Zhejiang Wufangzhai Industry (SH:603237) 中国基金报·2025-09-26 14:17Core Viewpoint - Wufangzhai, known as the "first stock of zongzi," plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and brand image while diversifying its capital operations [2]. Group 1: H-Share Listing - Wufangzhai announced its intention to issue H-shares and list on the Hong Kong Stock Exchange, with the board authorizing management to initiate preparatory work for this listing [2]. - The H-share issuance aims to accelerate Wufangzhai's international strategy and overseas business layout, enhancing its international brand image and financing capabilities [2]. - The listing process requires approval from the board and shareholders, as well as regulatory review by the China Securities Regulatory Commission and the Hong Kong Stock Exchange, introducing significant uncertainty [2]. Group 2: Corporate Governance - A shareholder meeting was held on the same day to elect five non-independent directors and three independent directors, with Li Jianping as chairman and Wei Rongming as vice chairman [3]. - Key management appointments include Ma Jianzhong as general manager and Ma Dongda as executive vice general manager, among others [3]. Group 3: Product and Financial Performance - Wufangzhai's main products include zongzi, mooncakes, and various baked and frozen foods, with a diverse product range [3]. - For the fiscal year 2024, Wufangzhai reported zongzi revenue of 1.579 billion yuan, a decline of 18.64% year-on-year [3]. - In the first half of 2025, the company's net profit attributable to shareholders was 195 million yuan, down 16.70% compared to the same period last year [3]. - As of June 30, 2025, Wufangzhai had established 496 stores through various operational models [3]. Group 4: Market Performance - As of September 26, the closing stock price of Wufangzhai was 17.68 yuan per share, with a total market capitalization of 3.485 billion yuan [4].