Core Viewpoint - Yuanji Food Group, known as the largest dumpling and wonton enterprise in China, has submitted its main board listing application to the Hong Kong Stock Exchange, driven by rapid expansion and a franchise model [1] Group 1: Business Expansion - As of September 30, 2025, the total number of global stores reached 4,266, a 114.4% increase from 1,990 stores at the beginning of 2023, making it the largest Chinese fast-food enterprise by store count [3] - The company operates under a dual-brand strategy with "Yuanji Wontons" focusing on dine-in, takeout, and delivery, while "Yuanji Weixiang" targets pre-packaged products and B2B channels [3] - The franchise model accounts for over 95% of the stores, with an average of 2.06 stores operated by each of the 2,065 franchisees [3] Group 2: Financial Performance - Revenue increased from 2.026 billion yuan in 2023 to 2.561 billion yuan in 2024, reflecting a compound annual growth rate of 26.4%, with 1.982 billion yuan in revenue for the first three quarters of 2025, a year-on-year increase of 11.0% [3] - Despite revenue growth, net profit declined from 166 million yuan in 2023 to 142 million yuan in 2024, a decrease of 15.0%, with adjusted net profit remaining stable at 180 million yuan [4] - The gross margin fell from 25.9% in 2023 to 23.0% in 2024, which is below the industry average of 28%-32% for leading Chinese fast-food companies [4] Group 3: Quality Control and Governance Issues - The rapid expansion through franchising has led to food safety incidents, including reports of foreign objects found in food, raising concerns about quality control [5] - In 2025, the company is expected to procure 146 million yuan from related parties, which raises questions about cost transparency despite adherence to fair pricing principles [6] - The founder controls 82.54% of the company's shares, which may lead to insufficient checks and balances in decision-making [6]
东烽财经|全球超4000家门店 袁记云饺母公司冲刺港股IPO
Sou Hu Cai Jing·2026-01-21 09:29