Fruit Retailer Shenzhen Pagoda Past IPO Hearing

Consumer Staples Author: 杨斯怡, He Peilin Editor: YiranXing Dec 27, 2022 05:59 PM (GMT+8)

Fruit retailer Shenzhen Pagoda Industrial (Group) Corporation Limited passed the IPO hearing on December 21 and will be listed on Hong Kong Stock Exchange.


Fruit retailer Shenzhen Pagoda Industrial (Group) Corporation Limited (Chinese: 百果园) passed the IPO hearing recently and will be listed on Hong Kong Stock Exchange.

Founded in 2001, Pagoda is a large-scale chain enterprise integrating fruit procurement, planting support, post-harvest preservation, logistics storage, standard classification, marketing development, brand operation, store retail, information technology, financial capital, and scientific research and education. Pagoda has a total of 5,351 stores in over 130 cities across China, among which 5,336 were franchised stores and 15 were self-operated stores.

According to the prospectus, Pagoda's revenues in 2019, 2020, and 2021 were CNY 8.976 billion (USD 1.289 billion), CNY 8.854 billion, and CNY 10.289 billion respectively; the gross profit was CNY 876 million, CNY 807 million, and CNY 1.156 billion, and the gross margin stood at 9.8%, 9.1%, and 11.2% respectively.

In the first half of 2022, Pagoda's revenue was CNY 5.915 billion, up 7% from year-over-year; its operating profit was CNY 230 million, up from CNY 190 million in the same period last year. Revenue from franchised stores in the first half of 2022 reached CNY 4.6 billion, accounting for 80.3% of Pagoda's total revenue; revenue from self-operated stores was CNY 31.69 million, constituting 0.6% of the total; revenue from regional agents amounted to CNY 563 million, making up 9.8% of the total.

The competitors of Pagoda include Hongjiu Fruit (Chinese:洪九果品), Xianfeng Fruit (Chinese: 鲜丰水果), and Xian Guoyuan (Chinese: 鲜果园).