CICC(601995) 证券时报网·2025-01-21 01:02Core Viewpoint - Company has submitted a listing application to the Hong Kong Stock Exchange, with CICC and Goldman Sachs as joint sponsors. It is the leading player in China's frozen food industry, focusing on providing delicious, high-quality, and convenient food across various consumption scenarios [1]. Group 1: Company Overview - Company is the largest frozen food company in China by revenue, holding a market share of 6.2% in 2023 [1]. - It ranks first in the frozen prepared food market with a market share of 12.7%, approximately four times that of the second-largest competitor [1]. - In the frozen dish products market, the company also ranks first with a market share of 4.9%, exceeding the combined market share of the second to fourth competitors [1]. - The company has developed a product portfolio covering three main categories: frozen prepared foods, frozen dish products, and frozen noodle and rice products [1]. - The company has a strong brand portfolio, including flagship brand "Anjii" and private labels "Frozen Mr." and "Anjii Kitchen," along with strategically acquired brands [1]. - The company has achieved a compound annual growth rate (CAGR) of approximately 20% in product sales from 2013 to 2023 [1]. Group 2: Industry Growth - The frozen prepared products industry in China has shown strong growth, with a CAGR of 5.6% from 2018 to 2023, reaching a market size of 55.3 billion yuan in 2023 [2]. - The industry is expected to grow at a CAGR of 7.6% from 2023 to 2028, driven by diverse dining methods and increasing demand for quality products [2]. - The frozen dish products industry is in its early stages but has experienced significant growth, with a CAGR of 60.1% from 2018 to 2023, reaching 80.1 billion yuan in 2023 [2]. - The industry is projected to maintain strong growth with a CAGR of 17.6% from 2023 to 2028 [2]. Group 3: Product Performance - The frozen noodle and rice products industry has entered a mature phase, with a CAGR of 4.7% from 2018 to 2023, reaching 81.6 billion yuan in 2023 [3]. - The company has 37 products generating over 100 million yuan in revenue [3]. - The "Fresh Lock" series launched in 2019 has significantly expanded the company's retail market presence, achieving over 1 billion yuan in annual sales since 2022, with a revenue growth of 17.6% from 2022 to 2023 and 23.3% year-on-year growth in the nine months ending September 30, 2024 [3]. Group 4: Distribution and Production - As of September 30, 2024, the company has over 760 distributors, contributing a total revenue of 6.4 billion yuan, accounting for over 70% of total revenue from distributors [4]. - Each distributor contributed an average revenue of approximately 5.8 million yuan in 2023, significantly higher than other leading companies in the frozen food industry [4]. - The company operates 13 production bases with an annual production capacity exceeding 1 million tons [5].