Company Dynamics - Anjiu Food Group Co., Ltd. (stock code: 2648) officially listed on the Hong Kong Stock Exchange on July 4, becoming the first "A+H" listed company in China's frozen food industry. However, the stock price fell below the issue price on the first trading day [2] - The opening price was HKD 60, matching the issue price, but closed at HKD 57, resulting in a market capitalization of HKD 19 billion [2] - The global offering involved 39.9947 million shares at an issue price of HKD 60, raising a total of HKD 2.4 billion, with a net fundraising amount of HKD 2.3 billion after deducting listing expenses [2] - In the vote for the Hong Kong listing proposal in December 2024, 28.77% of shareholders voted against it, with 60.51% of minority shareholders holding less than 5% opposing, indicating a divergence in capital market views on the company's strategy [2] Financial Performance - Anjiu Food's revenue for 2024 was CNY 15.127 billion, a 7.7% increase from CNY 14 billion in the previous year. Net profit was CNY 1.485 billion, a slight increase of 0.46% from CNY 1.478 billion [2] - The net profit after deducting non-recurring items was CNY 1.36 billion, a decrease of 0.45% from CNY 1.366 billion in the previous year [2] - The revenue growth rate of 7.7% and net profit growth of 0.46% represent a significant decline compared to the previous year's growth rates of 31.39% and 61.37%, respectively [3] - In Q1 2025, the company's performance further deteriorated, with revenue declining by 4.13% and net profit down by 10%, contrasting sharply with its previous "high growth" label [3] Industry Challenges - Anjiu Food, established in December 2001 and headquartered in Xiamen, Fujian, is recognized as the "first stock" in the frozen food sector, having listed on the Shanghai Stock Exchange in February 2017 [3] - The company specializes in the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products, with brands including "Anjiu," "Frozen Food Master," and "Anjiu Kitchen," and has acquired brands like "Honghu Temptation," "Liuwu," and "Kungfu Foods" [3] - The company's "A+H" listing faces multiple challenges amid slowing industry growth and changing consumer demand, indicating a painful transition for this industry giant with annual revenue exceeding CNY 15 billion [3] - Market analysis suggests that Anjiu Food's stock price drop post-listing reflects both short-term market sentiment and a reassessment of its long-term growth logic [3]

Core Viewpoint - Anjiu Food has listed on the Hong Kong Stock Exchange, raising approximately HKD 2.4 billion, but its stock price fell below the issue price on the first trading day, indicating market challenges ahead [1][3]. Company Overview - Anjiu Food, established in December 2001, is based in Xiamen, Fujian Province, and specializes in frozen food products, including frozen prepared foods, frozen dishes, and frozen rice and noodle products [4]. - The company went public on the Shanghai Stock Exchange on February 22, 2017, with an initial issue price of RMB 11.12 per share, raising around RMB 600 million [3]. Financial Performance - For the years 2022, 2023, and 2024, Anjiu Food's revenue is projected to be approximately RMB 12.11 billion, RMB 13.97 billion, and RMB 15.03 billion, respectively [5][6]. - Gross profit for the same years is expected to be around RMB 2.56 billion, RMB 3.16 billion, and RMB 3.41 billion, with net profits of approximately RMB 1.12 billion, RMB 1.50 billion, and RMB 1.51 billion [5][6]. Market Position - Anjiu Food is the largest frozen food company in China by revenue, holding a market share of 6.6% in 2024 [6]. - The company ranks first in the Chinese frozen prepared food market with a market share of 13.8%, significantly ahead of its competitors [6][7]. - In the frozen dish product market, Anjiu Food also ranks first with a market share of 5.0%, surpassing the combined market share of the second to fourth competitors [7].

Core Viewpoint - Anjoy Food Group Co., Ltd. is proceeding with the issuance of H shares and listing on the Hong Kong Stock Exchange, aiming to raise approximately HKD 2.302 billion from the global offering of 39,994,700 shares at a price of HKD 60 per share [1][2]. Group 1: H Share Issuance Details - The total number of H shares for global offering is 39,994,700, with 11,998,500 shares (30.00%) allocated for public offering in Hong Kong and 27,996,200 shares (70.00%) for international offering before the exercise of the over-allotment option [1]. - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately HKD 2.302 billion after deducting underwriting commissions and other estimated expenses [1]. Group 2: Listing Information - The H shares are scheduled to be listed and traded on the main board of the Hong Kong Stock Exchange on July 4, 2025, under the Chinese name "安井食品" and the English name "ANJOY FOOD," with the stock code "2648" [2]. - After the issuance and listing of H shares, the total share capital of the company will be 293,294,232 shares as of July 3, 2025 [2].

