据白鹿视频，2月26日，《胡润百富》发文谈"袁记云饺"上市一事，并称"饺子界'蜜雪冰城'要IPO了"： 2026年1月12日，袁记食品集团股份有限公司（后文简称袁记食品）向香港联交所递交上市申请，拟主 板挂牌，成为继遇见小面、巴比馒头、老乡鸡之后，又一家冲击资本市场的中式快餐企业。 此前据智通财经报道，2026年1月12日，袁记食品集团股份有限公司（以下简称"袁记食品"）在香港联 交所递交上市申请，拟在香港主板上市，其联席保荐人为华泰国际和广发证券。 据其招股书披露，截至2025年9月30日，袁记食品拥有4266家门店。门店总GMV由2023年的47.72亿元 增加31%至2024年的62.48亿元。截至2025年9月30日止九个月的GMV为47.89亿元。根据灼识咨询相关 报告，截至2025年9月30日，按门店数量计，袁记食品是中国及全球最大的中式快餐公司。截至2025年9 月30日止九个月期间，以饺子及云吞产品在零售及餐饮业的GMV计，袁记食品也是中国最大的饺子云 吞企业。 编辑：吴祈 审核：林夕合 【来源：白鹿视频、智通财经】 据了解，袁记食品旗下拥有餐饮品牌"袁记云饺"和零售品牌"袁记味享"。据其招股 ...

Core Viewpoint - Yuanji Food has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to become the "first stock of Chinese dumplings and wontons" with a network of 4,266 stores across over 200 cities in China and international markets like Singapore and Thailand [2] Group 1: Store Scale and Operational Efficiency - Yuanji Food's rapid expansion has led to a paradox where the number of stores has doubled, but key efficiency metrics are declining, indicating a "scale diseconomy" [5][6] - As of September 30, 2025, Yuanji Food operates 4,266 stores, a 114% increase from 1,990 stores at the beginning of 2023, primarily driven by a franchise model where 99.6% of stores are franchises [6][7] - The average GMV per order has decreased by 12.8% to 22.79 yuan, reflecting reduced consumer spending or a shift to lower-priced products, while daily average GMV per store fell by 5.4% [8] Group 2: Franchisee Sentiment and Systemic Confidence Crisis - The growth engine of Yuanji Food is showing signs of fatigue, with a significant drop in new franchisees and an increase in store closures, raising concerns about the sustainability of its business model [11][12] - The ratio of new franchise openings to closures has deteriorated from a healthy 15:1 to 3:1, indicating a troubling trend where for every three new stores, one closes [14] - The long investment return periods for franchise models (20.32 months for economy stores and 33.69 months for standard stores) are causing franchisees to exit before recouping their investments, leading to a crisis of confidence [15] Group 3: Valuation Bubble and Governance Concerns - Despite operational fatigue, Yuanji Food's valuation has surged dramatically, raising questions about the sustainability of its IPO amid concerns of "capital-driven" growth and complex related-party transactions [19][20] - The company's valuation increased from 2 billion yuan in 2023 to 3.509 billion yuan in just a few months, while operational performance has not shown significant improvement [20] - Related-party transactions have raised serious concerns about independence and fair pricing, with procurement from related parties increasing by 131% from 2023 to 2025 [21][22]

Core Viewpoint - Yuanji Food Group, the parent company of Yuanji Dumpling, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed Chinese dumpling and wonton company [1][15]. Financial Performance - For the first three quarters of 2023-2025, Yuanji Food reported total revenues of 2.026 billion, 2.561 billion, and 1.982 billion yuan, with Yuanji Dumpling contributing approximately 97% to total revenue [1][15]. - The company's gross profit margins were 25.9%, 23.0%, and 24.7% respectively, and adjusted net profits were 179 million, 180 million, and 192 million yuan during the same periods [1][15]. Store Expansion - As of September 30, 2025, Yuanji Food operated 4,266 Yuanji Dumpling stores across over 200 cities in 32 provinces, including international locations in Singapore and plans for Thailand, Malaysia, and the UK [1][15]. - The company has three types of store models: fresh food stores, cooked food stalls, and mixed-service stores, with 3,333 dine-in stores making up 78.1% of total outlets [5][18]. Operational Challenges - The average daily GMV per store decreased from 24.69 yuan to 22.79 yuan, reflecting a 12.8% decline compared to 2023 [2][16]. - The average