在健康饮食理念深入人心的当下，食用油早已超越了"饱腹"与"美味"的范畴。如何将有机、营养与全龄 适配浓缩于一滴油中，是消费者的疑问，也是企业的课题。 来自江西宜春的润心有机山茶油，带着2300年油茶文化的厚重底蕴，藏着25年专注有机的匠心坚守，不 仅是万千家庭的厨房新宠，更是对这个问题做出了有力、可靠的回答。 有机根基自然天成，源自28°黄金产区 iiMedia Research(艾媒咨询)发布的《2025年中国餐饮行业发展状况及消费行为调查数据数据》显示， 2025年中国消费者在日常餐饮中，最受卫生隐患因素困扰，占比达49.08%。食品安全正在不断叩击消 费者的心灵，让他们对于食材来源、生产等都倍加关心，而润心山茶油，正集中了这一痛点，用"有 机"，打开了消费者信任的心门，荣获全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research(艾媒咨询)授予的"2018-2025年连续8年山茶油全国销量第一"市场地位确认。 优质食用油的诞生，始于得天独厚的自然禀赋。润心将有机山茶油的核心产区锁定在北纬28°的江西宜 春——这片被称为"中国油茶之乡"的红壤丘陵地带，拥有35万亩有机山茶树种植基地，纯 ...

Core Insights - The company "Grandpa's Farm" has officially submitted its listing application, capitalizing on the growing organic food market driven by health-conscious consumers and scientific feeding concepts [1][4] - The organic baby food segment is experiencing significant growth, with a projected market size increase from 1.2 billion RMB in 2020 to 2.2 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 15.9% [4][5] - The company holds a leading position in the organic baby food sector, with a market share of approximately 23.2% and the highest growth rate among the top five competitors from 2022 to 2024 [5][9] Market Trends - The penetration rate of infant complementary food in China is expected to rise from 36.8% in 2020 to 43.3% in 2024, with further growth anticipated to 52.2% by 2029 [4] - The organic seasoning market is projected to grow from 7 billion RMB in 2024 to 19.8 billion RMB by 2029, with a CAGR of 23.2% [6] Competitive Landscape - The Chinese organic baby food market is still in its early stages, with only 5.6% market share compared to more mature markets in Europe and Australia, which have shares of approximately 30% and 40-50%, respectively [5] - The top five players in the organic baby food segment are expected to hold a combined market share of 79.1% by 2024, indicating a trend towards market concentration [5] Financial Performance - The company has demonstrated strong financial growth, with revenue increasing from 622.39 million RMB in 2023 to 875.35 million RMB in 2024, representing a growth of 40.6% [9][10] - The gross profit margin has remained high, with rates of 55.5%, 58.8%, and 57.3% for the years 2023, 2024, and 2025, respectively [9][10] Product Strategy - The company has developed a diversified product system centered around organic products, with a total of 269 SKUs, including 195 for infant complementary food and 74 for family food [7][12] - The family food segment is rapidly growing, with revenue expected to increase from 42.92 million RMB in 2023 to 105.03 million RMB in 2024, marking a growth of 144.72% [11][12] Future Outlook - The upcoming IPO is expected to provide new momentum for the company's growth, supporting capacity expansion, research and development, and upgrades to the family food business [13] - The company is well-positioned to leverage its strengths in the organic baby food market and its successful expansion into family food, creating a dual growth engine for future performance [11][13]

