广东广州冲出一家IPO，做婴童零辅食产品，毛利率约58%

Core Viewpoint - Grandpa's Farm International Holdings Limited is seeking to go public on the Hong Kong Stock Exchange, focusing on the infant complementary food sector, with projected revenue exceeding 800 million RMB in 2024 and a gross margin above 58% [1][9]. Group 1: Business Overview - The company primarily offers infant complementary foods and family food products under its own brand "Grandpa's Farm," with over 80% of its revenue derived from infant complementary foods [2][4]. - The product range includes oils, seasonings, grain products, fruit purees, and high-nutrition snacks designed for infants aged 6 months to 6 years [2][4]. - As of September 2025, the company has developed 269 SKUs [2]. Group 2: Financial Performance - Revenue for the years 2023, 2024, and the first nine months of 2025 is approximately 622 million RMB, 875 million RMB, and 780 million RMB, respectively, with corresponding net profits of about 75 million RMB, 103 million RMB, and 87 million RMB [9][10]. - The gross margin for these periods is reported at 55.5%, 58.8%, and 57.3% [9]. Group 3: Market Position and Competition - Grandpa's Farm holds the second-largest market share in China's infant complementary food market, with a 3.3% share, while the top five players account for 14.2% of the market [15]. - The company faces challenges from a declining birth rate, which may reduce the potential consumer base for its products [15]. Group 4: Production and Supply Chain - The company relies heavily on OEM manufacturing for nearly all its products, which may pose risks related to product quality and supply chain stability [7][9]. - It has established direct sales channels on major e-commerce platforms and a distribution network through partnerships with key clients [7][8]. Group 5: Marketing and Sales Strategy - Marketing expenses have increased significantly, accounting for 32.3%, 35%, and 36.3% of total revenue during the reporting periods [10]. - 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, indicating a shift in product mix towards lower-priced items [10][11]. Group 6: Future Outlook - The penetration rate of infant complementary foods is expected to rise from 36.8% in 2020 to 43.3% in 2024, with a projected increase in per capita spending on these products [12]. - The organic infant complementary food market is anticipated to grow significantly, with a projected market size of 39 billion RMB by 2029 [12].