Report on Growth Drivers of Yuanji Food's 2025 Performance

Based on the information I obtained, the growth drivers of Yuanji Food’s performance in the first 8 months of 2025 mainly come from the following aspects:

It should be noted that

, not direct operating revenue. Its operating revenue in the first 9 months of 2025 was RMB 1.982 billion, a year-on-year increase of 11%; during the same period, GMV reached RMB 4.789 billion [0].

The delivery business performed particularly prominently. For the nine months ended September 30, 2025, Yuanji Food’s delivery GMV increased by 46.6% year-on-year to RMB 2.136 billion, accounting for 44.6% of the total GMV, a significant increase from 32.4% in the same period last year [0]. The delivery business has overtaken in-store dining and become the most important driver of GMV growth.

Yuanji Food has innovatively built a “dining-retail integration” business model. On the catering side, “Yuanji Yunjiao” covers a variety of instant consumption scenarios through three standard store types: in-store dining restaurants, cooked and raw food takeaway stores, and raw food takeaway stores; on the retail side, “Yuanji Weixiang” enters channels such as supermarkets and online platforms through pre-packaged products to meet planned consumption scenarios such as family stockpiling and group procurement. Data shows that in the first nine months of 2025, the revenue of “Yuanji Weixiang” increased by 46% year-on-year, demonstrating the strong growth potential of the retail business [0].

As of September 30, 2025, the total number of Yuanji Food’s stores reached 4,266, covering 32 provincial-level administrative regions in China and the Southeast Asian market. It has doubled from 1,990 stores at the beginning of 2023 [0]. The rapid expansion of the store network has directly driven the growth of GMV.

The proportion of Yuanji Food’s stores in third-tier and lower-tier cities increased from 19.8% in 2023 to 26.6% by the end of September 2025, with a growth rate significantly higher than that in higher-tier cities. Relying on product universality and the on-site wrapping and sale model, Yuanji Food has made breakthrough progress in the northern market: in 2025, the number of “Yuanji Yunjiao” stores in the Northeast and Northwest regions increased by 262% and 51% year-on-year respectively [0]. Lower-tier markets provide new growth space for the company.

As of September 30, 2025, Yuanji Food has 4,247 franchise stores worldwide, accounting for more than 99.6% of the total. The average number of stores per franchisee reaches 2.06, far higher than the average level of the catering industry. The phenomenon of “existing franchisees opening new stores” is prominent, forming an endogenous growth cycle of “opening stores - making profits - reinvesting” [0].

Yuanji Food has built an industry-leading “source to store” integrated supply chain system, with five factories and 24 cold chain warehouses deployed across the country. More than 86% of the stores are located within 200 kilometers of warehouses or front warehouses, achieving efficient distribution of “once every two days” [0].

Yuanji Food’s RMB 4.578 billion GMV growth mainly comes from:

. This “dining-retail integration” model breaks through the boundaries of traditional catering and forms a unique competitive advantage [0].

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[0] Tencent News - “Yuanji, Supporting a Capital Story” (https://news.qq.com/rain/a/20260114A02P8C00)