欠缴1740万社保、公积金，“假洋牌”爷爷的农场冲刺上市

Core Viewpoint - The company "爷爷的农场" (Grandpa's Farm) is preparing for its IPO on the Hong Kong Stock Exchange, revealing significant issues regarding employee social insurance and housing fund contributions, which have accumulated to a shortfall of 17.4 million yuan [2][4]. Group 1: Brand and Market Position - The brand has transitioned from an overseas image to a localized identity, aiming to clarify its origins and marketing strategies [1]. - Since its establishment in 2018, the company has rapidly expanded its product offerings in the infant food sector, achieving a GMV of 1.5 billion yuan in 2024, ranking second in the market [8]. - The company reported a revenue increase from 622.4 million yuan in 2023 to 875.3 million yuan in 2024, marking a 40.6% year-on-year growth [8]. Group 2: Financial Performance - The company’s gross profit rose from 345.1 million yuan in 2023 to 514.4 million yuan in 2024, with a gross margin of 58.8% [11]. - Despite a decline in sales volume for its core infant food products in 2025, the average selling price increased, but overall revenue from this segment decreased by 2.7% [9]. Group 3: Employee Welfare and Compliance Issues - The company has a significant shortfall in social insurance and housing fund contributions, with amounts due of 4.7 million yuan, 6.8 million yuan, and 5.9 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [2][4]. - The company acknowledges the legal implications of its non-compliance but claims that it does not foresee significant adverse effects on its business operations [4][6]. Group 4: Operational Challenges - The company operates primarily on an OEM model, which has led to challenges in supply chain management and quality control [13]. - To address these issues, the company is developing its own production facility in Guangzhou, which is expected to take time to become fully operational [14].