在美食的浩瀚宇宙中，成都火锅宛如一颗璀璨的恒星，散发着独特而迷人的魅力。其以麻辣鲜香的独特风味，征服了无数食客的味蕾，成为了中国乃至世界 餐饮文化中不可或缺的重要组成部分。随着时代的不断发展和变迁，未来五年，成都餐饮火锅行业也将迎来一系列新的发展趋势。 科技的飞速发展正深刻地改变着各个行业，成都火锅行业也不例外。未来五年，智能化与数字化将成为火锅店提升竞争力的重要手段。 在点餐环节，越来越多的火锅店会引入智能点餐系统。消费者可以通过手机扫码或者店内的电子点餐设备，自主选择菜品、锅底和调料，无需服务员在旁记 录。这不仅提高了点餐的效率，还减少了人为的错误。同时，智能点餐系统还可以根据消费者的历史点餐记录和口味偏好，为其推荐合适的菜品，提供个性 化的服务。 在当下这个健康意识日益觉醒的时代，消费者对于饮食的要求不再仅仅局限于美味，健康与营养已经成为了他们选择餐饮的重要考量因素。未来五年，这种 趋势在成都火锅行业将会愈发显著。 消费者会更加关注火锅食材的品质和来源。他们期望所食用的食材是新鲜、天然且无农药残留的。例如，有机蔬菜、散养肉类等高品质食材将在火锅市场中 获得更高的青睐。火锅店为了满足消费者的这一需求，会与 ...

深圳商报·读创客户端记者 詹钰叶 首次递表后，因股权架构、分红合理性、社保欠缴等问题，巴奴国际控股有限公司（简称巴奴火锅）被中国证监会"九连问"。公司于12月17日向港交所二次 递表，并作出针对性解释。若顺利上市，巴奴火锅将成为港股"中式火锅第三股"。 图片内容均来自巴奴火锅本次递交的招股书 12月17日，巴奴国际控股有限公司（以下简称"巴奴火锅"或"公司"）更新招股书，中金公司、中银国际为联席保荐人。根据招股书，巴奴火锅成立于2001年 4月，总部位于河南省郑州市，创始人为杜中兵。弗若斯特沙利文数据显示，按收入计，巴奴火锅在2024年中国火锅市场中的排名位于海底捞、呷哺呷哺之 后，位列第三，市场份额约为0.4%；在中国高端火锅市场则排名第一，市场份额约为3.1%。 招股书显示，至12月7日，巴奴火锅的直营门店达162家，覆盖46个城市，较2021年末增长95.2%，"河南模式"成功复制至全国多省份。2022年-2025年前九个 月，公司营业收入分别为14.33亿元、21.12亿元、23.07亿元与20.7亿元，净利润分别为-0.05亿元、1.02亿元、1.23亿元与1.56亿元，毛利率分别为66.2%、 6 ...

这是巴奴继6月首次递交的招股书到期失效后，再度发起上市冲击，若进程顺利，其将成为继呷哺集 团、海底捞之后，第三家登陆港交所的中式火锅企业。 估值50亿，前阿里巴巴合伙人为非执行董事 2001年，河北邯郸70后企业家杜中兵，带着焦化行业积累的100万元，在河南安阳开出首家火锅店，巴 奴火锅由此诞生。其品牌名称，源自重庆纤夫文化（纤夫文化是川渝火锅起源的重要背景）。 如今，这家从河南起步的火锅品牌，已成长为全国性连锁企业。招股书披露，截至2025年12月7日，直 营巴奴门店网络已覆盖全国46个城市，门店数量为162家，较2021年末增长95.2%。其中，在河南运营 52家门店，并在中国其他省份运营110家门店。 融资方面，招股书显示，2016年巴奴获得北京三生万创业投资公司500万元投资；2020年迎来番茄资本 两轮共计1.23亿元融资；2021年河南巴氏未来以1亿元对价，将巴奴股权转让给GYH L Limited；2022年 8月，番茄资本再投1.5亿元，此轮融资后巴奴市值达50亿元。 对于投资巴奴，番茄资本创始人卿永此前接受新消费日报采访时表示，他与杜中兵相识已久，双方价值 观一致，因此决定投资。卿永强调，他 ...

