“没事就吃”的溜溜梅闯港股：三年砸9亿营销，红杉套现2.6亿离场

Core Viewpoint - Liuliu Mei, a leading brand in the plum snack industry, is preparing for an IPO on the Hong Kong Stock Exchange after previously failing to list in A-shares, raising concerns about declining profit margins and low R&D investment [2][5]. Company Overview - Liuliu Guoyuan, the parent company of Liuliu Mei, is a major player in the Chinese fruit snack market, with its main products categorized into three types: dried plums, western plums, and other plum-related products [3]. Market Position - According to Frost & Sullivan, Liuliu Guoyuan has ranked first in the green plum and western plum snack sectors by retail sales from 2021 to 2024. However, the market ceiling is evident, with the overall snack market in China projected to grow from 13,440 billion RMB in 2024 to 17,558 billion RMB by 2029 [5]. Financial Performance - The company reported total revenues of 1.174 billion RMB, 1.322 billion RMB, and 1.616 billion RMB for the years 2022, 2023, and 2024, respectively, with net profits of approximately 68 million RMB, 99 million RMB, and 148 million RMB during the same period [5][6]. Profit Margin Trends - Despite revenue growth, the gross profit margin has been declining, with figures of 38.6%, 40.1%, and 36.0% for the years 2022, 2023, and 2024, respectively. The margins for core products like dried plums and western plums have also decreased [6][7]. Marketing and R&D Expenditure - The company has invested heavily in marketing, with sales and distribution expenses exceeding 900 million RMB over the reporting period, accounting for 24.1%, 23.4%, and 19.2% of total revenue [8][10]. In contrast, R&D spending has been low, totaling less than 77 million RMB over three years, with a R&D expense ratio of only 1.2% in 2024 [11]. Ownership and Shareholder Actions - The company is primarily controlled by its founders, who hold 87.77% of the shares. Notably, major shareholder Beijing Sequoia chose to cash out before the IPO, selling its shares for 261 million RMB [11]. Food Safety Concerns - Food safety is critical for the company, which has faced multiple complaints and regulatory actions related to product quality. There have been nearly 300 complaints, with issues such as contamination and spoilage frequently reported [12][13][16].