新股前瞻｜营销费用率超36% 爷爷的农场能否借上市跨越新消费品牌盈利陷阱？

Core Viewpoint - The company "爷爷的农场" is accelerating its entry into the capital market by submitting a listing application to the Hong Kong Stock Exchange, capitalizing on the trend of health-oriented and refined consumption in the global baby and child consumer goods market [1] Group 1: Company Growth and Financial Performance - The company has achieved rapid revenue growth, with projected revenues of 7.8 billion RMB for the first three quarters of 2024 and an expected annual revenue exceeding 8 billion RMB, positioning itself as the second-largest player in the industry [1] - Revenue figures for the company are reported as 6.22 billion RMB for 2023, 8.75 billion RMB for 2024, and 7.80 billion RMB for the first three quarters of 2025, indicating a strong growth trajectory [2] - The company's gross margin remains high, ranging from 55% to 59%, with the baby food segment achieving a gross margin of 61% to 65%, significantly above the industry average [3] Group 2: Market Position and Strategy - The company is strategically expanding its product categories, increasing its SKU count from 158 to 269, with a focus on family food products to penetrate broader market segments beyond just baby products [2] - The organic baby food market is experiencing significant growth, with the market size increasing from 1.2 billion RMB in 2020 to 2.2 billion RMB in 2024, reflecting a compound annual growth rate of 15.9% [6] - The company has established a competitive advantage through its positioning in the organic and baby-specific high-value segments, although it faces increasing competition in a concentrated market [9] Group 3: Challenges and Risks - The company's revenue is heavily reliant on online channels, with approximately 70% of income generated through e-commerce platforms, indicating a risk associated with channel concentration [4] - Marketing expenses have risen significantly, with sales and distribution costs increasing from 32.3% to 36.3% of total revenue, leading to a decline in adjusted net profit margin from 12.2% to 11.6% [5] - The company operates on a nearly 100% third-party outsourcing model, which, while providing flexibility, poses long-term challenges regarding product quality consistency and supply chain stability [9] Group 4: Future Outlook - The upcoming IPO is expected to provide capital for strengthening supply chain barriers, expanding offline channel networks, and addressing increasing competition [10] - The company must navigate the challenge of converting its current market share advantage into sustainable profitability through brand loyalty and operational efficiency [10]