Banu submits listing application to HKEX! Revenue in Q1 reaches 708.7 million yuan

Henan Daily

Zhengzhou: 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.

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.

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 StripeHot Pot” to highlight Beef Tripe, the leading product of the hot pot, and establish the brand strategy and differentiated positioning.

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.

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.

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.