以下文章来源于商业弧光 ，作者李佳琪 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图｜视觉中国 2025年盛夏来临之际，巴奴毛肚火锅向港交所递交招股书，正式叩响资本市场大门。 巴奴的上市并非孤例。它正赶上餐饮企业赴港IPO的第二波浪潮：蜜雪冰城市值一度突破2000亿港 元、沪上阿姨2025年5月登陆港交所、老乡鸡、遇见小面已递交上市申请… 巴奴为何选择在此时冲击上市？ 从财务数据来看，巴奴在过去几年展现出了良好的发展态势。2022 - 2024 年，巴奴毛肚火锅分别实 现营收 14.33 亿元、21.12 亿元、23.07 亿元，2023 年营收增速高达 47.38%，2024 年虽有所放缓， 但仍保持着 9.23% 的增长，并且在 2022 年录得利润 - 519.0 万元（ 亏损）后， 2023 年扭亏为盈， 实现利润 1.02 亿元，2024 年利润进一步增长至 1.23 亿元，经调整净利润 （非国际财务报告准则指 标 ）也从 2022 年的 4145.5 万元增长至 2024 年的 1.96 亿元。 2025 年前三个月，巴奴毛肚火锅营收同比增长 ...

Core Viewpoint - Banu's IPO is part of a broader trend of restaurant companies seeking to go public in Hong Kong, showcasing strong financial performance and growth potential in a competitive market [1][3]. Financial Performance - Banu's revenue for 2022, 2023, and 2024 was 1.433 billion, 2.112 billion, and 2.307 billion yuan respectively, with a remarkable revenue growth rate of 47.38% in 2023 and a projected growth of 9.23% in 2024 [1]. - The company turned a profit in 2023 with 102 million yuan, up from a loss of 5.19 million yuan in 2022, and expects further profit growth to 123 million yuan in 2024 [1]. - In the first quarter of 2025, Banu reported a revenue increase of 25.7% to 709 million yuan and a profit increase of 57.48% to 55.16 million yuan [2]. Expansion Plans - Banu plans to open approximately 40, 50, and 60 new stores in 2025, 2026, and 2027 respectively, requiring significant capital investment for store leasing, renovation, and equipment [2][6]. - The company aims to leverage IPO proceeds to fund its expansion strategy and enhance brand influence and market share [2]. Market Position and Strategy - Banu has established a unique brand positioning focused on product quality, emphasizing its signature offerings of tripe and mushroom soup, which has attracted a loyal customer base [5][10]. - The company operates a robust supply chain with five central kitchens and one specialized base material processing plant, ensuring stable ingredient supply and quality [5][6]. Competitive Landscape - Banu holds a 3.1% market share in the quality hot pot segment, making it the largest brand in this category, but faces competition from various other brands [9]. - The hot pot market is experiencing a shift towards premium offerings, with Banu's average customer spending increasing from 120 yuan in 2018 to over 150 yuan in 2023 [10]. Challenges and Considerations - Banu's cautious approach to franchise expansion contrasts with competitors like Haidilao, which has embraced a franchise model [6][7]. - The company must navigate a competitive environment where consumer preferences are evolving, and it faces potential risks related to food safety and operational management as it scales [7][11].