HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Banu International Holding / Equity Capital Markets

<ul>
<li>Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn't a good signal for chain brands</li>
<li>The label of "high price" cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.</li>
<li>The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than <a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao </a>but higher than <a href="https://www.smartkarma.com/entities/xiabuxiabu-catering-mgt-chn-hldgs-co-ltd" target="_blank" data-smartkarma-citation="entities:76:1" rel="noopener">Xiabuxiabu Catering</a>.</li>
</ul>


Some key performance indicators indicate that the core driving force behind revenue growth has shifted from single restaurant efficiency to restaurant quantity, which isn't a good signal for chain brands
The label of "high price" cannot support strong profitability. High cost structure is an important factor affecting profit margin. Investment in heavy assets in supply chain has become an issue.
The rebound in performance in 25Q1 could be just temporary. In terms of valuation, we think the valuation of BANU could be lower than Haidilao but higher than Xiabuxiabu Catering.


Pre-IPO Banu International Holding - The Pain Points and the Outlook

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Banu International Holding (BANU HK)

Pre-IPO Banu International Holding - The Pain Points and the Outlook

BANU's label of "high price" cannot support strong profitability. Heavy asset model in the supply chain has become an issue. 25Q1 performance...

Xinyao (Criss) Wang

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