当"粽子第一股"浙江五芳斋实业股份有限公司（以下简称"五芳斋"）在2025年9月抛出H股上市计划时，资本市场并未给出期待中的积极回应。公告发布当 日，其A股股价报收17.68元/股，较上市首日的44.21元高点已缩水近六成，市值不足35亿元。 这家拥有百年字号的企业，正深陷"增收不增利""出海遇挫""品控失序"的三重困境。上半年境外收入同比下跌22.06%的业绩滑坡，叠加月饼防腐剂超标，让 其赴港募资的战略决策更显仓促。 增长微弱与盈利空间收窄 2025年9月16日，五芳斋发布了关于授权公司管理层启动公司境外发行股份（H股）并在香港联合交易所有限公司上市相关筹备工作的提示性公告。 公告显示，公司拟在境外发行股份（H 股）并在香港联合交易所有限公司上市，公司董事会授权公司管理层启动本次 H 股上市的前期筹备工作。 五芳斋表示，此次H股上市是为加快公司国际化战略及海外业务布局，提升公司国际化品牌形象，同时打造多元化资本运作平台，增强公司的境外融资能 力，助力公司高质量发展，根据公司总体发展战略及运营需要。 对此，中国食品产业分析师朱丹蓬认为："五芳斋当下去布局国际化市场可能'为时过早'，海外市场对于中国传统饮食的 ...

企业战略专家霍虹屹对《中国经营报》记者表示："首先，通过赴港上市，可以拓展境外资本渠道，获 得更优结构的资本支持。不仅有利于缓解国内市场竞争压力，也能为未来的扩产、技术升级、供应链建 设、国际化投入提供资金保障。其次，这是提升品牌国际形象与全球化布局的必要手段。借助港股平 台，将有助于五芳斋在海外市场的品牌背书、合作谈判、渠道拓展等节点上获得更强信任和议价能力。 此外，双市场融资路径可以在动荡市况下为企业提供更多选择和缓冲空间。" 中经记者 阎娜 孙吉正 成都报道 作为"粽子第一股"，五芳斋（603237.SH）近期披露拟赴港上市的消息引发市场关注。据公司公告，其 董事会已授权管理层启动H股上市前期筹备工作，并完成新一届董事会选举。 除原有核心决策层连任外，董事会新增具备法律金融与注册会计师背景的董事，为公司在资本运作和财 务合规方面注入专业力量。五芳斋方面表示，赴港上市旨在"加快国际化战略与海外业务布局，提升国 际品牌形象，打造多元化资本平台，增强境外融资能力"。 距离2022年登陆A股仅三年，五芳斋此举被业内视为五芳斋应对核心业务增长放缓、拓宽融资渠道以推 进国际化的关键一步。 老字号求变 五芳斋始于19 ...

近日，五芳斋(603237.SH)发布公告称，为推进国际化战略、提升品牌形象、构建多元化资本平台，董事会同意授权公司管理层启动H股上市前期筹备工 作。 据悉，五芳斋是全国首批"中华老字号"企业，素有"粽子大王"的称号，其粽子制作技艺还被列入了国家级非物质文化遗产保护名录。 另外，早在2022年8月，五芳斋就已在上交所主板上市，成为"粽子第一股"。在A股上市3年后，如今又要去港股二次上市，这家百年老字号，到底图什 么？ "粽子第一股"启动H股上市筹备工作 五芳斋为什么要二次赴港上市？有业内人士分析称，这与港股市场的灵活性，国际化属性以及政策红利有着重要关系。 一方面，香港作为国际金融中心，国际吸引力和影响力强。企业在港股上市，也意味着国际公信力背书得到强化，有助于触达国际投资者群体，同时也有 助于拓展海外业务版图，提升自身在国际市场的品牌形象，进而为自身的全球化战略铺路。 再者，港股的融资渠道灵活，能满足企业的不同发展需求。除了IPO 融资，还提供配售、供股、公开发售、可转债等再融资方式，同时港股再融资制度的 程序也较为简便，灵活性强。在其他市场融资环境趋紧的情况下，赴港上市可以帮助企业拓展融资渠道，更好地进行 ...

