十年前明星资方招股前夕清仓，赴港上市的溜溜梅长期价值如何

Core Viewpoint - Liu Liu Guo Yuan, the parent company of Liu Liu Mei, is preparing for an IPO on the Hong Kong Stock Exchange after previously failing to list in A-shares in 2019, despite achieving significant revenue and profit growth in recent years [1][10]. Financial Performance - Liu Liu Guo Yuan's revenue from 2022 to 2024 is projected to grow from 11.74 billion RMB to 16.16 billion RMB, with net profit increasing from 0.68 billion RMB to 1.48 billion RMB [2][10]. - The gross profit for the same period is expected to rise from 4.53 billion RMB to 5.83 billion RMB, although the gross margin for core products is declining [2][10]. Product Composition - The core product, dried plums, contributes over 60% of total revenue, with its gross margin decreasing from 39.6% in 2022 to 32.1% in 2024 [2][4]. - The company has diversified its product line to include dried plums, western plums, and plum jelly, with plum jelly becoming the second-largest revenue source at 4.1 billion RMB in 2024, accounting for 25.4% of total revenue [4][10]. Marketing and Expenditure - Liu Liu Guo Yuan has invested heavily in marketing, with total sales expenses over three years amounting to 9.02 billion RMB, significantly exceeding net profits [5][6]. - Marketing expenses for 2024 are projected at 3.1 billion RMB, while R&D spending has decreased to 189 million RMB, down 44% year-on-year [5][6]. Industry Position and Competition - Liu Liu Guo Yuan holds a leading market share of 45.7% in the natural jelly industry and 7% in the dried fruit snack market, maintaining its top position for four consecutive years [10]. - The company faces increasing competition from established snack brands and new entrants in the dried fruit segment, raising questions about its long-term value in the capital market [11].