Core Viewpoint - Anjiu Food's stock price has shown fluctuations, with a recent increase of 2.02%, while the company faces a net outflow of funds and a decline in net profit year-on-year [1][3]. Company Overview - Anjiu Food Group Co., Ltd. is based in Xiamen, Fujian Province, and was established on December 24, 2001, with its listing date on February 22, 2017. The company specializes in the research, production, and sales of frozen foods, including products like fish tofu, fish balls, and various frozen dishes [2]. - The company's revenue composition includes 49.43% from frozen prepared foods, 31.77% from frozen dishes, 16.32% from frozen noodle and rice products, and 2.38% from agricultural products and others [2]. Financial Performance - As of September 30, 2025, Anjiu Food reported a revenue of 11.371 billion yuan, reflecting a year-on-year growth of 2.66%. However, the net profit attributable to shareholders decreased by 9.35% to 949 million yuan [3]. - The company has distributed a total of 3.219 billion yuan in dividends since its A-share listing, with 2.521 billion yuan distributed over the past three years [4]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 63,200, a rise of 78.56%, while the average circulating shares per person decreased by 43.98% to 4,641 shares [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.401 million shares, a decrease of 6.5391 million shares from the previous period [4].

Core Viewpoint - Anjuke Food Group Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming the first frozen food leader in China to achieve "A+H" listing, with an issue price of HKD 60.00 per share [1][4]. Group 1: IPO Details - The global offering of H-shares involved a base issuance of approximately 39.99 million shares, raising around HKD 23.9968 billion (approximately RMB 21.91 billion) [4]. - The company received significant interest from cornerstone investors, with total subscriptions amounting to USD 90 million (approximately HKD 7.06 billion or RMB 6.45 billion) [6]. - The funds raised will be allocated to five areas: 35% for expanding sales and distribution networks, 35% for enhancing procurement capabilities and optimizing the supply chain, 15% for digitalizing operations, 5% for product development and innovation, and 10% for working capital and general corporate purposes [6][7]. Group 2: Market Position and Financial Performance - Anjuke Food is the largest frozen food company in China, holding a market share of 6.6% as of 2024, with a strong position in various segments, including being the top player in frozen prepared foods and frozen dishes [7][10]. - The company reported revenues of approximately RMB 121.06 billion, RMB 139.65 billion, and RMB 150.30 billion for the years 2022, 2023, and 2024, respectively, with adjusted net profits of RMB 11.51 billion, RMB 15.20 billion, and RMB 16.15 billion during the same period [13][14]. - The gross profit margins for the years 2022, 2023, and 2024 were 21.2%, 22.6%, and 22.7%, respectively [13][14]. Group 3: International Expansion Strategy - Anjuke Food aims to enhance its international strategy, with overseas sales accounting for only 1.1% of total revenue in 2024 [15]. - The company plans to strengthen overseas sales channels and distribution networks, focusing on markets in Southeast Asia, Australia, North America, and Europe [16]. - The overseas expansion strategy includes global procurement and supply chain development, as well as establishing production facilities in overseas markets [18][19]. Group 4: Research and Development Capabilities - The company has established a nationwide R&D capability centered in Xiamen and Wuxi, with a focus on market-driven and technology-innovative strategies [20]. - Anjuke Food's R&D center is recognized as a national enterprise technology center, and it has a team of 508 professionals with 419 patents in China [21][23]. - The company plans to consolidate its leading position in the frozen food industry while enhancing profitability and expanding into overseas markets [25].