daily orders per store increased only slightly by 2.5%, while the average daily GMV fell by 5.4% compared to 2024 [2][16]. Franchise Dynamics - The number of new franchisees dropped significantly, with only 109 new franchisees and 321 new stores added in the first three quarters of 2025, compared to 300 new franchisees and 803 new stores in the previous year [6][19]. - The ratio of new franchise openings to closures fell from 15:1 to 3:1, indicating a challenging environment for franchisees [6][19]. Market Strategy - The company has accelerated its expansion into lower-tier cities, with over 1,000 stores in these markets, which account for 26.6% of total stores [9][22]. - However, the lower consumer spending power in these markets raises concerns about franchisee profitability and return on investment [9][22]. Investment and Valuation - Yuanji Food raised 300 million yuan in its A-round financing in 2023, with a post-money valuation of 2 billion yuan, and later raised 150 million yuan in B-round financing, increasing its valuation to 2.5 billion yuan [10][23]. - The company's valuation surged by 40.4% to 3.509 billion yuan within three months, raising questions about potential market manipulation by institutional investors [11][24]. Related Transactions - The company has seen a significant increase in transactions with related parties, with procurement from six associated companies rising from 42.025 million yuan to 97.221 million yuan, a 131.3% increase [11][24]. - These related companies are closely linked to the founder's wife, raising concerns about the transparency of these transactions [11][24].

Core Viewpoint - Yuanji Food Group has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to expand its market presence and capitalize on growth opportunities in the Chinese and overseas markets [1] Group 1: Company Overview - Yuanji Food is the largest Chinese fast-food enterprise and the largest dumpling and wonton company in China based on GMV in retail and dining [1] - The company operates two brands: "Yuanji Wontons" focusing on community stores and "Yuanji Weixiang" targeting retail scenarios [3] - As of September 2025, Yuanji Food plans to have a total of 4,266 stores globally, with a significant presence in mainland China [3] Group 2: Market Expansion - The company has begun its overseas expansion, with 53 stores outside mainland China, primarily in Hong Kong and Macau, and plans to enter Singapore and Thailand [4] - Part of the IPO proceeds will be used to enhance overseas supply chain construction and explore potential investment and acquisition opportunities in Southeast Asia, East Asia, Europe, and North America [4] Group 3: Financial Performance - The total number of orders increased from 183 million in 2023 to 253 million in 2024, with GMV rising from 4.772 billion to 6.248 billion yuan, a growth of 30.9% [6] - Revenue for 2023 and 2024 was 2.026 billion and 2.561 billion yuan, respectively, with a year-on-year growth of 26.4% [9] - The adjusted net profit for 2023, 2024, and the first nine months of 2025 was 178 million, 180 million, and 192 million yuan, with adjusted net profit margins of 8.8%, 7%, and 9.7% [12] Group 4: Operational Challenges - The rapid expansion through the franchise model has led to food safety issues, highlighted by a consumer incident involving a worm found in a dish [7] - Complaints regarding food safety have surged, with 382 complaints reported on the Black Cat Complaints platform, prompting the company to enhance its food safety measures [7][8] - The company operates five self-owned factories and a comprehensive cold chain storage network, ensuring supply chain efficiency [8] Group 5: Revenue Model - The primary revenue source for Yuanji Food comes from selling ingredients to franchisees, with over 95% of revenue derived from product sales [9] - The cost of goods sold is significantly high, with raw material costs comprising over 85% of total sales costs [9] - Marketing expenses remain low, consistently under 5% of total revenue [11]

