Futu News, July 8: $QIYUNSHAN FOOD (02797.HK)$The grey market price has surged 90%, trading at HK$15.20. With a board lot size of 500 shares, an investor would make HK$3,600 per lot, excluding transaction fees.
Source of Market Data: Futu Securities
Company Overview
Qiyunshan Food is a Chinese fruit snack company primarily engaged in the sale of Nan Suan Zao (Southern Jujube) food products. According to Frost & Sullivan, in 2025, the company held a 29.0% share of China’s Nan Suan Zao food market by retail sales, ranking first in the industry. Since 1997, the company’s flagship product, Nan Suan Zao Cake, has been continuously certified as a 'Green Food' by China Green Food Development Center for 30 consecutive years and received the 'National Geographical Indication Protected Product' certification in 2018.
The company launched its first Nan Suan Zao Cake—its flagship product—in 1992. Over the years, it has continually refined its formula and improved production processes. The company’s commitment to research and development is evident in its upgraded equipment and expanded product portfolio. These efforts span all aspects of production and product development, including the industrialization of Nan Suan Zao, as well as the application of key technologies and equipment.
Financial Highlights
Qiyunshan Food’s total revenue increased from RMB 246.7 million in fiscal year 2023 to RMB 339.1 million in fiscal year 2024. This growth was primarily attributable to the expansion of the company’s distribution network. Total revenue slightly decreased from approximately RMB 339.1 million in fiscal year 2024 to RMB 313.7 million in fiscal year 2025.
During the historical financial periods, the company’s gross profit amounted to RMB 120.4 million, RMB 164.9 million, and RMB 161.0 million in fiscal years 2023, 2024, and 2025, respectively, with corresponding gross margins of 48.8%, 48.6%, and 51.3%. Net profit for fiscal years 2023, 2024, and 2025 was RMB 23.7 million, RMB 53.2 million, and RMB 48.9 million, respectively.
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Editor/Deng