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Chinese maker of frozen hotpot ingredients such as fish balls and surimi products, plus prepared frozen foods.
Chinese maker of frozen hotpot ingredients such as fish balls and surimi products, plus prepared frozen foods.
The Hong Kong line of the same company as the Shanghai shares: it sells frozen hotpot ingredients and prepared foods through restaurant distributors and supermarkets, with a cold-chain network that is its working asset.
In one line: China's frozen-foods answer to a smaller Conagra.
Moat: narrow (brand, distribution, scale). Leading frozen hotpot-ingredient brand with broad cold-chain distribution across China.
Headquarters: Fujian, China · Founded: 1997 · Employees: 17,100
Size Anjoy Foods (2648.HK) is a Hong Kong Consumer Staples company (Food: Specialty/Candy) with a market value of $3.83B, the 300th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$68.90 on 6 Nov 2026.
Performance Over six months the shares fell 20.5%, against +1.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 24.4% over the last twelve months (peer median +8.2%); the operating margin is 11.7% (peer median 9.3%).
Valuation It trades at 11.6× forward earnings against a peer median of 18.1× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.1 points above its cost of capital (10.6% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$20.7B | HK$17.5B | HK$16.3B | HK$15.5B | HK$14.1B |
| Revenue growth | — | +7% | +6% | +10% | — |
| Gross profit | HK$4.90B | HK$3.60B | HK$3.64B | HK$3.46B | HK$2.98B |
| EBITDA | n/a | HK$2.67B | HK$2.48B | HK$2.38B | HK$1.84B |
| Net income | HK$1.75B | HK$1.47B | HK$1.61B | HK$1.63B | HK$1.28B |
| Free cash flow | HK$2.41B | HK$1.64B | HK$1.35B | HK$587M | HK$398M |
| Capital expenditure | HK$1.07B | HK$947M | HK$977M | HK$1.60B | HK$1.25B |
| Total debt | HK$824M | HK$1.25B | HK$414M | HK$623M | HK$880M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Anjoy Foods 2648.HK | $3.83B | -20% | +24% | 12% | 11.6× | -2.9% |
| Yihai International 1579.HK | $2.02B | +3% | +11% | 18% | 14.2× | 6.8% |
| Sanquan Foods 002216.SZ | $1.56B | -18% | +7% | 5% | 18.1× | 2.6% |
| Guangzhou Restaurant 603043.SS | $1.31B | 0% | +9% | 11% | 17.3× | -3.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2648.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.7% | +3.6% | 3rd highest of 21 |
| 6-month return | -20.5% | +1.2% | 4th lowest of 21 |
| Distance from 52-week high | -26.8% | -15.6% | 7th lowest of 21 |
| Revenue growth (TTM) | +24.4% | +8.2% | 3rd highest of 21 |
| Operating margin | 11.7% | 9.3% | 7th highest of 21 |
| Forward P/E | 11.6× | 18.1× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -2.9% | 5.2% | 4th least demanding of 18 |
| Growth delivered (Del g) | +17.5% | +9.0% | 4th highest of 18 |
| Hurdle (Req g minus delivered) | -20.4 pp | -6.0 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +13.1 pp | +2.2 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anjoy Foods 2648.HK | Hong Kong | $3.83B | -20% | +24% | 12% | 11.6× | -2.9% | +17.5% |
| Post POST | United States | $3.65B | -19% | +6% | 10% | 11.8× | -2.1% | +7.4% |
| Vita Coco COCO | United States | $3.56B | -13% | +26% | 20% | 30.2× | 8.4% | +14.4% |
| Ashland ASH | United States | $3.51B | +39% | +2% | 7% | 18.0× | 12.3% | -2.5% |
| Jinan Shengquan Group Share 605589.SS | China | $3.46B | -30% | +12% | 8% | 19.7× | n/a | n/a |
| Orion 271560.KS | South Korea | $3.45B | -18% | +11% | 17% | 9.9× | -17.1% | +8.4% |
| Tate & Lyle TATE.L | United Kingdom | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% | +10.6% |
| Greencore GNC.L | United Kingdom | $3.23B | +31% | +26% | 6% | 14.3× | 22.4% | +9.0% |
| Greggs GRG.L | United Kingdom | $3.20B | +42% | +7% | 9% | 18.1× | 10.5% | +21.5% |
| Freshpet FRPT | United States | $3.09B | +21% | +12% | 9% | 34.9× | 28.5% | +28.2% |
| Aak AAK.ST | Sweden | $4.88B | -30% | -1% | 10% | 13.6× | -6.0% | +10.5% |
| MeiHua 600873.SS | China | $2.99B | -27% | -3% | 4% | 14.5× | n/a | n/a |
| Angel Yeast 600298.SS | China | $4.97B | +2% | +15% | 11% | 19.1× | 4.1% | +13.4% |
| Tootsie Roll Industries TR | United States | $2.92B | -8% | +2% | 12% | n/a | 14.1% | +9.2% |
| Sensient Technologies SXT | United States | $5.07B | +1% | +10% | 15% | 25.0× | n/a | n/a |
| Yamazaki Baking 2212.T | Japan | $5.08B | +21% | +5% | 5% | 18.0× | -3.3% | +5.3% |
| Marzetti MZTI | United States | $2.86B | -8% | -1% | 11% | 15.6× | -2.4% | +5.6% |
| Kotobuki Spirits 2222.T | Japan | $2.81B | +41% | +10% | 25% | 29.3× | 5.2% | +27.7% |
| Balchem BCPC | United States | $5.54B | +8% | +9% | 22% | 30.9× | 14.5% | +8.1% |
| House Foods 2810.T | Japan | $2.58B | +49% | 0% | 6% | 27.2× | 5.0% | +4.9% |
| Suedzucker SZU.DE | Germany | $2.57B | -5% | -5% | -3% | 34.2× | 0.7% | +4.6% |