Zhejiang Wufangzhai Industry (SH:603237) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-15 04:30Core Viewpoint - Wufangzhai, known as the "first stock of zongzi" in A-shares, plans to list H-shares in Hong Kong to accelerate its international strategy and enhance its overseas business layout [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 multi-brand strategy that includes Wufangzhai as the main brand and differentiated positioning for high-end and cost-effective brands [3] Group 2: Financial Performance - Wufangzhai's revenue from 2022 to 2024 was 24.62 billion, 26.35 billion, and 22.51 billion yuan, with year-on-year changes of -14.87%, +7.04%, and -14.57% respectively [4] - The net profit attributable to the parent company for the same period was 1.38 billion, 1.66 billion, and 1.42 billion yuan, with year-on-year changes of -29.01%, +19.74%, and -14.24% respectively [4] - In the first half of 2025, the company achieved revenue of 15.92 billion yuan, a slight increase of 0.66%, but the net profit decreased by 16.70% to 1.95 billion yuan [4] Group 3: Internationalization Efforts - Wufangzhai aims to strengthen its overseas presence, having established companies in Singapore, France, and Japan, with plans to open two stores at Singapore's Changi Airport by 2025 [6] - The company reported that its overseas revenue was 1.387 million, 1.429 million, and 1.547 million yuan from 2022 to 2024, accounting for 0.6%, 0.5%, and 0.7% of total revenue respectively [7] - In the first half of 2025, overseas revenue was 627.12 thousand yuan, representing only 0.4% of total revenue, indicating that internationalization is still in its early stages [7]