转自：新华财经 新华财经北京1月22日电 近日，袁记食品集团股份有限公司（以下简称"袁记食品"）向港交所递交上市 申请，拟在香港主板上市，华泰国际和广发证券担任其联席保荐人。 以饺子及云吞产品在零售及餐饮业的GMV计，袁记食品是中国最大的饺子云吞企业。截至2025年三季 度末，袁记食品旗下门店数量超过4000家。成立至今，公司已获得多轮融资，投资方包括黑蚁资本、益 海嘉里等。 此次赴港IPO，袁记食品拟募资用于数字化与智能化建设、加快拓展海外市场等。 中国最大饺子云吞企业 根据招股书，自2023年1月1日至2025年9月30日，袁记食品的门店总数从1990家增加至4266家，扩张速 度较快。其中，公司主要通过加盟模式扩展门店网络。 | | 截至12月31日 | | 截至9月30日 | | --- | --- | --- | --- | | | 2023年 | 2024年 | 2025年 | | 年 / 期初加盟店數量 | 1.978 | 3.123 | 3.926 | | 開設加盟店數量 | 1,226 | 1.057 | 481 | | 關閉加盟店數量 | 81 | 254 | 160 | | 年／期末的加 ...

Group 1 - Yuanji Food Group Co., Ltd. submitted an application for listing on the Hong Kong Stock Exchange, aiming for a mainboard listing with Huatai International and GF Securities as joint sponsors [1] - Founded in 2012, Yuanji Food has grown from a 5 square meter shop in a market to over 4,000 stores globally, becoming the largest Chinese fast-food enterprise and dumpling brand [1] - As of September 30, 2025, Yuanji Food operates 4,266 stores across 32 provinces and regions in China and Southeast Asia, with 4,247 franchise stores, accounting for 95% of its total [1] Group 2 - In 2024, Yuanji Food's revenue is projected to be 2.561 billion yuan, a 26% increase year-on-year, with an adjusted net profit of 180 million yuan, up 1.1% [1] - For the first nine months of 2025, the company reported revenue of 1.982 billion yuan, an 11% year-on-year increase, and an adjusted net profit of 192 million yuan, a 31% increase [1] - Yuanji Food has completed three rounds of financing, raising a total of 4.6 billion yuan, with Black Ant Capital being the largest institutional investor prior to the IPO [2] - The net proceeds from the IPO will primarily be used for digital and intelligent construction, expanding overseas supply chains, and enhancing brand development and product research [2]

Core Viewpoint - Yuanji Cloud Dumplings, known for its "handmade fresh packaging and cooking," is set to go public on the Hong Kong Stock Exchange, with a significant expansion in store numbers and revenue growth [1][3]. Group 1: Company Overview - Yuanji Food Group has submitted its listing application to the Hong Kong Stock Exchange, with over 4,266 stores as of the third quarter of last year, more than 95% of which are franchise stores [1][5]. - The company reported nearly 2 billion RMB in revenue and an adjusted net profit of 192 million RMB for the nine months ending September 30 [1][5]. Group 2: Market Position and Growth - According to Zhi Shi Consulting, Yuanji Food is projected to be the largest Chinese fast-food enterprise by store count by September 30, 2025, and ranks first in the retail and dining sectors for dumplings and wontons [3][5]. - The company has experienced rapid growth, doubling its store count from 1,990 at the beginning of 2023 to 4,266 by September 30, 2023, covering 32 provinces and municipalities in China and entering overseas markets like Singapore and Thailand [5][6]. Group 3: Revenue and Profitability - Revenue is expected to rise to 2.026 billion RMB in 2023 and 2.561 billion RMB in 2024, with adjusted net profits of 179 million RMB and 180 million RMB for the same years, respectively [6][5]. - The gross merchandise value (GMV) for stores is projected to reach 6.248 billion RMB in 2024, with an average annual GMV of approximately 1.88 million RMB per store [6][16]. Group 4: Management Team - The management team includes founder and CEO Yuan Lianghong, who has over 12 years of experience in the food industry, and other executives with diverse backgrounds in operations, supply chain, and finance [9][10][13]. - Notably, Huang Jinshuan, a former executive at KFC China, serves as an independent non-executive director, bringing significant industry experience [12]. Group 5: Business Model and Challenges - The company's core philosophy of "handmade fresh packaging and cooking" is supported by a robust supply chain and logistics system, ensuring product quality and freshness [15][16]. - Challenges include competition from other leading companies, reliance on third-party suppliers, and the need for successful expansion into new markets [16][17]. Group 6: IPO Fund Utilization - The IPO proceeds will be allocated to digital and intelligent construction, overseas market expansion, brand building, product development, and supply chain upgrades [17].

