21世纪经济报道记者朱艺艺 报道 A股"粽子第一股"五芳斋（603237）（603237.SH）拟赴港上市。 五芳斋近日公告称，为加快公司国际化战略及海外业务布局，提升公司国际化品牌形象，同时打造多元化资本运作平台，增强公司的境外融资能力，公司拟 在境外发行股份(H股)并在香港联交所上市。 而在品牌方面，公司推行多品牌策略，确立了"五芳斋"作为主品牌，"五芳斋传世臻"作为高端品牌，"五小芳"作为高性价比品牌的差异化定位。 近年来，五芳斋的业绩存在一定波动，2022年-2024年实现营收分别为24.62亿元、26.35亿元、22.51亿元，分别同比下降14.87%、同比增长7.04%、同比下降 14.57%，同一时期归母净利润分别为1.38亿元、1.66亿元、1.42亿元，分别同比下降29.01%、同比增长19.74%、同比下降14.24%。 在此基础上，2025年上半年，公司"增收不增利"，实现营收15.92亿元，同比微增0.66%，但归母净利润1.95亿元，同比下降16.70%。 不过，从披露的经营数据看，2025年上半年，五芳斋来自境外市场的收入为627.12万元，且2022年-2024年，公司境外营收占 ...

Core Viewpoint - Zhejiang Wufangzhai Industrial Co., Ltd. ("Wufangzhai"), known as the "first stock of zongzi," is facing significant challenges, including declining profits despite revenue growth, setbacks in international expansion, and quality control issues, which have led to a lack of positive market response to its H-share listing plan announced in September 2025 [1][2][3]. Financial Performance - In the first half of 2025, Wufangzhai reported revenue of approximately 1.592 billion yuan, a slight increase of 0.66% year-on-year, while net profit decreased by about 16.7% to approximately 195 million yuan [3][5]. - The company's stock price has significantly declined, closing at 17.51 yuan per share on September 30, 2025, down approximately 5.6% from 18.54 yuan on September 15, 2025, and down about 20% from its highest price of 21.89 yuan earlier in the year [2][3]. Market Challenges - Wufangzhai's overseas revenue fell by 22.06% in the first half of 2025, contributing only 0.4% to total revenue, indicating struggles in international markets [6][14]. - The company has faced a significant drop in sales volume, with 2024 revenue at 1.579 billion yuan, down 18.64% year-on-year, and sales volume plummeting by 20.9% to 43,000 tons [6]. Product Performance - The zongzi series, which is the core product, saw revenue growth of approximately 0.38% in the first half of 2025, while other categories like egg products and pastries declined by about 3% [6][7]. - The mooncake series experienced substantial growth of approximately 85.58%, but overall product performance remains mixed [6][7]. Strategic Initiatives - Wufangzhai's H-share listing aims to accelerate its international strategy and enhance its overseas business presence, but analysts suggest that the timing may be premature given the current market conditions [2][12]. - The company has made efforts to expand into international markets, including establishing subsidiaries in Singapore, France, and Japan, and exploring new markets in South Korea, UAE, and Thailand [11][12]. Quality Control Issues - A recent food safety incident involving a batch of mooncakes exported to South Korea raised concerns about Wufangzhai's compliance with local regulations, highlighting potential risks in its international strategy [15].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603237 证券简称：五芳斋 公告编号：2025-076 浙江五芳斋实业股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回并继续进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ● 投资种类：银行结构性存款产品 ● 投资金额：人民币15,000.00万元 ● 履行的审议程序：浙江五芳斋实业股份有限公司（以下简称"公司"）于2025年4月15日召开了第九届 董事会第十九次会议和第九届监事会第十四次会议，审议通过了《关于使用部分闲置募集资金进行现金 管理的议案》，同意公司在确保不影响募集资金投资项目正常进行的前提下，使用额度不超过人民币 20,000.00万元的部分闲置募集资金进行现金管理，有效期为自公司董事会审议通过之日起12个月内有 效。在上述额度及决议有效期内，可循环滚动使用，期限内任一时点的交易金额（含前述投资的收益进 行再投资的相关金额）不超过上述额度。公司董事会授权公司董事长或董事长授权人士在额度范围内行 使该项投资决策权并签署相关 ...

证券代码：603237 证券简称：五芳斋 公告编号：2025-076 浙江五芳斋实业股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回并 继续进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 履行的审议程序：浙江五芳斋实业股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开了第九届董事会第十九次会议和第九届监事会第十四次会议，审 议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司在确保不 影响募集资金投资项目正常进行的前提下，使用额度不超过人民币 20,000.00 万元 的部分闲置募集资金进行现金管理，有效期为自公司董事会审议通过之日起 12 个 月内有效。在上述额度及决议有效期内，可循环滚动使用，期限内任一时点的交易 金额（含前述投资的收益进行再投资的相关金额）不超过上述额度。公司董事会授 权公司董事长或董事长授权人士在额度范围内行使该项投资决策权并签署相关合 同文件，具体事项由公司资金管理部负责组织实施。 特别风险提示：公司购买的为安全性高有保本约定的现金管理类产 ...

