袁记食品冲刺港交所：全球门店最多的中式快餐品牌，「下沉+海外」同步发力

Core Viewpoint - Yuanji Food Group Co., Ltd. is set to go public on the Hong Kong Stock Exchange, aiming to expand its market presence as the largest Chinese dumpling and wonton enterprise, with a focus on both dine-in and retail offerings [3][6]. Group 1: Company Overview - Yuanji Food was established in 2017 and has become the largest Chinese fast-food enterprise globally, with a core operational philosophy of "handmade, freshly wrapped and cooked" [3]. - As of September 30, 2025, Yuanji Food operates 4,266 stores across China and Southeast Asia, including five stores in Singapore [3]. Group 2: Financial Performance - The store GMV (Gross Merchandise Value) for 2023 and 2024 is projected to be 4.772 billion yuan and 6.247 billion yuan, respectively, reflecting a year-on-year growth of 30.9% [5]. - Revenue for 2023 and 2024 is expected to be 2.026 billion yuan and 2.561 billion yuan, with a year-on-year increase of 26.4% [6]. - In the first three quarters of 2025, revenue reached 1.982 billion yuan, showing an 11.0% year-on-year growth [6]. Group 3: Store Distribution and Expansion Strategy - As of September 30, 2025, 51% of Yuanji Food's stores are located in first-tier cities, 22.4% in second-tier cities, and 26.6% in third-tier or lower cities [8]. - The company is rapidly expanding in lower-tier cities, with the proportion of stores in these areas increasing from 19.8% in 2023 to 26.6% by September 2025, a significant growth of 6.8 percentage points [8]. - Yuanji Food has diversified its store types into three standardized models: "raw food takeout," "cooked and raw food takeout," and "dine-in," enhancing market adaptability and penetration [9]. Group 4: Product and Service Integration - Yuanji Food operates two main brands: "Yuanji Wontons" focusing on dine-in and takeout, and "Yuanji Flavor" offering pre-packaged products for retail and B2B [11][12]. - The "Yuanji Flavor" brand has seen a 46% revenue growth in the first three quarters of 2025, with over one million packages of "Chive and Pork Dumplings" sold [12]. Group 5: Membership and Market Penetration - As of September 30, 2025, Yuanji Food has over 35 million members, with membership surpassing 40 million by December 2025, indicating strong customer loyalty [17]. - The average quarterly repurchase rate among members is approximately 32.3%, demonstrating high customer retention [17]. Group 6: International Expansion Plans - Yuanji Food aims to expand into Southeast Asia and selectively enter East Asia, Europe, and North America, focusing on creating a cohesive business presence rather than scattered coverage [18]. - The company plans to adapt store formats, pricing strategies, and menu designs to local markets while maintaining its core philosophy of "handmade, freshly wrapped and cooked" [18].