爆款续命后，金星啤酒火速IPO：家族套现超3亿，欠缴员工公积金

Core Viewpoint - Jin Xing Beer has submitted its prospectus to the Hong Kong Stock Exchange, showcasing a significant turnaround driven by its popular product "Maojian Tea Beer," which has led to rapid revenue growth and a strong push for an IPO [1][9]. Financial Performance - Revenue figures for Jin Xing Beer are as follows: 2023 revenue was 356 million RMB, projected to reach 730 million RMB in 2024, and 1.1 billion RMB in the first nine months of 2025. Net profit surged from 12.2 million RMB in 2023 to 125 million RMB in 2024, and further to 305 million RMB in 2025 [1][10]. - Gross margins improved significantly, with 27.3% in 2023, 37.8% in 2024, and 47% in 2025. Net margins also increased from 3.4% in 2023 to 27.5% in 2025 [1][10]. - Operating cash flow transitioned from a negative 60 million RMB in 2023 to a positive 360 million RMB in 2024 [1]. Product Dependency - The "Maojian Tea Beer" product line has become a major revenue driver, contributing 51.7% of total revenue in 2024 and increasing to 78.1% in the first nine months of 2025. This heavy reliance on a single product poses risks if its popularity wanes or competition intensifies [2][4]. Market Competition - The success of the Chinese craft beer market has attracted major players like China Resources, Tsingtao, and Yanjing, as well as cross-industry companies such as Mixue Ice City and Hema, indicating a future of intensified competition [4]. Corporate Governance - Jin Xing Beer is a family-controlled business, with Zhang Tieshan and Zhang Feng holding approximately 99.99% of the shares, leading to concerns about governance and minority shareholder protection [6][7]. - The company has faced issues with unpaid employee social insurance and housing funds, totaling 21.9 million RMB from 2023 to the first three quarters of 2025, raising questions about its financial practices [8]. Dividend Policy - Following its revenue growth, Jin Xing Beer distributed significant cash dividends totaling 329 million RMB, which accounted for about 80% of its net profits for 2024 and 2025, primarily benefiting the controlling shareholders [7]. Debt Levels - The company's debt levels were alarming, with an asset-liability ratio of 2250% in 2023, which improved to 98.7% in 2024 and further reduced to 11.1% in the first nine months of 2025, indicating a significant recovery [9][10].