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 - The company, "Grandpa's Farm," is a leader in China's infant and toddler complementary food industry and has expanded into the family food sector, focusing on high-quality, nutritious foods with minimal additives [2] - Since its establishment, the company has grown rapidly, becoming the second-largest player in the Chinese infant complementary food market by gross merchandise volume (GMV) in 2024, with a market share of approximately 3.3% [4] - The company achieved the highest compound annual growth rate (CAGR) of 42.6% among the top five competitors from 2022 to 2024 [4] 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 [3] - The number of 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 [3] 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] - The net profit for the same periods was RMB 75.46 million, RMB 102.61 million, RMB 78.01 million, and RMB 87.42 million, respectively, with adjusted net profit margins of 12.1%, 11.7%, 12.3%, and 11.2% [7][8] Industry Overview - The infant complementary food market is highly fragmented, with the top five players accounting for approximately 14.2% of the market in 2024, with a total GMV of about RMB 6.53 billion [4] - 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 [9] - The family food sector is broad, encompassing fresh ingredients, seasonings, dairy products, and snacks, with a strategic focus on expanding from infant complementary foods to family foods [12]