Core Insights - The company "Grandpa's Farm" has officially submitted its listing application, capitalizing on the growing organic food market driven by health-conscious consumers and scientific feeding concepts [1][4] - The organic baby food segment is experiencing significant growth, with a projected market size increase from 1.2 billion RMB in 2020 to 2.2 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 15.9% [4][5] - The company holds a leading position in the organic baby food sector, with a market share of approximately 23.2% and the highest growth rate among the top five competitors from 2022 to 2024 [5][9] Market Trends - The penetration rate of infant complementary food in China is expected to rise from 36.8% in 2020 to 43.3% in 2024, with further growth anticipated to 52.2% by 2029 [4] - The organic seasoning market is projected to grow from 7 billion RMB in 2024 to 19.8 billion RMB by 2029, with a CAGR of 23.2% [6] Competitive Landscape - The Chinese organic baby food market is still in its early stages, with only 5.6% market share compared to more mature markets in Europe and Australia, which have shares of approximately 30% and 40-50%, respectively [5] - The top five players in the organic baby food segment are expected to hold a combined market share of 79.1% by 2024, indicating a trend towards market concentration [5] Financial Performance - The company has demonstrated strong financial growth, with revenue increasing from 622.39 million RMB in 2023 to 875.35 million RMB in 2024, representing a growth of 40.6% [9][10] - The gross profit margin has remained high, with rates of 55.5%, 58.8%, and 57.3% for the years 2023, 2024, and 2025, respectively [9][10] Product Strategy - The company has developed a diversified product system centered around organic products, with a total of 269 SKUs, including 195 for infant complementary food and 74 for family food [7][12] - The family food segment is rapidly growing, with revenue expected to increase from 42.92 million RMB in 2023 to 105.03 million RMB in 2024, marking a growth of 144.72% [11][12] Future Outlook - The upcoming IPO is expected to provide new momentum for the company's growth, supporting capacity expansion, research and development, and upgrades to the family food business [13] - The company is well-positioned to leverage its strengths in the organic baby food market and its successful expansion into family food, creating a dual growth engine for future performance [11][13]
“爷爷的农场”谋求IPO,能否成下一个国民辅食品牌?
Jin Tou Wang·2026-01-07 08:32