溜溜梅还可以再大胆一点

Core Viewpoint - Lulumei's parent company, Lulumei Guoyuan, is attempting to re-enter the capital market after a 12-year hiatus, with a new IPO application on the Hong Kong Stock Exchange, despite previous setbacks due to concerns over product reliance and market conditions [1][2]. Product Structure and Revenue - Lulumei Guoyuan has shifted towards product diversification, moving beyond its heavy reliance on dried plum snacks, which accounted for over 90% of its revenue in the past [1][2]. - The sales proportion of dried plum snacks has been decreasing, from 68.9% in 2022 to an expected 49% in the first half of 2025, while the sales of new product categories like western plums and plum jelly are increasing [2][3]. Market Competition and Challenges - The new product lines, including western plums and plum jelly, face intense competition in the snack market, with many similar products available from various brands, including private labels [3][5]. - Lulumei Guoyuan's market share in the jelly segment is only 2.9%, indicating a struggle to establish a strong foothold in a crowded market [3]. Sales Channels and Revenue Sources - The company is increasingly relying on bulk sales channels, with a significant rise in revenue from discount retailers, which poses risks to profit margins due to the nature of these sales agreements [9][10]. - The average selling price of plum jelly has decreased significantly, from 27.5 yuan per kilogram in 2022 to 18.8 yuan in 2024, reflecting pressure on pricing strategies [9]. Comparison with Competitors - In terms of revenue, Lulumei Guoyuan lags behind competitors, with projected revenues of 16.16 billion yuan for 2024, compared to over 100 billion yuan for leading brands like Three Squirrels [10][11]. - The company's focus on a narrow product line limits its growth potential, contrasting with successful global food giants that have diversified their offerings over time [11].