客单价从70.9元跌至62.8元。 作者|刘俊群 编辑|刘钦文 来源：风云IPO 一张海报引发的争议，让比格比萨陷入"公益作秀"的质疑漩涡。 2026年初，这家连锁披萨品牌推出环卫工人"福利日"活动，凭工作证可享49.9元自助餐。然而网友很快 发现，这个所谓的"福利价"与餐厅常规的周一老人优惠价完全一致。更关键的是，对于月收入多在 3000-4000元的环卫工人而言，49.9元意味着近半天的劳动所得。 图源：公众号截图 就在舆论持续发酵之际，比格正悄然叩响资本市场的大门。近日，其母公司北京比格餐饮管理有限责任 公司（下称"比格"）已向港交所递交《招股书》，正式冲刺港股IPO。 凭借"79.99元吃到饱"的极致性价比，比格不仅坐拥930万会员、年营收突破11亿元，更一举跃升为中国 本土最大的比萨及自助餐厅品牌。然而，亮眼高增长的背后，却暗藏净利润率持续下滑、资产负债率居 高不下的发展隐忧。 公司背后是一对东北夫妻，从台球厅起家到开出387家门店，如今能否带领比格顺利登上资本市场呢？ 01# 靠榴莲比萨等爆款年入超11亿 披萨界"性价比卷王"赴港IPO "进门先别喝可乐，那是气体占肚子；沙拉区只拿水果，别碰土豆泥 ...

Core Viewpoint - Big Pizza International Holdings Limited plans to expand its restaurant network significantly, aiming to open approximately 610 to 790 new stores over the next three years, reflecting a strong growth strategy in the competitive pizza market in China [2][4]. Expansion Plans - The company intends to open about 120 to 180 new stores in 2026, 220 to 280 in 2027, and 270 to 330 in 2028, totaling approximately 610 to 790 new stores [4]. Market Potential - The pizza restaurant market in first-tier cities in China is projected to grow from 14.9 billion yuan in 2024 to 26.1 billion yuan by 2029, at a compound annual growth rate (CAGR) of 11.8%. In second-tier and lower cities, the market is expected to increase from 18.8 billion yuan in 2024 to 36.7 billion yuan by 2029, with a CAGR of 14.3% [4]. Business Model - Big Pizza focuses on a buffet-style dining experience featuring a variety of pizzas and dishes, catering to the growing demand for diverse food options among Chinese consumers. This model aligns well with local dining culture, emphasizing shared meals and variety [4]. Pricing Strategy - The average customer spends no more than 79.99 yuan to enjoy over 100 dishes, including various pizzas and desserts, which aims to meet the needs of consumers in first-tier and new first-tier cities as well as second-tier and lower markets [5]. Product Innovation - Each restaurant offers approximately 130 to 140 SKUs, with over 20 pizza SKUs. The company introduces new product lines quarterly, with an annual product replacement rate of about 30%, ensuring the menu remains fresh and aligned with consumer preferences [5]. Sales Performance - Big Pizza ranked first among local pizza restaurants in China based on GMV for the first three quarters of 2025, and third overall among all pizza restaurants. It also leads in the buffet and Western casual dining segments [8]. Financial Growth - Revenue for 2023 and 2024 was 944 million yuan and 1.147 billion yuan, respectively, representing a year-on-year growth of 21.5%. For the first three quarters of 2025, revenue surged by 66.6% to 1.389 billion yuan compared to the same period in 2024 [9]. Profitability Metrics - The net profit margins for 2023, 2024, and the first three quarters of 2025 were 5.0%, 3.6%, and 3.7%, respectively. The company plans to use the proceeds from its IPO for strategic expansion, technology enhancement, brand building, and operational funding [10].