袁记食品冲刺港股IPO，2024年GMV超60亿

Core Viewpoint - Yuanji Food Group Co., Ltd. is applying for a listing on the Hong Kong Stock Exchange, aiming to expand its presence in the market with its brands "Yuanji Cloud Dumplings" and "Yuanji Weixiang" [1] Financial Performance - In 2023 and 2024, Yuanji Food is projected to achieve revenues of 2.026 billion yuan and 2.561 billion yuan respectively [1] - For the first nine months of 2025, the company reported revenues of 1.982 billion yuan, an 11% increase compared to 1.786 billion yuan in the same period of 2024 [1] - Adjusted net profit for the same period was 192 million yuan, reflecting a 31% year-on-year growth [1] Store Expansion and Market Presence - As of September 30, 2025, Yuanji Food operates 4,266 stores, making it the largest Chinese fast-food company by store count globally [1][2] - The company has expanded into 32 provinces and regions in China, as well as Southeast Asian countries, with a significant growth rate in store numbers [2] - The distribution of stores includes 2,150 in first-tier cities (51%), 942 in second-tier cities (22.4%), and 1,121 in third-tier or lower cities (26.6%), with a notable increase in lower-tier cities [4] Business Model and Product Offering - Yuanji Food operates under a "restaurant-retail integration" model, offering both dine-in and takeout options through its brands [6] - The company has developed a comprehensive product line that includes dumplings, wontons, noodles, snacks, and beverages, catering to various consumer needs [11] - The "Yuanji Weixiang" brand has seen a 46% revenue growth in the first nine months of 2025 compared to the same period in 2024 [8] Supply Chain and Operational Efficiency - Yuanji Food has established an integrated supply chain system that ensures high-quality raw material supply through efficient cold chain logistics [9] - The company has five factories located near core markets, optimizing production and distribution processes [9] - As of September 30, 2025, over 86% of the stores are within 200 kilometers of a warehouse, ensuring efficient supply chain management [9] Customer Engagement and Brand Loyalty - Yuanji Food has over 35 million members, with an average quarterly repurchase rate of approximately 32.3% [13] - The brand is recognized for its value, with popular products like "Fresh Shrimp and Crab Roe Wontons" and "Corn and Pork Dumplings" achieving significant sales [11] International Expansion - The company has opened five stores in Singapore and plans to expand into other Southeast Asian markets, as well as East Asia, Europe, and North America [14][15] - By the end of 2025, Yuanji Food aims to have a coherent business presence in international markets, with a focus on adapting to local consumer preferences [15][16]