Anjoy food(SH:603345) Jing Ji Guan Cha Wang·2025-07-05 04:55Company Dynamics - Anjiu Food Group Co., Ltd. (stock code: 2648) officially listed on the Hong Kong Stock Exchange on July 4, becoming the first "A+H" listed company in China's frozen food industry. However, the stock price fell below the issue price on the first trading day [2] - The opening price was HKD 60, matching the issue price, but closed at HKD 57, resulting in a market capitalization of HKD 19 billion [2] - The global offering involved 39.9947 million shares at an issue price of HKD 60, raising a total of HKD 2.4 billion, with a net fundraising amount of HKD 2.3 billion after deducting listing expenses [2] - In the vote for the Hong Kong listing proposal in December 2024, 28.77% of shareholders voted against it, with 60.51% of minority shareholders holding less than 5% opposing, indicating a divergence in capital market views on the company's strategy [2] Financial Performance - Anjiu Food's revenue for 2024 was CNY 15.127 billion, a 7.7% increase from CNY 14 billion in the previous year. Net profit was CNY 1.485 billion, a slight increase of 0.46% from CNY 1.478 billion [2] - The net profit after deducting non-recurring items was CNY 1.36 billion, a decrease of 0.45% from CNY 1.366 billion in the previous year [2] - The revenue growth rate of 7.7% and net profit growth of 0.46% represent a significant decline compared to the previous year's growth rates of 31.39% and 61.37%, respectively [3] - In Q1 2025, the company's performance further deteriorated, with revenue declining by 4.13% and net profit down by 10%, contrasting sharply with its previous "high growth" label [3] Industry Challenges - Anjiu Food, established in December 2001 and headquartered in Xiamen, Fujian, is recognized as the "first stock" in the frozen food sector, having listed on the Shanghai Stock Exchange in February 2017 [3] - The company specializes in the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products, with brands including "Anjiu," "Frozen Food Master," and "Anjiu Kitchen," and has acquired brands like "Honghu Temptation," "Liuwu," and "Kungfu Foods" [3] - The company's "A+H" listing faces multiple challenges amid slowing industry growth and changing consumer demand, indicating a painful transition for this industry giant with annual revenue exceeding CNY 15 billion [3] - Market analysis suggests that Anjiu Food's stock price drop post-listing reflects both short-term market sentiment and a reassessment of its long-term growth logic [3]