南酸枣糕撑起齐云山食品IPO，果类零食强化线上渗透

Core Viewpoint - Qiyunshan Food is applying for a listing on the Hong Kong Stock Exchange, leveraging its strong revenue from its main product, the South Jujube Cake, which contributes over 80% of its income [1][2]. Company Overview - Qiyunshan Food specializes in South Jujube products and is headquartered in Chongyi County, Jiangxi Province [1]. - The company has launched five types of South Jujube products, with the South Jujube Cake being the flagship product introduced in 1992 [1]. Financial Performance - Revenue for Qiyunshan Food from 2022 to 2024 is projected to be 217 million, 247 million, and 339 million yuan respectively, with net profits of 25.63 million, 23.70 million, and 53.19 million yuan [1]. - The South Jujube Cake's revenue for the same period is expected to be 193 million, 209 million, and 294 million yuan, accounting for 88.7%, 84.7%, and 86.7% of total revenue [1]. Product Strategy - The company is strategically reducing production capacity for other products to focus on South Jujube Cake and South Jujube Granules to meet increasing market demand [2]. - Future product development will emphasize functional health-oriented products, including new forms like South Jujube Chips and Drinks [2]. Sales Channels - From 2022 to 2024, revenue from offline channels is projected to be 189 million, 211 million, and 303 million yuan, representing 86.9%, 85.6%, and 89.3% of total revenue [2]. - The company relies heavily on five major offline distributors, which account for over 85% of its revenue [2]. Market Position - Qiyunshan Food holds a 32.4% market share in the South Jujube food market, ranking first in the industry [3]. - In the broader fruit snack market, it ranks ninth with a market share of 0.63% [3]. - The Chinese fruit snack market is expected to grow from 99.5 billion yuan in 2024 to 151 billion yuan by 2029, with a compound annual growth rate of 8.7% [3]. Competitive Landscape - The top ten companies in the fruit snack market hold only 10.4% of the market share, indicating a highly fragmented industry [3]. - Competitors include Liuliu Mei and Haoxiangni, which have also filed for listings and reported significant revenues [4]. Online Marketing Strategy - Qiyunshan Food plans to enhance its online presence through e-commerce infrastructure and diverse online marketing strategies, including live streaming and community group buying [5].