A股粽子第一股，冲刺港股IPO

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi" in A-shares, plans to list in Hong Kong to accelerate its international strategy and enhance its overseas business layout [1] Group 1: Company Overview - Founded in 1921, Wufangzhai is one of the first "Chinese Time-honored Brands" and specializes in glutinous rice foods such as zongzi, mooncakes, and tangyuan [1] - The company operates two main business segments: "Food" and "Catering," with a multi-brand strategy that includes Wufangzhai as the main brand and differentiated positioning for its sub-brands [3] Group 2: Financial Performance - Wufangzhai's revenue from 2022 to 2024 was 24.62 billion yuan, 26.35 billion yuan, and 22.51 billion yuan, with year-on-year changes of -14.87%, +7.04%, and -14.57% respectively [3] - The net profit attributable to the parent company for the same period was 1.38 billion yuan, 1.66 billion yuan, and 1.42 billion yuan, with year-on-year changes of -29.01%, +19.74%, and -14.24% respectively [3] - In the first half of 2025, the company achieved a revenue of 15.92 billion yuan, a slight increase of 0.66%, but the net profit decreased by 16.70% to 1.95 billion yuan [3] Group 3: Product Segmentation - Wufangzhai categorizes its products into "Zongzi Series," "Mooncake Series," "Meal Series," and "Egg Products, Pastries, and Others," with the Zongzi Series being the main revenue contributor [4] - From 2022 to 2024, the Zongzi Series generated revenues of 17.47 billion yuan, 19.40 billion yuan, and 15.79 billion yuan, accounting for 71%, 74%, and 70% of total revenue respectively [4] Group 4: Internationalization Efforts - Wufangzhai aims to strengthen its overseas presence, having established companies in Singapore, France, and Japan, with plans to open two stores at Singapore's Changi Airport by 2025 [6] - The company reported that its overseas market revenue was 1.387 million yuan in 2022, 1.429 million yuan in 2023, and 1.547 million yuan in 2024, representing only 0.6%, 0.5%, and 0.7% of total revenue respectively [7] - In the first half of 2025, overseas revenue dropped to 627.12 thousand yuan, accounting for just 0.4% of total revenue, indicating that internationalization is still in its early stages [5][7]