爷爷的农场IPO之殇：30%营销费与3%研发，质量黑洞与洋身份争议

Core Viewpoint - Grandpa's Farm, a children's food brand embroiled in "pseudo foreign brand" controversy, is seeking to list on the Hong Kong Stock Exchange, showcasing significant revenue growth but facing challenges related to marketing strategies and product quality [1][3]. Financial Performance - The company reported revenues of 622.39 million yuan in 2023, 875.35 million yuan in 2024, and 778 million yuan in the first nine months of 2025, reflecting year-on-year growth rates of 40.64% and 23.15% respectively [3]. - Net profits also increased, with growth rates of 35.97% and 12.07% for the same periods [3]. - Sales and distribution expenses were substantial, reaching 201.26 million yuan, 306.04 million yuan, and 283.03 million yuan, accounting for approximately 32.3%, 35.0%, and 36.3% of total revenue [3]. Marketing Strategy - The company has heavily invested in marketing, spending over 30 million yuan on advertising through more than 30 popular TV dramas and collaborating with well-known IPs and celebrities [5]. - The marketing expenditure is significantly higher than R&D investment, which has remained around 3% of revenue [3][5]. Product and Brand Identity - Grandpa's Farm initially marketed itself as a "Dutch brand," emphasizing European origins, but has since shifted to focus on product quality and nutritional value in its branding [6][7]. - The company employs a global sourcing and local production model, relying on domestic OEM manufacturers for nearly all its products [7]. Quality Issues - The brand has faced multiple quality control issues, with products failing to meet safety standards and receiving regulatory penalties [9][10]. - Consumer complaints have been frequent, with over 200 reported issues related to product quality on complaint platforms [10]. Conclusion - While the company is experiencing rapid growth and has a strong marketing presence, it faces significant challenges regarding product quality, brand identity, and consumer trust as it approaches its IPO [10].