6年后再次冲击上市，“溜溜梅”的产品迭代藏着哪些门道？

Core Viewpoint - Liu Liu Mei is making a second attempt to go public, this time targeting the Hong Kong Stock Exchange after a failed attempt in 2019, with significant growth in revenue and profit over the past six years [1][2]. Group 1: Financial Performance - In 2018, Liu Liu Mei's revenue was 873 million RMB with a net profit of 56.03 million RMB. By 2024, revenue has nearly doubled to 1.616 billion RMB, and net profit increased to 148 million RMB, approximately 2.6 times the original [1][2]. - Liu Liu Mei is recognized as the leading brand in the fruit snack segment in China, with a revenue scale that positions it as a mid-to-large company in the snack industry [2][3]. Group 2: Product Line Adjustments - The company has streamlined its product offerings, focusing on three core product lines: traditional dried plums, jelly products represented by plum jelly, and nutrient-rich prune products [6][9]. - The revenue structure in 2024 shows a significant shift: dried plums generated 974 million RMB (60.3%), prunes 223 million RMB (13.8%), and jelly products 410 million RMB (25.4%) [9][11]. Group 3: Jelly Product Line Growth - The jelly product line, introduced in 2019, has become a major revenue contributor, generating over 400 million RMB in 2024, accounting for more than a quarter of total revenue [11][13]. - The jelly product line has shown a remarkable growth trajectory, with revenues increasing from 230 million RMB in 2022 to 410 million RMB in 2024 [14][16]. Group 4: Market Position and Strategy - Liu Liu Mei has established itself as the market leader in the konjac jelly segment in China, benefiting from the health trend and the growing popularity of low-GI snacks [20][21]. - The company has expanded its distribution channels significantly, with key clients contributing 422 million RMB in revenue in 2024, a substantial increase from 80 million RMB in 2023 [23][24]. Group 5: Future Growth Potential - The company is exploring new flavor profiles for its dried plum snacks and aims to leverage the jelly product line as a second growth curve, potentially reaching a revenue level of 1 billion RMB [26]. - Despite the growth in the jelly segment, the overall market for dried plums and prunes remains relatively small, indicating that future growth may heavily rely on the jelly product line [26].