毛利率达57%却“重营销轻品控”？爷爷的农场冲刺港股上市

Core Viewpoint - Grandpa's Farm International Holdings Limited is preparing for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for high-quality infant food products in China, where it ranks second in the market for infant complementary food by total transaction value in 2024 [1]. Company Overview - Founded in 2015, Grandpa's Farm specializes in infant complementary food and family food products, marketed under its own brand [1]. - The company has positioned itself in the high-end organic segment, emphasizing its Dutch origins and global supply chain [2][3]. - As of September 2025, the company has developed 269 SKUs, with a significant focus on high-frequency household consumables [2]. Financial Performance - In 2023, the company reported revenues of 622 million RMB, with a gross profit of 345 million RMB and a net profit of 75.46 million RMB [3]. - Projected revenues for 2024 are expected to rise to 875 million RMB, with gross profit increasing to 514 million RMB and net profit reaching 103 million RMB [3]. - For the first three quarters of 2025, revenues reached 780 million RMB, with a gross profit of 447 million RMB [3]. - The gross margins for 2023, 2024, and the first three quarters of 2025 were 55.5%, 58.8%, and 57.3%, respectively [3]. Business Segments - The infant complementary food segment is the primary revenue driver, contributing over 80% of total revenue and maintaining a higher gross margin [3]. - In the first three quarters of 2025, the infant complementary food segment generated 627 million RMB in revenue with a gross margin of 59.9% [4]. - The family food segment is emerging as a secondary growth driver, with revenues increasing from 43 million RMB in 2023 to 153 million RMB in the first three quarters of 2025 [4]. Market Position - The infant complementary food industry in China is highly fragmented, with the top five market players accounting for only 14.2% of the market [11]. - Grandpa's Farm holds a market share of 3.3%, trailing behind the market leader, Ying's Holdings, which has a share of 5.7% [11]. - Ying's Holdings is also pursuing an IPO, which could further intensify competition in the market [11]. Marketing and Production - The company operates on an OEM model, producing all its products through third-party manufacturers, which raises concerns about quality control [5][10]. - Marketing expenses are significant, with sales and distribution costs accounting for approximately 32.3% to 36.3% of total revenue in recent years [10]. - The company has faced multiple regulatory penalties related to food safety issues, which could impact its reputation and operational success [8][9].