饺子吃出蚯蚓余波未平，袁记食品携4266家门店冲刺港股

Core Viewpoint - Yuanji Food Group has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on growth opportunities in the Chinese and overseas markets [1] Group 1: Company Overview - Yuanji Food is the largest Chinese fast-food enterprise and the largest dumpling and wonton company in China based on GMV in retail and dining [1] - The company operates two brands: "Yuanji Wontons" focusing on community stores and "Yuanji Weixiang" targeting retail scenarios [3] - As of September 2025, Yuanji Food plans to have a total of 4,266 stores globally, with a significant presence in mainland China [3] Group 2: Market Expansion - The company has begun its overseas expansion, with 53 stores outside mainland China, primarily in Hong Kong and Macau, and plans to enter Singapore and Thailand [4] - Part of the IPO proceeds will be used to enhance overseas supply chain construction and explore potential investment and acquisition opportunities in Southeast Asia, East Asia, Europe, and North America [4] 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 to 6.248 billion yuan, a growth of 30.9% [6] - Revenue for 2023 and 2024 was 2.026 billion and 2.561 billion yuan, respectively, with a year-on-year growth of 26.4% [9] - The adjusted net profit for 2023, 2024, and the first nine months of 2025 was 178 million, 180 million, and 192 million yuan, with adjusted net profit margins of 8.8%, 7%, and 9.7% [12] Group 4: Operational Challenges - The rapid expansion through the franchise model has led to food safety issues, highlighted by a consumer incident involving a worm found in a dish [7] - Complaints regarding food safety have surged, with 382 complaints reported on the Black Cat Complaints platform, prompting the company to enhance its food safety measures [7][8] - The company operates five self-owned factories and a comprehensive cold chain storage network, ensuring supply chain efficiency [8] Group 5: Revenue Model - The primary revenue source for Yuanji Food comes from selling ingredients to franchisees, with over 95% of revenue derived from product sales [9] - The cost of goods sold is significantly high, with raw material costs comprising over 85% of total sales costs [9] - Marketing expenses remain low, consistently under 5% of total revenue [11]