Core Viewpoint - Yuanji Food Group, known as the largest dumpling and wonton enterprise in China, has submitted its main board listing application to the Hong Kong Stock Exchange, driven by rapid expansion and a franchise model [1] Group 1: Business Expansion - As of September 30, 2025, the total number of global stores reached 4,266, a 114.4% increase from 1,990 stores at the beginning of 2023, making it the largest Chinese fast-food enterprise by store count [3] - The company operates under a dual-brand strategy with "Yuanji Wontons" focusing on dine-in, takeout, and delivery, while "Yuanji Weixiang" targets pre-packaged products and B2B channels [3] - The franchise model accounts for over 95% of the stores, with an average of 2.06 stores operated by each of the 2,065 franchisees [3] Group 2: Financial Performance - Revenue increased from 2.026 billion yuan in 2023 to 2.561 billion yuan in 2024, reflecting a compound annual growth rate of 26.4%, with 1.982 billion yuan in revenue for the first three quarters of 2025, a year-on-year increase of 11.0% [3] - Despite revenue growth, net profit declined from 166 million yuan in 2023 to 142 million yuan in 2024, a decrease of 15.0%, with adjusted net profit remaining stable at 180 million yuan [4] - The gross margin fell from 25.9% in 2023 to 23.0% in 2024, which is below the industry average of 28%-32% for leading Chinese fast-food companies [4] Group 3: Quality Control and Governance Issues - The rapid expansion through franchising has led to food safety incidents, including reports of foreign objects found in food, raising concerns about quality control [5] - In 2025, the company is expected to procure 146 million yuan from related parties, which raises questions about cost transparency despite adherence to fair pricing principles [6] - The founder controls 82.54% of the company's shares, which may lead to insufficient checks and balances in decision-making [6]

Core Insights - Yuanji Food has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first stock of Chinese fast food" [2][4] - The company has grown from a 5-square-meter stall in Guangzhou to over 4,200 stores globally, showcasing a remarkable entrepreneurial journey [2][6] - The brand emphasizes "handmade packaging" as a core concept, integrating traditional craftsmanship with modern chain management to create a robust operational system [3][10] Financial Performance - Revenue increased from 2.026 billion RMB in 2023 to 2.561 billion RMB in 2024, marking a growth of 26.4% [4][5] - For the first three quarters of 2025, revenue reached 1.982 billion RMB, showing an 11% year-on-year increase [4][5] - Adjusted net profit for the first nine months of 2025 grew by 31% to 192 million RMB, indicating a steady acceleration in profitability [4] Market Presence - As of September 30, 2025, Yuanji Food operates 4,266 stores worldwide, making it the largest Chinese fast food and dumpling brand by store count [6] - The company has expanded into international markets, including Singapore and Thailand, while maintaining a strong presence across all 32 provincial-level regions in China [6][27] Growth Drivers - Total GMV surged from 4.772 billion RMB in 2023 to 6.248 billion RMB in 2024, a 31% increase [7] - The growth is driven by a dual engine: a significant rise in the takeaway business, which saw a 46.6% increase in GMV for the first three quarters of 2025 [7][9] - The retail brand "Yuanji Weixiang" has also shown impressive growth, with a 46% increase in revenue for the first three quarters of 2025 [9][12] Investment and Capitalization - Yuanji Food has completed three rounds of financing from notable investment firms, including Black Ant Capital and Yihai Kerry, which supports its expansion