华夏时报记者周梦婷北京报道 开年伊始，在多部热门电视剧频繁刷脸的品牌向港交所发起冲击。1月5日，爷爷的农场国际控股有限公 司（下称"爷爷的农场"）在港交所提交了招股书，独家保荐人为招银国际。 品牌创立初期，爷爷的农场曾以"欧洲婴幼儿食品品牌"作为市场宣传的核心标签，然而根据最新披露的 招股书信息，其品牌实际起源于中国，且产品几乎都依赖代工生产模式。为提升市场知名度，爷爷的农 场在销售与推广方面持续投入高昂费用，自2023年起，相关支出已占营业收入的32%以上，2023年、 2024年及2025年前三季度，其销售及分销开支合计近8亿元。相比之下，其在产品研发方面的投入则较 为有限。品牌塑造中的身份差异与"重营销、轻研发"的运营模式，也为其长期发展带来了潜在的不确定 性。 身份质疑 一纸招股书揭开了爷爷的农场的"身份"问题。 招股书显示，爷爷的农场于2015年启动运营，运营主体为广州健特唯日用品有限公司（下称"健特唯日 用品"）。该公司由杨钢、姜福全、何建农及刘海波在中国境内共同设立；2017年成立艾斯普瑞（广 州）食品有限公司（下称"艾斯普瑞"），并在2018年推出首款婴童辅食产品，为筹备上市，该公司实施 了重 ...

Core Viewpoint - The infant food market in China is experiencing steady growth, driven by the increasing awareness of health and nutrition among new parents, with companies like Ying's and Grandpa's Farm competing for market share [2][4]. Industry Overview - The Chinese infant food market is projected to grow from approximately RMB 31.7 billion in 2020 to about RMB 39.4 billion by 2024, with a compound annual growth rate (CAGR) of around 5.6%, and expected to reach approximately RMB 51.2 billion by 2029 [2]. - The market is characterized by competition among brands such as Ying's, Grandpa's Farm, Little Blue, and Qiu Tian Man Man [2]. Company Performance - In 2024, Ying's is expected to achieve revenue of RMB 1.97 billion, while Grandpa's Farm is projected to generate RMB 875 million in the same year [4]. - Grandpa's Farm reported revenues of RMB 622 million in 2023, RMB 875 million in 2024, and RMB 780 million in the first three quarters of 2025, with adjusted net profits of RMB 76 million, RMB 103 million, and RMB 90 million respectively [4]. Market Positioning - According to the 2024 rankings, Ying's holds the top position in the infant food market with a market share of 5.7%, while Grandpa's Farm ranks second with a market share of 3.3% [3]. - The top five companies in the market collectively account for 14.2% of the total market share [3]. Marketing and R&D Expenditure - Grandpa's Farm has invested significantly in marketing, with sales and distribution expenses amounting to RMB 201 million, RMB 306 million, and RMB 283 million for 2023, 2024, and the first three quarters of 2025, respectively, representing 32.3%, 35.0%, and 36.3% of total revenue [5]. - In contrast, Ying's has maintained a sales expense ratio of around 35%, with R&D expenses accounting for less than 1% of revenue [7]. Production and Quality Concerns - Grandpa's Farm relies heavily on third-party OEM manufacturers for production, with its own factory expected to start small-scale production in October 2025 [8]. - Ying's has a stronger in-house production capability, although it still relies on outsourcing for 55.1% of its production in 2024 [8]. Consumer Feedback - As of January 6, there have been 206 complaints regarding Grandpa's Farm on the Black Cat Complaints platform, highlighting issues such as product quality and safety [9]. - Both leading companies face challenges related to high marketing costs and reliance on outsourcing, which may impact their profitability and growth potential [9].

