冲击港股上市！爷爷的农场IPO前大手笔分红，拳头产品均价走低

Core Viewpoint - The company "爷爷的农场" has submitted its listing application to the Hong Kong Stock Exchange, showcasing strong revenue and profit growth, but also significant marketing expenditures and a high dividend payout prior to the IPO [1][3][9]. Financial Performance - In 2023, the company reported revenue of approximately 622.4 million RMB, with a net profit of about 75.5 million RMB. For 2024, revenue is projected to reach 875.3 million RMB, with a net profit of around 103 million RMB. In the first three quarters of 2025, revenue was approximately 780 million RMB, up from 633.2 million RMB in the same period of 2024, with a corresponding profit of about 87.4 million RMB [2][3]. Product Segmentation - The company's product categories include infant complementary food and family food. The revenue share from infant complementary food has decreased from 93.1% in 2023 to 80.4% in the first three quarters of 2025, while family food's share has increased from 6.9% to 19.6% during the same period [4]. Marketing and Sales Expenditure - The company has significantly increased its sales and distribution expenses, totaling approximately 790 million RMB over the reporting periods, which represents 32.3% to 36.3% of total revenue. As of the end of the third quarter of 2025, 72.97% of the company's 640 full-time employees were in sales and marketing roles [6][7]. Research and Development Spending - The company's R&D expenditures have been relatively low, amounting to 0.18 billion RMB, 0.28 billion RMB, and 0.17 billion RMB over the reporting periods, which are significantly lower than sales expenses, indicating a focus on marketing over product development [7]. Dividend Distribution - Prior to the IPO, the company distributed dividends totaling 63 million RMB in the first three quarters of 2025, which accounted for approximately 72.07% of the net profit for that period [9]. Production and Quality Control - The company outsources nearly all of its product manufacturing to third-party OEM manufacturers, raising concerns about production quality and potential reputational risks if issues arise with the outsourced products [10].