金星啤酒赴港IPO：中式精酿啤酒贡献78.1%收入，净利率27.5%，曾委托第三方为部分员工缴付社保和公积金

Core Viewpoint - The company, Jinxing Beer, has submitted its prospectus for an IPO, positioning itself as the eighth largest beer company in China and the fifth largest domestic brewery, with a strong focus on craft beer innovation and market expansion [1][2]. Company Overview - As of the nine months ending September 30, 2025, Jinxing Beer ranks as the third largest craft beer company in China and the largest flavored craft beer producer, holding a market share of 14.6% [1]. - The company has introduced a new category of "Chinese craft beer," integrating traditional Chinese cultural elements into its product design, notably through the creative fusion of tea and beer [1]. Product Development - The first Chinese craft beer, Jinxing Maojian, was launched in August 2024, followed by additional flavors such as jasmine tea, candied hawthorn, and sugar tangerine, with a total of 50 SKUs contributing to 78.1% of revenue for the nine months ending September 30, 2025 [1][6]. Market Growth - The craft beer market in China has seen significant growth, with the market size increasing from RMB 12.5 billion in 2019 to an estimated RMB 63.2 billion in 2024, reflecting a compound annual growth rate (CAGR) of 38.4% [2][3]. - The domestic craft beer market is projected to grow from RMB 2.5 billion in 2019 to RMB 36 billion in 2024, with a CAGR of 70.6% [3]. Financial Performance - Revenue nearly doubled from RMB 356.4 million in 2023 to RMB 730.2 million in 2024, with a further increase to RMB 1.1 billion for the nine months ending September 30, 2025 [4][6]. - Gross profit rose from RMB 97.3 million in 2023 to RMB 276.2 million in 2024, and further to RMB 521.3 million for the nine months ending September 30, 2025, with gross margins improving significantly [6]. Sales Channels - The company has diversified its sales channels, with distributor contributions to revenue decreasing from 97.6% in 2023 to 94.8% by September 30, 2025, indicating a balanced dual-channel strategy [9][11]. - Direct sales through self-operated online stores have also seen significant growth, driven by new product launches and targeted marketing campaigns [9]. Supply Chain and Transparency - The company collaborates directly with leading tea suppliers for high-quality tea used in fermentation, ensuring traceability and transparency in its products [2]. - The company has established a robust distribution network with over 1,000 new distributors, covering 29 provinces in China [1].