Qiyun Mountain Food Makes Another Push for Hong Kong Listing: Sour Jujube Cake Single-Handedly Accounts for Over 80% of Revenue, Business Fortunes Hinge on "Mingming is Busy"

Once a childhood memory for countless people, Qiyun Mountain South Sour Jujube Cake has now applied for listing on the Hong Kong Stock Exchange. Recently, the well-known snack company Jiangxi Qiyun Mountain Food Co., Ltd. (hereinafter referred to as “Qiyun Mountain Food”) updated its Hong Kong IPO prospectus. The company last filed in June 2025, and this time, Qiyun Mountain Food updated its 2025 performance.

Financial sources note that although the company has launched many sour jujube products, its South Sour Jujube Cake, launched in 1992, remains the main source of revenue, contributing over 80% annually. Additionally, Qiyun Mountain Food heavily relies on large distributors for orders. In 2024, the company received orders from Mingming Busy (01768.HK), which significantly boosted its performance. However, after Mingming Busy reduced orders in 2025, the company’s performance declined again.

South Sour Jujube Cake accounts for over 80% of revenue

Qiyun Mountain Food is a fruit snack company focused on sour jujube products. Its South Sour Jujube Cake is a childhood memory for many. According to the prospectus, the South Sour Jujube Cake was launched as early as 1992. Since then, Qiyun Mountain has also introduced products like sour jujube granules and soft candies. According to data from Zhuoshi Consulting, as of 2024, Qiyun Mountain Food holds a 32.4% share of the retail market for sour jujube products in China, ranking first in the industry.

Although the South Sour Jujube Cake is “ancient,” it has a long product life cycle and remains the company’s pillar of performance today. Financial data shows that from 2023 to 2025, the South Sour Jujube Cake products generated revenues of 209 million yuan, 290 million yuan, and 270 million yuan, respectively, accounting for 84.7%, 86.7%, and 84.8% of total revenue.

Sour jujube granules are Qiyun Mountain Food’s second-largest revenue source. This product was launched only in 2021. From 2023 to 2025, it contributed 9.1%, 9.2%, and 12% of revenue, respectively. Other auxiliary products include sour jujube jelly, soft candies, and jujube jelly, which together generated less than 50 million yuan over the three years.

Screenshot from Qiyun Mountain Food’s IPO prospectus

Regarding heavy dependence on a single product, Qiyun Mountain Food states that after raising funds, it plans to increase R&D for new products, prioritizing functional and health-oriented sour jujube products, as well as new categories with sleep aid and antioxidant effects. The company also mentions diversifying its product portfolio to include sour jujube freeze-dried slices, jujube jam, and jujube drinks to mitigate risks associated with product concentration.

Heavy reliance on offline distributors

Financial data shows that from 2023 to 2025, Qiyun Mountain Food’s revenue was 247 million yuan, 339 million yuan, and 314 million yuan, with net profits of 23.7 million yuan, 53.2 million yuan, and 48.9 million yuan, respectively. The financial reports reveal significant performance fluctuations: in 2024, revenue and profit increased by 37.2% and 124.4%, but in 2025, they decreased by 7.4% and 8%, respectively.

Regarding the substantial growth in 2024, Qiyun Mountain Food attributes it mainly to expanded market demand, distributor expansion, and deeper cooperation. When discussing distributor expansion, the company highlights client F, which began cooperation in the second half of 2023. In 2024, revenue from client F surged, accounting for 22.9% of total revenue.

However, the narrowing of revenue and profit in 2025 is also due to client F. The company states that changes in product mix and supply led to a reduction in orders from client F, resulting in decreased sales of South Sour Jujube Cake. According to the prospectus, as of December 2025, client F remains the company’s largest customer, contributing 12.8% of revenue for the fiscal year 2025.

As for the identity of client F, Qiyun Mountain Food only states that the company is an offline distributor engaged in snack distribution, headquartered in Changsha, China. Industry speculation suggests that this client is likely Hong Kong-listed Mingming Busy (01768.HK), because the last time Qiyun Mountain Food filed, it disclosed that the company has over 10,000 offline stores. As of 2025, only Fujian-based Wanting Group (300972.SZ) and Hunan Changsha-based Mingming Busy (01768.HK) have more than 10,000 offline stores in the snack chain.

In fact, Qiyun Mountain Food is heavily dependent on offline distributors. From 2023 to 2025, more than 85% of the company’s revenue came from offline distributors. The top five customers are all offline distributors, with revenue from these top five customers accounting for 26.5%, 38.8%, and 33.7% of total sales in 2023, 2024, and 2025, respectively.

To address this over-reliance on offline distributors, Qiyun Mountain Food plans to increase investment in online sales platforms after fundraising, focusing on live streaming sales, community group buying, and other channels. The company also intends to expand its distributor network in East and Central China and enter channels such as chain snack stores and warehouse-style membership stores.