China's Leading Frozen Food Company Anjor Lists on HKEX

Hong Kong, July 4, 2025—Hosen Capital's portfolio company Anjoy Foods Group Co., Ltd. ("Anjoy", 2648.HK), a leading player in China's frozen food sector, has successfully completed its initial public offering on the Main Board of the Hong Kong Exchanges and Clearing Limited (“HKEX”).

With over 20 years of experience in the frozen food sector, Anjoy has emerged as a leading force in the industry, with integrated capabilities across R&D, manufacturing, and nationwide distribution. The company commands strong brand recognition and broad market influence. According to Frost & Sullivan, in 2024, Anjoy was the largest frozen food company in China by revenue, holding a 6.6% market share. It ranked No.1 in both the quick-frozen flavored and processed products segment (13.8%) and the quick-frozen prepared dishes segment (5.0%), underscoring its clear leadership across categories.

Anjoy serves a variety of consumption scenarios, including households, restaurants, and foodservice. It offers an extensive portfolio covering three major product categories: quick-frozen flavored and processed products, quick-frozen prepared dishes, and quick-frozen flour and rice products. With more than 500 SKUs across these categories, Anjoy is recognized as one of the most diversified product providers in China's frozen food sector.

image source: company website

Over the past three years, Anjoy has delivered steady business growth. From 2022 to 2024, revenue increased from RMB 12.11 billion to RMB 15.03 billion, while net profit attributable to shareholders rose from RMB 1.10 billion to RMB 1.49 billion. This strong financial performance underscores the company's resilient momentum and long-term potential.

Anjoy believes that sustained growth is underpinned by continued investment in product and process innovation. Anchored by two corporate R&D centers in Xiamen and Wuxi, and supported by research teams across its national production network, Anjoy has established a comprehensive, nationwide R&D system. As of the end of 2024, its central R&D unit was recognized as a National Enterprise Technology Center—the first and only such designation in China's frozen surimi product segment. The company holds more than 300 active patents and has led or participated in the development of over 100 industry standards, including five international standards—underscoring its leadership in driving industry standardization and shaping best practices.

As a private equity firm focused on buyout and growth opportunities in the food and consumer sectors, Hosen participated in this offering as a cornerstone investor. Backed by a far-reaching network and deep sector insights, Hosen remains committed to supporting Anjoy in strengthening its product innovation, food quality and safety standards, and operational excellence—reinforcing its leadership in the frozen food category and driving long-term, sustainable growth.