H股上市难破局？境外收入下滑22%，五芳斋陷多重困境

Core Viewpoint - Zhejiang Wufangzhai Industrial Co., Ltd. ("Wufangzhai"), known as the "first stock of zongzi," is facing significant challenges, including declining profits despite revenue growth, setbacks in international expansion, and quality control issues, which have led to a lack of positive market response to its H-share listing plan announced in September 2025 [1][2][3]. Financial Performance - In the first half of 2025, Wufangzhai reported revenue of approximately 1.592 billion yuan, a slight increase of 0.66% year-on-year, while net profit decreased by about 16.7% to approximately 195 million yuan [3][5]. - The company's stock price has significantly declined, closing at 17.51 yuan per share on September 30, 2025, down approximately 5.6% from 18.54 yuan on September 15, 2025, and down about 20% from its highest price of 21.89 yuan earlier in the year [2][3]. Market Challenges - Wufangzhai's overseas revenue fell by 22.06% in the first half of 2025, contributing only 0.4% to total revenue, indicating struggles in international markets [6][14]. - The company has faced a significant drop in sales volume, with 2024 revenue at 1.579 billion yuan, down 18.64% year-on-year, and sales volume plummeting by 20.9% to 43,000 tons [6]. Product Performance - The zongzi series, which is the core product, saw revenue growth of approximately 0.38% in the first half of 2025, while other categories like egg products and pastries declined by about 3% [6][7]. - The mooncake series experienced substantial growth of approximately 85.58%, but overall product performance remains mixed [6][7]. Strategic Initiatives - Wufangzhai's H-share listing aims to accelerate its international strategy and enhance its overseas business presence, but analysts suggest that the timing may be premature given the current market conditions [2][12]. - The company has made efforts to expand into international markets, including establishing subsidiaries in Singapore, France, and Japan, and exploring new markets in South Korea, UAE, and Thailand [11][12]. Quality Control Issues - A recent food safety incident involving a batch of mooncakes exported to South Korea raised concerns about Wufangzhai's compliance with local regulations, highlighting potential risks in its international strategy [15].