安井食品在港交所上市，首日下跌5%

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].