and supply chain enhancement [9][28] - The IPO proceeds are intended for digitalization, supply chain upgrades, overseas market expansion, and brand development, indicating a clear path for capital utilization [9][28] Operational Strategy - The company employs a "restaurant-retail integration" model, with two brands: "Yuanji Cloud Dumplings" for dining and takeaway, and "Yuanji Weixiang" for pre-packaged products [11][12] - A diverse store model allows for flexible entry into various commercial environments, enhancing operational efficiency [16][14] - The supply chain is managed through five modern factories and 24 self-operated warehouses, ensuring rapid response and high efficiency [17] Product Strategy - The dumpling and wonton series contribute over 80% of store GMV, with popular items like "Fresh Shrimp and Crab Wonton" and "Corn and Pork Dumplings" achieving significant sales [20] - The pricing strategy targets the mainstream consumer segment, with average meal prices positioned competitively [20] Franchise Model - The franchise system is characterized by "existing franchisees opening new stores," fostering a self-reinforcing growth cycle [21] - As of September 30, 2025, 99.6% of the stores are franchise-operated, with franchisees managing an average of 2.06 stores each [21] Digital Engagement - The company has over 35 million members, with a high member retention rate of 32.3% in the last twelve months [22][23] - Digital tools are utilized for precise marketing and customer engagement, enhancing brand loyalty [24] Market Expansion Strategy - The market strategy focuses on consolidating the existing base, penetrating lower-tier cities, and cautiously expanding overseas [25][27] - The company has seen significant growth in northern markets, leveraging its standardized offerings to penetrate regions with strong dumpling consumption habits [27] Conclusion - Yuanji Food exemplifies a successful integration of traditional craftsmanship with modern business practices, redefining the Chinese fast food landscape [29][30] - The upcoming IPO marks the beginning of a new competitive phase, with the company poised to strengthen its market position and expand its cultural narrative globally [30]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the market index [1]. Core Insights - The food and beverage industry is expected to benefit from the extended Chinese New Year stocking period, which may lead to improved performance in Q1 2026 [5]. - The raw milk price has been stabilizing at a low level, with the average price at 3.02 CNY/kg as of January 8, 2026, indicating a potential turning point in supply and demand dynamics [5]. - The secondary market performance showed a decline of 2.10% in the food and beverage sector, underperforming the CSI 300 index by 1.53 percentage points [10]. - Key companies such as Yuanji Food and Jinxing Beer have submitted applications for listing on the Hong Kong Stock Exchange, indicating growth and expansion in the sector [53]. Summary by Sections 1. Secondary Market Performance - The food and beverage sector experienced a decline of 2.10%, ranking 25th among 31 sectors [10]. - The top five gainers included CITIC Nia, Good Idea, and others, with gains ranging from 5.05% to 8.85% [10]. 2. Major Consumer Goods and Raw Material Prices - As of January 9, 2026, the retail price of fresh milk was 12.18 CNY/liter, and yogurt was 15.88 CNY/kg, showing slight increases [26]. - The price of live pigs was 12.78 CNY/kg, with a week-on-week increase of 1.19% [26]. 3. Industry Dynamics - Yuanji Food reported revenues of 2.026 billion CNY and 2.561 billion CNY for 2023 and 2024, respectively, with a net profit increase of 31% in the first nine months of 2025 [53]. - Jinxing Beer achieved revenues of 3.56 billion CNY and 7.30 billion CNY for 2023 and 2024, respectively, with a significant increase in net profit [53].

