90后体育生卖饺子，年入25亿

Core Viewpoint - The article highlights the rapid expansion and growth of Yuanji Cloud Dumplings, which has become the largest Chinese fast-food chain globally, with a significant increase in store numbers and revenue over recent years [5][6][18]. 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 [5][6]. - The average opening rate is one to two new stores every three days, indicating aggressive expansion [5]. - By November 2025, the total number of stores exceeded 5,000, showcasing the brand's rapid growth trajectory [13]. Group 2: Financial Performance - In 2023, the company's revenue was 2.026 billion yuan, which grew to 2.561 billion yuan in 2024, representing a year-on-year increase of 26.4% [5][6]. - For the first three quarters of 2025, revenue reached 1.982 billion yuan, reflecting an 11% increase compared to the same period in 2024 [6][18]. - 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 low-margin business model [21]. Group 3: Business Model and Market Strategy - Yuanji Cloud Dumplings operates primarily as a fast-food chain, focusing on convenience and affordability, with menu items priced between 15 to 25 yuan [8][9]. - The majority of its stores (95%) are franchise-operated, relying on a supply chain model where revenue is generated from selling ingredients to franchisees [18]. - The company is expanding into lower-tier cities, with the number of stores in third-tier and below cities increasing from 617 in 2023 to 1,121 by the third quarter of 2025, nearly doubling its presence [16][17]. Group 4: Challenges and Future Directions - The brand faces challenges in maintaining consumer recognition and expanding its franchise network, which is crucial for sustained growth [22]. - Future growth strategies include targeting the northern market and university campuses, although there are concerns about regional taste preferences [22][23]. - The company is also exploring international expansion, having opened its first overseas store in Singapore in late 2024 and planning further openings in Southeast Asia [23].