Anjoy food(SH:603345) Sou Hu Cai Jing·2025-06-25 10:57Core Viewpoint - Anjiu Food Group Co., Ltd. is set to launch its H-share IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 26.40 billion with a share price of HKD 66.00, significantly lower than its A-share price, indicating a potential investment opportunity [1][3]. Company Overview - Anjiu Food, established in December 2001, is based in Xiamen, Fujian Province, and primarily operates in the frozen food sector, offering products such as frozen prepared foods, frozen dishes, and frozen noodle products [3][6]. - The company was listed on the Shanghai Stock Exchange in February 2017, with an initial share price of RMB 11.12 [3]. Financial Performance - Anjiu Food's revenue for 2022, 2023, and 2024 was approximately RMB 121.06 billion, RMB 139.65 billion, and RMB 150.30 billion, respectively, showing a steady growth trend [7][8]. - The gross profit for the same years was around RMB 25.61 billion, RMB 31.57 billion, and RMB 34.08 billion, with net profits of RMB 11.18 billion, RMB 15.01 billion, and RMB 15.14 billion [7][8]. Market Position - According to Frost & Sullivan, 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 frozen prepared food market with a 13.8% market share, which is approximately five times that of the second-largest competitor [6]. IPO Details - The IPO will involve the issuance of approximately 39.99 million H-shares, with a net fundraising amount of about HKD 24.96 billion, aimed at expanding sales and distribution networks, enhancing procurement capabilities, and optimizing supply chains [3][4]. - Six cornerstone investors have committed to subscribing approximately USD 90 million (around HKD 7.06 billion) of the offering [4].