出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 题图｜AI生成 中秋来临前夕，百年老字号五芳斋的餐桌也摆开"新宴席"。 9月26日，五芳斋宣布启动港股上市筹备工作。距离其2022年登陆A股仅三年，这家老字号欲构筑"A+H"双资本平台。 五芳斋的公告直言，赴港上市旨在"加快国际化战略与海外业务布局，提升国际品牌形象"。但在雄心背后，老字号正面临增长瓶颈：2024年其营收下 降14.57%，净利润下降14.24%。 五芳斋的港股计划，承载着明显的战略野心。 公告显示，公司董事会已授权管理层启动H股上市前期筹备工作，并完成了新一届董事会选举。除原有核心决策层连任外，还新增了具备法律金融与注 册会计师背景的专业人士，为即将到来的资本运作未雨绸缪。 这一决定背后，是五芳斋在A股市场遭遇的增长困境。自2022年8月登陆上交所以来，五芳斋的市值已较上市首日缩水近三成。公告发布当日，公司市 值不足35亿元。 业绩表现或是其市值缩水的主因。上市三年来，五芳斋只有2023年的收入和归母净利润实现增长。2024年，五芳斋营业收入为22.51亿元，同比下降 14.57%；净利润为1.42亿元，同比下降14.24%。 增长瓶颈 粽子 ...

Core Viewpoint - The century-old brand Wufangzhai is preparing for a Hong Kong stock listing to accelerate its international strategy and enhance its brand image, despite facing significant growth challenges in its domestic market [1][2]. Group 1: Company Strategy - Wufangzhai has initiated preparations for its H-share listing, aiming to create a dual capital platform with its existing A-share listing [2]. - The company has authorized its management to start the listing process and has appointed new board members with expertise in law, finance, and accounting to support upcoming capital operations [2]. - The decision to list in Hong Kong is seen as a strategic move to address the company's growth difficulties experienced since its A-share debut in 2022, where its market value has decreased by nearly 30% [2]. Group 2: Financial Performance - Wufangzhai's revenue for 2024 is projected to decline by 14.57% to 22.51 billion yuan, with net profit expected to drop by 14.24% to 1.42 billion yuan [2]. - The company's core product, zongzi, is facing severe competition, leading to an 18.64% decline in revenue from this segment, which is projected to be 15.79 billion yuan in 2024 [3]. - The company has struggled to diversify its product offerings, with non-zongzi products showing mixed performance; only the mooncake segment has seen growth, while other categories have declined [3]. Group 3: Market Challenges - The mooncake market is becoming increasingly competitive, with the market size expected to reach 32.5 billion yuan by 2025, growing at approximately 8% [4]. - Wufangzhai is not the only traditional brand competing in the mooncake market, as other century-old brands have also seen significant sales growth [5]. - The company is facing challenges in expanding its overseas market presence, with international revenue accounting for only 0.7% of total income in 2024, despite a year-on-year growth of 8.23% [7]. Group 4: International Expansion - Wufangzhai is pursuing international markets as a new growth strategy, having established subsidiaries in several countries, including Singapore, Japan, and Australia [6]. - However, the acceptance of traditional Chinese foods in foreign markets remains uncertain, and the company has faced regulatory challenges, such as product recalls due to compliance issues [7]. - The company aims to leverage its Hong Kong listing to enhance its international strategy and improve its brand image, potentially providing strong financial support for overseas expansion [6][9].

