2月9日，智通财经获悉，近日，袁记云饺位于泰国的第二家门店已于1月中旬正式开业。据统计，截至 目前袁记云饺在海外市场已落子15家门店。 据记者了解，袁记云饺泰国首店初期更多地承担了市场探索与团队培训的功能，而二店则明确聚焦于主 流消费场景，选址于客流量巨大的核心商场内。数据显示，开业至今日均营业额超4万泰铢，相较于泰 国首店首日营业额接近翻倍。（智通财经记者 邵冰燕） ...

编辑 王琳 据悉，袁记云饺泰国2店选址于泰国Central Pinklao商场G层，定位为主打日常消费的商场店。该商场作 为当地知名综合商场，客流量大、消费氛围浓厚，精准契合门店深耕本地日常消费市场的定位，可以为 门店带来稳定的客流支撑。 校对 柳宝庆 新京报讯（记者王萍）2月9日，新京报记者从袁记云饺方面获悉，其位于泰国的第二家门店于1月中旬 正式开业。截至目前，袁记云饺在海外市场已落子15家门店。 今年1月，袁记云饺向港交所递交招股书。根据其披露信息，公司的海外拓展目标不是零散的覆盖范 围，而是打造连贯的业务版图。截至目前，袁记云饺在海外已落子15家门店。 袁记云饺方面表示，相较于以培训为主的泰国1店，2店在布局上实现了精准优化。1店初期更多地承担 了市场探索与团队培训的功能，而2店则明确聚焦于主流消费场景，选址于客流量巨大的核心商场内。 数据显示，该店开业至今，日均营业额超4万泰铢，与泰国1店首日营业额相比接近翻倍。 ...

Core Viewpoint - The article discusses the recent surge of food and beverage companies in China seeking to go public, indicating a shift from "scale-driven" to "capital-driven" growth in the industry, with a focus on supply chain, standardization, and ESG principles [2][13]. Group 1: IPO Trends - Companies like "Mingming Hen Mang" and "Qian Dama" have recently submitted IPO applications to the Hong Kong Stock Exchange, with over 20 food and beverage companies in line for listing within a month [2][3]. - "Mingming Hen Mang" is set to become the first stock in the Hong Kong market for bulk snacks, attracting significant investment from major firms like Tencent and Temasek, totaling approximately $195 million [1][2]. - The collective IPO push reflects a broader trend in the Chinese restaurant industry, emphasizing the importance of scale and capital in a competitive landscape [2][13]. Group 2: Business Models and Revenue Sources - Many of the companies pursuing IPOs, such as "Mingming Hen Mang" and "Yuanji Yunjiao," rely heavily on a network of franchisees, with over 99% of their revenue coming from sales to these franchise stores rather than franchise fees [6][4]. - "Mingming Hen Mang" has expanded to over 19,517 stores across 28 provinces, while "Yuanji Yunjiao" has reached 4,266 stores, showcasing rapid growth and a strong franchise model [3][4]. - The reliance on franchise networks allows these brands to scale quickly while minimizing operational risks, as franchisees bear the expansion costs [4][6]. Group 3: Market Dynamics and Challenges - The competitive landscape in the food and beverage sector is intensifying, with companies facing high cash burn rates and declining same-store sales, necessitating IPOs for capital infusion [10][12]. - The overall growth in the restaurant industry has been sluggish, with a reported 3.3% increase in revenue year-on-year, indicating a challenging environment for new entrants [12][14]. - The increasing concentration of market power among leading brands post-IPO could further marginalize smaller players, leading to a more pronounced "Matthew Effect" in the industry [14][18]. Group 4: Strategic Expansion and Future Outlook - Companies are not only focusing on domestic growth but are also eyeing international markets, with "Yuanji Yunjiao" already establishing a presence in Singapore and planning to expand into Southeast Asia and beyond [18]. - The capital raised through IPOs will enable these companies to enhance their competitive edge, allowing for aggressive expansion and better terms for franchisees [14][18]. - The article suggests that while IPOs provide immediate financial benefits, the future will require companies to continuously prove their value in a more competitive and scrutinized market environment [18].

Core Viewpoint - Yuanji Cloud Dumpling, a fast-food company originating from Guangdong, is attempting to leverage its market position by filing for an IPO on the Hong Kong Stock Exchange, aiming to expand its influence in the competitive Chinese fast-food sector [1][3]. Group 1: Company Overview - As of September 30, 2025, Yuanji Cloud Dumpling operates 4,266 stores, making it the largest Chinese and global fast-food enterprise by store count [1]. - The company has established a unique business model that integrates dining and retail, offering both dine-in and takeaway options, as well as fresh food retail, catering to various consumer needs [4]. Group 2: Financial Performance - In 2023 and 2024, the company's revenues were approximately 2.026 billion and 2.561 billion yuan, respectively, with a year-on-year growth of 26.4% in 2024 [7]. - Despite a slight decline in net profit from 166.7 million yuan to 142 million yuan in 2024 due to increased share-based payment expenses, the adjusted net profit for the first nine months of 2025 reached 192 million yuan, reflecting a year-on-year growth of 31.2% [7]. Group 3: Market Strategy - The company is shifting its focus towards lower-tier cities, with the proportion of stores in first-tier cities decreasing from 58.1% in early 2023 to 51.0% by September 2025, while the share in third-tier and below cities increased from 19.8% to 26.6% [7]. - This strategy aims to avoid high rental and labor costs in first-tier cities and aligns with the consumption upgrade trend in county-level economies [7]. Group 4: Supply Chain and Operational Challenges - Yuanji Cloud Dumpling relies heavily on a large franchise system, with over 90% of its revenue coming from franchisees, which poses governance challenges as the number of stores exceeds 4,000 [9]. - The company operates five self-owned factories and a network of 24 cold chain warehouses, ensuring that over 86% of its stores receive fresh ingredients within a 200-kilometer radius [4][10]. - The reliance on a complex supply chain makes the company vulnerable to fluctuations in raw material prices and logistics costs, which could impact profitability [10]. Group 5: Competitive Landscape - The company faces intense competition from prepared food brands and other fast-food chains as the Chinese fast-food market becomes increasingly saturated [10]. - Maintaining price competitiveness while ensuring quality and profitability for franchisees will be crucial for the company's future success [10].