Core Viewpoint - Grandpa's Farm International Holdings Limited is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leader in the Chinese infant and toddler food industry and expand into the broader family food market [2][5]. Business Overview - Established in 2015, Grandpa's Farm focuses on providing high-quality, nutritious food with minimal additives, primarily using natural ingredients [5]. - Approximately one-third of the company's SKUs have received organic certification as of September 30, 2025, with some products certified in multiple jurisdictions [5]. Product Range - The company offers a variety of products in the infant and toddler food sector, including oils, seasonings, cereals, juices, fruit purees, and snacks, as well as family food items like liquid milk, convenience foods, rice products, and seasonings [8]. Market Position - In 2024, Grandpa's Farm ranked second in the Chinese infant and toddler food market by total transaction value, achieving the highest compound annual growth rate among the top five companies from 2022 to 2024 [7]. - The company holds the top position in the organic infant and toddler food segment in China for the same year [7]. Sales Performance - The company's revenue for the years 2023, 2024, and the first nine months of 2025 was RMB 622.39 million, RMB 875.35 million, and RMB 779.77 million, respectively [15][16]. - Net profits for the same periods were RMB 75.46 million, RMB 102.61 million, and RMB 87.42 million [15][16]. Shareholder Structure - Prior to the IPO, the major shareholder structure includes Yang Gang as the controlling shareholder with a 55% stake through YANGGANG Holdings, while three other shareholders hold 15% each [10][11]. Board of Directors - The board consists of seven members, including four executive directors responsible for various operational aspects and three independent non-executive directors with significant industry experience [13][14]. Underwriting Team - The IPO's underwriting team includes CMB International as a joint sponsor and KPMG as the auditor, among others [16].

2018年推出首款婴童辅食产品，2021年战略性进军家庭食品赛道。 据IPO早知道消息，爷爷的农场国际控股有限公司（以下简称"爷爷的农场"）于2026年1月5日正式向港 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。 另根据弗若斯特沙利文的资料，2023年、2024年以及截至2025年9月30日止十二个月期间，"爷爷的农 场"品牌产品在天猫自营旗舰店的消费者复购率分别为29%、31%以及34%。 从渠道端来看，天猫、抖音、拼多多、京东等直销渠道是爷爷的农场业务增长的关键驱动力，2023年、 2024年以及2025年前三季度直销渠道的收入占比分别为41.3%、42.3%以及42.1%。 在拓展直销业务的同时，爷爷的农场还通过电商平台、重点客户和经销商建立了广泛的分销网络。譬 如，除通过自营店铺的直售外，爷爷的农场亦通过第三方电商平台上的官方店铺分销产品，以带动流量 并提升消费者认知度。此外，截至2025年9月30日，爷爷的农场进一步拓展进入12家知名的全国性母婴 产品零售连锁店，截至同日还已进入全国超过2,000家重点客户零售网点。截至2025年9月30日，爷爷的 农场在中国已与342家经销商建立 ...

2018年推出首款婴童辅食产品，2021年战略性进军家庭食品赛道。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，爷爷的农场国际控股有限公司（以下简称"爷爷的农场"）于2026年1月5日正式 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。 成立于2015年的爷爷的农场致力于提供真材料、少添加、有营养的高品质健康食品，其于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。 爷爷的农场在招股书中表示，本次IPO募集所得资金净额将主要用于提升产品开发能力，并持续创新 并升级婴童零辅食产品线以及家庭食品产品线；投资供应链发展并加强内部的生产能力以及端到端采 购管理，以确保产品源头质量；加强品牌建设和营销推广，以提升品牌知名度并触及更广泛的消费者 群体；扩大国内销售网络并开发海外市场；以及用作营运资金及一般公司用途。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 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 ...

Core Insights - The article discusses the IPO application of Grandpa's Farm International Holdings Limited on the Hong Kong Stock Exchange, with CMB International as the sole sponsor [2] - Grandpa's Farm is a leader in the Chinese infant and toddler complementary food industry and has expanded into the family food sector, focusing on high-quality, nutritious products with minimal additives [3] Company Overview - Founded in 2018, Grandpa's Farm has quickly become a leading brand in the Chinese infant complementary food market, ranking second in total merchandise transaction value for 2024 [3] - The company has the highest compound annual growth rate (CAGR) among the top five companies in the market from 2022 to 2024 [9] - In the organic infant complementary food segment, Grandpa's Farm ranks first in total merchandise transaction value for 2024 [3][10] Product Development and Innovation - As of September 30, 2025, approximately one-third of the company's SKUs have organic sales licenses, meeting modern consumer expectations for convenience, nutrition, hygiene, and taste [4] - The company has successfully launched various product lines that resonate with consumers of different age groups, including oils, seasonings, cereals, juices, and snacks for infants, as well as liquid milk and convenience foods for families [4] Financial Performance - The company's revenue increased from RMB 622 million in 2023 to RMB 875 million in 2024, representing a growth of 40.6% [9] - The gross profit for the same periods was RMB 345 million and RMB 514 million, with gross margins of 55.5% and 58.8% respectively [9] - The adjusted net profit for 2024 was RMB 1.03 billion, with an adjusted net profit margin of 11.8% [9] Market Position and Competitive Landscape - The Chinese infant complementary food market is highly fragmented, with the top five market participants accounting for approximately 14.2% of the market share in 2024 [9] - Grandpa's Farm holds a market share of about 3.3% in the infant complementary food sector, with a transaction value of approximately RMB 1.5 billion [9] Future Plans and Use of IPO Proceeds - The funds raised from the IPO are intended for enhancing product development capabilities, investing in supply chain development, strengthening brand marketing, expanding domestic sales networks, and general corporate purposes [10]

