爷爷的农场赴港IPO，做婴童零辅食产品，上市前大额分红

Core Viewpoint - Grandpa's Farm International Holdings Limited is preparing for an IPO on the Hong Kong Stock Exchange, focusing on infant and toddler complementary food products, with projected revenue exceeding 800 million RMB in 2024 and a gross margin above 58% [1][12]. Group 1: Company Overview - Grandpa's Farm specializes in infant and toddler complementary foods, including oils, seasonings, grain products, and high-nutrition snacks [3][5]. - The company has a significant reliance on OEM manufacturing, which may weaken its control over product quality and supply chain security [1][9]. - As of September 2025, the company has 640 full-time employees, with a majority in sales and marketing [19]. Group 2: Financial Performance - Revenue for 2023, 2024, and the first nine months of 2025 is approximately 622 million RMB, 875 million RMB, and 780 million RMB, respectively, with net profits of about 75 million RMB, 103 million RMB, and 87 million RMB [12][13]. - The gross margin for these periods is reported at 55.5%, 58.8%, and 57.3% [12]. - Sales and distribution expenses have increased, accounting for 32.3%, 35%, and 36.3% of total revenue during the respective periods [13]. Group 3: Market Position and Trends - Grandpa's Farm holds a 3.3% market share, ranking second in China's infant complementary food market, which is characterized by a declining birth rate impacting potential consumer numbers [11][17]. - The penetration rate of complementary foods for infants aged 6 months to 6 years is expected to rise from 36.8% in 2020 to 43.3% in 2024 [15]. - The market for organic infant complementary foods is projected to grow significantly, with a compound annual growth rate of approximately 12.7% from 2024 to 2029 [15][17]. Group 4: Product and Sales Strategy - The company has diversified its product offerings, with over 269 SKUs as of September 2025, and has seen a shift in revenue from infant complementary foods to family foods [3][5]. - The average selling price of infant complementary foods has decreased from 24.4 RMB per unit in 2023 to 21.8 RMB in the first nine months of 2025 [14]. - The company utilizes various sales channels, including direct sales through major e-commerce platforms and a nationwide distribution network [9][10]. Group 5: IPO and Future Plans - The IPO aims to raise funds for enhancing product development capabilities, upgrading product lines, and strengthening supply chain management [22]. - The company plans to invest in brand building and marketing to increase its market presence [22].