【"火锅界爱马仕"巴奴赴港IPO，扩张与品质难题待解】近日，巴奴国际控股有限公司向港交所提交上 市申请书，联席保荐人为中金香港和招银国际。该公司以"毛肚 + 菌汤"为招牌，拟将募资用于门店扩 张、品牌建设、供应链优化等。 巴奴 2001 年创立于河南安阳，创始人杜中兵提出"服务不是特色，'毛 肚和菌汤'才是"。2024 年客单价 142 元，比海底捞高 45%。不过，其陷入"土豆刺客"等风波，还曾卷入 商业贿赂案。 招股书显示，巴奴拟用募资拓展门店和建设中央厨房。华东新中央厨房选址江苏，新建 1 万平方米；华南新中央厨房设于东莞周边，新建约 7000 平方米。还计划在多地建卫星仓，扩建华中中 央厨房仓储空间。 2021 年，巴奴耗资 1.5 亿在河南建中央厨房产业园。报告期内，其资本开支分别为 1.13 亿、1.46 亿、1.63 亿及 0.22 亿元。目前有 5 个中央厨房，但 2024 年产能利用率分化，不及海底 捞。 2022 - 2024 年，巴奴分别新开 11 家、25 家、35 家直营门店，共 144 家，远不及海底捞。原计划 2025 年开 40 家，一季度仅开 3 家，华北、华南扩张也不理想。 ...

Core Viewpoint - Banu International Holdings Limited has submitted its prospectus to the Hong Kong Stock Exchange, revealing a significant expansion with 145 direct stores across 39 cities and projected revenue exceeding 2.3 billion yuan in 2024, but faces challenges with slowing profit growth and declining same-store sales [2][3][4]. Group 1: Financial Performance - Banu's revenue increased from 1.433 billion yuan in 2022 to 2.307 billion yuan in 2024, with Q1 2025 revenue reaching 709 million yuan [3]. - The company achieved a net profit of 102 million yuan in 2023, with a modest increase to 123 million yuan in 2024, indicating limited profit growth [3][4]. - Adjusted net profits for 2022, 2023, and 2024 were 41.455 million yuan, 143 million yuan, and 196 million yuan respectively, showing a significant slowdown in growth [3]. Group 2: Same-Store Sales Trends - Same-store sales in first-tier cities dropped by 14.8% in 2024, with declines of 8.4% and 9.1% in second-tier and lower-tier cities [3][4]. - The decline in same-store sales is attributed to changes in customer spending habits, with average spending per customer decreasing from 150 yuan in 2023 to 142 yuan in 2024 [4][8]. Group 3: Market Position and Strategy - Banu operates 53 stores in Henan and 92 stores in other regions, with 78.6% of its stores located in second-tier and lower-tier cities, where profit margins are higher [5]. - The company plans to enhance its brand image through advertising and marketing efforts, despite the challenges posed by a price-sensitive consumer base [9]. - Banu's attempt to launch a sub-brand "Chao Island" aimed at the budget market faced backlash due to quality issues, leading to the closure of all related restaurants [10][11]. Group 4: Industry Context - The restaurant industry in China is experiencing a structural shift, with increased consumer price sensitivity impacting both high-end and budget brands [8]. - Recent IPO trends in the restaurant sector indicate a focus on capital raising for expansion, particularly in lower-tier markets, with Banu's listing being part of a broader wave of restaurant brands seeking to capitalize on market opportunities [6][7].

6月16日，香港联交所官网发布公告显示，巴奴国际控股有限公司（以下简称"巴奴"）递交了招股书。 招股书显示，巴奴门店数量145家，2024年收入达23.1亿，盈利1.23亿元。巴奴曾以学习海底捞的服务出 圈，又放弃海底捞模式再出圈。当前，巴奴门店数量增加，翻台率增加，但客单价不断下探的情况下， 巴奴同店年销售先涨后降，值得投资人关注。 杜中兵对巴奴可谓完全把控。 对于上市，杜中兵认为："企业上市其实一个多方位的挑战，政府，消费者，公众。一个企业能不能真 正的活得久，这个挑战是要接受的，其实上市公司并不是说仅仅是资本，追求上期的上市公司，其实就 是追求挑战。" 在香颂资本执行董事沈萌看来，虽然巴奴颇具知名度，但是从战略角度，无论是成本领先、还是差异 化，其优势都不够突出，所以对于注重短期话题性的投资者来说，对巴奴的判断或许更积极，而注重长 期成长性和收益稳定性的投资者而言，就略显不足。 从整体数据看，巴奴门店数量从2022年初的83家增至2025年3月的145家，增长74.7%，2023至2024年新 增60家，年均增速超30%。河南以外门店占比63%，达92家，下沉市场主导，二线及以下城市占比 78.6%，匹 ...