杨幂“助攻”、肖战代言，一年爆卖16亿的溜溜梅要IPO了

Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd., the parent company of "Liuliu Mei," has submitted an IPO prospectus to the Hong Kong Stock Exchange, aiming for a main board listing after withdrawing its A-share application in 2019 [1][2]. Financial Performance - The company's revenue has shown significant improvement, with projected revenues of approximately 1.174 billion, 1.322 billion, and 1.616 billion yuan for 2022, 2023, and 2024 respectively, compared to 804 million, 847 million, and 873 million yuan from 2016 to 2018 [3][4]. - Net profits are also on the rise, estimated at 68 million, 99 million, and 148 million yuan for the same years, contrasting with previous declines [3][4]. Product Diversification - The introduction of "Mei Dong" has become a significant growth driver, generating 410 million yuan in revenue in 2024, a year-on-year increase of 32.26%, accounting for 25.4% of total revenue [7]. - Despite the introduction of new products, over 90% of revenue still comes from plum-related products, raising concerns about market risk and growth potential [10][11]. Market Risks - The reliance on a single product category poses risks, particularly in the face of natural disasters affecting raw material supply, as seen in past years [11][12]. - The company's global sourcing strategy may mitigate some risks, but geopolitical uncertainties, such as trade wars, could exacerbate concerns [11][12]. Sales Model Transformation - The sales model has shifted from a distributor-centric approach to a direct sales model, with direct sales accounting for 59.2% of revenue by 2024, compared to 25.5% in 2022 [13]. - The growth in sales through retail channels, particularly through major clients, has contributed significantly to revenue [13]. Financial Health - As of the end of 2024, the company has total non-current assets of approximately 735 million yuan, with current assets totaling 936 million yuan, but a significant portion is tied up in inventory [17]. - Current liabilities are high at 1.049 billion yuan, with short-term debt pressures evident, raising concerns about liquidity [18]. Marketing and Advertising - The company has increased its marketing expenditures significantly, with advertising costs rising from 66.66 million yuan in 2022 to 79.02 million yuan in 2024, surpassing sales expenses [21]. - This heavy reliance on celebrity endorsements may pose risks to long-term brand stability, as seen in past controversies [22][24]. Conclusion - While Liuliu Fruit Garden has shown promising financial recovery and growth potential, challenges related to product diversification, market risks, and financial health remain critical considerations for its upcoming IPO [25].