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].

以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 惊蛰研究所 . 提到河南，很多人脑海里冒出来的第一个字就是"土"。然而，谁能料到，这个曾被认为"土得掉渣"的 中原大省，如今正悄然引领中国新消费的浪潮。 6月16日，巴奴毛肚火锅正式向港交所递交招股书，即将叩开资本市场大门，距离"河南老乡"蜜雪冰 城亮相港股，也才三个多月。 若巴奴火锅此番成功上市，将与蜜雪冰城、锅圈食汇一道聚首港股。再加上早已登陆资本市场的"辣 条之王"卫龙、"红枣龙头"好想你等知名企业——河南品牌在中国新消费市场上，无疑将成为一股不 可忽视的新锐力量。 曾几何时，"顶流消费品牌"的光环还属于文和友、茶颜悦色等带着鲜明湖南印记的网红企业。但如 今，那些曾被贴上"土气"标签的河南品牌，竟然集体逆袭站上潮头。这背后，新消费市场的商业逻 辑，正在发生怎样的质变？ 十年沉浮：新消费"顶流"易位 探索发现新经济。 来源丨 惊蛰研究所（ID：jingzheyanjiusuo） 作者丨吴嗯 图源丨Midjourney 2013年在新消费行业发展史上是一个特别的年份。这一年，文和友登上湖南卫视《天天向上》后爆 火，茶颜悦色进驻长沙黄兴广场开启新中式茶饮的创新 ...

Core Viewpoint - Banu International Holdings Limited has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to become the third hot pot brand listed in Hong Kong after Xiaobai and Haidilao [1] Group 1: Company Overview - Banu, originating from Henan, has expanded rapidly with an average store growth rate exceeding 70% from 2022 to 2024, distinguishing itself in the competitive hot pot market [3] - The company focuses on a "productism" approach, targeting a premium hot pot market with an average spending of over 120 RMB per person, setting a benchmark for quality [3][15] - Banu's successful market environment is supported by the recent capital market performance of other Henan-based brands, enhancing investor sentiment [3] Group 2: Financial Performance - Banu's revenue from 2022 to 2024 reached 1.433 billion RMB, 2.111 billion RMB, and 2.307 billion RMB, with a compound annual growth rate of 27.8% [4] - The net profit improved from a loss of 5.2 million RMB in 2022 to a profit of 102 million RMB in 2023, further increasing to 123 million RMB in 2024, with an adjusted net profit margin rising from 2.9% to 8.5% [7] - In Q1 2025, Banu reported a revenue of 709 million RMB, a year-on-year increase of 25.7%, continuing its growth momentum [4] Group 3: Operational Efficiency - Banu has achieved a significant reduction in the cost of raw materials and consumables, decreasing from 33.8% of total revenue in 2022 to 32.1% in 2024, showcasing effective cost control [8] - As of June 16, 2025, Banu operates 145 stores across 39 cities, with a 74.7% increase in store count since the end of 2021 [8][10] - The company has established a "central kitchen + cold chain logistics" supply chain system, enhancing operational efficiency and ensuring consistent product quality across its outlets [11][13] Group 4: Market Positioning and Strategy - Banu's market positioning targets the premium hot pot segment, achieving a market share of 3.1% in 2024, leading its niche [15] - The company emphasizes product innovation and a membership system to enhance customer loyalty, with 94.6% of dine-in customers being members in Q1 2025 [15] - Banu's unique approach contrasts with competitors like Haidilao and Xiaobai, focusing on product quality over service, appealing to consumers seeking genuine dining experiences [25][30]

Core Viewpoint - The Hong Kong IPO market is experiencing a significant decrease in the new stock breakage rate, particularly in the consumer sector, indicating a favorable environment for new listings like that of Ba Nu hot pot [3][4]. Group 1: Market Environment - The breakage rate for new stocks in Hong Kong has dropped to 27.78% in 2025 from 34.29% in the previous year, reflecting a more stable market [3]. - The tea beverage sector has seen a surge in IPOs, with brands like Mi Xue Ice City and Hu Shang A Yi achieving first-day gains exceeding 50%, highlighting the resilience of consumer stocks [3][4]. Group 2: Company Financials - Ba Nu's projected revenue for 2024 is 2.31 billion RMB, with a net profit of 123 million RMB, and a year-on-year revenue growth of 25.7% in Q1 2025 [3][4]. - The average table turnover rate has increased from 3.0 times per day in 2022 to 3.7 times in Q1 2025, indicating improved customer flow and operational efficiency [4][20]. Group 3: Business Strategy - Ba Nu positions itself as the largest quality hot pot brand in China, focusing on product differentiation to attract investors [7][8]. - The company is expanding its presence in lower-tier cities, with 78.6% of its new stores located in these areas, where consumers are more price-sensitive but exhibit higher loyalty [13][24]. Group 4: Supply Chain and Operational Efficiency - Ba Nu has developed a third-generation supply chain system that ensures fresh ingredients are delivered within 48 hours, enhancing operational efficiency [15]. - The company plans to open 150 new stores over the next three years, demonstrating a strategic approach to expansion by establishing multiple bases in new regions before scaling up [16][18]. Group 5: Market Position and Future Outlook - The quality hot pot market is expected to grow at a compound annual growth rate of 7.8% from 2024 to 2029, outpacing the overall hot pot market growth of 6.5% [22]. - Ba Nu's unique marketing strategies and product offerings, such as seasonal ingredients, are designed to appeal to younger consumers and differentiate the brand in a competitive landscape [25][28].

