这家老字号食品要上市了！你吃过吗？

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the southern hawthorn snack market and expand its operations [1][6]. Company Overview - Qiyunshan Food was established in 1958, making it one of the oldest food manufacturing enterprises in the Ganzhou region, with a history of 67 years [3][5]. - The company primarily focuses on the production and sales of southern hawthorn products, with its flagship product, southern hawthorn cake, launched in 1992 [4][6]. Market Position - In 2024, Qiyunshan Food held a 32.4% market share in the southern hawthorn food sector in China, solidifying its position as the market leader [6]. - The company ranks ninth in the Chinese fruit snack industry, with a market share of 0.6% [6]. Financial Performance - The company's total revenue has shown consistent growth, reaching 2.17 billion, 2.47 billion, and 3.39 billion yuan from 2022 to 2024, with a year-on-year increase of 40.8% in 2024 [6]. - Net profit for the same period was 25.63 million, 23.70 million, and 53.20 million yuan, with a remarkable year-on-year growth of 124.42% in 2024 [6]. Product Sales - Southern hawthorn cake sales accounted for 88.7%, 84.7%, and 86.7% of total sales from 2022 to 2024, indicating its status as the company's signature product [7]. Sales Channels - The company generates 89% of its revenue from offline sales, primarily through third-party distributors, with the number of distributors increasing from 140 to 199 [8]. - Online direct sales accounted for 11.9%, 12.8%, and 9.7% of total revenue from 2022 to 2024, with the company utilizing platforms like Tmall and Douyin for sales [8]. Research and Development - Qiyunshan Food invests significantly in R&D, with expenditures rising from 10.17 million to 11.95 million yuan over the report period [8]. - The R&D team consists of 17 full-time members, led by a senior engineer with extensive industry experience [8]. IPO Fund Utilization - The funds raised from the IPO will be allocated to enhancing R&D capabilities, expanding production and storage capacity, developing e-commerce infrastructure, and strengthening the distribution network [9].