FoodBud
RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

Global foodservice chain intelligence. Every figure should link back to a source.

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中文

Company card

Ajisen China

Medium
Brand

HKEX 00538 · HKEX

Listing status
listed
Operating model
Mixed direct + franchise
Scale basis
Revenue proxy
Confidence
Medium
Segment
qsr snack fastfood

Ramen chain with a large China/Hong Kong restaurant footprint. Group turnover is close to restaurant operation sales, which represented 97.4% of total revenue; use 617 chain restaurants as the year-end denominator.

Scale basis note

Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
617 stores
FY2025 (year ended 31 Dec 2025): As at 31 December 2025, the Group's restaurant portfolio consisted of 617 chain restaurants … our nationwide retail network comprised 617 restaurants, covering 122 cities in 28 provinces and municipalities of the PRC.
Source-backed
S1 official primary (opens in new tab)
Regulatory Filing · As at 31 December 2025, the Group's restaurant portfolio consisted of 617 chain restaurants … our nationwide retail network comprised 617 restaurants, covering 122 cities in 28 provinces and municipalities of the PRC.
Provenance
Tier: S1 official primary
Source: Regulatory Filing
Scale
Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
$248.18M
FY2025 (year ended 31 Dec 2025): 1783789000 CNY. USD=estimated via DEXCHUS period-average 7.1875432 (currency_per_usd, FRED DEXCHUS; daily mean 2025-01-01..2025-12-31; obs=250); CNY 1783789000 authoritative. (A2 stale-FX/FY refresh, Cowork-approved; basis unchanged).
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Regulatory Filing · Latest disclosed FY2025 (year ended 31 Dec 2025): During the year, the Group's restaurant business income recorded approximately RMB1,783,789,000 (2024: approximately RMB1,649,827,000), accounted for approximately 97.4% of the Group's to...
Provenance
Tier: S1 official primary
Source: Regulatory Filing
Basis: Revenue proxy
Precision: Source-backed
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$402,233
Screening proxy
Derived scale_per_store = scale_usd ÷ store_count (617) at revenue_usd basis (FY2025 (year ended 31 Dec 2025)); not a separately reported metric.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$3.95M
FY2025 (year ended 31 Dec 2025): 28408000 CNY. USD=estimated via DEXCHUS period-average 7.1875432 (currency_per_usd, FRED DEXCHUS; daily mean 2025-01-01..2025-12-31; obs=250); CNY 28408000 authoritative. (A2 stale-FX/FY refresh, Cowork-approved; basis unchanged).
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S1 official primary (opens in new tab)
Regulatory Filing · Latest disclosed FY2025 (year ended 31 Dec 2025): Profit (loss) attributable to owners of the Company (RMB'000) 2025: 28,408; 2024: (20,224). Sales from restaurant operation (RMB'000) 2025: 1,783,789; Turnover (RMB'000) 2025: 1,831,936. ...
Provenance
Tier: S1 official primary
Source: Regulatory Filing
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$268.97M
RMB 1,831,936 thousand turnover
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Manual override

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$136.54M
Directional proxy
May 22, 2026: Unverified: no citable primary disclosure with a verbatim excerpt found. Stored USD 136,538,805 as of May 22, 2026. Shares outstanding 1,091,538,820 (confirmed etnet.com.hk). Implied HKD price on May 22, 2026 ≈ HKD 0.973. Historical intrada
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Directional proxy
S3 supplementary (opens in new tab)
Media Or Aggregator · Unverified: no citable primary disclosure with a verbatim excerpt found. Stored USD 136,538,805 as of May 22, 2026. Shares outstanding 1,091,538,820 (confirmed etnet.com.hk). Implied HKD price on May 22, 2026 ≈ HKD 0.973. Historical intrada
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

9/20 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
japaneseS4 (opens in new tab)
Cuisine (secondary)
not disclosed
Service model
fast casualtertiary (opens in new tab)
Price tier
valuesecondary (opens in new tab)
Company
Founded
1,996secondary (opens in new tab)
HQ country
Hong Kong~
CEO
Poon Waisecondary (opens in new tab)
Employees
8,055 headcountsecondary (opens in new tab)
Ownership
Parent
Shigemitsu family-controlled. Shigemitsu Industry Co. (Japan) is the brand owner/franchisor; Katsuaki Shigemitsu indirectly owns ~68.35% of Shigemitsu Industry via Shigemitsu Corporation Ltd.company_disclosure (opens in new tab)
PE / holding
not disclosed
Recent M&A
not disclosed
Growth
Revenue YoY
6.68%S1 official primary (opens in new tab)
Net new units
21 unitsS1 official primary (opens in new tab)
Pricing & digital
Avg check
not disclosed
Digital sales
not disclosed
Off-premise
not disclosed
Loyalty members
not disclosed
Franchise terms
Royalty
not disclosed
Franchise fee
not disclosed
By-market footprint
China / Hong Kong
617 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed9/9 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
617 stores
617 chain restaurants at 2025-12-31
Source-backedS1 official primary (opens in new tab)
Operational scale
$269M
Restaurant operation sales RMB1,783,789 thousand represented 97.4% of FY2025 turnover; use restaurant-operation sales as the direct restaurant-sales proxy for this mostly operated-chain benchmark.
Source-backedS1 official primary (opens in new tab)
Revenue
$269M
RMB 1,831,936 thousand turnover
Source-backedS1 official primary (opens in new tab)
Company-operated
see brand drilldown
Franchised
see brand drilldown

Brand drilldown

non-additive

Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.

