New stock news | Anjoy Foods Group (603345.SH) submits application to Hong Kong Stock Exchange, ranking first in China's frozen and prepared food market.

According to the disclosure by the Hong Kong Stock Exchange on January 20, Anjoy Foods Group Limited (603345.SH) (hereinafter referred to as "Anjoy Foods Group") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and Goldman Sachs as its joint sponsors. The prospectus shows that Anjoy Foods Group belongs to the frozen food industry, and the company is committed to providing delicious, high-quality and convenient food in various consumption scenarios such as home, restaurants, and dining out. According to Frost & Sullivan data, based on 2023 revenue, the company is the largest frozen food company in China, with a market share of 6.2%. In 2023, the company ranked first in the Chinese frozen prepared food market with a market share of 12.7%, which is about four times that of the second place; the company ranked first in the Chinese frozen dish products market with a market share of 4.9%, surpassing the market share of the second to fourth places in that market. In terms of products, leveraging the company's strong product development capabilities, the company can continuously introduce industry-leading flagship products. In 2023, the company had 37 flagship products with revenues exceeding RMB 100 million. The "Fresh Lock" series launched by the company in 2019 is a landmark example of the company's product development. This product series uses small "fresh lock" packaging designed for individual and household consumers, successfully expanding the company's influence in the retail market. Since its launch, the performance of the "Fresh Lock" series has been outstanding, with annual sales exceeding RMB 1 billion starting from 2022 and maintaining strong growth momentum; its revenue growth reached 17.6% from 2022 to 2023, and then increased by 23.3% year-on-year in the nine months ended September 30, 2024, while the series maintained stable and impressive profitability. The company's customers are mainly distributors, key account customers, direct sales companies, new retail platforms, and individual end customers. In 2022, 2023, and the nine months ended September 30, 2024, sales revenue from the top five customers accounted for 8.0%, 6.4%, and 6.7% of the total company revenue respectively, and sales revenue from the largest customer accounted for 2.3 %, 1.9%, and 1.8% of the total revenue during the same period. The competition in China's frozen food industry is intense and fragmented, with the top five players holding a combined market share of approximately 15.0% in 2023 in terms of revenue. The company competes with many competitors in the industry, especially in the frozen prepared food, frozen dish products, and frozen noodles and rice products markets. With a continuously expanding and nationally recognized product portfolio, a nationwide sales network that covers all regions and channels, and excellent digital capabilities to enhance operational efficiency, the company believes it is well prepared to stand out in the industry competition and maintain a leading position in the frozen food industry. Financially, in the fiscal years 2022, 2023, and January-September 2024, Anjoy Foods Group recorded revenues of approximately RMB 12.106 billion, RMB 13.965 billion, and RMB 10.995 billion, respectively, with profits of approximately RMB 1.118 billion, RMB 1.501 billion, and RMB 1.062 billion during the same period.