Core Viewpoint - The company, Banu International Holdings, is facing significant challenges in its IPO journey, primarily due to governance issues and a struggling market for hotpot restaurants in Hong Kong [2][12]. Group 1: Company Overview - Banu, founded in 2001, initially targeted lower-tier markets but is now aiming for high-end positioning in the capital market with a focus on "productism" as its core strategy [3][16]. - The company emphasizes a unique product offering, particularly its signature dishes like "beef tripe" and "wild mushroom soup," which are central to its brand identity [5][6]. Group 2: Financial Performance - Banu reported revenues of 1.433 billion yuan in 2022, projected to grow to 2.077 billion yuan in the first three quarters of 2025, with profits increasing from a loss of 52 million yuan in 2022 to a profit of 156 million yuan in 2025 [7][10]. - The company has seen a significant increase in operating profit margins, rising from 15.2% in 2022 to 24.3% in the first three quarters of 2025 [7]. Group 3: Market Position and Challenges - Banu holds a 0.4% market share in the overall hotpot market and 3.1% in the quality hotpot segment, making it the largest brand in that niche [5]. - The average spending per customer is 142 yuan, which is considered awkwardly positioned between high-end dining and mass-market expectations, leading to a disconnect with its target demographic [6][16]. Group 4: Governance and Compliance Issues - The company has faced scrutiny from the regulatory body regarding its governance practices, including controversial dividend distributions and reliance on a large number of non-full-time employees [12][13]. - Banu's governance issues include a significant portion of its workforce being non-full-time, raising compliance concerns in a tightening regulatory environment [13][14]. Group 5: Strategic Insights - The company's supply chain strategy, termed the "third-generation supply chain," aims to enhance operational efficiency but also poses risks due to high initial investments and cash flow demands [8][9]. - Banu's expansion has been slow, with only 156 stores by September 2025, and there are concerns about the underutilization of its supply chain capacity across different regions [9][10].

对此，证券时报记者联系巴奴火锅品牌公关部，相关负责人回应称："新店开业广告牌确实被盗，情况 与官方公告内容一致。" 具体来看，巴奴毛肚火锅发布公告称："这两天，巴奴连云港店尚未正式开业，门店伙伴发现安装在店 外区域的若干广告牌于夜间被盗。我们已向当地公安机关报案，并积极配合调查。我们认为有必要向大 家说明下情况，并向大家征集线索，欢迎知情人士，通过官方途径向我们提供。" 在公告中，巴奴呼吁行业良性竞争，共同构建健康生态，推动餐饮文明，促进为顾客创造价值。 另据新黄河报道，自称该店刘店长在社交媒体发布信息称，原本悬挂在连云港苏宁广场2到5楼的广告 牌，目前仅剩下2楼和3楼的还在，其余楼层广告牌不翼而飞。随后，记者联系到该门店所在商场连云港 苏宁广场，工作人员表示，正在进一步了解情况。 今日，"巴奴广告牌被盗事件"及"巴奴已报警"相关词条冲上多平台热搜。 12月16日晚间，巴奴毛肚火锅微信公众号发布公告称，"巴奴连云港店尚未正式营业，开业广告被偷， 巴奴已报警"。此事引发网友关注。 密集拓店的同时，巴奴火锅正全力冲刺港股IPO。12月17日，巴奴国际更新港股招股书。数据显示， 2025年前三季度，公司实现收入达2 ...

看起来今年港股IPO的质量确实有待提高，而最近卡在IPO失效期的，就有巴奴。 一般来说，港股IPO申请6个月是生死线，港交所IPO流程规定，企业递交的招股书有效期为6个月。在 港交所递表满6个月未获聆讯的企业，通常意味着这次申请已经失效。 而巴奴于今年6月16日提交了IPO申请，至今没有通过。 不久前还在声援西贝的杜中兵，如今也到了为自己考量的时候了。 文｜摩根商研所 曾声援过西贝的巴奴，最近自身也遇到了难关。 近日，香港证监会、香港交易所联名致函IPO保荐人，称旨在表达监管层对近期所递交的新上市申请中 所观察到的质量下滑，以及某些不合规行为的监管关切。 港交所表示，为了推动资本市场的蓬勃发展，港交所致力确保新上市申请的审核能及时且严谨进行。同 时，港交所也积极与发行人、保荐人及专业顾问保持紧密沟通，以确保提交的上市资料内容完整并维持 高素质。 一、失效不可怕，失心最难过 虽然失效不等于被拒绝，巴奴仍然可以更新材料后重新递交，但对于当下这个节点此次失效也有可能向 市场传递出不确定性信号，引发外界对公司基本面、合规性或所处行业前景的质疑。 因为巴奴在IPO申请期间，曾遭到了中国证监会的九连问。 这次九连问，可能 ...

Core Viewpoint - Banu International Holdings Limited is advancing its IPO process on the Hong Kong Stock Exchange, positioning itself as the largest quality hotpot brand in China based on projected 2024 revenue [2] Group 1: Company Expansion and Market Presence - As of December 7, 2025, Banu has established a network of 162 directly operated stores across 46 cities, marking a 95.2% increase since the end of 2021 [4] - Banu operates 52 stores in Henan and 110 in other provinces, successfully replicating its "Henan model" in various cities [4] - 80.2% of Banu's stores are located in second-tier and lower cities, challenging the notion that high-quality dining is exclusive to top-tier markets [4] - Banu plans to open over 20 additional stores by the end of 2025 [4] Group 2: Product and Supply Chain Innovation - Banu's signature offerings include "beef tripe + mushroom soup," utilizing healthier processing techniques and sourcing high-quality ingredients from New Zealand and Yunnan [4] - The company employs a "third-generation supply chain" model, ensuring fresh delivery through a logistics system that allows for same-day distribution from central kitchens [5] - Banu has established five comprehensive central kitchens and one specialized processing plant, serving 14 provincial regions in mainland China [5] Group 3: Financial Performance - Banu's revenue for 2022, 2023, and 2024 is projected at 1.433 billion, 2.112 billion, and 2.307 billion yuan respectively, with a 24.5% year-on-year revenue growth to 2.078 billion yuan in the first three quarters of 2025 [5] - Adjusted net profits for the same years are expected to be 42 million, 144 million, and 196 million yuan, with a significant over 80% increase to 236 million yuan in the first three quarters of 2025 [5] - Same-store sales growth for the first three quarters of 2025 is reported at 4.3%, with a table turnover rate of 3.6 times per day, surpassing industry averages [6] Group 4: IPO and Future Plans - Prior to the IPO, Tomato Capital was the only external investor holding 7.95% of Banu's shares, with Hu Xiaoming serving as an independent non-executive director since June [7] - The net proceeds from the IPO will primarily be used for expanding the restaurant network, enhancing digital management, brand building, supply chain optimization, and general corporate purposes [7]