Group 1: Market Activity - A total of 26 companies submitted applications to the Hong Kong Stock Exchange last week, marking a recent high in submissions [2] - Among the 26 companies, 3 passed the hearing, and 1 company is currently in the process of an IPO [10][12] Group 2: Industry Highlights - The semiconductor and computing sectors are particularly active, with companies like Weizhao Semiconductor and Placo Electronics submitting applications [2] - Weizhao Semiconductor reported a revenue of 615 million yuan and a profit of 40.25 million yuan for the first nine months of 2025 [2] - Placo Electronics achieved a revenue of 751 million yuan and a profit of 76.11 million yuan for the same period [2] Group 3: Robotics Sector - Several robotics companies, including Yifei Intelligent and Estun, are also pursuing listings [3] - Estun is ranked first in the industrial robotics sector by revenue, with a market share of 1.7% globally [3] - TuoStar is recognized as a leader in the domestic industrial robotics market, with a revenue of 1.688 billion yuan and a net profit of 47 million yuan for the first nine months of 2025 [3] Group 4: Biopharmaceutical Sector - Multiple biopharmaceutical companies are applying for listings, including Zeling Bio and Exegenesis Bio Inc. [4][5] - Zeling Bio reported a loss of 1.19 million yuan for the first nine months of 2025, while Exegenesis Bio has not yet received regulatory approval for its products [5][6] - Shanghai Shengsheng achieved a revenue of 538 million yuan and a net profit of 11.3 million yuan for the same period [4] Group 5: Food and Beverage Sector - The food and beverage sector is seeing significant activity, with companies like Yuanji Food and Qian Dama submitting applications [7] - Yuanji Food reported an adjusted net profit of 192 million yuan for the first nine months of 2025, a 31% increase year-on-year [7] - Qian Dama achieved a GMV of 14.8 billion yuan in 2024, maintaining its position as the top player in the community fresh product retail chain industry [7] Group 6: New Listings - Four new stocks were listed last week, with all experiencing price increases on their first trading day [13] - The stock of Howie Group, a global leader in CMOS image sensors, rose by 16.22% on its debut [13] - Zhaoyi Innovation, a storage chip leader, saw its stock price increase by 38.27% on its first day of trading [13]

Group 1: Yuanji Food - Yuanji Food Group submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese and global fast-food enterprise, focusing on handmade dumplings and wontons, with 4,266 stores across China and Southeast Asia as of September 30, 2025 [3] - The gross merchandise value (GMV) for Yuanji Food's stores was 4.772 billion yuan in 2023 and 6.247 billion yuan in 2024, representing a year-on-year growth of 30.9% [3] - Revenue for Yuanji Food was 2.026 billion yuan in 2023 and 2.561 billion yuan in 2024, with a year-on-year growth of 26.4% [4] Group 2: Qian Dama - Qian Dama International Holdings submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [5] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and a convenient shopping experience, leading the community fresh retail market in South China with a GMV of approximately 9.8 billion yuan in 2024 [5][6] - As of September 30, 2025, Qian Dama operated 2,938 community stores across 14 provinces and municipalities in China [6] - Revenue for Qian Dama was 11.744 billion yuan in 2023 and 11.787 billion yuan in 2024, with a gross margin of 10.2% in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [8] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [8][9] - The GMV for Big Pizza was 1.7 billion yuan in the first three quarters of 2025, ranking first among local pizza restaurants in China [9] - Revenue for Big Pizza was 944 million yuan in 2023 and 1.147 billion yuan in 2024, with a significant increase of 66.6% to 1.389 billion yuan in the first three quarters of 2025 [10] Group 4: Zeling Bio - Chengdu Zeling Biomedical Technology submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [12] - Founded in 2019, Zeling Bio focuses on developing differentiated small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [12] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase III clinical trials [12][13] Group 5: Exegenesis Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with CCB International as the sole sponsor [15] - Founded in 2019, Exegenesis Bio specializes in gene therapy and oligonucleotide drugs, with a focus on innovative delivery systems [15][16] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [16] Group 6: Yuyuantang - Harbin Yuyuantang Traditional Chinese Medicine Clinic Group submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [17] - Established in 2018, Yuyuantang provides a full lifecycle treatment model for traditional Chinese medicine, operating 48 licensed medical institutions in Northern China as of January 6, 2026 [17][18] - Revenue for Yuyuantang was 150 million