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 导语：千万别塌房。 在2025年12月与辉同行举办的一场家居专场直播活动中，顾家家居的一款沙发单品表现惊艳，成交额一举突破亿元大关。 然而，这份亮眼的销售成绩单背后，却引发了外界对于这款沙发是否由第三方代工的质疑。 面对质疑，12月29日，顾家家居相关负责人表示，董宇辉直播间所售沙发均为公司自制。同时，董宇辉直播间客服也明确表示均为官方正品。 回顾顾家家居的发展历程，这个由顾江生家族一手精心打造的企业在家居行业深耕多年。不过，如今公司的实际控制权已发生变更，美的集团创始 人何享健之子何剑锋成为了新的实控人。 遨游广袤的财富世界。 董宇辉直播间热销沙发，陷"代工"争议 从业绩表现来看，顾家家居在2024年遭遇了不小的挑战，营收和归母净利润双双下滑。 2025年前三季度，顾家家居的经营状况有所改善，前三季度业绩呈现出回暖迹象，营收和归母净利润重新回到增长轨道，同比分别增长8.77%和 13.24%。 但值得注意的是，在业绩增长的同时，顾家家居去年前三季度的应收账款同比也增长22.94%。 而将目光投向此次直播的另一位主角——董宇辉，如今的他带 ...

2026年1月5日，爷爷的农场国际控股有限公司（以下简称"爷爷的农场"）正式向港交所递交招股说明 书，拟主板挂牌上市，招银国际担任独家保荐人。 婴童辅食品牌爷爷的农场正冲击港股IPO。 这家成立仅十年的品牌凭借"有机""进口"标签迅速崛起，2024年以40.6%的高增速跻身中国婴童零辅食 市场第二名，有机品类更位列第一。然而，亮眼业绩背后，其"荷兰进口"身份与代工模式频遭质疑，多 次因食品安全问题被处罚，且营销费用居高不下。 此番上市，爷爷的农场能否在资本市场的审视下平衡增长与质量，成为行业关注的焦点。 产品已涵盖269个SKU 一年营收超8亿元 招股书显示，成立于2015年的爷爷的农场于2018年推出首款婴童辅食产品，后于2021年战略性进军家庭 食品赛道。其中，婴童零辅食领域的产品包括食用油、调味品、谷物类辅食、果汁、果泥和果泥酸奶产 品以及零食；家庭食品领域的产品则包括液态奶产品、方便食品、大米产品、调味品以及食用油。 招股书提到，截至2025年9月30日，爷爷的农场的产品组合已涵盖269个SKU，覆盖不同细分市场。截至 同期，爷爷的农场约三分之一的SKU获得有机销售许可与"有机"标识资质，其中部分产品 ...

乐欣户外的核心商业模式呈现典型的"代工依赖症"。报告期内，公司OEM/ODM业务收入占比始终维持90%以上。 来源：《理财周刊》 2025年12月29日，浙江乐欣户外用品有限公司（下称"乐欣户外"或"公司"）第三次向港交所递交招股书，冲刺"港股钓鱼装备第一 股"，独家保荐人为中金公司。 招股书援引弗若斯特沙利文数据称，按2024年收入计，乐欣户外为全球最大钓鱼装备制造商，市场份额达23.1%。 根据招股书，公司将OEM/ODM制造能力与不断增长的OBM业务相结合。2022年至2024年及截至2025年8月31日，公司收入来自 OEM/ODM模式分别占比94.1%、90.2%、92.3%及93.1%。 目前，乐欣户外成为钓鱼装备OEM/ODM解决方案的全球领导者。公司产品销往欧洲、北美、澳大利亚、南非和东亚超过40个国家和 地区，并与迪卡侬、Rapala VMC、Pure Fishing等全球知名户外品牌建立长期稳定的合作关系。 业绩收入"过山车" 难寻第二增长曲线 为突破代工天花板，乐欣于2017年收购英国钓鱼品牌Solar，开启OBM（自有品牌）战略拓展业务，但Solar的转型进程较为缓慢。招 股书显示，2 ...

