90后体育生卖饺子，年入25亿

Core Viewpoint - Yuanji Cloud Dumplings is rapidly expanding its presence across China, with a significant increase in store numbers and revenue, positioning itself as the largest Chinese fast-food chain globally [6][22][24]. Group 1: Expansion and Growth - As of early 2023, Yuanji Cloud Dumplings had 1,990 stores, which increased to 4,266 by September 2025, marking a growth of 2.14 times [6]. - The company is opening new stores at an average rate of one to two every three days, and by November 2025, the total number of stores exceeded 5,000 [18]. - The brand has expanded into 32 provinces and municipalities, covering over 200 cities, and aims to penetrate northern markets and college campuses for further growth [18][31]. Group 2: Financial Performance - In 2023, Yuanji Cloud Dumplings reported a revenue of 2.026 billion yuan, which grew to 2.561 billion yuan in 2024, reflecting a year-on-year increase of 26.4% [8][9]. - For the first three quarters of 2025, the revenue was 1.982 billion yuan, showing an 11% increase compared to the same period in 2024 [10]. - The average net profit per order was approximately 0.99 yuan in 2023, 0.72 yuan in 2024, and 0.91 yuan in the first nine months of 2025, indicating a thin profit margin [27]. Group 3: Business Model and Challenges - Yuanji Cloud Dumplings operates primarily through a franchise model, with 95% of its stores being franchises that rely on purchasing ingredients from the headquarters [24]. - The company's profitability is largely dependent on the price difference in the supply chain, as it sources raw materials like pork and flour, which have high price transparency [24]. - The brand faces challenges in maintaining consumer recognition and expanding its franchise network, which are critical for sustainable growth [29][30]. Group 4: Market Strategy - The brand is focusing on entering northern markets and college campuses, which are expected to provide stable and frequent customer traffic [31]. - There are concerns regarding regional taste preferences, particularly in the northern market, where some consumers have expressed dissatisfaction with the flavor profiles of certain dumplings [32]. - Yuanji Cloud Dumplings has also begun international expansion, opening its first overseas store in Singapore in late 2024 and planning further openings in Malaysia and Thailand [33].