Anjoy food(SH:603345) 智通财经网·2025-06-24 22:35Company Overview - Company is a leading player in the Chinese frozen food industry, providing products for various consumption scenarios including households, restaurants, and dining out [2] - According to Frost & Sullivan, the company is the largest frozen food company in China by revenue in 2024, holding a market share of 6.6% [2] - In the frozen prepared food segment, the company ranks first in China with a market share of 13.8%, which is approximately five times that of the second-largest competitor [2] - The company also ranks first in the frozen vegetable products market with a market share of 5.0%, exceeding the combined market share of the second to fourth competitors [2] - In the frozen noodle and rice products market, the company ranks fourth with a market share of 3.2% [2] - The frozen food industry in China is competitive and fragmented, with the top five players holding a combined market share of 15.0% in 2024 [2] Financial Performance - The company has demonstrated strong financial performance and robust growth while maintaining industry-leading scale [2] - Revenue increased from RMB 12.1056 billion in 2022 to RMB 13.9649 billion in 2023, representing a growth of 15.4% [2] - Revenue further increased by 7.6% from RMB 13.9649 billion in 2023 to RMB 15.0296 billion in 2024 [2] - The company's net profit margins for 2022, 2023, and 2024 were 9.2%, 10.7%, and 10.1% respectively [2] IPO Details - Company plans to conduct an IPO from June 25 to June 30, 2025, offering 39.9947 million H-shares globally [1] - The public offering in Hong Kong will account for 10% of the total shares, while international offering will account for 90%, with an additional 15% over-allotment option [1] - The maximum offer price is set at HKD 66.00 per share, with trading expected to commence on July 4, 2025 [1] - The company has secured cornerstone investment agreements totaling USD 90 million from various investors [1] - Assuming no exercise of the over-allotment option and a share price of HKD 66.00, the net proceeds from the global offering are estimated to be approximately HKD 2.4958 billion [1] - The proceeds will be allocated as follows: 35% for expanding sales and distribution networks, 35% for enhancing procurement capabilities and optimizing supply chains, 15% for digitalizing operations, 5% for product development and technological innovation, and 10% for working capital and general corporate purposes [1]