IPO雷达｜知名“南酸枣糕”齐云山冲刺港股，依赖单一产品，销售渠道结构失衡

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with a simple shareholding structure dominated by Chongyi Food Factory [1][4]. Company Overview - Qiyunshan specializes in South Jujube food products, launching its first product in 1992. The company currently offers five types of South Jujube products, including cakes, particles, gels, soft candies, and jellies [3][4]. Market Position - Qiyunshan holds a 32.4% market share in China's South Jujube food market as of 2024, maintaining its leading position [4]. Financial Performance - The company's revenue is projected to grow from RMB 217.3 million in 2022 to RMB 339.1 million in 2024, representing a 40.8% year-on-year increase. Net profit is expected to rise from RMB 25.6 million to RMB 53.2 million during the same period, marking a 124.42% increase [4][5]. - The revenue breakdown shows that South Jujube cakes account for the majority of income, contributing RMB 1.93 billion, RMB 2.09 billion, and RMB 2.94 billion from 2022 to 2024, respectively [6]. Production and Capacity - The production capacity utilization rates for South Jujube cakes, particles, and other products are 78.2%, 64.0%, and 64.2% respectively in 2024, indicating room for improvement [10]. Sales Channels - The company primarily relies on offline sales, with offline channel revenue accounting for 89.3% of total income in 2024. Online sales, however, only contribute 10.4% of total revenue, highlighting a potential area for growth [10][11]. Strategic Focus - Qiyunshan plans to use the proceeds from its IPO to enhance R&D capabilities, expand production, and develop e-commerce infrastructure. The company aims to increase online sales through live streaming and community group buying initiatives [13].