“梅”开三度，果类零食龙头溜溜果园再次递表港交所

Core Viewpoint - The company "Liuliu Guoyuan Group Co., Ltd." has submitted a new application for an IPO on the Hong Kong Stock Exchange after previous attempts failed, with a looming deadline for a buyback agreement if it does not go public by the end of 2025 [1][10]. Group 1: Company Overview - Liuliu Guoyuan specializes in the research, production, and sales of unique fruit snacks, particularly focusing on products made from green plums [4]. - The company has launched three main product categories: dried plum snacks, western plum products, and other plum-related items [4]. Group 2: Market Position - According to Frost & Sullivan, Liuliu Guoyuan ranks first in the Chinese fruit snack industry with a market share of 4.9% and also leads in the natural jelly and plum product sectors with market shares of 45.7% and 7.0%, respectively [4]. - The company has maintained its top position in the green plum and western plum snack sectors for four consecutive years from 2021 to 2024 [5]. Group 3: Financial Performance - The total revenue for Liuliu Guoyuan for the years 2022, 2023, 2024, and the first half of 2025 was reported as 1.174 billion, 1.322 billion, 1.616 billion, and 959 million RMB, respectively [6]. - Net profits for the same periods were 68.4 million, 99.2 million, 148 million, and 60.2 million RMB, with a notable profit of 106 million RMB in the first half of 2025 [6]. Group 4: Challenges and Risks - The company faces challenges such as high debt levels, with short-term loans amounting to 312 million RMB and cash reserves of only 78 million RMB as of February 2025 [7]. - Liuliu Guoyuan's revenue structure is heavily reliant on dried plum snacks, which contributed over 60% of total revenue in recent years, indicating a lack of diversification [6]. - The company has seen increasing sales and distribution expenses, totaling 902 million RMB over three years, while R&D spending has been significantly lower, raising concerns about long-term sustainability [9]. Group 5: Investment and Financing - Since 2015, Liuliu Guoyuan has undergone four rounds of financing, with investors increasingly withdrawing due to the halted IPO processes [10]. - A buyback agreement with new investors from the D round financing stipulates that if the company does not go public by December 31, 2025, the controlling shareholder must repurchase shares at a price including a 6% annual interest [11].