产品靠代工，销售费营收占比超三成！爷爷的农场要在港股上市

Core Viewpoint - The baby food brand "Grandpa's Farm" is preparing for an IPO on the Hong Kong Stock Exchange, aiming to balance growth and quality under market scrutiny [1][4]. Group 1: Company Overview - Grandpa's Farm International Holdings Limited was established in 2015 and launched its first baby food product in 2018, expanding into the family food sector in 2021 [5][13]. - The company has a product range of 269 SKUs, with approximately one-third certified as organic [8]. - In 2024, Grandpa's Farm achieved a 40.6% growth rate, ranking second in China's baby food market and first in the organic segment [3][8]. Group 2: Financial Performance - Revenue for 2023 and 2024 was reported at RMB 622 million and RMB 875 million, respectively, with a year-on-year growth of 40.6% [9][10]. - For the first three quarters of 2025, revenue reached RMB 780 million, reflecting a 23.2% increase [9]. - Gross margins for 2023, 2024, and the first three quarters of 2025 were 55.5%, 58.8%, and 57.3%, respectively [10]. Group 3: Marketing and Distribution - The company has established a broad distribution network, reaching over 10,000 retail outlets through 342 distributors [9]. - Direct sales channels, including Tmall and Douyin, accounted for approximately 41.3% to 42.3% of revenue from 2023 to 2025 [8][9]. - Marketing expenses were significant, with sales and distribution costs representing about 32.3% to 36.3% of total revenue in recent years [16]. Group 4: Challenges and Controversies - The brand's "Dutch import" identity has faced scrutiny, as most products are produced by OEM suppliers, raising concerns about product quality [12][19]. - The company has encountered multiple food safety issues, leading to penalties and recalls, which could impact brand trust [16][19]. - High marketing costs and ongoing quality concerns pose risks to the brand's long-term development [19].