Core Viewpoint - The recent requirement from the China Securities Regulatory Commission for Liuliu Guoyuan to supplement its listing materials has reignited attention on the company's IPO progress [1] Financial Performance - Liuliu Guoyuan's revenue for the years 2022 to 2024 is projected to be 1.174 billion, 1.322 billion, and 1.616 billion RMB respectively, with net profits of 68 million, 99 million, and 148 million RMB, indicating a stable growth trend [3] - The company's total liabilities for the same period are expected to be 1.143 billion, 1.129 billion, and 1.053 billion RMB, while net current liabilities are projected to decrease from 507 million to 113 million RMB, although they remain positive [4] - Operating cash flow is forecasted to decline from 202 million to 84.37 million RMB over the three years, indicating significant cash flow pressure [4][5] Investment and Shareholder Dynamics - Notably, early investor Sequoia Capital China has opted to exit, exercising redemption rights that require Liuliu Guoyuan to pay back 260 million RMB, which adds to the company's short-term cash flow challenges [3] Profitability and Margin Concerns - Despite revenue growth, the gross margin for the core dried plum snack business has been declining, with rates of 39.6%, 37.7%, and 32.1% from 2022 to 2024, alongside decreasing average selling prices [6][7] - The sustainability of Liuliu Guoyuan's growth is questioned due to these declining margins, particularly in its main product line [6]
溜溜果园去年负债总额高达10.53亿 还遭遇北京红杉退股索要2.6亿元
Sou Hu Cai Jing·2025-10-05 10:46