【IPO前哨】“南酸枣糕一哥”闯关港股：降价换量，是真香还是真卷？

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, online marketing, sales network expansion, and general operational funds [2] Group 1: Company Overview - Qiyunshan was established in 1979 and launched its flagship product, South Sour Jujube Cake, in 1992, marking the beginning of its large-scale operations [3] - The company specializes in South Sour Jujube products, with its product line including South Sour Jujube Cake, South Sour Jujube Granules, Soft Candy, Jelly, and Fruit and Vegetable Cakes [3] Group 2: Market Position and Financial Performance - In 2024, Qiyunshan ranked ninth in the Chinese market for fruit snacks with a market share of only 0.6%, but it holds a dominant position in the South Sour Jujube sector with a 32.4% market share [5] - Revenue increased from 217.3 million RMB in 2022 to 339 million RMB in 2024, with net profit for the same period showing a growth from 25.6 million RMB to 61 million RMB [6][5] Group 3: Revenue Structure and Risks - The revenue structure is highly concentrated, with South Sour Jujube Cake contributing 86.7% of total revenue in 2024 [6] - The reliance on a single product poses risks, including market fluctuations and supply chain issues, which could impact profitability [7] Group 4: Customer Dependency and Pricing Strategy - Qiyunshan's largest customer accounted for 22.9% of its revenue in 2024, indicating a growing dependency on key clients [8] - The average selling price of South Sour Jujube Cake decreased from 41.2 RMB per kg in 2022 to 39.3 RMB per kg in 2024, reflecting a strategy of lowering prices to increase sales volume [10] Group 5: Marketing and Employee Structure - The company has significantly increased its marketing expenditures, with sales and marketing expenses accounting for approximately 25% of total revenue [10] - Nearly half of Qiyunshan's 1412 employees are in sales roles, highlighting the company's focus on sales-driven growth [10]