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi," has announced plans for a secondary listing in Hong Kong to accelerate its international strategy and enhance its brand image, amid pressures on its core business growth and the need for diversified financing channels [1][2]. Group 1: Company Strategy - The company aims to leverage the Hong Kong listing to expand its overseas capital channels and secure better capital support, which is essential for alleviating domestic market competition and funding future expansions and upgrades [2][3]. - Wufangzhai's management has been restructured to include professionals with legal and financial backgrounds, enhancing its capabilities in capital operations and financial compliance [1][2]. - The company has faced a nearly 30% decline in market value since its A-share debut in 2022, with current market capitalization below 3.5 billion yuan [2]. Group 2: Financial Performance - In 2024, Wufangzhai's revenue from zongzi dropped by 18.64% to 1.579 billion yuan, with sales volume decreasing by 20.92% from 54,400 tons in 2023 to 43,000 tons [3]. - The company reported a slight revenue increase of 0.66% in the first half of 2025, but net profit fell by 16.70%, indicating a struggle with profitability despite minor revenue growth [3]. - Non-zongzi products contributed less than 17% to total revenue, highlighting the company's heavy reliance on its core zongzi business [3]. Group 3: Market Challenges - The zongzi market is becoming increasingly competitive, with various snack and bakery brands entering the space, putting pressure on Wufangzhai's market share [3][4]. - The company has initiated a "zong+" strategy since 2019 to diversify its product offerings, but non-zongzi categories have not yet achieved significant scale [3][4]. - Wufangzhai's international expansion has been slow, with overseas revenue accounting for only 0.7% of total revenue in 2024, and further declining to 0.4% in the first half of 2025 [5]. Group 4: Quality Control and Trust Issues - Quality control issues have impacted Wufangzhai's international expansion and domestic consumer trust, with incidents involving outsourced production raising concerns [6][7]. - The company has adopted a production model that relies on both in-house and outsourced manufacturing, which has led to quality control challenges [7]. - To regain consumer trust, Wufangzhai must enhance its supply chain management and transparency [7]. Group 5: Capital Management - In response to market pressures, Wufangzhai has initiated a share buyback program, purchasing 200,000 shares for approximately 3.59 million yuan, aimed at boosting market confidence and optimizing capital efficiency [8]. - The Hong Kong listing is viewed as a critical step for the company to navigate its performance pressures and internationalization efforts, but it must focus on optimizing its business structure and quality systems moving forward [8].

近日，五芳斋(603237.SH)发布公告称，为推进国际化战略、提升品牌形象、构建多元化资本平台，董事会同意授权公司管理层启动H股上市前期筹备工 作。 据悉，五芳斋是全国首批"中华老字号"企业，素有"粽子大王"的称号，其粽子制作技艺还被列入了国家级非物质文化遗产保护名录。 另外，早在2022年8月，五芳斋就已在上交所主板上市，成为"粽子第一股"。在A股上市3年后，如今又要去港股二次上市，这家百年老字号，到底图什 么？ "粽子第一股"启动H股上市筹备工作 五芳斋为什么要二次赴港上市？有业内人士分析称，这与港股市场的灵活性，国际化属性以及政策红利有着重要关系。 一方面，香港作为国际金融中心，国际吸引力和影响力强。企业在港股上市，也意味着国际公信力背书得到强化，有助于触达国际投资者群体，同时也有 助于拓展海外业务版图，提升自身在国际市场的品牌形象，进而为自身的全球化战略铺路。 再者，港股的融资渠道灵活，能满足企业的不同发展需求。除了IPO 融资，还提供配售、供股、公开发售、可转债等再融资方式，同时港股再融资制度的 程序也较为简便，灵活性强。在其他市场融资环境趋紧的情况下，赴港上市可以帮助企业拓展融资渠道，更好地进行 ...

Group 1: Movie Market - The National Day box office exceeded 1.7 billion yuan, with over 3.7 million screenings and more than 46 million attendees, indicating a strong performance in the Chinese film market [2] - China Film Group's film "The Volunteer Army: Blood and Peace" led the box office with 450 million yuan, while other films like "Assassination Novelist 2" and "The Sound of Thunder" ranked second and third [2] - Shanghai Film Company reported that its film "The Little Monster of Langlang Mountain" generated nearly 30 million yuan in box office revenue during the holiday, showcasing sustained market interest [2] Group 2: Tourism and Scenic Spots - Huangshan Tourism received 199,800 visitors during the holiday, a 7.54% increase from last year, thanks to diverse activities and themed experiences [3] - Jiangsu Tianmuhu Tourism created immersive vacation experiences with over 400 events, establishing a new benchmark for high-quality tourism in the Yangtze River Delta [3] - Nanjing's tourism market saw significant growth, with the Confucius Temple boat tours receiving over 10,000 visitors daily, and total revenue increasing by 10% compared to last year [3] Group 3: Airline Industry - China Eastern Airlines operated over 15,400 flights and transported more than 2.278 million passengers from October 1 to 5, achieving a historical high for this period [4] - China Southern Airlines planned to add over 2,700 flights during the holiday period, with a total of 48,000 flights scheduled to meet travel demand [4] - Spring Airlines expected a daily flight volume of nearly 600 aircraft, with domestic flights increasing by over 9% and international flights by over 30% [4] Group 4: Dining and Retail - Guangzhou Restaurant Group launched festive dining packages to attract customers during the holiday, enhancing sales performance [7] - Shanghai Yuyuan Tourist Mart reported over 1.1 million visitors during the holiday, with overall sales increasing by 10% due to the "Food Carnival" event [7] - Zhejiang Wufangzhai introduced innovative mooncake products, with sales exceeding expectations prior to the holiday [7]

