Anjoy food(SH:603345) Sou Hu Cai Jing·2025-06-17 12:33Core Viewpoint - Anjuke Foods is pursuing a dual listing on the Hong Kong Stock Exchange to enhance its international strategy and overseas business layout, despite facing skepticism from the market and shareholders regarding potential valuation discrepancies between A-shares and H-shares [4][11]. Group 1: Listing and Market Reaction - Anjuke Foods has officially passed the listing hearing on the Hong Kong Stock Exchange, aiming to issue up to 59.52 million shares [6]. - The company's stock price was 77.41 yuan per share as of June 17, continuing a downward trend, indicating a lack of market confidence in the listing news [4][9]. - Over 60% of minority shareholders opposed the Hong Kong listing, citing concerns about lower liquidity and potential pricing discounts compared to A-shares [10][11]. Group 2: Business Strategy and Fund Utilization - The company aims to use the funds raised from the listing for expanding sales and distribution networks, enhancing procurement capabilities, optimizing supply chains, digitalizing operations, and product development [7]. - Anjuke Foods plans to focus on brand building and marketing in key markets such as Southeast Asia, Australia, North America, and Europe, where the frozen food market is expected to grow significantly [7]. Group 3: Financial Performance and Market Position - In 2024, Anjuke Foods reported revenue of 15.127 billion yuan, a year-on-year increase of 7.7%, with a net profit of 1.485 billion yuan, up 0.46% [16]. - The company holds a 6.6% market share in the frozen food sector, making it the largest in China, with specific shares of 13.8%, 5.0%, and 3.2% in frozen prepared foods, frozen dishes, and frozen rice and noodle products, respectively [15]. - However, the company has faced challenges, including intensified market competition and fluctuations in raw material prices, leading to a decline in revenue for its frozen rice and noodle products [17].