出品：新浪财经上市公司研究院 作者：木予 继呷哺呷哺、海底捞之后，又一家连锁火锅企业向港股发起冲击。 6月16日，巴奴国际控股有限公司（下文简称：巴奴国际）向港交所提交招股书，拟申请主板上市，由中金公司和招银国际担任联席保荐人。 招股书显示，2022-2024年，巴奴国际实现总营收14.33亿元、21.12亿元、23.07亿元，经调整净利润录得4146万元、1.44亿元、1.96亿元，两项指标年复合增 长率分别为17.5%、67.8%。2025年第一季度，公司总收入约为7.09亿元，同比增长25.7%；经调整利润约为7667.60万元，较2024年同期提高33.2%；旗下在 营餐厅数量共144家，门店层面经营利润率达23.7%。 不过，亮眼的业绩光环之下不乏隐忧。重资产运营挤压利润、同店表现不尽如人意，巴奴国际在盈利能力、经营效率等方面都与龙头海底捞相差甚远。而对 比2021年初的最高点，海底捞和呷哺呷哺的股价已分别累计跌去80.3%、96.9%，资本市场对连锁火锅赛道的冷淡态度可见一斑，巴奴选择此时冲击上市， 能收获多少关注仍未可知。 贵也难赚钱？同店销售增长低至2.1% 尽管一线城市居民平均收入和消费水平 ...

Food and Beverage - Lianhua Holdings reported that its new product, Lianhua 1983 Red Bean and Job's Tears Water, has maintained a high sales growth rate since its launch in April 2025 [1] - The company plans to introduce an electrolyte drink with flavors including lemon, grapefruit, and blood orange, as well as a 100% fruit and vegetable juice product in the second half of the year [1] - Haitian Flavoring and Food Co. officially listed on the Hong Kong Stock Exchange, closing at HKD 36.5 per share, a 0.55% increase from the opening price [2] Company Developments - Black Sesame Group received a warning letter from the Guangxi Securities Regulatory Bureau due to issues such as non-operating fund occupation by controlling shareholders and irregular corporate governance [3] - IFBH Limited, the parent company of coconut water brand if, has passed the listing hearing on the Hong Kong Stock Exchange [4] - Three Squirrels decided to terminate the acquisition of Hunan Ailingshi Technology Co., with no significant adverse impact on its operations or future development strategy [5] Market Trends - Xiaobu Group's collaboration with Li Jiaqi's live streaming resulted in over 9,000 vouchers sold in a single session, indicating strong consumer engagement [8] - Ba Nu International Holdings submitted its prospectus to the Hong Kong Stock Exchange, reporting revenues of CNY 7.09 billion in Q1 2025 and a profit of CNY 55.16 million [10] - Huan Niu Cake House announced its closure due to rising costs and market competition, while addressing customer concerns regarding membership balances [11]

巴奴毛肚火锅的母公司——巴奴国际控股有限公司（以下简称"巴奴国际"）已向港交所递交招股书，正式向港股IPO发起冲击。 提及巴奴毛肚火锅，不少消费者脑海中首先浮现的便是"贵"这一印象。 | 排名 | 品牌 | 收入,2024年 | 市場份額 | 人均消費, | 22年至24 | | --- | --- | --- | --- | --- | --- | | | | (人民幣十億元) | 2024年(%) | 人民幣元 | 複合年增長 | | 1 | 品牌A | 41.3 | 6.7 | 97.5 | 17.5% | | 2 | 品牌B | 2.6 | 0.4 | 54.8 | 6.9% | | 3 | 本公司 | 2.3 | 0.4 | 142 | 26.9% | | 4 | 品牌C | 2.1 | 0.3 | ~105 | ~5% | | 5 | 品牌D | 1.6 | 0.3 | 123.5 | -10.0% | | | 前五大 | 49.9 | 8.1 | | | | | 其他 | 570 | 91.9 | | | | | 總計 | 619.9 | 100.0 | | | 在招股书中，巴奴国际将自身定位为 ...

Core Viewpoint - Banu Hot Pot is attempting to become the "third hot pot stock" in the market, following Xiabuxiabu and Haidilao, despite facing challenges in performance stability and public controversies [2][4]. Financial Performance - Banu Hot Pot's revenue grew from 1.433 billion yuan in 2022 to 2.307 billion yuan in 2024, with a significant increase of 47.3% in 2023, but a decline to 9.3% growth in 2024, followed by a recovery to 25.7% in Q1 2025 [4]. - The number of restaurants increased from 86 in 2022 to 145 in 2024, covering 39 cities nationwide [3]. - Average customer spending in first-tier cities decreased from 183 yuan in 2022 to 159 yuan by March 2025, while overall average spending across all city tiers fell from 147 yuan to 138 yuan [3]. Operational Metrics - Key operational metrics in first-tier cities showed a decline: table turnover rate dropped from 3.9 times per day in 2022 to 3.6 times in 2024, average daily customer count fell from 426 to 351, and daily sales per restaurant decreased from 77,900 yuan to 58,000 yuan [3][4]. - In second and third-tier cities, while table turnover rates maintained an upward trend, the average customer count per restaurant continued to decline, leading to a decrease in daily sales [3]. Controversies and Public Perception - Banu Hot Pot faced significant public backlash due to controversial statements made by its chairman, Du Zhongbing, regarding customer spending, which sparked widespread criticism on social media [5]. - The company was also involved in a "sky-high potato" incident where a customer received an unsatisfactory portion of a dish, leading to negative publicity [6]. - Food safety issues have been reported, including incidents of foodborne illness and allegations of selling fake meat products, which have further damaged the brand's reputation [7].

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 ...