新股消息 | 爷爷的农场递表港交所 2024年中国婴童零辅食商品交易总额排名第二

Company Overview - Grandpa's Farm International Holdings Limited 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 food with minimal additives [3] - The company launched its first infant complementary food product in 2018 and has grown to become a leading brand in the market within eight years [3] - In 2024, the company ranks second in the Chinese infant complementary food market by gross merchandise value (GMV), with a market share of approximately 3.3% [3][9] - The company achieved the highest compound annual growth rate (CAGR) of 42.6% among the top five companies in the market from 2022 to 2024 [3] Product Offerings - The company provides a range of products in the infant complementary food sector, including oils, seasonings, grain-based foods, juices, fruit purees, and snacks, as well as family food products like liquid milk, convenience foods, rice, seasonings, and oils [4] - The number of stock-keeping units (SKUs) increased from 158 in 2023 to 179 in 2024, and is projected to reach 269 by September 30, 2025, to meet changing consumer demands [4] Financial Performance - The company reported revenues of approximately RMB 622.39 million for 2023, RMB 875.35 million for 2024, RMB 633.19 million for the nine months ending September 30, 2024, and RMB 779.77 million for the nine months ending September 30, 2025 [6][8] - The profit for the same periods was RMB 75.46 million, approximately RMB 102.61 million, RMB 78.01 million, and RMB 87.42 million, respectively, with adjusted net profit margins of 12.2%, 11.8%, 12.4%, and 11.6% [7][8] Industry Insights - The infant complementary food market is highly fragmented, with the top five market participants accounting for approximately 14.2% of the market in 2024, with a total GMV of about RMB 6.53 billion [3][9] - The grain-based complementary food segment remains a core category, showing stable growth, while meal and seasoning segments are rapidly expanding, with projected CAGRs of 7.3% and 8.1% from 2020 to 2024, respectively [9] - The family food sector is broad, including fresh ingredients, seasonings, dairy products, and snacks, with a strategic decision to expand from infant complementary foods to family foods based on clear planning and core capabilities [12]