从广州菜市场到东南亚，全球门店超4000家，饺子界“蜜雪冰城”要上市了

Core Viewpoint - Yuanji Food Group, known for its "Yuanji Cloud Dumplings," is preparing for an IPO in Hong Kong, marking a significant step towards capitalizing its business model and expanding its market presence [5][6]. Business Structure - Yuanji Food operates two main brands: "Yuanji Cloud Dumplings" and "Yuanji Weixiang," with the former contributing approximately 97% of total revenue [8][10]. - The revenue model primarily relies on selling ingredients to franchisees, with a significant portion of the business dependent on the performance of these franchisees [10][12]. Financial Performance - In 2023, Yuanji Cloud Dumplings generated revenue of 2.02 billion RMB, projected to increase to 2.56 billion RMB in 2024 [10][11]. - The total GMV (Gross Merchandise Value) for stores was 4.77 billion RMB in 2023, with an average order price decreasing from 26.5 RMB to 22.8 RMB from 2023 to 2025 [10][11]. - The adjusted net profit for the company was 1.79 billion RMB in 2023, with a gross profit margin of 25.9% [11][12]. Supply Chain and Operational Efficiency - The company has five factories and 24 warehouses, achieving a low inventory turnover of 12.1 days, which is significantly better than the industry average of 25 days [13]. - The supply chain's efficiency is crucial for maintaining low costs and ensuring product freshness, especially given the low profit margins [13]. Market Expansion and Challenges - Yuanji Food is expanding into lower-tier cities, with a notable increase in store numbers from 617 to 1,121 in these areas, indicating a strategic shift towards capturing new market segments [16][18]. - The brand faces challenges related to food safety and consumer perception, particularly regarding its "handmade" claims versus the reality of its supply chain model [15][16]. Competitive Landscape - Yuanji Cloud Dumplings leads the market with 4,266 stores, but faces competition from brands like Xijia De and Jixiang Dumplings, which are also expanding their footprints [20][22]. - The company is exploring new revenue streams through retail and international expansion, with a 46% revenue growth in its retail segment, although it currently represents a small portion of total income [22]. Conclusion - Yuanji Cloud Dumplings has established itself as a leader in the Chinese fast-food sector, but must navigate challenges related to brand perception, supply chain management, and competition to sustain its growth trajectory [22].