杨幂带火出圈，安徽夫妻卖梅子零食年入超10亿，再次冲刺IPO

Core Viewpoint - Liumiu Guoyuan Group Co., Ltd., a leading dried plum snack company, has submitted a new application for listing on the Hong Kong Stock Exchange after previous attempts failed, highlighting the urgency due to an impending buyback agreement deadline with investors [1][2][6][14]. Company Overview - Founded in 1999 by Yang Fan, Liumiu Guoyuan specializes in plum-based snacks and has developed three main product categories: dried plum snacks, western plum products, and plum jelly [2]. - The company has a significant market presence, ranking first in the Chinese fruit snack industry with a market share of 4.9% and leading in the natural jelly and plum product sectors with shares of 45.7% and 7.0%, respectively [8]. Financial Performance - Liumiu Guoyuan reported total revenues of approximately 1.174 billion RMB, 1.322 billion RMB, 1.616 billion RMB, and 959 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [10]. - The company’s net profits for the same periods were 68.43 million RMB, 99.23 million RMB, 148 million RMB, and 106 million RMB [10]. - In 2024, the company’s revenue was heavily reliant on dried plum snacks, which accounted for 60.3% of total revenue, while plum jelly contributed 25.4% [10]. Debt and Cash Flow - As of 2024, Liumiu Guoyuan faced significant debt, with short-term borrowings amounting to 312 million RMB and cash reserves of only 78 million RMB [11]. - The net cash flow from operating activities was 84.37 million RMB in 2024, a decrease of over 40 million RMB year-on-year [11]. Investment and Buyback Agreement - The company has entered into a buyback agreement with new investors from its D-round financing, which stipulates that if the company fails to go public by the end of 2025, the controlling shareholder must repurchase shares at a price that includes the principal plus 6% annual simple interest [6][15]. Challenges and Market Position - Despite strong revenue growth, Liumiu Guoyuan has faced challenges such as high debt levels, reliance on a single product category, and insufficient investment in research and development [10][11][13]. - The company’s sales and distribution expenses have increased significantly, totaling 902 million RMB over three years, while R&D expenditures were notably lower at under 80 million RMB for the same period [13].