Core Viewpoint - Yuanji Food Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for digital transformation, supply chain expansion, brand development, and working capital [1][2] Group 1: Company Overview - Yuanji Food operates two main brands: "Yuanji Cloud Dumplings" and "Yuanji Flavor Enjoy," providing a comprehensive product range that caters to various dining needs, including work lunches and late-night snacks [1] - As of September 30, 2025, Yuanji Food has a total of 4,266 stores, making it the largest Chinese fast-food company by store count globally [2] Group 2: Financial Performance - 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 [1] - Adjusted net profit for the first nine months of 2025 reached 192 million yuan, representing a 31% increase year-on-year [1] Group 3: Market Position and Growth - The total GMV (Gross Merchandise Value) of Yuanji Food increased from 4.772 billion yuan in 2023 to 6.248 billion yuan in 2024, marking a 31% growth [2] - For the first nine months of 2025, the GMV was reported at 4.789 billion yuan [2] Group 4: Funding and Investment - Yuanji Food has completed three rounds of financing, raising 30 million yuan in A round in 2023, 150 million yuan in B round in September 2025, and 280 million yuan in B+ round in December 2025 [2] - Major investors include Black Ant Capital, Qicheng Capital, and others, with Black Ant Capital being the largest institutional investor prior to the IPO [2] Group 5: Use of IPO Proceeds - The net proceeds from the IPO will primarily be allocated to digital and intelligent construction, overseas supply chain expansion, brand building, product research and development, supply chain upgrades, and general corporate purposes [2]

Group 1 - The company plans to raise no more than 1.05 billion yuan through a private placement of shares to fund various urban management and smart city projects, as well as to supplement working capital [2][3] - As the first developer of a new digital urban management platform in China, the company has implemented over 5,000 projects across more than 500 cities, serving a population exceeding 550 million and covering over 70% of urban built-up areas [2] - In the first half of the year, the company reported a revenue of 321 million yuan, a decrease of 40.34% year-on-year, and a net loss attributable to shareholders of 18.69 million yuan, a decline of 125.98% year-on-year [2] Group 2 - The company noted that while market demand for digital and intelligent construction remains active, some clients are being cautious with project funding, leading to delays in project initiation and contract execution [3] - The company aims to enhance its product layout, accelerate product iteration and business scale expansion, and strengthen technological innovation and R&D investment, all of which require significant capital and working capital [3] - The funds raised from the stock issuance are expected to improve the company's financial strength and risk resistance, ultimately enhancing its market competitiveness and operational performance [3]

Core Viewpoint - New Hope Liuhe Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by its feed and pig farming businesses, despite a decline in domestic pig prices compared to the previous year [2][3]. Financial Performance - In the first half of 2025, New Hope achieved operating revenue of 51.625 billion yuan, a year-on-year increase of 4.13% [2]. - The net profit attributable to shareholders reached 755 million yuan, marking a 162% increase and a turnaround from losses [2]. Business Segments - The feed business generated operating revenue of 35.479 billion yuan, up 7.88%, with total feed sales reaching 13.93 million tons, an increase of 13% [2]. - In pig farming and slaughtering, New Hope sold 2.0566 million piglets and 6.3928 million fattened pigs, totaling 8.4494 million pigs, with revenue of 10.801 billion yuan from sales and 3.568 billion yuan from slaughtering [2]. Market Conditions - Domestic pig prices have decreased compared to the same period last year, averaging around 14 yuan per kilogram [3]. - The average number of weaned piglets per sow increased to 11.2, and the average PSY (pigs weaned per sow per year) rose to 25.4, indicating improved productivity [3]. Cost Management and Technology - The average weaning cost per pig was approximately 260 yuan, down by 30 yuan from the end of the previous year [3]. - The company is enhancing production efficiency through digitalization and smart technology, aiming to reduce the cost of fattened pigs to below 13 yuan per kilogram in the second half of the year [4].

Group 1 - The company reported a revenue of 51.625 billion yuan for the first half of the year, representing a year-on-year increase of 4.13%, and a net profit of 755 million yuan, up 162% year-on-year [1] - In the feed business, total sales volume reached 13.93 million tons, a year-on-year increase of 13%, with export feed sales of 11.48 million tons, up 16% [1] - The company implemented measures to manage raw material procurement effectively, including strategic partnerships with suppliers and optimizing raw material costs, resulting in a reduction of production costs by approximately 30 yuan per ton [1] Group 2 - The company sold a total of 844.94 thousand pigs, generating revenue of 10.801 billion yuan, with an average PSY of 25.4, which is industry-leading [2] - The company is advancing digitalization and automation in its operations, with increased coverage of smart equipment and the launch of an AI assistant for pig farming [2] - In the slaughtering business, the company processed 1.6442 million pigs, achieving revenue of 3.568 billion yuan, and developed a linkage capability between breeding and slaughtering [2] Group 3 - The domestic animal husbandry industry is transitioning into a low-level operational phase in 2025, following a cyclical recovery in 2024, with a downward adjustment in the number of breeding sows expected [3] - The high pig prices in mid-2024 led to an increase in the number of breeding sows and pigs, but the subsequent price decline at the end of the year curbed further industry expansion [3]