婴童辅食品牌“爷爷的农场”拟赴港上市，“有机”概念能否助其赢得市场青睐？

Core Viewpoint - Grandpa's Farm International Holdings Limited has submitted its IPO application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor. The company is positioned in the organic baby food market, showing significant growth potential and a strong market presence in China [1][8]. Business Overview - The company operates under the control of Aspire Enterprises Limited and focuses on importing baby food products. It has exclusive distribution rights for the Dutch brand "Grandpa's Farm" in China since 2018 [1]. - Grandpa's Farm ranks second in the overall baby food market in China and first in the organic baby food segment, with a projected GMV of approximately 500 million yuan in 2024, capturing a market share of 23.2% [1][8]. Revenue and Growth - The company has shown a compound annual growth rate (CAGR) of 42.6% from 2022 to 2024, leading among the top five companies in the GMV category [1]. - Revenue figures indicate continuous growth, with 622.39 million yuan in 2023, increasing to 875.35 million yuan in 2024, representing a year-on-year growth of 40.6%. For the first three quarters of 2025, revenue reached 778 million yuan, a 23.2% increase compared to the same period in 2024 [4][5]. Product Segmentation - The baby food segment includes various products such as oils, seasonings, cereals, juices, and snacks, contributing 88% to total revenue in 2024, with an expected income of 770 million yuan [3]. - The family food segment, which includes liquid milk and convenience foods, is projected to generate 105 million yuan in 2024, reflecting a 144.7% increase year-on-year [3]. Financial Performance - Gross profit for the company was 345.13 million yuan in 2023, 514.39 million yuan in 2024, and 446.63 million yuan in the first three quarters of 2025, with gross margins of 55.5%, 58.8%, and 57.3% respectively [5][6]. - Adjusted net profit figures were 75.64 million yuan, 102.61 million yuan, and 78.01 million yuan for the respective periods, with adjusted net profit margins of 12.1%, 11.7%, and 12.3% [5]. Investment and Strategy - The IPO proceeds will be allocated to enhancing product development, strengthening supply chain capabilities, brand building, expanding sales networks, and general corporate purposes [7]. - The term "organic" appears 140 times in the prospectus, highlighting its significance in the company's strategy and brand identity, as modern parents prioritize food safety and nutrition for their children [8]. Market Position and Challenges - The Chinese baby food market remains fragmented, with the top five companies holding only about 14.2% of the market share in 2024. While Grandpa's Farm has established a differentiated brand through its organic positioning, it faces challenges in converting this concept into a sustainable competitive advantage and gaining long-term recognition in the capital market [8].