Core Viewpoint - Wufangzhai has officially initiated preparations for its H-share listing to accelerate its internationalization strategy and enhance its overseas business layout, aiming to improve its international brand image and diversify its capital operation platform [1][2] Group 1: H-Share Listing and Internationalization - The H-share listing plan represents a deep practice of value reconstruction for the time-honored brand, with three core objectives: accelerating internationalization, enhancing brand image, and creating a diversified capital operation platform [2] - By listing on the H-share market, Wufangzhai can leverage international capital markets for funding support for overseas production bases, R&D centers, and brand marketing networks [2] - The company has a history of internationalization, having started product exports in 1995 and establishing a preliminary overseas sales network, with plans to expand into new markets by 2025 [3] Group 2: Capital and Industry Integration - If successful in its H-share listing, Wufangzhai could establish a complete ecosystem of R&D, production, marketing, and capital, with a projected R&D investment of 85 million yuan in the first half of 2025, a 15% increase year-on-year [4] - Collaborations with industry capital, such as with Shuanghui Development and Ningbo Fuzhu, are expected to create synergies in supply chain integration and market expansion [4] Group 3: Cultural and Global Innovation - The listing marks not just capital expansion but also a significant dialogue on cultural heritage and global innovation, as the brand transitions from a cultural symbol to a capital-driven entity [5] - The globalization of time-honored brands has evolved beyond simple trade to become a means of cultural value dissemination, with examples like Zhang Xiaoqin successfully entering Southeast Asian markets through localized operations [6]

Core Viewpoint - Zhejiang Wufangzhai Industrial Co., Ltd. is planning to list H-shares in Hong Kong to accelerate its international strategy and enhance its overseas business presence [1][6] Group 1: Company Overview - Wufangzhai, established in 1921, is recognized as a "Chinese Time-honored Brand" and became the first publicly listed company in the zongzi (sticky rice dumpling) sector three years ago [1][3] - The company operates in both food production and restaurant services, with its main revenue derived from glutinous rice products, including zongzi, mooncakes, and other rice-based items [3][4] Group 2: Financial Performance - In the first half of the year, Wufangzhai reported a revenue of 1.592 billion yuan, a year-on-year increase of 0.66%, and a net profit of 195 million yuan, reflecting a decline of 16.7% [3][4] - The main business revenue was 1.556 billion yuan, with zongzi contributing 1.331 billion yuan, accounting for over 85.53% of total revenue [3][4] Group 3: Market Challenges - The zongzi business is facing increasing competition due to diversified consumer demands, leading to a decline in profitability [6][4] - The number of distributors decreased by 42 to 620, with distributor revenue declining by 4.55% year-on-year [4][6] Group 4: International Expansion Strategy - Wufangzhai aims to expand its overseas market presence, having successfully entered new markets such as South Korea, UAE, and Thailand, and obtained export qualifications for non-zongzi products [6][7] - The company has established subsidiaries in countries like Singapore, France, Japan, and Australia to facilitate its international strategy [6][7] Group 5: Consumer Demographics - The primary target demographic for Wufangzhai's international expansion is overseas Chinese, as zongzi is a traditional festive food that may not appeal to foreign consumers [6][7] - The company recognizes the potential of its restaurant offerings, which include a variety of Chinese dishes, to attract a broader customer base in international markets [9]