Core Viewpoint - Grandpa's Farm International Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage its leadership in the Chinese infant and toddler food market to expand its product offerings and market presence [2]. Group 1: Company Overview - Grandpa's Farm is recognized as a leader in the Chinese infant and toddler complementary food sector and has expanded into the family food industry, focusing on high-quality, nutritious products with minimal additives [2]. - The company launched its first infant complementary food product in 2018 and has rapidly grown to become a leading brand in the market within eight years [2]. - By 2024, Grandpa's Farm is projected to rank second in the Chinese infant complementary food market by total transaction value, achieving the highest compound annual growth rate (CAGR) among the top five companies from 2022 to 2024 [2][7]. Group 2: Product Development and Innovation - As of September 30, 2025, approximately one-third of Grandpa's Farm's SKUs have obtained organic sales certification, aligning with modern consumer expectations for convenience, nutrition, hygiene, and taste [3]. - The company has successfully launched various product lines that resonate with consumers of different age groups, including infant oils, seasonings, cereals, juices, and snacks, as well as family food products like liquid milk and convenience foods [3]. - The number of SKUs has increased from 158 on December 31, 2023, to 269 by September 30, 2025, reflecting the company's response to changing consumer demands and competitive market conditions [3]. Group 3: Financial Performance - Grandpa's Farm has demonstrated strong financial growth, with revenue increasing from RMB 622 million in 2023 to RMB 875 million in 2024, representing a 40.6% growth [7]. - The company's gross profit for the same periods was RMB 345 million and RMB 514 million, with gross margins of 55.5% and 58.8%, respectively [7]. - The adjusted net profit for the nine months ending September 30, 2025, was RMB 90.1 million, with an adjusted net profit margin of 11.6% [7]. Group 4: Market Position and Strategy - The Chinese infant complementary food market is highly fragmented, with the top five market participants accounting for approximately 14.2% of the market share in 2024 [7]. - Grandpa's Farm holds a market share of about 3.3% in the infant complementary food sector, with a total transaction value of approximately RMB 1.5 billion [7]. - In the organic infant complementary food segment, Grandpa's Farm leads with a transaction value of approximately RMB 500 million, capturing about 23.2% of the market share in 2024 [8]. Group 5: IPO Fund Utilization - The funds raised from the IPO are intended for enhancing product development capabilities, investing in supply chain development, strengthening brand marketing, expanding domestic sales networks, and general corporate purposes [8].

Core Viewpoint - The article emphasizes the arrival of the fresh ginseng season, highlighting the benefits of consuming fresh ginseng for health and vitality, particularly during the autumn and winter months [2][6][30]. Group 1: Product Quality and Sourcing - The article stresses the importance of sourcing high-quality ginseng, specifically from the core production area of Changbai Mountain in Fushun, which is known for its natural growth conditions and superior quality [10][12][50]. - It mentions that the ginseng is organically grown without the use of pesticides or fertilizers, ensuring a pure and nutritious product [18][21][56]. - The article highlights the rigorous quality management system in place, including a traceability system from seed to packaging, ensuring the safety and quality of the ginseng [43][44]. Group 2: Health Benefits - Fresh ginseng is noted for its high active ingredient content, making it more beneficial than processed ginseng products [73][75]. - The article outlines various health benefits of ginseng, including boosting energy, enhancing immunity, and improving overall well-being, making it suitable for various demographics such as office workers, women, and the elderly [30][69][21]. Group 3: Pricing and Accessibility - The article presents competitive pricing for fresh ginseng, with options starting at 79 yuan for a small package, making it accessible to a broader audience [27][32][86]. - It emphasizes the goal of making high-quality ginseng affordable for the general public, contrasting with the perception that ginseng is an expensive luxury item [36][85]. Group 4: Consumption Methods - The article provides various ways to consume fresh ginseng, including in soups, teas, and other dishes, highlighting its versatility and ease of incorporation into daily diets [21][81][78]. - It encourages consumers to explore these methods to enjoy both the taste and health benefits of fresh ginseng [79][88].

