拆解袁记食品招股书：门店数超4000家，发起上市冲击

Core Viewpoint - Yuanji Food Group Co., Ltd. has submitted an application for 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][34]. 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 was 1.982 billion yuan, representing an 11% year-on-year growth compared to 1.786 billion yuan in the same period of 2024. The adjusted net profit for this period was 192 million yuan, up 31% [1][34]. Store Expansion - As of September 30, 2025, Yuanji Food operated 4,266 stores, making it the largest Chinese fast-food company globally by store count. The total GMV increased from 4.772 billion yuan in 2023 to 6.248 billion yuan in 2024, with a GMV of 4.789 billion yuan for the first nine months of 2025 [1][34][35]. - The company has seen significant growth in lower-tier cities, with the proportion of stores in these areas increasing from 19.8% in 2023 to 26.6% by September 30, 2025, a rise of 6.8 percentage points [5][38]. Market Presence - Yuanji Food has established a presence in over 200 cities across China, with 51% of its stores located in first-tier cities, 22.4% in second-tier cities, and 26.6% in third-tier or lower cities [5][37]. - The company has also expanded internationally, opening its first overseas store in Singapore in 2024, with plans to further penetrate Southeast Asia and other regions [3][32]. Product Offering and Business Model - Yuanji Food operates a "restaurant retail" integrated business model, featuring both "Yuanji Cloud Dumplings" for dining and takeout, and "Yuanji Weixiang" for pre-packaged retail products. The product range includes dumplings, wontons, noodles, and snacks [12][45]. - The company has developed a diverse store model, including dine-in, takeout, and delivery options, enhancing its market adaptability and penetration [41][42]. Supply Chain Efficiency - Yuanji Food has established a fully integrated supply chain from sourcing to store delivery, utilizing cold chain logistics to ensure high-quality ingredient supply. The company has a rapid inventory turnover rate of 12.1 days, significantly better than the industry average of 25 days [16][52]. Consumer Engagement - The company has over 35 million members, with a quarterly repurchase rate exceeding 30%. This high engagement is attributed to its focus on quality and customer experience, with nearly 50% of consumers citing "handmade packaging" as a primary reason for choosing Yuanji Food [27][59]. Future Growth Strategy - Yuanji Food plans to continue expanding its business scale while maintaining high standards, focusing on low-density markets and enhancing brand visibility through product innovation and store upgrades [29][30].