年营收超25亿，袁记食品冲刺港股IPO

Core Viewpoint - Yuanji Food Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to expand its presence as the largest Chinese dumpling and wonton brand with over 4,000 stores nationwide and plans for international expansion [1][2]. Financial Performance - In 2023 and 2024, Yuanji Food achieved revenues of 2.026 billion yuan and 2.561 billion yuan respectively. For the first nine months of 2025, the revenue reached 1.982 billion yuan, an 11% increase compared to 1.786 billion yuan in the same period of 2024. The adjusted net profit for this period was 192 million yuan, reflecting a 31% year-on-year growth [2][3]. Store Expansion - As of September 30, 2025, Yuanji Food operates 4,266 stores across China and Southeast Asia, with 51% located in first-tier cities, 22.4% in second-tier cities, and 26.6% in third-tier or lower cities. The proportion of stores in lower-tier cities has increased from 19.8% in 2023 to 26.6% in 2025 [2][3]. - The company has seen significant growth in store numbers in traditional northern Chinese noodle markets, with a 262% increase in the Northeast and a 51% increase in the Northwest regions [3]. Business Model and Market Strategy - Yuanji Food operates a diverse range of store types, including dine-in, takeout, delivery, and retail, making it one of the few companies in the sector to integrate these models effectively. As of September 30, 2025, 78.1% of its stores are dine-in, 14.8% are takeout, and 7.1% are for raw food takeout [3][4]. - The company has experienced a 46.6% growth in its delivery GMV, rising from 1.457 billion yuan for the nine months ending September 30, 2024, to 2.136 billion yuan for the same period in 2025, with delivery accounting for 44.6% of its total GMV [4]. International Expansion - Yuanji Food is actively pursuing international markets, having opened five stores in Singapore and planning to open its first store in Thailand in December 2025, with further expansion into Malaysia and potential entry into the UK market [5][6]. Supply Chain and Production - The company is developing a comprehensive supply chain system, utilizing cold chain logistics to ensure product quality and stability. It operates five factories and 24 warehouses across the country, with over 86% of its stores located within 200 kilometers of a warehouse [6][7]. - The inventory turnover time for Yuanji Food was 12.1 days in 2024, significantly better than the industry average of 25 days, with core ingredients delivered to over 70% of stores every two days [7].