以下文章来源于天天IPO ，作者余梦莹 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 90后掌舵。 作者/余梦莹 报道/投资界-天天IPO 走过街角一家绿色招牌的饺子店，你大概会看到这样一幕：几位身着围裙的阿姨坐在后 厨，手速飞快地捏着饺子。不多时，热气腾腾地饺子就从锅里盛出。 现 在 ， 这 家 网 红 饺 子 云 吞 店 要 上 市 了 —— 投 资 界 获 悉 ， 2 0 2 6 年 伊 始 ， 袁 记 食 品 集 团 股 份有限公司（简称"袁记食品"）向港交所递交招股书，华泰国际和广发证券为联席保荐 人。 缔造它的是来自湖南的青年袁亮宏。早年开过手机店也卖过烤鸭，他在广州菜市场觉察 到现制饺子的商机，把一间小档口干成国内最大的饺子云吞企业，如今赴港上市。 "大寒小寒，吃饺子过年。" 每逢新春时节，一家老小围坐在一起包饺子，寓意辞旧迎 新。不过，来自南方的汤圆不甘示弱，共同构成了中国年夜饭桌上的风景线。 两位90后 干出一个饺子IPO 你可能不知道，掌舵袁记的其实是一位体育生。 1 9 9 0 年 出 生 于 湖 南 益 阳 ， 袁 亮 宏 从 小 就 对 做 生 意 充 满 热 ...

Core Viewpoint - Yuanji Food Group, a leading Chinese dumpling and wonton company, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on its rapid expansion and popularity in the market [5][9]. Company Overview - Founded by Yuan Lianghong in Guangzhou, Yuanji Food started as a small dumpling stall in 2012 and has grown to become the largest dumpling and wonton enterprise in China [6][7]. - The company operates under a franchise model, with over 95% of its stores being franchisee-owned, which has facilitated rapid scaling [15]. Financial Performance - In 2023, 2024, and the first three quarters of 2025, Yuanji Food reported revenues of 2.026 billion, 2.561 billion, and 1.982 billion RMB respectively, showing consistent growth [11]. - The company achieved a gross merchandise value (GMV) of 47.72 billion, 62.48 billion, and 47.89 billion RMB in the same periods, with a declining average order value from 26.5 RMB to 22.8 RMB [13][14]. - The gross profit margins were 25.9%, 23%, and 24.7% for the respective years, indicating a thin profit margin with an average profit of less than 1 RMB per dumpling sold [14]. Market Expansion - As of September 2025, Yuanji Food has expanded to 4,266 stores across over 200 cities in China and has opened five stores in Singapore, reflecting a significant geographical expansion [11]. - The company has seen a notable increase in its presence in lower-tier cities, with the proportion of stores in these areas rising from 19.8% to 26.6% [11]. Investment and Valuation - Yuanji Food has successfully completed multiple funding rounds, including a B+ round that raised 280 million RMB, leading to a valuation of 3.5 billion RMB [7][9]. - Major investors include Black Ant Capital and several industry capital firms, indicating strong investor confidence in the company's growth potential [7]. Business Model and Challenges - The company employs a "semi-industrialized and semi-handmade" approach, centralizing production in a kitchen in Foshan to standardize quality while maintaining the handmade aspect at the store level [7]. - However, the franchise model presents challenges in quality control and management, as evidenced by recent consumer complaints regarding product quality [15].

Core Viewpoint - Yuanji Food, the parent company of Yuanji Dumplings, has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise funds for digital transformation, overseas supply chain development, and brand building [1] Group 1: Business Model and Expansion - Yuanji Dumplings has a dual-brand strategy with "Yuanji Dumplings" focusing on dine-in, takeout, and delivery, while "Yuanji Weixiang" targets retail and B2B channels with pre-packaged products [2] - The company has introduced three standardized store models: "raw food takeout," "raw and cooked takeout," and "dine-in," enhancing market adaptability and penetration [2] - As of September 30, 2025, the company operates 4,266 stores globally, covering 32 provinces and regions in China, with significant growth in lower-tier cities [2][3] - The company has seen a remarkable increase in store numbers in the Northeast and Northwest regions, with growth rates of 262% and 51% respectively [2] Group 2: Financial Performance - In the first nine months of 2025, Yuanji Food's external sales (GMV) reached 2.136 billion yuan, a 46.6% increase from 1.457 billion yuan in the same period of 2024, with the proportion of external sales in total GMV rising from 32.4% to 44.6% [3] - The company has established a fully integrated supply chain system, ensuring stable and high-quality raw material supply through efficient cold chain logistics [4] - As of September 30, 2025, the company has 4,247 franchise stores and 2,065 franchisees, indicating a robust franchise operation system [5] - The company's revenue and profit have shown steady growth, with revenues of 2.026 billion yuan in 2023 and 2.561 billion yuan in 2024, and a net profit of 192 million yuan in the first nine months of 2025, up 31% year-on-year [6] Group 3: Market Outlook - The Chinese fast-food market is expected to grow at a compound annual growth rate of 8.0%, reaching a market size of 1.2853 trillion yuan by 2030, with the dumpling and wonton segment projected to reach 285.7 billion yuan [7] - Yuanji Food plans to deepen its presence in the domestic market while expanding into low-density markets, leveraging its established market presence and competitive pricing [7] - The company has initiated global expansion, opening five stores in Singapore and preparing to enter Southeast Asia, East Asia, Europe, and North America, with the international Chinese cuisine market projected to reach 445.2 billion USD by 2027 [8]

