Selling Southern Sour Jujube Cake Generates Over 300 Million Yuan Annually, China's Largest Southern Sour Jujube Food Brand Qiyun Mountain Files for Hong Kong IPO, Gross Profit Margin Exceeds 51%

According to recent disclosures by the Hong Kong Stock Exchange, Jiangxi Qiyunshan Food Co., Ltd. has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Zhongtai International serving as the exclusive sponsor.

Summary | Prospectus  Editor | Arti

This article is for informational purposes only and does not constitute any trading advice.

According to the prospectus, Qiyunshan is a Chinese snack company primarily selling products made from Chinese jujube fruit. Based on data from Zhuoshi Consulting, in 2024, by retail sales, the company holds a 32.4% share of the Chinese Chinese jujube snack market, ranking first in the industry. Since 1997, the company’s flagship product, Chinese jujube cake, has been certified as “Green Food” by the China Green Food Development Center for 29 consecutive years and was recognized as a national geographical indication protected product in 2018.

Qiyunshan launched its first Chinese jujube cake in 1992. Over the years, the company’s product portfolio has expanded to include four other jujube snack varieties and other fruit and vegetable cakes. The company has been recognized as a high-tech enterprise and a key leading enterprise in agricultural industrialization at the national level.

The company’s headquarters is located in Chongyi County, Jiangxi Province. Chongyi County has been awarded the exclusive title of “Hometown of Chinese Jujube” by the National Forestry and Grassland Administration. The company benefits from priority access to jujube resources near its production facilities, enabling it to maintain supply chain efficiency while minimizing spoilage from long-distance transportation and reducing transportation costs.

According to Zhuoshi Consulting, China’s snack market is highly fragmented. In fiscal year 2024, the combined market share of the top five and top ten companies by retail sales was only 5.9% and 10.4%, respectively. The Chinese fruit snack market size is approximately RMB 99.5 billion, accounting for 7.4% of the total snack market in China. By retail sales in fiscal year 2024, the company ranked ninth in the Chinese fruit snack industry with a 0.6% market share.

As of the latest practical date, Qiyunshan has two main Chinese jujube products: Chinese jujube cake and Chinese jujube granules. Other products include jujube jelly, jujube soft candies, jujube jelly, and other fruit and vegetable cakes (including navel orange, green plum, loquat, and water chestnut). In addition to selling jujube products, during the historical period, the company also provided branding and marketing services related to its Camellia oil products to Qiyunshan Camellia Oil.

Qiyunshan has a comprehensive offline distribution network that has penetrated the South China market. During the historical period, the company cooperated with 162, 199, and 230 offline distributors, respectively. In fiscal years 2023, 2024, and 2025, revenue generated from offline distributors accounted for approximately 85.0%, 88.4%, and 86.3% of the company’s total annual revenue.

During the same period, the company also mainly sold a small amount of products through self-operated counters at its Chongyi County production facilities. In fiscal years 2023, 2024, and 2025, direct offline sales accounted for about 0.6%, 0.9%, and 1.8% of total annual revenue.

To supplement offline channels, the company also sells its products through online channels. In the direct online sales model, the company sells directly to consumers via its own online stores; or in the online direct sales model, the company sells products to online distributors, who then resell them through their own platforms or online stores.

In fiscal years 2023, 2024, and 2025, revenue from online distributors accounted for approximately 1.2%, 0.7%, and 0.7% of the company’s total annual revenue; while revenue from online direct sales accounted for about 12.8%, 9.7%, and 10.9%, respectively.

Financially, Qiyunshan’s total revenue increased from RMB 247 million in fiscal year 2023 to RMB 339 million in fiscal year 2024, then slightly decreased to RMB 314 million in fiscal year 2025. Since the 2025 Lunar New Year fell in January, seasonal sales were recognized by the end of fiscal year 2024. In contrast, the 2026 Lunar New Year occurs in February, leading to related sales growth reflected at the beginning of 2026.

During the historical period, the company’s gross profit was RMB 120 million, RMB 165 million, and RMB 161 million in fiscal years 2023, 2024, and 2025, respectively, with gross profit margins of 48.8%, 48.6%, and 51.3%. Net profit for these years was RMB 23.7 million, RMB 53.2 million, and RMB 48.9 million.

The funds raised from the Hong Kong IPO will be used to expand the company’s business, specifically including: expanding production and storage facilities; enhancing R&D capabilities; developing e-commerce infrastructure and online marketing expenses; expanding offline sales and distribution networks in existing and new markets in China; additional working capital; and other general corporate purposes.

Author’s statement: Content quoted from external media.