近日，来自浙江的钓鱼装备制造商乐欣户外国际有限公司向港交所递交上市申请，中金公司担任独家保 荐人。这是该公司第三次冲击港股上市，此前分别于2024年11月、2025年6月递交的申请材料均已失 效。 公开信息显示，乐欣户外是一家专注于垂钓装备研发与智造的公司，其最早可追溯至1993年。彼时创始 人杨宝庆开始从事户外休闲用品业务，其创立的浙江泰普森控股集团以户外用品的研发、制造及销售为 核心，同时衍生了文化创意产业园、产业金融、文化旅游等业务板块。为促进业务专业化及提升市场关 注度，2022年6月成立浙江乐欣户外，承接钓鱼装备业务。 乐欣户外引用弗若斯特沙利文数据显示，按2024年收入计算，乐欣户外是全球最大的钓鱼装备制造商， 市场份额达23.1%；以及中国最大的钓鱼装备制造商，市场份额为28.4%。 与迪卡侬等合作已超10年 申请文件显示，乐欣户外已构建全面、多功能的钓鱼装备及其他产品组合，截至2025年8月31日，其产 品组合包含超过10000个SKU的钓鱼装备，涵盖钓鱼椅、钓鱼床、鱼竿支架、钓鱼箱、钓鱼推车、渔具 篷、全围伞、钓鱼包及抄网等。 从业绩表现来看，乐欣户外的收入在2023年出现明显下滑。数据显示 ...

"这款鸡尾酒颜值高、味道好，适合聚餐时和朋友一起饮用。"12月29日，盒马北京旧宫万科广场店内，"00后"消 费者张琪琪（化名）和好友一起为元旦出游采购酒水。 事实上，不止盒马，北京各大商超在元旦节前已经铺设了促销专区。其中，兼具饮料风味和微醺体验的新酒饮被 摆在显眼位置，吸引不少年轻消费者前来选购。 近年来，低度酒品类迅速占领年轻消费市场，实现显著增长。根据天猫新品创新中心（TMIC）与凯度联合发布的 《低度潮饮趋势报告》，我国低度酒市场规模已从2020年的200亿元跃升至2024年的超570亿元。放眼全球，2023 年低度酒市场规模已达6341.7亿元，预计到2025年有望突破7400亿元。 伴随市场快速扩容，低度酒赛道不断涌入新品牌与新产品。在这场面向年轻人的口味与消费偏好竞争中，究竟哪 些品牌能够最终胜出？ 接连入局的新玩家 早在上世纪七八十年代，名酒企曾一度尝试推出30多度甚至20多度白酒，然而未形成低度化趋势。不过，当时华 南的果味啤酒"菠萝啤"却跑了出来，成为低度酒创新先锋。时至今日，菠萝啤依然是中国低度酒的重要品类。 之前，酒桌文化常与商务宴请、社交应酬绑定，"感情深，一口闷"的豪饮方式曾是主 ...

年产700万辆自行车，富士达连续三年自行车销售金额在中国大陆位列前三。 富士达的业绩并不稳定。2022年，公司归母净利润为3.48亿元，2023年下降至2.85亿元，2024年增长至4.08亿元， 2025年上半年为1.95亿元，不及2024年全年的一半。 长江商报消息 ●长江商报记者沈右荣 遍布大街小巷的哈啰、美团单车的供应商正向A股发起冲击，这家公司就是天津富士达自行车工业股份有限公司 （简称"富士达"）。 12月24日，上交所官网显示，富士达递交了上市申请，并进行预披露。 闪电、迪卡侬、哈啰等客户为富士达贡献了超过40%的营业收入，而富士达的收入高达70%来自境外市场，在全 球贸易环境复杂多变的趋势下，潜存风险。 应收账款激增，是富士达必须面对的风险。截至2025年6月末，公司应收账款12.75亿元，占当期营业收入的 49.19%，较年初增长53.99%。 富士达的实际控制人为辛建生、赵丽琴夫妇，二人直接间接持有公司94.96%的股权，持股比偏高，存在内部治理 风险。IPO前，公司分红1.85亿元，辛建生夫妇分走了1.76亿元。 业绩波动应收账款激增 冲击上交所主板市场的富士达盈利能力并不稳定。 根据招 ...

