年入10亿 毛利率超海底捞 中产“漂亮饭”冲击IPO

COMMUNE, a bar-restaurant chain, is pursuing an IPO after achieving over ¥1 billion in annual revenue with a gross margin of 68.7%-70.5%, driven by all-day operations and transparent pricing.

1. Business Model: 18-hour segmented operations cover café, restaurant, and bar scenarios, boosting space utilization. Average daily orders increased from 256 to 327.

2. Financials: Average investment payback period is 17 months, with break-even achieved in just 3 months. Per-store annual profit is around ¥600,000 by 2025, but net margins of 6%-9% warrant caution due to rising rent and labor costs.

3. Operational Tactics: Free "Phantom Member" system with vouchers; paid "Phantom Cards" (¥18.8-¥68.8) drive low-cost repurchases. Time-segmented design includes ¥9.9 coffee for traffic, Western light meals for lunch, and high-margin late-night drinks.

The fully self-operated large-store model locates in core commercial areas, with all 112 stores company-owned. Self-operated drinks like "Phantom Craft Beer" cost ¥2-3 per bottle but sell for ¥18-22.

COMMUNE positions itself as a "social gathering space," focusing on atmosphere and catering to young adults' fragmented social needs, using event marketing to boost loyalty.

1. Brand Marketing: Events like "Thursday Ladies' Night" and "¥99 for 10 Cocktails Challenge" attract customers. Transparent pricing and a relaxed vibe create a "stylish dining" image, enhancing brand appeal.

2. Consumer Trends: Young consumers prefer transparent, pressure-free socializing. COMMUNE pivoted from traditional bars by eliminating minimum spends and fixed seating, adapting to mood-based demand. Data shows same-store sales declining in Tier 1 cities but growing in Tier 3 markets, highlighting the need for a下沉 strategy.

3. User Behavior: Customers like Liu Yi engage in multi-scene consumption (coffee, meals, drinks) within one space, driving average per-customer spending over ¥220 in Tier 1 cities. A refined membership system with first-order gifts boosts repurchase at a low cost, with average spending around ¥97.

The brand leverages high-margin drinks (76.5% gross margin) and all-day operations, stating a vision of "Carefree Gatherings" in its IPO filing, with a 7.8% market share leading the industry.

COMMUNE's fully self-operated large-store model presents growth opportunities but carries risks like low net margins and regional volatility, offering lessons and warnings for sellers.

1. Opportunities: Expansion into Tier 3 markets shows promise, with average per-customer spending of ¥137 and daily sales per square meter of ¥35.8. The membership system (e.g., "Phantom Cards") enables low-cost, high-frequency repurchases, representing an innovative model.

2. Risks: Same-store sales are declining year-on-year in Tier 1 cities, with per-store annual profit dropping from ¥780,000 to ¥600,000. Heavy operations lead to labor costs consuming 28% of revenue and high rent, necessitating cost control evaluation.

3. Learnings: 18-hour segmented operations enhance space efficiency through menu, lighting, and music design. A self-operated supply chain directly sources from breweries, reducing waste and ensuring high standardization.

Positive aspects include a short payback period (17 months), but negatives involve net margins lower than competitor Helen's. While no explicit support policies exist, the strategic move into Tier 3 markets is instructive.

COMMUNE's supply chain and product design emphasize high-margin private labels, presenting production demands and business opportunities for factories.

1. Production Needs: Self-operated beverages like the "Phantom Craft Beer" series cost only ¥2-3 per bottle, requiring direct sourcing from overseas breweries to cut intermediaries. Private labels account for 45% of revenue with over 85% gross margin, demanding efficient, standardized production.

2. Business Opportunities: Rising demand for high-margin food (66% gross margin) and drinks opens avenues for OEM cooperation. The e-commerce approach, via a fully owned trading company for direct procurement and digital supply chain management, minimizes waste.

3. Digital Insights: The fully self-operated model enables refined operations. Factories can learn from its Standard Operating Procedures (SOPs) to improve product consistency.

With about 45% of revenue from beverages, factories can study success cases like bottles sold for ¥18-22, achieving significant cost optimization.

The bar-restaurant industry is shifting towards all-day operations and transparency, with COMMUNE addressing traditional pain points and offering replicable solutions for clients.

1. Industry Trends: The rise of "light drinking" socializing among youth has propelled COMMUNE to a leading 7.8% market share. However, demand is softening in Tier 1 cities while growing in Tier 3 markets, highlighting the importance of下沉 strategies.

2. Client Pain Points: Traditional bars face challenges with high minimum spends and pushy sales tactics that deter young patrons. COMMUNE eliminates these by removing minimum charges and using transparent pricing displays.

3. Solutions: An 18-hour segmented operational design overlays different formats, utilizing lighting and music to guide service flow. A self-managed supply chain reduces intermediaries and waste. A refined membership system uses vouchers for low-cost customer retention.

New technology applications, like SOP standardization for lighting and noise control, can be extracted into operational manuals for service providers to offer clients.

COMMUNE's fully self-operated model requires highly efficient management, highlighting platform needs and operational risks for marketplace operators to note.

1. Platform Demands: Heavy asset investment (prime locations in core commercial districts) results in high rent; labor costs consume 28% of revenue. Precise management of time-segmented operations, including lighting and music design, is needed to optimize service flow.

2. Operations Management: The "Phantom Member" system offers vouchers upon registration; tiered paid cards drive repurchase. All-day staffing must balance cost and efficiency, with 327 daily orders boosting sales per square meter.

3. Risk Avoidance: Declining same-store sales in Tier 1 cities warn of location risks. The strategic pivot to Tier 3 markets shows potential, but daily sales per square meter is only ¥35.8 (versus ¥93.2 in Tier 1), requiring market saturation assessment. The model is purely self-operated with no franchising, avoiding the pitfalls of asset-light expansion.

Latest practices include direct procurement via a self-owned trading company to ensure high margins, but the risk lies in low net profitability of 6%-9%.

New trends in the bar-restaurant industry reflect evolving youth socialization, with COMMUNE's business model offering policy insights but facing standardization challenges.

1. Industry Dynamics: The "light drinking" market is shifting from Helen's low-price focus to atmosphere-driven socializing, with COMMUNE leading at 7.8% share. Emerging Bistros like Ameigo and Tiao Hai are gaining traction with local flavors, intensifying competition.

2. Emerging Issues: Novelty is waning in Tier 1-2 cities, while expansion into Tier 3 markets yields lower per-customer spending. COMMUNE's net margin of 6%-9% is below industry average, and rising labor costs in the self-operated model outpace revenue growth, raising sustainability questions.

3. Model Implications: All-day SOP standardization (e.g., decibel/lighting control) is replicable. Policy recommendations advocate transparent pricing to avoid opaque practices common in traditional bars. The model's value lies in redefining social interaction, with a capital valuation of ¥7 billion.

Researchers can analyze COMMUNE's exceptionally low supply chain waste compared to Helen's losses, providing a case study for industry evolution.