90后带队创出千店巨头，年入25亿冲刺港股IPO

Core Viewpoint - Yuanji Food Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to expand its presence as the largest Chinese dumpling and wonton brand with over 4,000 stores nationwide and plans for international growth [1][3]. Group 1: Company Overview - Yuanji Food was founded in 2012 by a team of post-90s entrepreneurs and has grown from a local dumpling shop in Guangzhou to the largest dumpling and wonton enterprise in China, with 4,266 stores as of September 30, 2025 [3][4]. - The company reported revenues of 2.026 billion yuan in 2023 and 2.561 billion yuan in 2024, with a revenue of 1.982 billion yuan for the first nine months of 2025, reflecting an 11% year-on-year growth compared to the same period in 2024 [3][4]. Group 2: Store Expansion and Market Trends - The company has seen a significant increase in store numbers in lower-tier cities, with the proportion of stores in tier-three and below cities rising from 19.8% in 2023 to 26.6% by September 30, 2025, a 6.8 percentage point increase [4]. - In the traditional northern noodle market, the number of stores for the "Yuanji Wontons" brand has grown exponentially, with a 262% increase in the Northeast and a 51% increase in the Northwest regions in 2025 [4]. Group 3: Business Model and Service Offerings - Yuanji Food operates a diverse range of store types, including dine-in, takeout, delivery, and retail, making it one of the few companies in the sector to integrate these services effectively [4]. - As of September 30, 2025, the company had 3,333 dine-in stores (78.1%), 632 takeout stores (14.8%), and 301 raw food takeout stores (7.1%) [4]. Group 4: Growth in Delivery Services - The company's delivery service has become a core growth engine, with delivery GMV increasing from 1.457 billion yuan for the nine months ending September 30, 2024, to 2.136 billion yuan for the same period in 2025, representing a 46.6% growth [5]. Group 5: International Expansion - Yuanji Food is actively expanding into international markets, having opened five stores in Singapore and planning to enter Thailand and Malaysia, with a focus on establishing a coherent business presence rather than scattered locations [8]. - The company aims to bring Chinese dumpling culture to the world, with plans to enter the UK market as part of its strategy to expand into East Asia, Europe, and North America [8]. Group 6: Supply Chain and Operational Efficiency - Yuanji Food is building a controllable supply chain system, utilizing cold chain logistics to ensure product stability and quality across its operations [10]. - The company has five factories and 24 warehouses, with over 86% of its stores located within 200 kilometers of a warehouse, allowing for efficient supply and inventory turnover [10].