Core Viewpoint - Ying's Holdings has successfully passed the IPO review at the Beijing Stock Exchange, aiming to become the "first stock in baby food" and the first new food company listed in nearly three years on the exchange. However, the company faces significant operational challenges, including a long-standing tendency to prioritize marketing over research and development, reliance on an OEM model leading to quality control pressures, and unresolved trademark disputes [2][4][18]. Group 1: Financial Performance - Ying's Holdings' main business segments are infant food and hygiene products, with infant food revenue reaching 864 million yuan in the first half of 2025, accounting for 76% of total revenue. The company expects revenue for 2025 to be between 2.213 billion and 2.295 billion yuan, representing a year-on-year growth of 12.11% to 16.26%, and a net profit attributable to shareholders of 235 million to 246 million yuan, with a growth of 11.44% to 16.58% [4][5]. - The company's sales expenses have significantly increased, with figures of 454 million yuan, 602 million yuan, and 721 million yuan from 2022 to 2024, resulting in sales expense ratios of 35.04%, 34.26%, and 36.53%, which are well above the average of about 27% for comparable companies [6][9]. - In contrast, R&D expenditures have been minimal, with amounts of 5.53 million yuan, 9.21 million yuan, and 17.15 million yuan from 2022 to 2024, resulting in R&D expense ratios below 1%, significantly lower than the average of about 2% for comparable companies [9][10]. Group 2: Operational Challenges - The company heavily relies on an OEM model, with the proportion of outsourced production increasing from 39.83% in 2022 to 55.10% in 2024. This model poses quality control risks, especially in the sensitive infant food sector [13][14]. - There have been quality issues with some of the company's OEM partners, leading to administrative penalties and the termination of partnerships. The company has faced numerous consumer complaints regarding product quality, which raises concerns about its ability to manage quality control effectively [15][18]. Group 3: Legal Risks - Ying's Holdings is involved in a trademark dispute with "YeeHoO," a high-end baby clothing brand, which adds uncertainty to its future. The company has filed a lawsuit against YeeHoO and others for trademark infringement, seeking damages of 600,000 yuan [18][19]. - The outcome of this trademark dispute is critical, as a negative result could severely impact the company's brand and market confidence, given its heavy reliance on brand marketing and the significant sales expenses exceeding 700 million yuan [19][20].

Core Viewpoint - The GaN market is experiencing a dramatic shift, with major players like NXP and TSMC withdrawing from GaN-related businesses, while other companies continue to invest heavily in GaN technology, indicating a complex interplay of market demand, business logic, and technological evolution [2][4][15]. Group 1: Major Players' Withdrawal - NXP has decided to close its ECHO wafer fab in Arizona, marking its exit from the GaN-based 5G power amplifier market due to disappointing market demand and low investment returns from 5G base station deployments [6][8]. - TSMC announced plans to gradually exit the GaN foundry business by 2027, citing low profitability and intense competition from lower-cost manufacturers [9][10]. - Wolfspeed sold its GaN RF business for $125 million, focusing instead on its SiC business due to declining market share and demand in the SiC sector [12][13]. Group 2: Market Dynamics and Opportunities - Despite the withdrawal of major players, companies like Infineon, Texas Instruments, and domestic firms such as Innoscience and Sanan continue to expand their investments in GaN technology, indicating a bifurcated market landscape [2][15][20]. - The GaN market is shifting from a focus on technological advancement to a competition based on market potential, engineering capabilities, and profitable business models [15][26]. - The power GaN market is projected to grow significantly, with a compound annual growth rate of 42%, reaching approximately $3.0 billion by 2030, driven by demand in sectors like electric vehicles and data centers [26][28]. Group 3: IDM vs. Foundry Models - The competition between IDM (Integrated Device Manufacturer) and foundry models is intensifying, with IDM firms like Infineon leveraging their vertical integration to optimize product performance and reliability [31][32]. - Foundry models, while allowing for rapid market entry and lower initial capital investment, face challenges in customization and supply chain stability, especially with the exit of key players like TSMC [31][32]. - The future of GaN technology may favor the IDM model due to its advantages in cost control and supply chain stability, although foundry models will still play a role in niche markets [33][34]. Group 4: Future Pathways for GaN - The industry is undergoing a profound restructuring, moving away from blind expansion towards a focus on specific market applications and sustainable business models [36][38]. - Cost efficiency is becoming a critical competitive factor, with Chinese manufacturers adopting strategies to lower production costs through large-scale production [37]. - The GaN industry is expected to see increased consolidation, with smaller firms facing challenges in a market that favors those with scale and technological advantages [39].