美食家陈晓卿曾说："月饼是一种很奇怪的东西，只有当你远离它，才会发现它的美好"。身为季节性食 品，月饼在不少人心中是一门"一个月可以赚一年钱"的生意，甚至也跑出了如广州酒家、元祖股份和五 芳斋等"月饼巨头"。 从广式、苏式到滇式的流派大战，再到各类联名、跨界玩家的产品大战，每一年的"月饼江湖"似乎都有 类似的故事，也从不缺硝烟和战火。 文 | 山核桃 编者按： 作为下半年最长的假期，国庆既是消费爆发的集中池，同样也是最好的观察窗口。 过去的大半年里，市场的焦虑、不确定性，孕育了大量的新业态、新概念、新品牌，这些新 花样成色究竟如何？一切都将在这个黄金周，在和用户钱包的真实碰撞中，试出最终的真 金。 财经无忌将推出国庆特别策划，聚焦食品、黄金和智驾等行业的深度消费观察，揭开这 个"黄金周"火热消费背后的真实景象。 又是一年中秋，在不少人看来，国庆叠加中秋，今年是一个典型的"月饼大年"。 在不少烘焙人心中，不可否认的是，月饼依旧是一门令人艳羡的好生意——高达50-60%的毛利，兼具 节庆和文化属性自然带来高溢价的可能。据艾媒咨询数据，早在2023年中国月饼销售规模已达271.3亿 元。 但新的变化也在发生，一个讲 ...

转自：新华财经 今年是王府井集团成立70周年。据悉，长假期间，集团旗下百货、购物中心、奥特莱斯、免税业态及新 兴项目协同发力，通过文商旅体深度融合、全国多业态联动。数据显示，10月1日至5日，王府井集团全 国整体客流近1000万人次，总体客流与去年持平。 其中，王府井集团联动全球优质品牌打造"超级品牌月"，推出各类新品首发、独家优惠、快闪体验。免 税业态方面，万宁免税港将非遗体验与明星互动结合，海口打造青年潮流购物节，武汉市内免税店也推 出"满额赠黄金"等特色活动，吸引了大批消费者停留驻足。 新华财经上海10月7日电（记者杜康）今年国庆假期恰逢中秋，"双节"叠加，文旅消费市场热力十足。 一些传统商业地标和老字号品牌通过文商旅体融合与产品创新，迎来客流和销售额的显著增长。 假期间，上海豫园商城推出"美食总动园"主题活动，迎接全球宾客。"十一"假期间，豫园商城各类老字 号美食与网红小吃人气高涨，吸引了大量食客驻足品尝，节日氛围浓厚。 其中，10月1日至5日，豫园商城累计接待客流已突破110万人次，强劲的人气有效转化为高涨的消费热 情。在"美食总动园"的引流带动下，商圈内餐饮、零售及文创等业态销售全线飘红，推动豫园 ...

Group 1: Consumer Spending Trends - The combination of National Day and Mid-Autumn Festival during the Golden Week has boosted consumer spending, leading to increased sales for various companies [1][2] - Guangzhou Restaurant Group has launched themed dining packages to cater to diverse consumer needs during the holidays, achieving significant sales growth [1] - The total foot traffic at the Yuyuan Mall exceeded 1.1 million from October 1 to 5, resulting in a 10% year-on-year increase in overall sales [1] Group 2: Company Performance - Wangfujing Group's various retail formats, including department stores and shopping centers, have collaborated to launch new products and exclusive offers, maintaining foot traffic levels comparable to last year [2] - The Shenyang Wangfujing Outlet experienced a 23% year-on-year increase in visitors, reaching nearly 500,000 over the holiday period, marking a record high since its opening [2] - Five Star Zhai has reported that its new mooncake products have exceeded sales expectations, with a projected doubling of sales during the holiday season [2][3] Group 3: Sales Strategies - Companies are leveraging both online and offline channels to enhance sales, with initiatives such as live-streaming and special holiday promotions [1][2] - Five Star Zhai's freshly baked mooncakes are expected to see double-digit growth this Mid-Autumn season, with over 5 million units sold by the end of September [3]