爷爷的农场冲刺港交所：国内最大的有机婴童零辅食品牌，9个月营收8亿元

Core Viewpoint - The company "爷爷的农场" is preparing for an IPO on the Hong Kong Stock Exchange, aiming to enhance its product development and expand its market presence in the healthy food sector, particularly in baby food and family food products [2][6]. Group 1: Company Overview - Established in 2015, "爷爷的农场" focuses on providing high-quality, nutritious food with minimal additives, launching its first baby food product in 2018 and strategically entering the family food market in 2021 [3]. - The product range includes baby food items such as oils, seasonings, cereals, juices, fruit purees, and snacks, as well as family food products like liquid milk, convenience foods, rice, seasonings, and oils [3]. Group 2: Product and Market Position - As of September 30, 2025, the company offers 269 SKUs, with about one-third certified organic, meeting modern consumer expectations for convenience, nutrition, hygiene, and taste [4]. - According to Frost & Sullivan, "爷爷的农场" ranks second in the total transaction value of baby food in China for 2024 and has the highest compound annual growth rate among the top five companies from 2022 to 2024 [4]. Group 3: Sales Channels and Growth - Direct sales channels, including Tmall, Douyin, Pinduoduo, and JD.com, are key growth drivers, with revenue shares of 41.3%, 42.3%, and 42.1% for 2023, 2024, and the first three quarters of 2025, respectively [4]. - The company has established a broad distribution network, entering 12 national retail chains and over 2,000 key retail outlets, with partnerships with 342 distributors reaching over 10,000 stores [5]. Group 4: Financial Performance - The company's revenue for 2023 and 2024 was 622 million and 875 million yuan, respectively, reflecting a year-on-year growth of 40.6%, while the revenue for the first three quarters of 2025 was 780 million yuan, up 23.2% [5]. - Gross margins for 2023, 2024, and the first three quarters of 2025 were 55.5%, 58.8%, and 57.3%, with adjusted net profit margins of 12.2%, 11.8%, and 11.6% during the same periods [5]. Group 5: IPO Fund Utilization - The net proceeds from the IPO will be used to enhance product development capabilities, innovate and upgrade product lines, invest in supply chain development, strengthen brand marketing, expand domestic sales networks, and explore overseas markets [6].