卖梅子年入16亿，“溜溜梅”身负赌约赴港IPO

Core Viewpoint - Liuliu Guoyuan is preparing for a new IPO attempt after previously withdrawing its A-share application in 2019, with significant revenue growth and a new product line, but faces challenges such as over-reliance on plum products and market uncertainties [3][14]. Company Overview - Liuliu Guoyuan was founded in 1999 by Yang Fan in Anhui, initially producing pastries before launching the Liuliu Mei brand in 2001, focusing on plum products [3][4]. - The brand gained national recognition in 2013 after celebrity endorsement from Yang Mi, leading to a significant increase in brand awareness and sales [4][6]. Financial Performance - Revenue for Liuliu Guoyuan has shown consistent growth, with projected revenues of 1.174 billion RMB in 2022, 1.322 billion RMB in 2023, and 1.616 billion RMB in 2024, alongside net profits increasing from 68.43 million RMB in 2022 to 148 million RMB in 2024 [6][12]. - The company holds a leading position in the Chinese fruit snack industry with a market share of 4.9% and in the plum product sector with a market share of 7% [6]. Product Categories - The main product categories include dried plum snacks, western plum products, plum jelly, and other plum-related products, with dried plum snacks contributing 60.3% of total revenue in 2024 [7][8]. - Plum jelly has emerged as a new growth driver, with revenue increasing from 230.3 million RMB in 2022 to 410.4 million RMB in 2024, reflecting a successful product innovation strategy [8][12]. Market Challenges - The company faces challenges such as dependence on plum products, which account for 92.28% of its main business revenue, and vulnerability to fluctuations in raw material prices due to climate conditions [11][12]. - Liuliu Guoyuan's gross margin has been declining, from 40.1% in 2023 to 36.0% in 2024, indicating pressure from industry price wars and raw material costs [12]. IPO Plans and Investor Dynamics - The company plans to use the proceeds from the IPO to expand production capacity, enhance brand awareness, and develop new products [13]. - Prior to the IPO, Sequoia Capital exited its investment, and the company is under pressure to meet a performance guarantee with investors, which may impact its IPO timeline [14][18].