Investment Rating - The report provides a positive investment rating for the industry, highlighting strong growth potential and market leadership of the company in the dried fruit snack sector [5][6]. Core Insights - The company has established itself as a leading brand in the dried fruit snack market in China, benefiting from the expansion of emerging sales channels and a robust product matrix [6][19]. - Revenue growth has accelerated, with a compound annual growth rate (CAGR) of 17.3% projected from 2022 to 2024, and a significant increase in net profit, which is expected to double over two years [5][19]. - The company is actively expanding its product offerings and sales channels, including direct sales, supermarkets, and membership stores, which are contributing to its rapid growth [6][43]. Financial Performance - Revenue increased from 11.7 billion yuan in 2022 to 16.2 billion yuan in 2024, with a year-on-year growth of 22.2% in 2024 [5][19]. - Net profit rose from 0.7 billion yuan in 2022 to 1.5 billion yuan in 2024, achieving a CAGR of 46.9% [5][19]. - The gross margin decreased slightly, but the net margin improved, reaching 9.1% in 2024, up from 7.5% in 2023 [5][24]. Business Performance - The company has successfully developed a second growth curve through its product lines, with significant growth in its plum and jelly products [36][39]. - The dried plum snacks, plum products, and jelly products generated revenues of 9.7 billion yuan, 2.2 billion yuan, and 4.1 billion yuan respectively in 2024, with respective CAGRs of 9.7%, 35.5%, and 33.5% from 2022 to 2024 [39][40]. - The company has established a comprehensive sales channel network, leveraging both online and offline platforms, with emerging channels showing high growth rates [43][44]. Industry Situation - The demand for snack foods is expanding, with the dried fruit market, particularly for plums, experiencing high growth rates [75][76]. - The overall market for fruit snacks in China is projected to grow significantly, with the plum snack segment leading the growth [76][79]. - The natural jelly market is also benefiting from an increase in consumption scenarios, aligning with consumer trends towards healthier options [78][79].

"你没事吧、你没事吧、没事就吃溜溜梅"，早年间杨幂的一句代言广告台词，让溜溜果园乘上流量东风。曾先后 聘请杨幂、肖战、时代少年团做代言人，不缺话题的溜溜梅要赴港上市了。 4月16日，知名零食品牌溜溜梅的母公司溜溜果园正式向港交所递交招股书，拟在香港主板上市。此次IPO由中信 证券和国元国际联席保荐，标志着溜溜果园在经历2019年A股上市折戟后，再次向资本市场发起冲击。 尽管其2024年营收突破16亿元、净利润达1.48亿元，但其过度依赖单一品类、食安与环保问题频发、以及高额营 销，也让资本市场对其长期价值提出关注。 梅干零食贡献超六成营收 核心品类毛利率下滑 由创始人杨帆于1999年创立，溜溜果园的核心产品，是以青梅为代表的梅类休闲食品。 招股书披露的财务数据显示，2022年至2024年，溜溜果园的营收分别为11.74亿元、13.22亿元和16.16亿元；同期 的毛利分别为4.53亿元、5.30亿元和5.83亿元；同期的净利润则为分别0.68亿元、0.99亿元和1.48亿元。 然而，在营收持续增长的同时，核心产品毛利率却呈现持续下滑态势。比如，占营收超60%的梅干零食，该梅干 零食类的毛利率从2022年的39 ...