争议爷爷的农场IPO：销售费用10倍于研发费

Core Viewpoint - Grandpa's Farm, a children's food brand embroiled in "pseudo foreign brand" controversy, aims to go public in Hong Kong despite facing significant challenges related to its marketing-driven growth model and product quality issues [1][6]. Financial Performance - The company has shown rapid revenue growth, with revenues of 622 million yuan, 875 million yuan, and 780 million yuan for the first three quarters of 2023 to 2025, reflecting year-on-year growth rates of 40.64% and 23.15% for 2024 and 2025 respectively [2]. - Net profits have also increased, with year-on-year growth of 35.97% and 12.07% for the same periods [2]. - Marketing expenses have significantly outpaced research and development (R&D) costs, with sales and distribution expenses reaching 201 million yuan, 306 million yuan, and 283 million yuan, accounting for approximately 32.3%, 35%, and 36.3% of total revenue [2]. Marketing Strategy - The brand has heavily invested in marketing, featuring in over 30 popular TV dramas and collaborating with well-known IPs, while employing celebrity endorsements to enhance visibility [3]. - The marketing strategy has been characterized as "heavy on marketing, light on R&D," which may hinder the development of differentiated product offerings tailored to specific nutritional needs [3]. Brand Identity Controversy - Grandpa's Farm has faced scrutiny over its branding, initially promoting itself as a "Dutch brand" with an emphasis on European origins, despite being controlled by Chinese capital [4][5]. - The brand has recently shifted its messaging to focus on product quality rather than its European background, indicating a response to ongoing controversies [4]. Quality Control Issues - The company's reliance on domestic contract manufacturers has raised concerns about product quality, with multiple instances of non-compliance reported by regulatory authorities [6]. - Specific products have been flagged for failing to meet safety standards, leading to fines and product recalls, which have contributed to a growing number of consumer complaints [6][7]. Market Challenges - The combination of aggressive marketing, brand identity issues, and quality control problems presents significant challenges for Grandpa's Farm as it seeks to navigate its IPO process [7].