来源：时代周报-时代在线 图片来源：极物思维招股书 极物思维所处的酒馆赛道，目前只有海伦司（09869.HK）一家上市公司，因此后者常被拿来对标。海 伦司是成立于2009年的连锁小酒馆品牌，目前在全球拥有583家门店，2021年登陆港交所，巅峰时其市 值达302.95亿港元。 但需要提及的是，如今海伦司的市值仅剩11.5亿港元，较巅峰时期缩水逾九成。在此大背景下，极物思 维冲击港股，其前景仍待观察。 一年营收逾10亿，业绩已超海伦司 千亿规模酒馆赛道，又一家头部玩家吹响了上市号角。 1月9日，餐酒吧品牌COMMUNE幻师的运营主体极物思维有限公司（下称"极物思维"）正式递交招股 书，要在港交所上市。 招股书披露，极物思维成立于2016年，总部位于广东珠海，但却发家于武汉一家老厂房改造的餐酒吧， 此后逐步向全国拓展，至2025年9月底，共拥有112家门店。 随着门店规模不断扩张，极物思维的业绩也在一路狂奔，至2024年其营收已超10亿，且连续三年在中国 餐酒吧品牌中位列第一。2024年，COMMUNE幻师在这一领域占据了约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。 极物思维的创始人、董事长 ...

Core Viewpoint - The article discusses the challenges and potential of the small bar industry in China, particularly focusing on the case of Helen's, which has seen a significant decline in store numbers and profitability since its IPO in 2021 [4][9][19]. Group 1: Industry Overview - The alcohol consumption market is becoming increasingly vibrant, with new entrants like light alcohol and small bars enriching the industry landscape [4]. - In 2021, Helen's became the first small bar stock in Hong Kong, leading to expectations of a flourishing market [5][8]. - However, the reality has diverged from these expectations, with Helen's store count dropping from 767 in 2022 to 479 in 2023, a decrease of 37.55% [9]. Group 2: Helen's Business Model and Strategy - Helen's initially attracted young consumers with a low-price strategy, offering beers at 10 yuan [8]. - The company has shifted its focus to lower-tier markets for growth, with a significant reduction in stores in first and second-tier cities [10]. - The number of Helen's direct-operated and franchised stores decreased by 60.95% and 19.3% respectively from 2022 to 2023 [10]. Group 3: Market Potential and Challenges - The potential for bar consumption in lower-tier markets is substantial, with projections indicating that the domestic bar industry revenue could reach 183.9 billion yuan by 2025, with a compound annual growth rate of 18.8% [11]. - Despite the promising market potential, the small bar business model remains largely unproven, with many brands entering the market but few succeeding [16][17]. - The competitive landscape is intensifying, with major beer brands also entering the small bar space, further complicating the market dynamics [17][18]. Group 4: Future Considerations - The article raises questions about the viability of the small bar business, suggesting that while it may be a good market, it is not necessarily easy to operate successfully [19]. - The industry is still in its early stages, with a high level of fragmentation and a low market penetration rate, indicating significant growth opportunities for leading players like Helen's [19].