Core Viewpoint - Anjiu Foods has listed on the Hong Kong Stock Exchange, becoming the first A+H dual capital platform enterprise in the frozen food industry, raising approximately HKD 2.302 billion, but faced a decline in share price on the first day of trading [1][3] Group 1: Company Overview - Anjiu Foods primarily engages in the production and sale of frozen food, including frozen prepared foods, frozen dishes, and frozen noodle products [3] - As of 2024, Anjiu Foods holds a market share of 6.6%, making it the largest frozen food company in China by revenue [3] Group 2: Financial Performance - Anjiu Foods' revenue from 2022 to 2024 was CNY 12.183 billion, CNY 14.045 billion, and CNY 15.127 billion, with growth rates of 31.39%, 15.29%, and 7.7% respectively, indicating a slowdown in growth [5] - Net profit for the same period was CNY 1.101 billion, CNY 1.478 billion, and CNY 1.485 billion, with growth rates of 61.37%, 34.24%, and 0.46% respectively [5] - In Q1 2025, revenue decreased by 4.13% year-on-year to CNY 3.6 billion, and net profit fell by 10.01% to CNY 395 million [5] Group 3: International Expansion Strategy - Anjiu Foods plans to allocate 70% of the net proceeds from its Hong Kong listing to global network and supply chain development to enhance international market presence [1][6] - Despite the focus on international expansion, overseas revenue has remained low, accounting for only 1% of total revenue from 2022 to 2024 [6][7] - The company aims to expand into Southeast Asia through local partnerships, equity investments, or acquisitions, although it currently lacks a physical presence in the region [7] Group 4: Market Challenges - The frozen food industry in China is facing challenges such as market saturation and changing consumer preferences, which have contributed to the slowdown in Anjiu Foods' growth [4][5] - Cultural differences, varying consumer habits, high market entry barriers, and complex regulations pose additional challenges for Anjiu Foods in international markets [7]