袁记食品赴港IPO，“餐饮零售”一体化成就第一饺子云吞品牌

Core Viewpoint - Yuanji Food Group Co., Ltd. is applying for a listing on the Hong Kong Stock Exchange, aiming to expand its market presence with its brands "Yuanji Cloud Dumpling" and "Yuanji Weixiang" [1] Financial Performance - In 2023 and 2024, Yuanji Food achieved revenues of 2.026 billion and 2.561 billion respectively, with a revenue of 1.982 billion in the first nine months of 2025, representing an 11% year-on-year growth compared to 1.786 billion in the same period of 2024 [1] - Adjusted net profit for the first nine months of 2025 was 192 million, a 31% increase year-on-year [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 and Southeast Asia, with a significant presence in over 200 cities [2][4] - The store distribution 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 a "restaurant-retail integration" model with two main brands: "Yuanji Cloud Dumpling" focusing on dine-in, takeout, and delivery, and "Yuanji Weixiang" offering packaged products for retail and B2B channels [7][12] - The company has established a comprehensive product line including dumplings, wontons, noodles, snacks, and beverages, catering to various consumer needs [15] Supply Chain and Operational Efficiency - Yuanji Food has built an integrated supply chain from sourcing to store delivery, ensuring high-quality raw materials through efficient cold chain logistics [13] - Over 86% of stores are within 200 kilometers of a warehouse, with a stock turnover time of 12.1 days, significantly better than the market average [13] Consumer Engagement and Brand Strength - The brand has over 35 million members with an average quarterly repurchase rate of approximately 32.3% [16] - Popular products include "Fresh Shrimp and Crab Roe Wonton" and "Corn and Pork Dumplings," with significant sales figures indicating strong consumer preference [15] International Expansion - Yuanji Food is rapidly expanding internationally, with 4,247 franchise stores globally and a focus on Southeast Asia, having opened five stores in Singapore by September 30, 2025 [17][20] - The company plans to enter East Asia, Europe, and North America, adapting its store formats and pricing strategies to local markets while maintaining its core philosophy of "handmade and freshly cooked" [18]