Core Viewpoint - Anjiu Food's stock price fell below its IPO price on the first day of trading, reflecting market skepticism about the company's capital raising efforts and financial health [1][6]. Group 1: IPO and Market Response - Anjiu Food officially listed on the Hong Kong Stock Exchange on July 4, with an opening price that declined nearly 5%, closing at HKD 57.00 per share, below the IPO price of HKD 60.00 [1]. - The global offering involved nearly 40 million H-shares, priced at a 30% discount compared to its A-share closing price of CNY 78.74 on July 1 [1]. Group 2: Shareholder Concerns - During the 2024 shareholder meeting, the proposal for H-share listing received 70.63% approval, but over 28% of votes were against it, with 60.51% of dissenting votes coming from minority shareholders holding less than 5% [3]. - Since reaching a peak of CNY 105.5 on October 8, 2024, Anjiu Food's A-share price has dropped to CNY 76.40, marking a cumulative decline of 19% [3]. Group 3: Financial Health - As of September 2024, Anjiu Food reported cash and cash equivalents of CNY 2.57 billion and trading financial assets of CNY 3.122 billion, with consistent net inflows from operating cash flow [3]. - The company has a low debt level, with short-term borrowings of only CNY 111 million and no long-term debt, resulting in an asset-liability ratio of 20.7%, significantly below the industry average [3]. Group 4: Performance and Management Issues - Anjiu Food's revenue growth has sharply declined from 31.39% in 2022 to 7.7% in 2024, with net profit growth plummeting from 61.37% to just 0.46% [5]. - In contrast to the declining shareholder value, executive compensation has increased significantly, with total compensation rising from CNY 12.08 million in 2022 to CNY 19.73 million in 2024, a 63.4% increase [5]. Group 5: International Expansion Challenges - Anjiu Food's international revenue remains minimal, accounting for only CNY 39.8 million in Q1, representing 1% of total revenue and a 3.1% decline year-on-year [6]. - The company faces challenges in international expansion due to varying dietary preferences and competition from domestic peers in overseas markets [6].

Core Viewpoint - Anjiu Food Group Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first "A+H" listed frozen food company in China and the first in Fujian Province [1] Group 1: Company Performance - Anjiu Food has demonstrated strong growth, achieving a revenue of 15.127 billion yuan in 2024, with a compound annual growth rate (CAGR) of 22.6% over the past 15 years [2] - The company's net profit attributable to shareholders has a CAGR of 32.2%, indicating robust financial health [2] - Anjiu Food has distributed over 1 billion yuan in dividends in 2024, with a cumulative dividend payout ratio of 70.05%, ranking among the top 10 in terms of dividend yield in the A-share food and beverage sector [2] Group 2: IPO Details - The global offering of H-shares totaled 39,994,700 shares, with 11,998,500 shares allocated for public offering in Hong Kong, representing 30% of the total [5] - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately 2.302 billion HKD [5] - The public offering was oversubscribed by 44.2 times, attracting six major cornerstone investors, reflecting strong confidence in the company's long-term prospects [5] Group 3: Strategic Expansion - Following the acquisition of UK-based Kung Fu Foods in 2021, Anjiu Food aims to enhance its international market presence, focusing on Southeast Asia, Europe, and North America [6] - The company plans to utilize part of the funds raised from the Hong Kong listing to strengthen its overseas sales and distribution network [6] - Anjiu Food intends to collaborate with local distributors and develop new products tailored to overseas consumer demands, aiming for sustainable growth and increased brand influence [6]

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。 安井食品集团股份有限公司（以下简称"公司"）正在进行发行 H 股股票并 在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以下简称"本 次发行 H 股并上市"）的相关工作。 公司本次全球发售 H 股总数为 39,994,700 股（行使超额配售权之前），其中， 香港公开发售 11,998,500 股，约占全球发售总数的 30.00%（行使超额配售权之 前）；国际发售 27,996,200 股，约占全球发售总数的 70.00%（行使超额配售权之 前）。根据每股 H 股发售价 60 港元计算，经扣除全球发售相关承销佣金及其他 估计费用后，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额 估计约为 23.02 亿港元。 证券代码：603345 证券简称：安井食品 公告编号：临 2025-039 安井食品集团股份有限公司 关于境外上市外资股（H股）挂牌并上市交易的公告 经香港联交所批准，公司本次发行的 39,994,700 股 H 股股票（行使超额配 售权之前）于 2 ...

Core Viewpoint - Anjoy Food has announced the issuance of H-shares and their listing on the Hong Kong Stock Exchange, marking a significant step in its capital market activities [1] Group 1: H-share Issuance Details - The total number of H-shares being globally offered is 39.9947 million shares [1] - Of the total, 11.9985 million shares (30.00%) are allocated for public offering in Hong Kong, while 27.9962 million shares (70.00%) are for international offering [1] - The offering price for each H-share is set at 60 HKD, with estimated net proceeds from the global offering amounting to approximately 2.302 billion HKD [1] Group 2: Post-Listing Capital Structure - Following the completion of the H-share issuance and listing, the total share capital of the company will increase to 33.92881 million shares [1]

