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溜溜果园弃A转港:遭原料涨价、量贩渠道双重挤压 自降身价募资凑2.61亿红杉赎回款
Xin Lang Zheng Quan·2025-04-28 09:47

Core Viewpoint - Liu Liu Mei has resumed its path to IPO after five years, presenting a steady growth report but facing significant challenges in product diversity and cash flow due to major investor withdrawal [2][3][13]. Financial Performance - Liu Liu Mei's total revenue is projected to grow from 1.174 billion yuan in 2022 to 1.616 billion yuan in 2024, representing an increase of 85% compared to 2019 [2]. - Net profit is expected to rise from 68.43 million yuan to 148 million yuan during the same period, recovering from a decline seen between 2016 and 2018 [2]. Product and Market Challenges - The company relies heavily on three core products: dried plums, dried plums products, and plum jelly, with over 85% of revenue coming from dried plums and jelly [3]. - Raw material costs have increased significantly, with domestic green plum prices rising from 2,400 yuan to 2,600 yuan per ton and imported dried plum prices increasing from 16,200 yuan to 20,700 yuan per ton from 2020 to 2024 [3]. - The company's raw material costs are projected to rise from 489 million yuan in 2022 to 771 million yuan in 2024, accounting for 41.7% to 47.7% of total revenue [3]. Competitive Landscape - The snack food market is becoming increasingly competitive, with the CR3 and CR5 market concentration ratios declining to 11.1% and 16.5% respectively by 2024 [6]. - Competitors like Three Squirrels and Bestore are offering similar plum snacks at lower prices, putting pressure on Liu Liu Mei's pricing strategy [6][8]. Sales Channels and Strategy - Liu Liu Mei is shifting its sales strategy towards discount snack stores, with revenue from distributors decreasing from 874 million yuan to 659 million yuan between 2022 and 2024 [7]. - The top five customers accounted for 33.1% of total revenue in 2024, with significant sales to major retail chains [7]. Marketing and R&D Expenditure - The company has invested heavily in marketing, with advertising expenses totaling 427 million yuan from 2022 to 2024, representing 27.3% of total gross profit [11]. - In contrast, R&D spending has been minimal, with a research expense rate of only 1.2% in 2024, raising concerns about long-term sustainability [11][13]. Investor Dynamics - Sequoia Capital, a major investor, has exited, leading to liquidity issues for Liu Liu Mei, which had to arrange for D-round financing to cover buyback obligations [13][14]. - The company's cash and cash equivalents were reported at 78.04 million yuan as of December 31, 2024, indicating a tight cash flow situation [14].