4月16日，溜溜果园集团股份有限公司（以下简称：溜溜果园）向港交所递交招股书，拟主板挂牌上市，中信 证券和国元证券担任联席保荐人。这是继2019年撤回A股上市申请后，溜溜果园再次冲击资本市场。 结合公开报道来看，溜溜果园2019年披露A股招股书后，市场普遍对其产品结构单一、销售渠道依赖经销商等 的情形表示担忧。此次递表，其存在的经营风险是否已经缓解呢？从招股书我们或可以窥探一二。 业绩连增三年背后 主力产品毛利率三连降 招股书显示，据招股书，溜溜果园是中国果类零食的领军企业及梅产品领导者。根据弗若斯特沙利文的资料， 于2024年，该公司在中国果类零食行业的零售额排名第一，市场份额达4.9%，在中国天然果冻行业(按零售额 计)排名第一，市场份额为45.7%。 出色的市场排名，也带来了良好的业绩表现。2022年至2024年，溜溜果园收入分别约为11.74亿元（单位：人民 币，下同）、13.22亿元、16.16亿元;同期，年内利润及其他全面收益约为6843.2万元、9923.1万元、1.48亿元。 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2022年 | ...

Core Viewpoint - 雅艺科技 achieved significant revenue growth in 2024 through cross-border e-commerce, but faced a substantial decline in net profit, highlighting issues in cost control and profitability [1][4][6] Group 1: Revenue Growth - The company's revenue reached 296 million yuan, a year-on-year increase of 87.22%, primarily driven by the rapid development of cross-border e-commerce [1][4] - Sales from platforms like Amazon and Wayfair contributed 128 million yuan, accounting for 43.34% of total revenue [4] Group 2: Profit Decline - Net profit attributable to shareholders was only 11.17 million yuan, a year-on-year decrease of 40.49% [1] - The decline in profit was mainly due to increased depreciation and amortization expenses from new factory construction, as well as higher tax expenditures following the cancellation of property and land use tax policies [4][6] Group 3: Product Diversification and Market Expansion - 雅艺科技's core products include outdoor furniture such as fire pits, gas stoves, and outdoor heaters, primarily exported to the US, Canada, and Europe [5] - The company has diversified its product range since launching its first fire pit in 2005 and has enhanced brand recognition through its own brand promotion on Amazon [5] - Despite achievements in product diversification and market expansion, profitability has not improved correspondingly, with North America remaining the main revenue source while Europe presents new opportunities [5] Group 4: Industry Trends and Company Response - The outdoor leisure furniture industry is characterized by a dominant North American market and growing demand in Europe [6] - 雅艺科技 has participated in national standard formulation to strengthen its technical voice and has made progress in smart control devices [6] - The company upgraded its production lines to enhance quality control efficiency and reduce labor cost pressure [6] - However, increasing industry concentration and channel changes pose new challenges, as leading companies are squeezing the survival space of smaller manufacturers [6] - Maintaining competitive advantages amid industry consolidation is crucial for the company's future development [6]