Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, heavily relying on its flagship product, South Jujube Cake, which contributes significantly to its revenue, raising concerns about its long-term sustainability in the capital market [1][2]. Company Overview - Qiyunshan Food specializes in South Jujube products and is headquartered in Chongyi County, Jiangxi, recognized as the "Hometown of South Jujube" [2]. - The company holds a 32.4% market share in China's South Jujube food market, ranking first in the industry [2]. Revenue Contribution - In 2024, South Jujube Cake generated 294 million yuan, accounting for 86.7% of total revenue, while other products contributed only 13 million yuan, representing a mere 3.8% [1][2]. - The revenue contribution from South Jujube Cake has been consistently high, with figures of 88.7%, 84.7%, and 86.7% from 2022 to 2024 [2]. Product Strategy - The company has strategically reduced production capacity for other products, focusing on increasing the output of South Jujube Cake and South Jujube Granules to meet rising market demand [2]. - Production capacity for South Jujube Cake is set to increase to 9,224 tons in 2024, while capacity for other products will drop from 1,100 tons to 677 tons [2]. Research and Development - Despite the focus on a single product, R&D investment has decreased from 4.7% in 2022 to 3.5% in 2024, raising concerns about innovation [4]. Marketing and Sales Channels - Qiyunshan Food's revenue from offline channels was 189 million, 211 million, and 303 million yuan from 2022 to 2024, making up 86.9%, 85.6%, and 89.3% of total revenue [5]. - The company has a high dependency on five major offline distributors, with sales to these clients accounting for 26.4%, 29.9%, and 38.7% of total sales from 2022 to 2024 [5]. Online Sales Performance - Online direct sales revenue was only 35.5 million yuan, slightly over 10%, and has declined from 12.7% in 2022 to 10% in 2024 [5]. - The company plans to enhance its online marketing efforts, including e-commerce infrastructure development and various online promotional strategies [8]. Industry Context - The Chinese fruit snack market is projected to grow from 99.5 billion yuan in 2024 to 151 billion yuan by 2029, with a compound annual growth rate of 8.7% [7]. - The market is highly fragmented, with the top ten companies holding only 10.4% of the market share [7].
一块南酸枣糕撑起IPO梦 齐云山食品敲响港股大门
Mei Ri Shang Bao·2025-07-07 23:06