“粽子大王”五芳斋拟赴港上市，“出海”收入占比不足1%

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi" in A-shares, plans to list in Hong Kong to accelerate its international strategy and enhance its overseas business presence [1] Group 1: Company Overview - Founded in 1921, Wufangzhai is one of the first "Chinese Time-honored Brands" and specializes in glutinous rice foods such as zongzi, mooncakes, and tangyuan [1] - The company operates two main business segments: "Food" and "Catering," with a focus on glutinous rice products and Chinese fast food services [2] Group 2: Financial Performance - Wufangzhai's revenue for 2022-2024 was 24.62 billion, 26.35 billion, and 22.51 billion RMB, showing fluctuations with year-on-year changes of -14.87%, +7.04%, and -14.57% respectively [3] - In the first half of 2025, the company reported revenue of 15.92 billion RMB, a slight increase of 0.66%, but net profit decreased by 16.70% to 1.95 billion RMB [4] Group 3: Internationalization Efforts - The company aims to strengthen its overseas presence, with international revenue accounting for less than 1% of total revenue, indicating that its internationalization is still in the exploratory phase [5][7] - Wufangzhai has established subsidiaries in Singapore, France, and Japan, and plans to open two stores in Singapore's Changi Airport by 2025 [6] - The company is targeting overseas Chinese consumers while also attracting interest from a broader audience due to the rising global appreciation for Chinese culture [6] Group 4: Revenue Breakdown - The "Zongzi series" is the main revenue contributor, generating 17.47 billion, 19.40 billion, and 15.79 billion RMB from 2022 to 2024, accounting for 71%, 74%, and 70% of total revenue respectively [4] - In the first half of 2025, the "Zongzi series" contributed 13.31 billion RMB, making up 86% of total revenue [4] Group 5: Overseas Revenue Data - Wufangzhai's overseas revenue for 2022-2024 was 13.87 million, 14.29 million, and 15.47 million RMB, representing 0.6%, 0.5%, and 0.7% of total revenue [9] - In the first half of 2025, overseas revenue was 6.27 million RMB, a decline of 22.06%, and accounted for only 0.4% of total revenue [9]