“假洋牌”爷爷的农场赴港上市，员工社保未缴足股东却在分红

Core Viewpoint - Grandpa's Farm International Holdings Limited has submitted its prospectus to the Hong Kong Stock Exchange, revealing growth in revenue and profit, but facing challenges in its core baby food business with declining average prices and signs of fatigue in the supplementary food segment [1][13][15]. Financial Performance - Revenue for 2023 and 2024 is projected at 622 million RMB and 875 million RMB respectively, with a 23.2% year-on-year growth in the first three quarters of 2025 [13][15]. - The company has a total of 195 baby food and 74 family food products under its own brand [13]. - The average selling price of baby food is declining, attributed to the introduction of lower-priced snack products [15][16]. Business Structure and Controversies - The company claims to be a high-quality European imported baby food brand, but has faced accusations of being a "fake brand" due to its actual origins in Guangzhou [4][5][6]. - There are significant concerns regarding the company's failure to fully pay employee social insurance and housing funds, with a cumulative shortfall of 22.5 million RMB over three years [19][20]. Shareholder Dividends - Despite the financial success, the company has distributed substantial dividends to shareholders, totaling 63 million RMB in the first three quarters of 2025, while failing to meet employee social security obligations [19][20]. Supply Chain and Production - The company outsources nearly all production to 62 OEM manufacturers, which raises concerns about quality control and production reliability [27][28]. - The pricing of Grandpa's Farm products is higher than competitors, despite using the same manufacturing facilities [29][31]. Marketing and R&D Expenditure - Marketing expenses significantly exceed R&D investments, with marketing costs accounting for over 32% of total revenue, while R&D spending remains below 4% [33][34]. - The company has faced product recalls and quality issues in the past, raising questions about its supply chain management [35].