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, raising concerns about its long-term sustainability and brand identity [1][3][4]. Group 1: Company Background and Market Position - "Grandpa's Farm" was established in 2015 and is operated by Guangzhou Jiantwei Daily Necessities Co., Ltd., with significant ownership held by its founders [3]. - The company has become a leading brand in China's infant food sector, ranking second in total transaction value for infant food and first in organic infant food as of 2024 [3]. - The brand initially marketed itself as a European baby food brand, which has led to consumer misconceptions and accusations of being a "fake foreign brand" [5]. Group 2: Financial Performance - The company's revenue for the first three quarters of 2023, 2024, and 2025 was 622 million, 875 million, and 780 million yuan respectively, with net profits of 75.46 million, 103 million, and 87.42 million yuan [4]. - Revenue growth rates for 2024 and 2025 are projected at 40.6% and 23.2%, while net profit growth rates are expected to be 36% and 12.1% [4]. Group 3: Marketing and R&D Expenditure - Marketing expenses have significantly increased, accounting for over 32% of total revenue in 2023, with expenditures of approximately 201 million, 306 million, and 283 million yuan for the respective years [6][7]. - In contrast, R&D spending has been relatively low, with figures of 17.68 million, 28.35 million, and 17.21 million yuan, representing only 2.8%, 3.2%, and 2.2% of revenue [7]. Group 4: Production Model and Supply Chain - The company primarily relies on an OEM production model, outsourcing nearly all of its product manufacturing to third-party manufacturers, which poses risks in quality control and supply chain management [8]. - "Grandpa's Farm" has acknowledged the need to reduce reliance on specific OEM manufacturers and is investing in its own production capabilities to enhance quality control and supply chain management [9].