4266家店撑起“饺子帝国”！袁记食品冲刺港股，靠卖食材给加盟商年入25亿

Core Viewpoint - Yuanji Food Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to expand its market presence and enhance its supply chain capabilities, while also addressing food safety concerns arising from its rapid franchise growth [1][3]. Group 1: Company Overview - Yuanji Food operates over 4,266 stores globally, making it the largest Chinese fast-food enterprise and the largest dumpling and wonton company in China by GMV [1][2]. - The company has two brands: "Yuanji Wontons" focusing on community stores and "Yuanji Weixiang" targeting retail scenarios [2]. - The company plans to deepen its domestic market presence and expand into low-density markets, recognizing significant growth potential in these areas [2]. Group 2: Expansion Plans - Yuanji Food has begun its overseas expansion, with 53 stores outside mainland China, primarily in Hong Kong and Macau, and plans to open stores in Singapore and Thailand [3]. - Part of the IPO proceeds will be allocated to enhancing overseas supply chain construction and exploring potential investments and acquisitions in international markets [3]. Group 3: Financial Performance - The total number of orders increased from 183 million in 2023 to 253 million in 2024, with GMV rising from 4.772 billion yuan to 6.248 billion yuan, a growth of 30.9% [3]. - For the first nine months of 2025, the company reported 210 million orders and a GMV of 4.789 billion yuan, reflecting a year-on-year growth of 6.4% [3]. - Revenue for 2023 and 2024 was 2.026 billion yuan and 2.561 billion yuan, respectively, with a year-on-year growth of 26.4% [7]. Group 4: Food Safety Issues - The company faced food safety issues, highlighted by a consumer finding a worm in a dish, which raised public concern and criticism regarding its food safety management [4][5]. - Complaints about food safety, including foreign objects and hygiene issues, have been reported, prompting the company to enhance its food safety measures and management of franchise stores [5]. Group 5: Supply Chain and Cost Structure - Yuanji Food operates five self-owned factories and a comprehensive cold chain storage network, ensuring efficient supply chain management [6]. - The company’s sales costs are significantly driven by ingredient procurement, with sales costs for 2023, 2024, and the first nine months of 2025 being 1.5 billion yuan, 1.973 billion yuan, and 1.492 billion yuan, respectively [7]. - The gross profit margin has shown some fluctuations, with rates of 25.9%, 23%, and 24.7% for the respective periods [7]. Group 6: Ownership and Control - Despite external financing from various investors, the founding family retains over 82% of the voting rights, indicating a high concentration of ownership [8].