Core Viewpoint - Wufangzhai is planning to expand its international market presence through a listing on the Hong Kong Stock Exchange, aiming to enhance brand recognition and financing capabilities, although some analysts believe this move may be premature given the current acceptance of traditional Chinese food in overseas markets [2][4]. Group 1: Company Overview - Founded in 1921, Wufangzhai specializes in the research, production, and sales of glutinous rice-based foods and is recognized as one of the first "Chinese Time-honored Brands" [4]. - The company operates two major production bases in Jiaxing and Chengdu and has established a comprehensive marketing network across China, including retail, chain stores, and e-commerce [4]. - Wufangzhai's product range includes seasonal foods like zongzi and mooncakes, as well as frozen foods and baked goods [4]. Group 2: Financial Performance - In the first half of 2025, Wufangzhai reported revenue of 1.592 billion yuan, a slight increase of 0.66% year-on-year, while net profit attributable to shareholders decreased by 16.7% to 195 million yuan [4][5]. - The company is focusing on optimizing its channel structure, with significant growth in direct high-end supermarket channels and steady expansion of chain stores [5]. Group 3: Production and Efficiency - For the first half of 2025, Wufangzhai produced 33,553.05 tons of zongzi, with an outsourcing production of 7,128.92 tons, resulting in a self-production ratio of 82.48% [6]. - The company has implemented cost reduction and efficiency enhancement strategies, leading to a decrease in sales and management expenses compared to the previous year [6]. Group 4: Market Expansion and Challenges - Wufangzhai has plans to accelerate its international market expansion, seeking new growth opportunities despite concerns about the readiness of overseas markets for traditional Chinese foods [2][5]. - The company has faced food safety issues, including a recall of products due to contamination concerns, highlighting the importance of stringent quality control in the food manufacturing industry [8]. Group 5: Store Network - As of June 30, 2025, Wufangzhai operated 106 direct stores and 27 cooperative stores, totaling 496 outlets across major cities in the Yangtze River Delta, Wuhan, and Macau [9].

Core Viewpoint - Wufangzhai, known as the "first stock of zongzi," plans to list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its overseas business layout, aiming for high-quality development and diversified capital operations [1] Group 1: Company Overview - Founded in 1921, Wufangzhai is one of the first "Chinese Time-honored Brands" and was listed on the Shanghai Stock Exchange in August 2022 [1] - The company primarily engages in the research, production, and sales of glutinous rice-based foods, with a product range that includes zongzi, mooncakes, tangyuan, pastries, egg products, and other rice-based items [1] Group 2: Financial Performance - In 2024, Wufangzhai reported a revenue of 2.251 billion yuan, a year-on-year decrease of 14.57%, and a net profit attributable to shareholders of 142 million yuan, down 14.24% [1] - The core zongzi product line generated revenue of 1.579 billion yuan in 2024, reflecting an 18.64% decline year-on-year [1] - For the first half of 2025, the company achieved a revenue of 1.592 billion yuan, a slight increase of 0.66%, while the net profit attributable to shareholders was 195 million yuan, down 16.7% [1] Group 3: International Expansion Strategy - Wufangzhai aims to enhance its international strategy and overseas business layout, with plans to establish a presence in markets such as Singapore, France, Japan, South Korea, UAE, and Thailand [2][3] - The company has already set up a Singapore investment company and a restaurant company, and has received export qualifications for non-zongzi products [2] Group 4: Challenges in International Markets - Currently, Wufangzhai's revenue from overseas markets is relatively small, accounting for approximately 0.7% of total revenue in 2024 and decreasing to about 0.4% in the first half of 2025 [3] - The company faced challenges with its mooncake products being rejected in South Korea due to non-compliance with local standards, highlighting the need for careful navigation of international regulations and market conditions [4]

Group 1 - Company Wufangzhai plans to list in Hong Kong to accelerate its international business layout and enhance its overseas financing capabilities [1] - The board of Wufangzhai has authorized management to initiate preparations for the H-share listing on the Hong Kong Stock Exchange [1] - Wufangzhai aims to improve its international brand image and create a diversified capital operation platform through this listing [1] Group 2 - In 2024, Wufangzhai reported a 14.57% decline in revenue and a 14.24% decrease in net profit compared to the previous year, marking the lowest revenue year since its IPO [2] - The company's core product, zongzi, saw an 18.64% drop in revenue, significantly impacting overall sales [2] - Wufangzhai's expansion into other products like mooncakes and snacks has not met expectations, contributing to the revenue decline [2] Group 3 - In the first half of the year, Wufangzhai experienced a slight revenue increase of 0.66%, but net profit fell by 16.7% [3] - The company has successfully entered new markets such as South Korea, UAE, and Thailand, and has obtained export qualifications for non-zongzi products [3] - Wufangzhai's internationalization strategy is progressing, laying the groundwork for long-term overseas expansion [3]