引言： 是谁还在回味去年冬日重庆那场热辣的火锅狂欢！ 轻轨穿梭于巨大的"火锅"圆环的精彩瞬间，至今还在脑海循环；55 张圆桌围出团圆阵，四方来客和城市守护者们与市民围坐成圈，牛油香裹着歌声笑声飘 满街头，烟火气直接焊在九龙门下！ 今冬，这份滚烫的记忆即将迎来续集。2025年12月19日-21日，抖音生活火锅季沸腾嘉年华暨重庆万人火锅节，空降朝天门广场。此次活动由重庆市商务委 员会、渝中区人民政府指导，重庆市火锅产业协会、渝中区商务委员会、朝天门·城里支持，抖音生活服务主办。两江交汇之处，一场规模更大、场面更 沸、氛围更开的火锅嘉年华，整装待发——准备好入席了吗？ 从"千人同欢"到"万人共沸"：一场跨越式的温暖奔赴 这不仅是参与人数的倍增，更是场景与体验的全面跃迁。 当两江交汇的江风拂过万人餐桌，火锅不再是围坐一方的小确幸，而是以 "城市为景、万人同席" 的宏大篇章：铜锅蒸腾的热气里，藏着重庆的包容；红汤 翻滚的韵律中，跳着城市的活力。这标志着重庆火锅正以更开放的姿态拥抱世界，在 "迈向世界火锅之都" 的路上，释放出更强劲的文化吸引力。 三大沸腾现场，打造沉浸体验 火锅，是中华饮食文化的瑰宝，更是人间烟火的生动 ...

Company Overview - Banu International Holdings Limited (Banu Hotpot) has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CMB International as joint sponsors. This follows a previous application submitted on June 16, 2023 [1] - Banu Hotpot is recognized as the largest quality hotpot brand in China, with a market share of approximately 3.1% in the quality hotpot market and 0.4% in the overall hotpot market for 2024 [1] Financial Performance - The company reported revenues of RMB 1.433 billion, RMB 2.112 billion, RMB 2.307 billion, and RMB 2.077 billion for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [3] - The net profit figures for the same periods were -RMB 5.19 million, RMB 102 million, RMB 123 million, and RMB 156 million [4] - Gross profit margins improved from 66.2% in 2022 to 69.4% in the nine months ending September 30, 2025 [5] Market Growth - The hotpot industry in China is projected to grow from RMB 518.8 billion in 2019 to RMB 619.9 billion in 2024, with a compound annual growth rate (CAGR) of 3.6% [6] - The quality hotpot segment is expected to grow from RMB 60.2 billion in 2019 to RMB 74.1 billion in 2024, with a CAGR of approximately 4.2% [6] - The market for hotpot in first-tier cities is anticipated to increase from RMB 44 billion in 2019 to RMB 51.2 billion in 2024, with a CAGR of 3.1% [7] Expansion Strategy - Banu Hotpot's direct-operated stores increased from 86 as of December 31, 2022, to 111 by December 31, 2023, and are projected to reach 156 by September 30, 2025, reflecting a growth rate of 95.2% [2] - The company operates 52 stores in Henan and 110 in other provinces, demonstrating its ability to replicate its successful "Henan model" in other cities [2] - As of December 7, 2025, 80.2% of Banu's stores are located in second-tier and lower cities, indicating a broad market adaptability [2]

据港交所12月17日披露，巴奴国际控股有限公司(简称：巴奴毛肚火锅)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。该公司 曾于今年6月16日向港交所递交过上市申请。 | 【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[編纂]行使與否而定) | | | | 最高[編纂]:每股[編纂][編纂]港元,另加1%經 | | | | 紀佣金、0.0027％證監會交易徵費、 | | | | 0.00565%聯交所交易費及0.00015% | | | | 會財局交易徵費(須於申請時以港元 | | | | 繳足,多繳款項可予狠環) | | | | 面值 | : | 每股股份[編纂]美元 | 招股书显示，巴奴毛肚火锅是中国最大的品质火锅品牌，秉持产品主义经营理念，追求差异化市场定位。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 ...