溜溜梅，又双叒冲击IPO！

Core Viewpoint - The leading plum snack company, Liuliu Guoyuan Group Co., Ltd., has submitted a new listing application to the Hong Kong Stock Exchange after previous attempts failed, driven by a looming deadline related to a share repurchase agreement with investors [3][12]. Group 1: Company Overview - Liuliu Guoyuan specializes in the research, production, and sales of unique fruit snacks, primarily focusing on products made from green plums [4]. - The company has launched three main product categories: dried plum snacks, western plum products, and plum jelly, among others [4]. Group 2: Market Position - According to Frost & Sullivan, in 2024, Liuliu Guoyuan ranked first in the Chinese fruit snack industry with a market share of 4.9%, and also led in the natural jelly and plum product sectors with market shares of 45.7% and 7.0%, respectively [5]. - The company has maintained its top position in the green plum and western plum snack sectors for four consecutive years from 2021 to 2024 [6]. Group 3: Financial Performance - The total revenue for Liuliu Guoyuan from 2022 to 2025 (up to June 30) was reported as follows: 1.174 billion, 1.322 billion, 1.616 billion, and 759 million RMB, respectively [7]. - The net profit figures for the same periods were 68.4 million, 99.2 million, 148 million, 60.2 million, and 106 million RMB, indicating effective cost management and economies of scale [7]. Group 4: Challenges and Risks - Despite strong revenue growth, the company faces challenges such as high debt levels, reliance on a single product line (dried plum snacks contributing over 60% of revenue), and insufficient R&D investment [9][10]. - In 2024, the company reported a net cash flow from operating activities of only 84.37 million RMB, with short-term borrowings amounting to 312 million RMB, indicating significant repayment pressure [9][10]. Group 5: Investment and Financing - Since 2015, Liuliu Guoyuan has undergone four rounds of financing, with investors increasingly exiting due to halted IPO processes [12]. - A D-round financing of 75 million RMB was completed in December 2024, with a stipulation that if the company does not go public by December 31, 2025, investors can demand a share buyback at a price including a 6% annual simple interest [12].