爷爷的农场冲击港股IPO，中国有机婴童零辅食行业排名第一

Core Insights - The article discusses the IPO application of Grandpa's Farm International Holdings Limited on the Hong Kong Stock Exchange, with CMB International as the sole sponsor [2] - Grandpa's Farm is a leader in the Chinese infant and toddler complementary food industry and has expanded into the family food sector, focusing on high-quality, nutritious products with minimal additives [3] Company Overview - Founded in 2018, Grandpa's Farm has quickly become a leading brand in the Chinese infant complementary food market, ranking second in total merchandise transaction value for 2024 [3] - The company has the highest compound annual growth rate (CAGR) among the top five companies in the market from 2022 to 2024 [9] - In the organic infant complementary food segment, Grandpa's Farm ranks first in total merchandise transaction value for 2024 [3][10] Product Development and Innovation - As of September 30, 2025, approximately one-third of the company's SKUs have organic sales licenses, meeting modern consumer expectations for convenience, nutrition, hygiene, and taste [4] - The company has successfully launched various product lines that resonate with consumers of different age groups, including oils, seasonings, cereals, juices, and snacks for infants, as well as liquid milk and convenience foods for families [4] Financial Performance - The company's revenue increased from RMB 622 million in 2023 to RMB 875 million in 2024, representing a growth of 40.6% [9] - The gross profit for the same periods was RMB 345 million and RMB 514 million, with gross margins of 55.5% and 58.8% respectively [9] - The adjusted net profit for 2024 was RMB 1.03 billion, with an adjusted net profit margin of 11.8% [9] Market Position and Competitive Landscape - The Chinese infant complementary food market is highly fragmented, with the top five market participants accounting for approximately 14.2% of the market share in 2024 [9] - Grandpa's Farm holds a market share of about 3.3% in the infant complementary food sector, with a transaction value of approximately RMB 1.5 billion [9] Future Plans and Use of IPO Proceeds - The funds raised from the IPO are intended for enhancing product development capabilities, investing in supply chain development, strengthening brand marketing, expanding domestic sales networks, and general corporate purposes [10]