Core Viewpoint - Anjuke Food Group Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming the first frozen food leader in China to achieve "A+H" listing, with an issue price of HKD 60.00 per share [1][4]. Group 1: IPO Details - The global offering of H-shares involved a base issuance of approximately 39.99 million shares, raising around HKD 23.9968 billion (approximately RMB 21.91 billion) [4]. - The company received significant interest from cornerstone investors, with total subscriptions amounting to USD 90 million (approximately HKD 7.06 billion or RMB 6.45 billion) [6]. - The funds raised will be allocated to five areas: 35% for expanding sales and distribution networks, 35% for enhancing procurement capabilities and optimizing the supply chain, 15% for digitalizing operations, 5% for product development and innovation, and 10% for working capital and general corporate purposes [6][7]. Group 2: Market Position and Financial Performance - Anjuke Food is the largest frozen food company in China, holding a market share of 6.6% as of 2024, with a strong position in various segments, including being the top player in frozen prepared foods and frozen dishes [7][10]. - The company reported revenues of approximately RMB 121.06 billion, RMB 139.65 billion, and RMB 150.30 billion for the years 2022, 2023, and 2024, respectively, with adjusted net profits of RMB 11.51 billion, RMB 15.20 billion, and RMB 16.15 billion during the same period [13][14]. - The gross profit margins for the years 2022, 2023, and 2024 were 21.2%, 22.6%, and 22.7%, respectively [13][14]. Group 3: International Expansion Strategy - Anjuke Food aims to enhance its international strategy, with overseas sales accounting for only 1.1% of total revenue in 2024 [15]. - The company plans to strengthen overseas sales channels and distribution networks, focusing on markets in Southeast Asia, Australia, North America, and Europe [16]. - The overseas expansion strategy includes global procurement and supply chain development, as well as establishing production facilities in overseas markets [18][19]. Group 4: Research and Development Capabilities - The company has established a nationwide R&D capability centered in Xiamen and Wuxi, with a focus on market-driven and technology-innovative strategies [20]. - Anjuke Food's R&D center is recognized as a national enterprise technology center, and it has a team of 508 professionals with 419 patents in China [21][23]. - The company plans to consolidate its leading position in the frozen food industry while enhancing profitability and expanding into overseas markets [25].

Core Viewpoint - Anjiu Food has successfully listed on the Hong Kong Stock Exchange, marking a significant step in its global strategy and highlighting the strong appeal of Chinese consumer brands in the global capital market [1][8] Company Overview - Anjiu Food Group Co., Ltd. was established in December 2001 and is headquartered in Fujian, focusing on the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products [3] - The company has built a comprehensive production and sales network across China, with 12 production bases and 60 marketing institutions [3] - Anjiu Food holds a 6.6% market share in the Chinese frozen food industry, leading in various segments, including a 13.8% share in frozen prepared foods [3] Industry Growth Potential - The Chinese frozen food industry is in a rapid growth phase, with a projected compound annual growth rate (CAGR) of 9.4% from 2024 to 2029 [4][5] - In 2023, China's per capita consumption of frozen food was only 10.0 kg, significantly lower than that of the US (62.2 kg), UK (45.9 kg), and Japan (25.3 kg) [4] Financial Performance - Anjiu Food achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year growth of 7.70% [5] - The company has consistently delivered double growth in net profit and revenue for ten consecutive years [5] - In 2024, Anjiu Food distributed a cash dividend of 1.015 yuan per share, totaling approximately 296.52 million yuan [6] Strategic Initiatives - The listing on the Hong Kong Stock Exchange signifies Anjiu Food's transition from a national leader to a global player, supported by its dual capital platform [8][9] - The company aims to enhance its domestic and international market presence, focusing on customized products and partnerships with retail and restaurant chains [8] - Anjiu Food plans to restructure its global supply chain and improve production capabilities through new facilities and strategic acquisitions [9] Innovation and R&D - The company is committed to product innovation and plans to invest in new product development and upgrading existing formulations [9] - Anjiu Food's focus on intelligent production and digital tools aims to enhance its manufacturing capabilities and regional R&D [9]

Group 1 - Shougang Longze has delayed its global offering and listing due to a civil lawsuit filed against it, which requires the company to provide more information to investors [1] - The company plans to issue a supplementary prospectus to update the listing timeline and related information [1] Group 2 - Hong Kong Stock Exchange has launched an order transmission service for its Integrated Fund Platform (IFP) to enhance efficiency in the fund distribution ecosystem [2] - The service integrates order processing for fund subscriptions and redemptions, welcoming 33 initial participants including distributors and fund companies [2] Group 3 - Eye care biotech company Bokan Vision Cloud-B saw its stock price drop significantly on its first trading day, closing down 38.61% from its IPO price of 10.1 HKD [3] - The decline may be attributed to market skepticism regarding its valuation and the current market environment for new listings [3] Group 4 - Anjoy Foods had a lackluster performance in the dark market, with its H-shares priced at 60 HKD and a total global offering of approximately 39.99 million shares [4] - Despite being the largest frozen food company in China with a market share of 6.6%, investor concerns about growth prospects and market competition may have impacted its initial reception [4]