yuan in 2023 and 215 million yuan in 2024, with a significant increase of 96.6% to 284 million yuan in the first three quarters of 2025 [18] Group 7: Laoxiangji - LXJ International Holdings updated its prospectus for the Hong Kong Stock Exchange, continuing its listing process with CICC and Guotai Junan as joint sponsors [19] - Founded in 2003, Laoxiangji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [19][20] - Revenue for Laoxiangji was 4.528 billion yuan in 2022, 5.651 billion yuan in 2023, and 6.288 billion yuan in 2024, with a 10.9% increase to 4.578 billion yuan in the first eight months of 2025 [20][21] Group 8: Immvira Bioscience - Immvira Bioscience updated its prospectus for the Hong Kong Stock Exchange on January 14, 2026, with Citigroup and CICC as joint sponsors [22] - Immvira is a biotechnology company with a focus on oncolytic immunotherapy candidates and innovative engineered exosome therapeutic products [22] - The core product MVR-T3011 targets a wide range of solid tumors, including bladder cancer and head and neck squamous cell carcinoma [22]

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and A-shares, highlighting several companies that have submitted their prospectuses for listing on the Hong Kong Stock Exchange. Group 1: Yuanji Food - Yuanji Food Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, aiming for a main board listing, with Huatai International and GF Securities as joint sponsors [3] - Established in 2017, Yuanji Food has become the largest Chinese fast-food enterprise globally and the largest dumpling and wonton company in China, focusing on "handmade, freshly wrapped and cooked" products [3] - As of September 30, 2025, Yuanji Food operated 4,266 stores across China and Southeast Asia, with a GMV of 47.72 billion yuan in 2023 and 62.47 billion yuan in 2024, representing a year-on-year growth of 30.9% [4] Group 2: Qian Dama - Qian Dama International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 12, 2026, with CICC and Agricultural Bank of China International as joint sponsors [6] - Founded in 2014, Qian Dama focuses on providing fresh, high-quality products and has pioneered the "discount day clearance" sales model, becoming the absolute leader in the community fresh food retail market in South China [6] - As of September 30, 2025, Qian Dama had 2,938 community stores across 14 provinces, with a GMV of 148 billion yuan in 2024 [7] Group 3: Big Pizza - Big Restaurant International Holdings Limited submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with Bank of China International as the sole sponsor [10] - Established in 2002, Big Pizza operates 342 stores across 28 provinces and cities in China, with plans to open approximately 610 to 790 new stores from 2026 to 2028 [10] - In the first three quarters of 2025, Big Pizza achieved a GMV of 17 billion yuan, ranking first among domestic pizza restaurants [10] Group 4: Zeling Bio - Chengdu Zeling Biopharmaceutical Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 13, 2026, with Jefferies and CICC as joint sponsors [14] - Founded in 2019, Zeling Bio focuses on developing innovative small molecule therapies for unmet medical needs in blood system diseases, tumors, and CNS diseases [14] - As of January 5, 2026, Zeling Bio has established a pipeline of eight proprietary assets, including two core products in Phase 3 clinical trials [14] Group 5: Jia Yin Bio - Exegenesis Bio Inc. submitted its prospectus to the Hong Kong Stock Exchange on January 14, 2026, with Jianyin International as the sole sponsor [18] - Founded in 2019, Jia Yin Bio specializes in gene therapy and oligonucleotide drugs, with a focus on developing a diverse and scalable product pipeline [18] - The core candidate product EXG001-307 is a potential best-in-class therapy for spinal muscular atrophy (SMA) type 1, currently in the registration clinical trial phase [19] Group 6: Yu Yan Tang - Harbin Yu Yan Tang Traditional Chinese Medicine Clinic Group Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange on January 16, 2026, with 招银国际 and 国元国际 as joint sponsors [21] - Established in 2018, Yu Yan Tang provides a full lifecycle of TCM medical services, operating a network of 48 licensed medical institutions in northern China [21] - The company ranked fifth among private chain TCM service providers in China by total revenue in 2024, with a customer repurchase rate of 81.1% in the first three quarters of 2025 [22] Group 7: Lao Xiang Ji - LXJ International Holdings Limited updated its prospectus to continue the listing process on the Hong Kong Stock Exchange, with CICC and Guotai Junan as joint sponsors [24] - Founded in 2003, Lao Xiang Ji operates 1,658 stores across 61 cities in China, with a market share of 0.9% in the Chinese fast-food industry [24] - The company reported revenues of 45.28 billion yuan in 2022, 56.51 billion yuan in 2023, and 62.88 billion yuan in 2024, with a 10.9% increase in revenue in the first eight months of 2025 [26]