袁记水饺冲击港股IPO：超95%门店是加盟店，去年前9个月已近20亿

Core Viewpoint - Yuanji Food Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its rapid expansion and strong market position in the Chinese fast-food sector, particularly in dumplings and wontons [1][4]. Company Overview - As of the third quarter of last year, Yuanji Food operates 4,266 stores, with over 95% being franchise outlets, and reported a revenue of nearly 2 billion yuan and an adjusted net profit of 192 million yuan [1][4]. - The company is positioned as the largest Chinese fast-food enterprise globally by store count, with its dumpling and wonton products leading the market in retail and dining sectors [4]. Business Model and Product Offering - Yuanji Food focuses on five core product categories: dumplings, wontons, noodles, snacks, and beverages, with approximately 350 SKUs contributing to 97.4% of revenue in 2024 [4]. - The company has also entered the retail sector with 34 SKUs of pre-packaged products, which are expected to account for 2.5% of revenue in 2024 [4]. Expansion and Market Presence - The company has seen rapid growth in its franchise business, doubling its store count from 1,990 at the beginning of 2023 to 4,266 by September 30, 2023, covering 32 provinces and cities in China and entering international markets like Singapore and Thailand [4][5]. - The geographical distribution of stores shows a significant presence in first-tier cities (51%), with a majority of stores being dine-in (78.1%) [5]. Financial Performance - Revenue is projected to continue rising, reaching 2.026 billion yuan in 2023 and 2.561 billion yuan in 2024, with an adjusted net profit of 179 million yuan and 180 million yuan for the respective years [5]. - The total GMV for stores is expected to reach 6.248 billion yuan in 2024, with an average annual GMV of approximately 1.88 million yuan per store [6]. Management Team - The management team is led by Yuan Lianghong, the founder and chairman, who has over 12 years of experience in the food industry [8]. - The team includes experienced executives with diverse backgrounds in operations, supply chain, finance, and marketing, contributing to the company's strategic growth [8][9]. Supply Chain and Quality Control - The company emphasizes its "handmade, freshly made" philosophy, supported by a robust supply chain and logistics system that ensures product quality and freshness [13][14]. - The main supplier, Bayannur, accounts for 9.9% of procurement, providing pork, and the company holds a 10% stake in this supplier [14]. IPO Fund Utilization - The IPO proceeds will be allocated to five key areas: digital and intelligent construction, overseas market expansion, brand building and product development, supply chain upgrades, and general working capital [15].