溜溜果园两月狂奔上市 2.6亿对赌压顶与渠道利润困局

Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd., the parent company of the "Liuliu Mei" brand, is urgently seeking to enter the capital market, having submitted its listing application to the Hong Kong Stock Exchange for the fourth time after previous attempts failed [1][3]. Group 1: Listing Attempts and Financial Pressure - The company has made multiple attempts to go public, including a withdrawal of its A-share application in December 2019 due to revenue decline and short-term profit pressure [2][3]. - A significant buyback obligation arose from a previous investment agreement, leading to a total payment of approximately 261 million yuan, which severely impacted the company's cash flow [3][4]. - As of the end of 2024, the company's cash and cash equivalents were only 78.05 million yuan, while interest-bearing bank loans reached 321 million yuan, indicating a deteriorating financial position [5][6]. Group 2: Revenue Growth and Channel Transformation - The company has shown steady revenue growth, achieving revenues of 1.174 billion yuan in 2022, 1.322 billion yuan in 2023, and 1.616 billion yuan in 2024 [7][8]. - In the first half of 2025, the company reported revenues of 959 million yuan, a year-on-year increase of approximately 25%, with net profits rising by 75.4% to 106 million yuan [8]. - The sales channel transformation has been significant, with the share of revenue from traditional distribution channels dropping from 74.5% to 31.2%, while revenue from snack specialty stores surged from 1.1% to 35.3% [8][10]. Group 3: Profitability Challenges - Despite revenue growth, the company's gross margin has been declining, from 38.6% in 2022 to 34.6% in the first half of 2025 [11][12]. - The gross margin for core products, such as dried plums, has also decreased significantly, indicating challenges in maintaining profitability amid a shift to lower-margin sales channels [11][12]. - The company faces dual pressures from the D-round financing deadline for listing and declining profitability due to its low-price volume strategy in new sales channels [12][13].