Core Viewpoint - Anjuke Foods, a leading player in China's frozen food industry, has initiated its IPO process to list on the Hong Kong Stock Exchange, aiming to raise approximately HKD 2.496 billion through the issuance of H-shares at a maximum price of HKD 66.00 per share [1] Company Overview - Established in December 2001, Anjuke Foods has developed into a benchmark enterprise in the frozen food sector over more than two decades [3] - The company specializes in the R&D, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products, catering to various consumption scenarios including home use and dining [3] - Anjuke Foods operates 12 integrated production bases across China and has established a vast marketing network with over 2,000 primary distributors [3] Financial Performance - For the fiscal years 2022, 2023, and 2024, Anjuke Foods reported revenues of approximately RMB 12.106 billion, RMB 13.965 billion, and RMB 15.030 billion, respectively, with net profits of RMB 1.118 billion, RMB 1.501 billion, and RMB 1.514 billion [4] - In Q1 2025, the company achieved a revenue of RMB 3.600 billion, with a net profit of RMB 395 million, reflecting a 10% decrease from the same period last year [5] Market Position - According to Frost & Sullivan, Anjuke Foods holds a 6.6% market share, ranking first in China's frozen food industry by revenue as of 2024 [7] - The company leads the frozen prepared food market with a 13.8% share and also ranks first in the frozen dish market with a 5.0% share [7]