爷爷的农场冲刺港交所：国内最大的有机婴童零辅食品牌，9个月营收8亿元

Core Viewpoint - Grandpa's Farm International Holdings Limited is set to go public on the Hong Kong Stock Exchange on January 5, 2026, with CMB International as the sole sponsor [1] Group 1: Company Overview - Founded in 2015, Grandpa's Farm focuses on providing high-quality health foods with minimal additives and nutritional value, launching its first baby food product in 2018 and strategically entering the family food sector in 2021 [2] - The product range includes baby food items such as oils, seasonings, cereals, juices, fruit purees, and snacks, as well as family food products like liquid milk, convenience foods, rice products, seasonings, and oils [2] - As of September 30, 2025, the product portfolio includes 269 SKUs, with about one-third certified organic, meeting modern consumer expectations for convenience, nutrition, hygiene, and taste [2] Group 2: Market Position and Growth - According to Frost & Sullivan, Grandpa's Farm ranks second in the Chinese baby food market by transaction value for 2024 and has the highest compound annual growth rate from 2022 to 2024 among the top five companies [3] - The brand leads in the organic baby food segment in China for 2024, with repurchase rates on Tmall of 29%, 31%, and 34% for 2023, 2024, and the twelve months ending September 30, 2025, respectively [3] Group 3: Distribution and Sales Channels - Grandpa's Farm has established a broad distribution network through e-commerce platforms, key customers, and distributors, reaching over 10,000 retail outlets in China as of September 30, 2025 [4] - The revenue share from direct sales channels was 41.3%, 42.3%, and 42.1% for 2023, 2024, and the first three quarters of 2025, respectively, while the revenue share from distribution channels was 58.7%, 57.7%, and 57.9% for the same periods [3][4] Group 4: Financial Performance - Revenue for Grandpa's Farm was CNY 622 million in 2023 and CNY 875 million in 2024, representing a year-on-year growth of 40.6%, with revenue of CNY 780 million for the first three quarters of 2025, a growth of 23.2% [5] - The gross profit margins were 55.5%, 58.8%, and 57.3% for 2023, 2024, and the first three quarters of 2025, with adjusted net profit margins of 12.2%, 11.8%, and 11.6% for the same periods [5] - The funds raised from the IPO will be used to enhance product development, improve supply chain capabilities, strengthen brand marketing, expand domestic sales networks, and explore overseas markets [5]