爷爷的农场“伪洋”标签，藏不住了

Core Viewpoint - The company "爷爷的农场" (Grandpa's Farm) is facing significant challenges as it prepares for its IPO on the Hong Kong Stock Exchange, with concerns over brand authenticity, product quality, and financial practices [1][2][19]. Group 1: Brand Identity Issues - The brand has been criticized for falsely presenting itself as a "European national baby food brand," which has eroded consumer trust [3]. - The founders are Chinese nationals who established the brand in China, contradicting earlier claims of European origins [5][8]. - The majority of the products are now produced domestically, with minimal imports, leading to accusations of misleading marketing practices [10]. Group 2: Quality Control Concerns - The company relies heavily on OEM manufacturing, resulting in weak quality control and multiple regulatory penalties for product quality issues [11]. - Since 2019, the company has faced at least eight instances of product non-compliance, including issues with key nutritional indicators [12]. - Recent media reports have highlighted discrepancies in product labeling, raising further questions about quality and transparency [13]. Group 3: Financial Practices and Risks - The company's sales and distribution expenses have increased significantly, while R&D spending remains disproportionately low, raising concerns about long-term sustainability [14]. - A substantial portion of marketing expenses is directed towards e-commerce platforms, with rising costs and declining conversion rates adding operational pressure [14]. - The company has engaged in complex transactions with related parties, which could raise red flags during the IPO review process [17]. Group 4: Dividend Practices and Employee Welfare - The company has distributed large dividends prior to the IPO, which some view as a strategy to extract value at the expense of long-term investment in the business [18]. - There are significant arrears in employee social insurance contributions, indicating potential compliance issues and a lack of focus on employee welfare [18][19]. - The juxtaposition of high dividends and low investment in R&D and employee benefits reflects a troubling imbalance in the company's operational philosophy [19].