「港股IPO观察」从电视剧刷屏到港交所递表：“爷爷的农场”重营销轻研发，代工底色引争议

Core Viewpoint - The company "Grandpa's Farm" has submitted its IPO application to the Hong Kong Stock Exchange, revealing its origins and operational model, which heavily relies on marketing and outsourcing production to OEM manufacturers, raising concerns about its long-term sustainability and brand identity [2][3][4]. Company Background - "Grandpa's Farm" was established in 2015 and is operated by Guangzhou Jiantwei Daily Necessities Co., Ltd. The company has undergone restructuring and is now a leading brand in China's infant food sector, ranking second in total transaction value for infant food and first in organic infant food by 2024 [3]. Financial Performance - The company's revenue for the first three quarters of 2023, 2024, and 2025 was 622 million, 875 million, and 780 million respectively, with net profits of 75.46 million, 103 million, and 87.42 million. The revenue growth rates for 2024 and 2025 are projected at 40.6% and 23.2%, while net profit growth rates are 36% and 12.1% [4]. Product Segmentation - The product line primarily consists of infant food and family food, with infant food accounting for 80.4% of revenue in the first three quarters of 2025. The offerings include cooking oil, seasonings, grain products, fruit purees, biscuits, rice cakes, milk tablets, and cod fish sausages [5]. Marketing Strategy - The company has heavily invested in marketing, with sales and distribution expenses reaching approximately 201 million, 306 million, and 283 million for the respective years, constituting over 32% of total revenue. Marketing strategies include product placements in popular TV dramas and endorsements by celebrities [6][7]. Research and Development - Despite high marketing expenditures, the company's investment in research and development is relatively low, with R&D expenses of 17.68 million, 28.35 million, and 17.21 million, representing only 2.8%, 3.2%, and 2.2% of revenue. This imbalance raises concerns about the company's long-term product innovation and competitiveness [7]. Production Model - "Grandpa's Farm" primarily relies on an OEM manufacturing model, outsourcing nearly all production to third-party manufacturers. This approach helps reduce capital investment but poses challenges in quality control and supply chain management [8][9]. Future Plans - The company acknowledges the risks associated with its reliance on OEM manufacturers and plans to invest in enhancing its internal production capabilities and supply chain management. This includes building a multifunctional facility in Guangzhou for limited in-house production and quality control [9].