上半年境外收入下降22.06%，“粽子第一股”五芳斋再闯港股

Core Viewpoint - Five Fang Zhai, known as the "first stock of zongzi," plans to list on the Hong Kong stock market to accelerate its international strategy and enhance its overseas business layout, aiming for high-quality development and diversified capital operations [2] Group 1: Company Overview - Founded in 1921, Five Fang Zhai is one of the first "Chinese Time-honored Brands" and was listed on the Shanghai Stock Exchange in August 2022 [2] - The company primarily engages in the research, production, and sales of glutinous rice-based foods, with a product range that includes zongzi, mooncakes, tangyuan, pastries, egg products, and other rice-based items [2] Group 2: Financial Performance - In 2024, Five Fang Zhai reported a revenue of 2.251 billion yuan, a year-on-year decrease of 14.57%, with a net profit attributable to shareholders of 142 million yuan, down 14.24% [2] - The core zongzi product line generated revenue of 1.579 billion yuan in 2024, reflecting an 18.64% decline year-on-year [2] - For the first half of 2025, revenue slightly increased by 0.66% to 1.592 billion yuan, while net profit decreased by 16.7% to 195 million yuan [2] Group 3: International Expansion Strategy - The company aims to enhance its international strategy and overseas business layout, with plans to establish a presence in markets such as Singapore, France, Japan, South Korea, the UAE, and Thailand [3][4] - Five Fang Zhai's management has emphasized the importance of "exporting zongzi" as a key strategic focus for future growth [3] Group 4: Challenges in International Markets - Currently, revenue from overseas markets remains low, accounting for approximately 0.7% of total revenue in 2024 and dropping to about 0.4% in the first half of 2025 [4] - The company faced compliance issues when its mooncake products were rejected in South Korea due to not meeting local standards, highlighting the challenges of navigating international food safety regulations [4][5] - Cultural differences and competition from local brands pose additional challenges for Five Fang Zhai as it seeks to promote its traditional foods abroad [5]