红杉清仓离场后，溜溜果园再面IPO对赌倒计时？

Core Viewpoint - Liuliu Guoyuan Group Co., Ltd. is seeking to list on the Hong Kong Stock Exchange due to pressure from a performance guarantee agreement, which requires the company to complete its IPO by December 31, 2025, or face significant financial penalties [2][4]. Financial Performance - The company's revenue from 2022 to 2025 (first half) shows a growth trend: 1.174 billion RMB in 2022, 1.322 billion RMB in 2023, 1.616 billion RMB in 2024, and 959 million RMB in the first half of 2025. Net profit also increased from 68.43 million RMB in 2022 to 106 million RMB in the first half of 2025 [6]. - However, the growth is primarily driven by a strategy of "price for volume," with the average price of dried plum snacks decreasing from 38.1 RMB/kg in 2022 to 32.6 RMB/kg in 2024, slightly recovering to 34.6 RMB/kg in the first half of 2025 [6]. Cash Flow and Debt Situation - As of June 30, 2025, the company had cash and cash equivalents of 42.435 million RMB, while bank loans amounted to 399 million RMB, indicating a significant liquidity gap [4]. - The company's current ratio was 0.99 and the quick ratio was only 0.45, highlighting substantial debt repayment pressure [4]. Marketing and R&D Expenditure - Liuliu Guoyuan has heavily invested in marketing, with sales and distribution expenses reaching 310 million RMB in 2024, including 79.02 million RMB in advertising, which accounted for 25.5% of total sales expenses [7]. - In contrast, R&D spending was only 76.24 million RMB from 2022 to 2024, showing a disparity of over 10 times compared to marketing expenses, and the company has not introduced any new products since the launch of its plum jelly in 2019 [7]. Market Challenges - The company faces significant challenges as it approaches the deadline for its IPO, compounded by previous financial pressures from buyback agreements and a declining profit margin, with gross margins decreasing from 38.6% in 2022 to 34.6% in the first half of 2025 [6][7].