袁记云饺冲击港股IPO：超95%门店是加盟店，去年前9个月已干到近20亿

Core Viewpoint - Yuanji Cloud Dumplings, known for its "handmade fresh packaging and cooking," is set to go public on the Hong Kong Stock Exchange, with a significant expansion in store numbers and revenue growth [1][3]. Group 1: Company Overview - Yuanji Food Group has submitted its listing application to the Hong Kong Stock Exchange, with over 4,266 stores as of the third quarter of last year, more than 95% of which are franchise stores [1][5]. - The company reported nearly 2 billion RMB in revenue and an adjusted net profit of 192 million RMB for the nine months ending September 30 [1][5]. Group 2: Market Position and Growth - According to Zhi Shi Consulting, Yuanji Food is projected to be the largest Chinese fast-food enterprise by store count by September 30, 2025, and ranks first in the retail and dining sectors for dumplings and wontons [3][5]. - The company has experienced rapid growth, doubling its store count from 1,990 at the beginning of 2023 to 4,266 by September 30, 2023, covering 32 provinces and municipalities in China and entering overseas markets like Singapore and Thailand [5][6]. Group 3: Revenue and Profitability - Revenue is expected to rise to 2.026 billion RMB in 2023 and 2.561 billion RMB in 2024, with adjusted net profits of 179 million RMB and 180 million RMB for the same years, respectively [6][5]. - The gross merchandise value (GMV) for stores is projected to reach 6.248 billion RMB in 2024, with an average annual GMV of approximately 1.88 million RMB per store [6][16]. Group 4: Management Team - The management team includes founder and CEO Yuan Lianghong, who has over 12 years of experience in the food industry, and other executives with diverse backgrounds in operations, supply chain, and finance [9][10][13]. - Notably, Huang Jinshuan, a former executive at KFC China, serves as an independent non-executive director, bringing significant industry experience [12]. Group 5: Business Model and Challenges - The company's core philosophy of "handmade fresh packaging and cooking" is supported by a robust supply chain and logistics system, ensuring product quality and freshness [15][16]. - Challenges include competition from other leading companies, reliance on third-party suppliers, and the need for successful expansion into new markets [16][17]. Group 6: IPO Fund Utilization - The IPO proceeds will be allocated to digital and intelligent construction, overseas market expansion, brand building, product development, and supply chain upgrades [17].