对话溜溜梅CEO杨帆：当年撤回上市太任性，但IPO不是企业终极目标

Core Viewpoint - Liumei, the parent company of Liumei Fruit Garden, has reinitiated its IPO application after previously withdrawing it in 2019, indicating a strategic shift and growth in financial performance despite challenges in profit margins [1][5]. Financial Performance - Liumei Fruit Garden's projected total revenues for 2022, 2023, and 2024 are 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan respectively, with net profits of 68 million yuan, 99 million yuan, and 148 million yuan [1]. - The gross profit margin has been declining, with raw material costs increasing from 489 million yuan to 771 million yuan, rising from 41.7% to 47.7% of total revenue from 2022 to 2024 [1]. Marketing Strategy - The company heavily relies on celebrity endorsements for marketing, with 71% of net profit allocated to celebrity endorsement expenses in 2024 [2]. - Marketing expenses for sales and distribution were 280 million yuan, 310 million yuan, and 310 million yuan for 2022, 2023, and 2024, respectively, constituting 24.1%, 23.4%, and 19.2% of total revenue [3]. Channel Transformation - The company is focusing on channel transformation, emphasizing membership stores like Sam's Club and Costco, which have shown significant sales growth [4]. - Direct sales revenue increased from 300 million yuan in 2022 to 957 million yuan in 2024, rising from 25.5% to 59.2% of total revenue, while distribution channel revenue decreased from 874 million yuan to 659 million yuan [4]. Product Matrix Evolution - The product portfolio has diversified beyond just green plums, with dried plum snacks generating 973 million yuan (60.3% of revenue), and other products like western plums and plum jelly contributing significantly to revenue growth [5]. - The company has experienced a compound annual growth rate (CAGR) of 17.32% in revenue from 2022 to 2024, with dried plum snacks growing at 9.79%, western plums at 35.5%, and plum jelly at 33.51% [5]. Investment and Future Outlook - In 2024, Liumei Fruit Garden repurchased all shares held by Sequoia Capital, ending a nearly 10-year investment relationship, with the company's valuation increasing from 900 million yuan in 2015 to 2.2 billion yuan in 2024 [5]. - The company secured 75 million yuan in external funding from Huashan Fund and Xingnong Fund, with a buyback agreement in place if the IPO is not completed by the end of 2025 [6].