有机的名义、贴牌的生意：婴童辅食品牌“爷爷的农场”IPO成色几何

Core Viewpoint - The increasing anxiety around parenting is driving baby food brands towards the capital market, with companies like Grandpa's Farm and Ying's Holdings pursuing IPOs to capitalize on the growing demand for baby food products [2][6]. Company Overview - Grandpa's Farm has submitted its IPO application to the Hong Kong Stock Exchange, while Ying's Holdings is also seeking to list on the Beijing Stock Exchange [2]. - Baby food, which includes products like fruit puree and rice cereal for infants over six months, has become an essential part of many families' parenting routines [2]. Financial Performance - Grandpa's Farm reported a gross profit margin of 58.8% for 2024, which is competitive within the industry [3][14]. - Despite this high margin, Grandpa's Farm's overall revenue of 8.75 billion yuan in 2024 is less than half of Ying's Holdings' revenue of 19.74 billion yuan for the same period [11]. Market Positioning - Grandpa's Farm claims to be the market leader in several niche segments, including organic baby food and baby seasoning products, as per data from Frost & Sullivan and other consulting firms [9]. - The company has expanded its product range to include 269 SKUs by September 2025, with baby food contributing over 50% of its revenue in recent quarters [8]. Competitive Landscape - The company faces challenges from supply chain similarities, as both Grandpa's Farm and Ying's Holdings source products from the same manufacturer, which raises concerns about product differentiation [5][18]. - The shift towards a broader product offering, including family foods, is seen as a strategy to mitigate revenue declines in its core baby food segment, which saw a 2.75% drop in revenue year-on-year for the first three quarters of 2025 [19][22]. Consumer Trends - The rise of the "fine feeding" concept has led parents to demand higher quality ingredients, which Grandpa's Farm has capitalized on by emphasizing organic and healthy product attributes [15][16]. - The company aims to address parenting anxiety by marketing its products as premium offerings, although the sustainability of this high pricing strategy is uncertain due to increasing competition and market saturation [18][23].