Performance Declined in 2025, Over 60% of Non-Full-Time Employees, Qiyunshan Attempts Hong Kong Stock IPO Again

(Source: Beijing Business Today)

After the previous listing application expired, Jiangxi Qiyunshan Food Co., Ltd. (hereinafter referred to as “Qiyunshan”) recently resubmitted its listing application materials to the Hong Kong Stock Exchange, restarting its IPO journey in Hong Kong. However, during this critical period, the company’s revenue and net profit for fiscal year 2025 (ending December 31, 2025) both saw slight declines. Additionally, from the employee composition, as of the end of 2025, over 60% of employees are part-time.

It is understood that Qiyunshan is a fruit snack company mainly selling sour jujube products. According to data from Zhuoshi Consulting, in 2024, the company held a 32.4% retail market share of sour jujube food products in China, ranking first in the industry. Before this submission to the Hong Kong Stock Exchange, Qiyunshan had previously submitted a listing application in June 2025, but it ultimately expired.

Behind this attempt to list in Hong Kong, Qiyunshan’s performance for fiscal year 2025 showed a slight decline. Specifically, in fiscal years 2023–2025, the company achieved revenues of approximately 247 million yuan, 339 million yuan, and 314 million yuan, respectively; net profits for the same periods were approximately 23.705 million yuan, 53.199 million yuan, and 48.925 million yuan.

Furthermore, looking at the net cash flow from operating activities, the figures for each period were approximately 9.114 million yuan, 106 million yuan, and 1.841 million yuan, with a significant drop in 2025. The company stated in its prospectus that in fiscal year 2025, the reduction in sales orders from customer F led to a substantial decrease in contract liabilities, and due to the Lunar New Year falling later in 2026, peak season sales were delayed until January 2026, resulting in a sharp decline in net cash flow from operating activities. It is reported that in 2024 and 2025, customer F was Qiyunshan’s largest client, with sales to them amounting to 77.995 million yuan and 40.195 million yuan, accounting for 23% and 12.8%, respectively.

By product, during each reporting period, revenue from sour jujube cakes accounted for over 80%. In fiscal year 2025, revenue from sour jujube cakes was about 266 million yuan, representing 84.8% of total revenue; during the same period, revenue from sour jujube grains, other products, and brand planning and marketing services accounted for approximately 12%, 2.9%, and 0.3%, respectively.

Regarding equity structure, as of the last practical date, Chongyi Food Factory held 75% of Qiyunshan’s shares, with Chongyi Food Factory being owned 68.79% by core management shareholders; Yunzhishang Limited Partnership held 25% of the company’s shares, owned 68.32% by core management shareholders. The prospectus shows that the company’s core management shareholders include Executive Directors Liu Zhigao, Zhu Fangyong, Liu Jiyan, Yang Yulan, Huang Zhongming, and Ling Huashan.

It is worth noting that during the reporting period, Qiyunshan paid consecutive dividends. The company distributed dividends of 7.1 million yuan, 11.4 million yuan, and 20.3 million yuan for fiscal years 2023, 2024, and 2025, totaling 38.8 million yuan.

Additionally, Qiyunshan has a high proportion of part-time employees. The prospectus shows that as of December 31, 2025, the company had 1,411 employees, including 514 full-time employees and 897 part-time employees. Calculations indicate that part-time employees account for approximately 63.57%.

“Whether a part-time employee ratio exceeding 60% is reasonable depends on the industry and business characteristics,” said Yuan Shuai, Deputy Secretary-General of the Zhongguancun IoT Industry Alliance. He told Beijing Business Today that if the company’s business exhibits significant seasonal or cyclical fluctuations, employing a large number of part-time workers can flexibly adjust staffing levels, which is a reasonable adaptation to the business model. However, if the company’s operations are long-term and stable, a high proportion of part-time employees may pose potential risks, such as fluctuating productivity and difficulty ensuring product quality.

In response to these issues, Beijing Business Today sent an interview request to Qiyunshan, but as of press time, the company had not responded.

Beijing Business Today Reporter: Wang Manlei