奇事件发生的时间点，恰逢巴奴招股书失效之际。失效后次日，巴奴火速 再次提交申请。据最新招股书数据显示，巴奴今年前三季度营收和利润都呈现显著增长，但 其客单价则进一步下滑。与此同时，巴奴创始人杜中兵在 IPO前的突击分红行为以及用工合 规性问题已引来监管部门九连问，公司治理与品牌形象再受拷问。 文 |《BUG》栏目 徐苑蕾 近日，巴奴官方发文表示，连云港店未正式开业，门店发现安装在店外区域的若干广告牌于 夜间被盗。巴奴方面称，已向当地公安机关报案，并向公众征集线索，还在文中呼吁行业良 性竞争。 此后， 巴奴 又 发布题为《醒醒》的文章，内容提到， "有些人越走越远，有些 事越做越错，有些路越走越黑，天网恢恢，回头是岸。" 新店广告被盗，商战 "罗生门"？ 据了解，巴奴连云港店位于江苏连云港苏宁广场 6楼，这是巴奴进驻连云港后的首店。巴奴 官方信息显示，该店将于今年12月31日开门营业。 根据该店店长在社交媒体发布的照片和信息 ...

文 | 《BUG》栏目 徐苑蕾 近日，巴奴官方发文表示，连云港店未正式开业，门店发现安装在店外区域的若干广告牌于夜间被盗。 巴奴方面称，已向当地公安机关报案，并向公众征集线索，还在文中呼吁行业良性竞争。此后，巴奴又 发布题为《醒醒》的文章，内容提到，"有些人越走越远，有些事越做越错，有些路越走越黑，天网恢 恢，回头是岸。" 有消费者发现，巴奴连云港店所在商场4楼恰好有一家海底捞门店，两家高端火锅品牌的"商战"猜测随 之升温。巴奴客服回应称，报警后暂无调查结果。海底捞官方则暂无回应。 巧合的是，这起离奇事件发生的时间点，恰逢巴奴招股书失效之际。失效后次日，巴奴火速再次提交申 请。据最新招股书数据显示，巴奴今年前三季度营收和利润都呈现显著增长，但其客单价则进一步下 滑。与此同时，巴奴创始人杜中兵在IPO前的突击分红行为以及用工合规性问题已引来监管部门九连 问，公司治理与品牌形象再受拷问。 事实上，长期以来，巴奴所处的高端火锅赛道竞争异常激烈，巴奴屡屡"呛声"海底捞甚至成为行业标志 性事件。比如，巴奴长期高喊"服务不过度"的口号，此外巴奴拽面宣传"好面不用舞，天然零添加"，均 被外界视为是对海底捞的暗讽。 新店广告 ...

Core Insights - The integration of "media+" and instant retail is revitalizing the market for Chaozhou beef hotpot, creating new opportunities for growth and consumer engagement [3][4][6]. Group 1: Market Dynamics - The first Chaozhou Beef Hotpot Culture Festival highlighted the collaboration between local cuisine and platforms like JD and Meituan, clarifying the path for integrating regional food brands with new retail channels [6][7]. - Instant retail is becoming a necessary choice for industry upgrades, driven by changing consumer demands for immediate dining experiences [12][13]. Group 2: Consumer Trends - The growth rate of instant retail is projected to reach 21.9% in 2024, significantly outpacing e-commerce growth at 6.5% and social retail growth at 3.5%, indicating a shift in consumer preferences towards immediate gratification [14][15]. - The core competitiveness of Chaozhou beef hotpot lies in its freshness, with instant retail platforms enabling quick delivery of quality products, thus addressing traditional supply chain challenges [19][20]. Group 3: Product Innovation - Brands are innovating around instant retail scenarios by developing small portion hotpot packages for single consumers and pre-packaged sauces and frozen products to cater to various consumption contexts [48][49]. - The diversity of Chaozhou beef hotpot ingredients allows it to thrive in multiple consumption scenarios, including home dining, social gatherings, and outdoor activities, enhancing its market reach [33][40]. Group 4: Supply Chain and Ecosystem - Instant retail platforms are facilitating a comprehensive upgrade of the supply chain for Chaozhou beef hotpot, optimizing processes from production to delivery and creating a robust ecosystem for quality beef supply in the Guangdong-Hong Kong-Macau Greater Bay Area [62][63]. - The collaboration with platforms like JD and Meituan not only expands sales channels but also leverages data insights to optimize product offerings, significantly enhancing supply chain capabilities [62][63]. Group 5: Future Outlook - The digital transformation in the food industry necessitates that brands embrace instant retail trends, focusing on consumer needs to optimize product supply, innovate marketing strategies, and improve service efficiency for sustainable growth [66][68].

为深入贯彻落实北京市关于促进消费扩容提质的决策部署，持续释放餐饮消费潜力，由北京市昌平区商务局主办的昌平区2025年涮肉美食节自启动以来，已 成功举办市集活动，掀起"舌尖+文化"消费热潮。今日，2025年涮肉美食节年终活动——涮肉+滑雪主题快闪在军都山滑雪场震撼登场，以"冰雪+美食"的创 新场景，打造一场兼具烟火气与文化味的冬日消费盛宴。 雪地涮肉新体验：11家品牌联动，解锁"1秒切换"的快乐 本次活动选址军都山滑雪场雪地核心区域，打破传统市集边界，首创"雪道直达展位"模式——滑雪爱好者从雪道飞驰而下，转瞬即可抵达涮肉展位，实 现"摘板即涮肉"的无缝衔接，生动诠释"从摘板到涮肉，只需要1秒"的活动口号。11家参与品牌涵盖老字号、新锐餐饮、文旅机构及特色市集，包括北冰 洋、昌平文旅集团、呷哺呷哺、和庆斋、九华山庄、幸會火锅咖啡、阳坊大都涮羊肉、阳坊涮肉、月朗斋、巴图锡盟羊肉铜锅涮、军都四季火锅等，形 成"涮肉主力+文旅赋能+特色饮品"的全场景消费矩阵。 快闪活动现场 现场不仅提供手切鲜羊肉、创意涮肉等冬日限定美味，更推出多种美食节专属优惠，让市民游客在冰雪激情中畅享"暖胃又暖心"的实惠。 文化+促销双驱动：镖局 ...

12月17日，巴奴国际控股有限公司(简称：巴奴)再度向港交所提交上市申请书，联席保荐机构为中金公司与招银国际。 招股书披露，该公司是中国最大的品质火锅品牌。截至最后实际可行日期，该公司直营巴奴门店网络已覆盖全国46个城市，门店数量达到162家，较2021 年末增长95.2%。（观点网） -上市动态- 巴奴再次向港交所提交上市申请书 巴奴二次递表港交所，"品质火锅第一股"即将落地，募得新资金后，将继续扩张门店数量并升级中央厨房，此举有望把净利率再次提高。 近日，知名对冲基金埃利奥特管理公司（Elliott Management）已经买入价值超过10亿美元的Lululemon股份，并开始深度介入Lululemon未来的管理方向。 过去几个月，埃利奥特一直与资深零售高管简·尼尔森（Jane Nielsen）保持密切合作。尼尔森曾在拉夫·劳伦担任首席财务官和首席运营官，埃利奥特认为 她具备接任Lululemon首席执行官的能力，并将其视为潜在人选之一。(品牌方舟) 事实上，埃利奥特此举让其成为了Lululemon最大的股东之一，其目标是希望通过乙烯类人事调整及战略变革来推动Lululemon走出当前低谷。 12月18 ...