Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the southern hawthorn snack market and expand its operations [1][6]. Company Overview - Qiyunshan Food was established in 1958, making it one of the oldest food manufacturing enterprises in the Ganzhou region, with a history of 67 years [3][5]. - The company primarily focuses on the production and sales of southern hawthorn products, with its flagship product, southern hawthorn cake, launched in 1992 [4][6]. Market Position - In 2024, Qiyunshan Food held a 32.4% market share in the southern hawthorn food sector in China, solidifying its position as the market leader [6]. - The company ranks ninth in the Chinese fruit snack industry, with a market share of 0.6% [6]. Financial Performance - The company's total revenue has shown consistent growth, reaching 2.17 billion, 2.47 billion, and 3.39 billion yuan from 2022 to 2024, with a year-on-year increase of 40.8% in 2024 [6]. - Net profit for the same period was 25.63 million, 23.70 million, and 53.20 million yuan, with a remarkable year-on-year growth of 124.42% in 2024 [6]. Product Sales - Southern hawthorn cake sales accounted for 88.7%, 84.7%, and 86.7% of total sales from 2022 to 2024, indicating its status as the company's signature product [7]. Sales Channels - The company generates 89% of its revenue from offline sales, primarily through third-party distributors, with the number of distributors increasing from 140 to 199 [8]. - Online direct sales accounted for 11.9%, 12.8%, and 9.7% of total revenue from 2022 to 2024, with the company utilizing platforms like Tmall and Douyin for sales [8]. Research and Development - Qiyunshan Food invests significantly in R&D, with expenditures rising from 10.17 million to 11.95 million yuan over the report period [8]. - The R&D team consists of 17 full-time members, led by a senior engineer with extensive industry experience [8]. IPO Fund Utilization - The funds raised from the IPO will be allocated to enhancing R&D capabilities, expanding production and storage capacity, developing e-commerce infrastructure, and strengthening the distribution network [9].

Core Viewpoint - Qiyunshan Food Co., Ltd. is preparing for an IPO, aiming to leverage its leading position in the southern hawthorn snack market, with significant revenue growth and a strong focus on R&D and offline sales channels [1][4][8]. Group 1: Company Overview - Qiyunshan Food was established in 1958, making it one of the oldest food manufacturers in the Ganzhou region, with a history of 67 years [3][4]. - The company specializes in southern hawthorn products, particularly the southern hawthorn cake, which has been on the market for 33 years [4][5]. - In 2024, Qiyunshan Food held a 32.4% market share in the southern hawthorn snack market, solidifying its position as the industry leader [4]. Group 2: Financial Performance - The company's revenue has shown consistent growth, reaching 2.17 billion, 2.47 billion, and 3.39 billion in 2022, 2023, and 2024 respectively, with a year-on-year increase of 40.8% in 2024 [4]. - Net profit figures for the same years were 25.63 million, 23.70 million, and 53.20 million, with a remarkable year-on-year growth of 124.42% in 2024 [2][4]. Group 3: Sales Channels and Strategy - Qiyunshan Food primarily relies on offline sales, with 89% of its revenue coming from this channel, supported by an increase in the number of third-party distributors from 140 to 199 [6][7]. - The company has a presence on e-commerce platforms like Tmall and Douyin, but has not yet established its own online sales platform, with online direct sales accounting for 9.7% of total revenue in 2024 [7]. - The company plans to use funds from the IPO to enhance R&D capabilities, expand production and storage, develop e-commerce infrastructure, and strengthen its distribution network [8].