Core Viewpoint - Yuanji Food Group has submitted its listing application to the Hong Kong Stock Exchange, following the trend of Chinese dining brands seeking public offerings [2]. Group 1: Company Overview - Yuanji Food Group owns the dining brand "Yuanji Cloud Dumplings" and the retail brand "Yuanji Flavor Enjoy," with Yuanji Cloud Dumplings contributing over 95% of its revenue [3]. - The company operates a franchise model, with most revenue coming from selling ingredients to franchisees and providing management services [4]. - As of September 30, 2025, Yuanji Food Group has 4,266 stores, with 4,247 being franchise locations, and an additional 53 stores in Hong Kong, Macau, and Singapore [4]. Group 2: Financial Performance - Revenue for Yuanji Food Group was reported as follows: 2.026 billion yuan in 2023, 2.561 billion yuan in 2024, and 1.982 billion yuan for the first nine months of 2025 [4]. - Adjusted net profits were 179 million yuan, 180 million yuan, and 192 million yuan for the same periods, with adjusted net profit margins of 8.8%, 7.0%, and 9.7% respectively [4]. Group 3: Market Position - As of September 30, 2025, Yuanji Food Group is the largest Chinese fast-food company by store count, surpassing competitors like Jixiang Wonton and Wugu Fish Powder [5]. Group 4: Founders and Management - The founders, Yuan Lianghong and Tian Wei, both born in 1991, have backgrounds in sports education and established Yuanji Food Group in April 2017 [6]. - The company has attracted significant investment from notable firms, including Black Ant Capital and Qicheng Capital, to support its growth [6]. Group 5: Expansion Strategy - Yuanji Food Group plans to expand its store network domestically and accelerate its entry into overseas markets, with Singapore serving as a key foothold for Southeast Asia [12]. - The company aims to increase its presence in lower-tier cities, with the proportion of stores in these areas rising from 19.8% in 2023 to 26.6% by September 30, 2025 [13]. Group 6: Competitive Landscape - Yuanji Food Group faces potential internal competition from its affiliated brand Yuan Xiaojiao, which offers lower-priced dumplings and has over 1,400 stores, with a significant presence in lower-tier cities [15][16].