巴奴的直营门店网络覆盖全国39个城市，门店数量达到145家。

Banu's direct-operated store network covers 39 cities nationwide, with the number of stores reaching 145.

6月16日晚间，巴奴国际控股有限公司（以下简称巴奴）向港交所提交上市申请书，联席保荐人为中金公司、招银国际。

On the evening of June 16, Banu International Holdings Ltd. (hereinafter referred to as "Banu") submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and China Merchants International as joint sponsors.

披露文件显示，2022年、2023年和2024年，该公司分别实现收入人民币14.331亿元、21.116亿元、23.073亿元，同期经调整净利润分别为人民币4150万元、1.437亿元、1.959亿元。另外，2024年一季度及2025年一季度，公司分别实现收入5.639亿元、7.087亿元，同期经调整净利润分别为人民币5750万元、7670万元。

The disclosure documents show that the company achieved revenues of RMB 1.4331 billion, RMB 2.1116 billion, and RMB 2.3073 billion in 2022, 2023, and 2024 respectively, with adjusted net profits for the corresponding periods of RMB 41.5 million, RMB 143.7 million, and RMB 195.9 million respectively. In addition, in the first quarter of 2024 and the first quarter of 2025, the company achieved revenues of RMB 563.9 million and RMB 708.7 million respectively, with adjusted net profits of RMB 57.5 million and RMB 76.7 million respectively.

2001年，杜中兵在河南安阳开出了巴奴首家门店。2009年，巴奴进入河南省会郑州，开启全国化发展之路。2012年，正式更名为“巴奴毛肚火锅”，以突出毛肚这一道火锅头牌产品，确立品牌战略和差异化定位。

In 2001, Du Zhongbing opened the first Banu store in Anyang, Henan. In 2009, Banu entered Zhengzhou, the capital of Henan, and started its national development path. In 2012, it was officially renamed "Banu Beef Stripe Hot Pot" to highlight Beef Tripe, the leading product of the hot pot, and establish the brand strategy and differentiated positioning.

截至最后实际可行日期，巴奴的直营门店网络覆盖全国39个城市，门店数量达到145家，较2021年末增长74.7%。其中，河南区域拥有53家门店。按城市等级划分，除在一线城市开设的31家门店外，巴奴在二线及以下城市共设有114家门店，占餐厅总数的78.6%。截至同日期，巴奴共有5家集仓储物流于一体的综合性中央厨房，1家专业化底料加工厂。

As of the last practicable date, Banu's direct-operated store network covers 39 cities nationwide, with the number of stores reaching 145, an increase of 74.7%, compared to the end of 2021. Among them, the Henan region has 53 stores. According to the city hierarchy, in addition to the 31 stores opened in first-tier cities, Banu has a total of 114 stores in second-tier and below cities, accounting for 78.6% of the total number of restaurants. As of the same date, Banu has a total of 5 comprehensive central kitchens integrating warehousing and logistics, and 1 specialized base material processing factory.

2025年第一季度，巴奴一线城市的门店经营利润率为20.7%，二线及以下城市门店经营利润率为24.5%，根据弗若斯特沙利文的报告，目前巴奴经营情况均高于行业平均水平。

In the first quarter of 2025, the store operating profit margin of Banu in first-tier cities was 20.7%, and that in second-tier and below cities was 24.5%. According to the report of Frost & Sullivan, the current operating situation of Banu is higher than the industry average.

在经营层面，巴奴门店整体翻台率由2022年的3.0翻增长至2025年第一季度的3.7翻；顾客人均消费由2022年的147元下降至2025年第一季度的138元。(中文来源/大河财立方 记者/郝楠楠 英文审校/洪建园)

In terms of operations, the overall table turnover rate of Banu stores increased from 3.0 times in 2022 to 3.7 times in the first quarter of 2025. The average customer consumption per capita decreased from 147 yuan in 2022 to 138 yuan in the first quarter of 2025.

Web editors: Shen Jianqi, Li Siyao