味千中国
Operating margin
0.9%
FY2024
Source-backedS1 official primary (opens in new tab)
Food cost %
23.5%
FY2024
Source-backedS1 official primary (opens in new tab)
Labor cost %
27.9%
FY2024
Source-backedS1 official primary (opens in new tab)
Rent cost %
14.7%
FY2024
Source-backedS1 official primary (opens in new tab)
Marketing cost %
1.2%
FY2024
Source-backedS1 official primary (opens in new tab)
Delivery cost %
3.3%
FY2024
Source-backedS1 official primary (opens in new tab)

Single-store model

1/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Derived; not disclosed AUV.
Derived: revenue_usd 268,968,483/617 = ~USD435,929/store.
FY2024_or_latest_L1
EstimatedNeeds source
Single-store profit
GAP — not fabricated.
—
GapSource (opens in new tab)
Initial investment
GAP — not fabricated.
—
GapSource (opens in new tab)
Franchise fee / royalty
GAP — not fabricated.
—
GapSource (opens in new tab)
Payback period
GAP — not fabricated.
—
GapSource (opens in new tab)
Same-store sales
GAP — not fabricated.
—
GapSource (opens in new tab)
Store open / close
GAP — not fabricated.
—
GapSource (opens in new tab)
Company-operated share
GAP — not fabricated.
—
GapSource (opens in new tab)

Cost structure

6/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS23.5%
FY2024· RMB1,717.3m rev; rent=ROU 12.6%+leases; delivery=platform service charges lineS1 official primary (opens in new tab)Source-backed
Ajisen mixed (restaurants+franchise+packaged noodles). Pre-tax LOSS -2.9% after RMB110.5m other losses; 0.87% op line flatters.
Labor27.9%
FY2024· RMB1,717.3m rev; rent=ROU 12.6%+leases; delivery=platform service charges lineS1 official primary (opens in new tab)Source-backed
Ajisen mixed (restaurants+franchise+packaged noodles). Pre-tax LOSS -2.9% after RMB110.5m other losses; 0.87% op line flatters.
Rent / occupancy14.7%
FY2024· RMB1,717.3m rev; rent=ROU 12.6%+leases; delivery=platform service charges lineS1 official primary (opens in new tab)Source-backed
Ajisen mixed (restaurants+franchise+packaged noodles). Pre-tax LOSS -2.9% after RMB110.5m other losses; 0.87% op line flatters.
Delivery commission3.3%
FY2024· RMB1,717.3m rev; rent=ROU 12.6%+leases; delivery=platform service charges lineS1 official primary (opens in new tab)Source-backed
Ajisen mixed (restaurants+franchise+packaged noodles). Pre-tax LOSS -2.9% after RMB110.5m other losses; 0.87% op line flatters.
Marketing1.2%
FY2024· RMB1,717.3m rev; rent=ROU 12.6%+leases; delivery=platform service charges lineS1 official primary (opens in new tab)Source-backed
Ajisen mixed (restaurants+franchise+packaged noodles). Pre-tax LOSS -2.9% after RMB110.5m other losses; 0.87% op line flatters.
Operating margin0.9%
FY2024· RMB1,717.3m rev; rent=ROU 12.6%+leases; delivery=platform service charges lineS1 official primary (opens in new tab)Source-backed
Ajisen mixed (restaurants+franchise+packaged noodles). Pre-tax LOSS -2.9% after RMB110.5m other losses; 0.87% op line flatters.
Not separately disclosed28.5%

Supply chain

3 suppliers · 3 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

Shigemitsu Food (Shanghai) Co., Ltd.
Ingredients
—named (no % disclosed)S1 filingsource (opens in new tab)
Shigemitsu Industry Co., Ltd. (重光産業株式会社 / Shigemitsu Sangyo Co. Ltd)
Ingredients
—named (no % disclosed)S1 filingsource (opens in new tab)
Qingdao Xin Xie Hang International Logistic Company Limited (青岛新协航国际物流有限公司)
Logistics
—8.1%S1 filingsource (opens in new tab)

Peers in this segment

McDonald's Holdings Company(Japan),Ltd.GMV / system salesJollibee Foods CorporationGMV / system salesZENSHO HOLDINGS CO.,LTD.GMV / system salesYOSHINOYA HOLDINGS CO.,LTD.Company-operated revenue (proxy)MOS FOOD SERVICES,INC.GMV / system salesDPC DashRevenue proxy

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.