Core Viewpoint - Yuanji Yunjiao has rapidly expanded its store network through a dual-brand strategy, focusing on a "restaurant + retail" integrated model, but faces challenges in profitability and cost control due to its heavy reliance on the franchise model [1][2][3]. Business Model and Strategy - The company operates under a dual-brand strategy with Yuanji Yunjiao and Yuanji Weixiang, emphasizing "handmade, freshly packaged" products and aiming for a comprehensive "restaurant + retail" model [1]. - As of September 30, 2025, the company has 4,266 stores globally, with over 95% being franchise outlets, covering 32 provinces in China and international markets like Singapore and Thailand [1]. Revenue and Growth - 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% [2]. - The revenue growth is primarily driven by store expansion, with the total number of stores increasing by 114.4% from 1,990 at the beginning of 2023 to 4,266 by September 30, 2025 [2]. - However, revenue growth is expected to slow significantly in 2025, with a year-on-year increase of only 11.0% compared to 26.4% in 2024, indicating diminishing returns from store expansion [2]. Profitability and Financial Performance - Net profit decreased by 15.0% from 167 million yuan in 2023 to 142 million yuan in 2024, despite revenue growth [3]. - The adjusted net profit remained stable at 180 million yuan in 2024, primarily due to a reduction in share-based payments [3]. - The decline in profitability is attributed to a 2.9 percentage point drop in gross margin, a 63.6% increase in sales and marketing expenses, and a 20.2% rise in administrative expenses [3]. Gross Margin and Cost Structure - The gross margin fell from 25.9% in 2023 to 23.0% in 2024, with a slight recovery to 24.7% in the first three quarters of 2025 [4]. - The decline in gross margin is mainly due to rising raw material costs, which increased from 86.4% to 87.5% of revenue, and supply chain cost pressures from rapid store expansion [4]. Net Margin and Quality of Earnings - The net margin decreased from 8.2% in 2023 to 5.5% in 2024, with a recovery to 7.2% in the first three quarters of 2025 [5]. - Adjusted net margins showed relative stability but indicated volatility in true profitability due to significant non-recurring expenses [5]. Revenue Composition - Yuanji Yunjiao brand accounted for 96.6% of revenue in the first three quarters of 2025, indicating a heavy reliance on the franchise model and slow retail business expansion [6]. Market Expansion and Customer Base - The proportion of stores in first-tier cities decreased from 58.1% in 2023 to 51.0% in 2025, while the share in lower-tier cities increased from 19.8% to 26.6%, reflecting successful penetration into lower-tier markets [7]. Related Party Transactions - The company is expected to procure 146 million yuan worth of goods from related parties in 2025, raising concerns about the fairness of pricing and transparency in transactions [8]. Financial Challenges - The current ratio declined from 1.3 to 1.2 between 2023 and 2024, indicating weakened short-term liquidity [9]. - Inventory turnover days fluctuated significantly, reflecting instability in supply chain management efficiency [9]. Industry Comparison - Despite being the largest Chinese fast-food chain by store count, the company's profitability lags behind peers, with an adjusted net margin of 7.0% compared to 10-15% for leading competitors [10]. - The average daily GMV per store is approximately 4,300 yuan, lower than the 6,000-8,000 yuan range of top-tier companies [10]. Supplier Concentration - The top five suppliers accounted for 30.9% of procurement in the first three quarters of 2025, with pork purchases making up about 35% of total costs, highlighting risks associated with raw material price fluctuations [11]. Ownership Structure - The Yuan family holds 82.54% of the company's shares, leading to concentrated decision-making power and potential risks related to related party transactions [12]. Management Team - The management team has extensive experience in the restaurant industry but lacks senior financial expertise, which may impact financial risk management [13].