Core Viewpoint - Ningbo Suobao Protein Technology Co., Ltd. reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong growth in the soybean protein market driven by rising consumer demand for health and safety in food products [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.24 billion yuan, a year-on-year increase of 7.37% [1] - Net profit attributable to shareholders reached 147 million yuan, reflecting a substantial year-on-year growth of 60.00% [1] - In Q3 alone, operating revenue was 466 million yuan, up 21.75% year-on-year, while net profit for the quarter was 49.26 million yuan, marking a remarkable increase of 135.87% [1] Group 2: Business Operations - Suobao Protein specializes in the research, production, and sales of non-GMO soybean protein products, having established a comprehensive deep processing industry chain for non-GMO soybeans [1] - The main products include soybean isolate protein, soybean concentrate protein, textured protein, soybean dietary fiber, and non-GMO soybean oil [1] - The company is actively expanding its international market presence while consolidating its domestic market, enhancing brand recognition and influence [2] Group 3: Industry Trends - There is a growing consumer focus on environmental and health issues, leading to increased demand for organic, green, functional, and health foods globally [1] - Soybean protein is widely used in various sectors, including plant-based meat, meat products, snacks, health products, nutritional supplements, pet food, and bio-fermentation, indicating a broad market development potential [1]

Core Insights - The article discusses the expansion of the elderly consumer market, highlighting how companies are diversifying their product offerings from traditional health supplements to everyday consumables like organic food [1][15] - The case of the brand "足力健" (Zulijian) is examined, showcasing its transition from a specialized elderly shoe brand to entering the organic food sector, raising questions about the motivations behind this shift [1][7] Company Strategy - Zulijian has opened "organic food stores" in various locations, featuring a range of products labeled as "organic" and "healthy," while avoiding the controversial health supplement market [1][3] - The stores employ a mixed strategy for product certification, combining strictly certified organic products with those that only have standard food certifications, potentially confusing consumers about product quality [3][10] - A low-cost membership system is central to Zulijian's business model, where members pay a nominal fee to access significantly discounted prices on products, creating a strong incentive for consumer participation [4][6] Market Response - The initial market response indicates the effectiveness of Zulijian's model, with membership surpassing 80,000 and over 40 stores established in key regions [6][9] - However, the sustainability of this model is questioned due to low profit margins and the challenge of covering operational costs while maintaining competitive pricing [6][9] Financial Challenges - Zulijian's financial struggles are highlighted, with a significant portion of its revenue being used to repay debts, raising concerns about its long-term viability [9][19] - The brand's attempt to pivot into the organic food market is seen as a desperate measure to generate cash flow and address mounting financial pressures [9][19] Industry Trends - The article notes a shift in the elderly consumer market towards daily dietary needs, with organic food emerging as a potential growth area, reflecting broader health concerns among older consumers [15][17] - The organic food market in China has seen rapid growth, with a market size exceeding 100 billion yuan in 2023, positioning it as a significant player in the global organic product consumption landscape [15][17] Competitive Landscape - The competition in the elderly market is intensifying, with various brands now targeting the same demographic, necessitating a deeper exploration of the elderly lifestyle rather than just product offerings [17][19] - Zulijian's strategy of appealing to both elderly and younger consumers reflects a broader trend of brands seeking to capture diverse market segments, though this may dilute their core identity [10][14]