从电视剧刷屏到港交所递表，“爷爷的农场”冲刺港股IPO

Core Viewpoint - Grandpa's Farm International Holdings Limited has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for infant and toddler food products, despite its reliance on outsourcing and high marketing expenses [1][3]. Company Overview - Grandpa's Farm was initially marketed as a "European infant food brand," but it originated in China and primarily uses an outsourcing production model [1][3]. - The company has invested heavily in marketing, with sales and distribution expenses exceeding 32% of its revenue in 2023, totaling nearly 800 million yuan for the first three quarters of 2023, 2024, and 2025 [1][2]. Product and Market Position - The company offers a range of products including cooking oil, seasonings, grain-based baby food, juices, fruit purees, and snacks, with a reported revenue of 780 million yuan for the first three quarters of 2023 [3][10]. - Grandpa's Farm has positioned itself as a leading brand in the Chinese infant food market, ranking second in total transaction value for infant food from 2022 to 2024, with the highest compound growth rate among the top five companies [9]. Revenue Breakdown - Revenue from infant food accounted for 93.1%, 88%, and 80.4% of total revenue during the reporting periods of 2023, 2024, and the first three quarters of 2025, respectively [11][15]. - The company has expanded its product offerings to include family food items, which are gradually increasing their contribution to total revenue [10][11]. Sales Channels - The company primarily relies on online sales channels, with approximately 70% of its revenue coming from e-commerce platforms during the reporting periods [15]. - The repurchase rate for products on Tmall's flagship store has shown a consistent upward trend, indicating growing consumer acceptance [15]. Future Outlook - There is significant potential for Grandpa's Farm to enhance its market presence through improved channel development, as only 27.8% of revenue came from key clients and offline distributors in the first three quarters of 2023 [16][17].