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第四是财务层面，亏损收窄速度仍存在不确定性。2025年经调整净亏损2.5亿美元，较上年小幅扩大。虽然机构普遍预测随着规模扩大，费用率将逐步下降，但这一过程取决于收入转化效率是否达到预期。
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In addition, while Chinese-style fast-food companies such as Laoxiangji and Country Style are primarily direct-operated, they have set examples in brand operations and quality-control management. As the first company in the dumpling and wonton segment to sprint toward a listing, Yuanji Foods’ post-listing performance will serve as a reference for the capitalization of Chinese-style fast-food subcategories. The Hong Kong stock market is relatively accommodating toward chain catering franchise models, valuing scale growth and model replicability—providing Yuanji Foods with fertile ground for capital. At the same time, Hong Kong regulators have been raising their requirements for the authenticity of filing materials and the accuracy of business descriptions, further increasing the bar for listing review.