估值六年无明显增长，二次闯关的溜溜果园急需上市输血｜智氪

Core Viewpoint - The article discusses the IPO attempt of Liu Liu Guo Yuan (Liu Liu Mei) and highlights its financial performance, market positioning, and the reasons behind its timing for going public [4][5][14]. Financial Performance - Liu Liu Guo Yuan's revenue increased from 873 million RMB in 2018 to 1.616 billion RMB in 2024, with net profit rising from 56 million RMB to 148 million RMB during the same period [4]. - The company achieved a compound annual growth rate (CAGR) of 17.32% in revenue from 2022 to 2024, with specific product lines showing significant growth: dried plum snacks at 9.79%, western plum products at 35.5%, and plum jelly at 33.51% [7][8]. Product and Revenue Breakdown - In 2024, the revenue breakdown was as follows: dried plum snacks contributed 974 million RMB, western plum products 224 million RMB, and plum jelly 410 million RMB [7]. - The sales channels have shifted significantly, with direct sales increasing from 14% of total revenue in 2018 to 59.2% in 2024, while distribution channels decreased from 74.5% to 40.8% [10]. Customer Base and Market Strategy - The top five customers accounted for 33.1% of revenue in 2024, up from 12.7% in 2022, indicating a growing reliance on major retail partners [11]. - The company has strategically aligned itself with rapidly expanding offline snack retail stores, which has contributed to its revenue growth [13][14]. Profitability Metrics - Liu Liu Guo Yuan's gross margin fluctuated from 38.6% in 2022 to 36% in 2024, influenced by the changing customer structure and the pricing strategies of large clients [16][18]. - Net profit margins improved from 5.83% in 2022 to 9.14% in 2024, attributed to economies of scale and reduced operating expenses [19]. Capital Structure and Funding Needs - As of 2024, the company had total assets of 1.671 billion RMB and total liabilities of 1.053 billion RMB, resulting in a debt-to-asset ratio of 63% [21]. - Liu Liu Guo Yuan faces potential liquidity issues due to a low inventory turnover rate of 2.18, significantly below industry averages [22]. - The company is under pressure to secure funding through its IPO to address its capital structure and meet short-term liabilities [27][28]. Market Valuation - The expected compound annual growth rate for the Chinese dried plum snack market is 13.65%, with Liu Liu Guo Yuan projected to grow at a CAGR of approximately 21% from 2024 to 2029 [30]. - The estimated valuation for Liu Liu Guo Yuan could reach around 2.768 billion RMB based on a price-to-earnings ratio of 18.7, which is higher than its last funding round valuation of 2.2 billion RMB [30].