百年五芳斋再闯港股，出海寻解药

Core Viewpoint - The company Wufangzhai is preparing for a Hong Kong IPO to accelerate its international strategy and enhance its brand image, despite facing significant growth challenges in its domestic market [3][4]. Financial Performance - Wufangzhai's revenue is projected to decline by 14.57% to 22.51 billion yuan in 2024, with net profit expected to drop by 14.24% to 1.42 billion yuan [4]. - Since its A-share listing in 2022, the company's market value has decreased by nearly 30%, with its market capitalization falling below 3.5 billion yuan on the announcement day of the Hong Kong listing [4]. Product Dependency and Challenges - The company's core product, zongzi (sticky rice dumplings), is facing severe competition, with revenue from this segment expected to decline by 18.64% to 15.79 billion yuan in 2024 [6]. - The company's diversification strategy, "Zong +", has not yielded significant results, as non-zongzi products have also seen revenue declines, except for mooncakes which grew by 3.46% [7][8]. Market Trends - The mooncake market in China is projected to reach 32.5 billion yuan by 2025, with a growth rate of approximately 8% [10]. - Traditional brands, including Wufangzhai, are experiencing a surge in popularity, with sales of old brand mooncakes increasing by up to 14 times [10]. International Expansion - Wufangzhai is actively pursuing international markets, having established subsidiaries in countries like Singapore, Japan, and the UK, with a focus on "exporting zongzi" as a key strategy [11]. - However, overseas revenue remains low, accounting for only 0.7% of total revenue in 2024, despite a year-on-year growth of 8.23% [12]. Regulatory and Compliance Issues - The company faces compliance challenges in international markets, as evidenced by a recent incident where a batch of mooncakes was rejected by South Korean authorities due to regulatory violations [13]. Strategic Considerations - The decision to pursue a Hong Kong listing is seen as a move to enhance market valuation and provide funding for international expansion, especially given the underperformance in the A-share market [15][16].