Sour Jujube Cake Goes IPO! National Snack Brand Qiyunshan Achieves Over 300 Million Yuan Revenue, Gross Margin Steadily Exceeds 48% | Hong Kong E Voice

AI · Secondary Listing on HKEX: How Will Qiyunshan Optimize Its Product Structure?

Source: Times Business Research Institute
Author: Times Business Research Institute

Image Source: TuChong Creative

Source | Times Business Research Institute
Author | Intern Yang Junwei
Editor | Zheng Lin

On March 13, 2026, Jiangxi Qiyunshan Food Co., Ltd. (hereinafter referred to as “Qiyunshan”) submitted a listing application to the Main Board of HKEX. This is the company’s second listing application, with Zhongtai International serving as the sole sponsor. Qiyunshan is a leading enterprise in China’s sour jujube food sector, focusing on the research, production, and sales of sour jujube snack foods.

According to the prospectus, Qiyunshan was originally established as Chongyi Food Factory in 1979. Its headquarters is located in Chongyi County, Ganzhou, Jiangxi, known as the “Hometown of South Sour Jujube” in China. It is a national key leading enterprise in agricultural industrialization and a high-tech enterprise. The company’s core product is sour jujube cake, complemented by sour jujube granules, slices, and other fruit and vegetable cakes. In 2024, revenue from sour jujube cake accounted for 85% of total revenue, making it the company’s main driver of performance. The company primarily sells through offline distributors and wholesale channels, establishing partnerships with 230 distributors, while also expanding online e-commerce channels to supplement sales.

According to a report by Zhuoshi Consulting, based on 2024 retail sales, Qiyunshan holds a 32.4% market share in China’s sour jujube food market, ranking first in the industry; it ranks ninth in the fruit snack market. Its sour jujube cake is the only product in China that has received green food certification for 29 consecutive years and also holds the geographic indication protection certification. The company also participates in setting local standards for sour jujube cake, giving it clear advantages in product quality and brand recognition.

Financially, Qiyunshan has demonstrated steady operational performance and stable profitability. From 2023 to 2025, the company’s revenue was 247 million yuan, 339 million yuan, and 314 million yuan, respectively. The core product, sour jujube cake, generated revenues of 209 million yuan, 294 million yuan, and 266 million yuan in those years, remaining the main source of income. Net profits for the same period were 23.7 million yuan, 53.2 million yuan, and 48.9 million yuan. Benefiting from channel expansion and increased market demand, profitability surged in 2024; although slightly declining in 2025, it remained at a healthy level. Over the past three years, gross profit margins were 48.8%, 48.6%, and 51.3%, consistently above 48%, reflecting strong cost control and product premium capabilities.

The prospectus discloses two main risks in Qiyunshan’s operations: first, the product structure is highly concentrated, with over 80% of revenue relying on a single product—sour jujube cake. Changes in consumer taste or the emergence of substitute products could impact sales and performance stability; second, capacity utilization is not yet saturated. In 2025, the core product’s capacity utilization was only 79.6%, indicating that existing capacity has not been fully utilized, which may pose future pressure on capacity expansion.

Funds raised from this IPO will be used for capacity expansion, product R&D, channel development, and working capital supplementation. As a leader in the sour jujube snack segment, if the company successfully lists on HKEX, it could leverage capital to further strengthen its market position, optimize product structure, and expand channels. Its subsequent operational adjustments and market expansion will continue to attract market attention.

Disclaimer: This report is for the exclusive use of Times Business Research Institute clients. Receipt of this report does not constitute a client relationship. It is prepared based on information deemed reliable and publicly available, but the company makes no guarantees regarding its accuracy or completeness. The opinions, assessments, and forecasts in this report reflect the views and judgments as of the date of publication only. The company does not guarantee that the information remains current and may modify it without notice; investors should monitor updates accordingly. While striving for objectivity and fairness, the opinions, conclusions, and recommendations are for reference only and do not constitute buy or sell recommendations. They do not consider individual investors’ specific investment objectives, financial situations, or needs and should not be the sole basis for investment decisions. The company and authors are not responsible for any consequences arising from reliance on this report. To the extent permitted by law, the company and its affiliates may hold securities of the companies mentioned and engage in related transactions, including providing or seeking investment banking, financial advisory, or financial products services. All copyrights are owned by the company. No organization or individual may reproduce, copy, publish, quote, or redistribute this report in any form without written permission. If quoting or publishing with permission, it must be within the scope allowed, with attribution to “Times Business Research Institute,” and must not distort, omit, or modify the original meaning. The company reserves the right to pursue legal responsibility. All trademarks, service marks, and logos used in this report are owned by the company.