Core Viewpoint - Qiyunshan Food is preparing for an IPO, heavily reliant on its main product, South Jujube Cake, which contributed 2.94 billion RMB in revenue for 2024, accounting for 86.7% of total revenue [1][3]. Revenue and Product Performance - The South Jujube Cake has dominated the company's revenue, contributing 88.7%, 84.7%, and 86.7% of total revenue from 2022 to 2024 respectively [1][3]. - Other products, including South Jujube Granules, South Jujube Jelly, South Jujube Soft Candy, and South Jujube Frozen, are also based on South Jujube but have significantly lower revenue contributions [2]. - Revenue from South Jujube Granules increased from 10.44 million RMB in 2022 to 31.26 million RMB in 2024, but its share remains small at 9.2% [3]. Production Capacity and Strategy - The company strategically reduced production capacity for other products from 1,100 tons to 677 tons while increasing South Jujube Cake production capacity to 9,224 tons to meet rising market demand [4]. - The focus on a single product may enhance short-term efficiency but could limit long-term market adaptability due to a lack of product diversification [4][6]. Marketing and Sales Channels - Qiyunshan Food has a high marketing expenditure, with sales and marketing costs reaching 75.84 million RMB in 2024, accounting for 23.11% of revenue [10]. - The company relies heavily on offline sales channels, with 89.3% of revenue generated through 230 distributors, of which 199 are offline [7][9]. - Online sales have been declining, with online direct sales contributing only 10.4% of total revenue in 2024, down from 12.7% in 2022 [9][10]. Customer Concentration - In 2024, a single customer contributed 22.9% of total revenue, indicating a growing reliance on a few key clients [12][13]. - The share of revenue from the top five customers has increased from 26.4% to 38.7% over the past three years, raising concerns about customer concentration risk [13]. Industry Trends - The snack industry is witnessing a shift towards volume-based sales channels, which has become a new growth driver for companies [14]. - However, this model may pressure brand owners on cost management and supply chain efficiency due to lower profit margins associated with volume sales [15]. Supply Chain Risks - Qiyunshan Food faces supply chain risks as it relies on local farmers for raw materials without formal contracts, making it vulnerable to supply shortages and price fluctuations [16].

【导读】齐云山 IPO 疑云：单一产品撑局、线上转型失速，传统老字号如何讲出新故事？ 然而， " 南酸枣依赖症 " 已经深入齐云山食品的骨髓。 2024 年，其南酸枣糕单品贡献了 2.94 亿元收入，占总营收的 86.7%； 而其他产品收入仅为 1300 万元，占比萎缩至 3.8% 。 招股书中，齐云山食品多次提及 " 多元化 " ，但过去三年，其研发投入远远低于销售及营销 开支。从营收占比来看，齐云山食品在营销上比先后签约杨幂、肖战、时代少年团等明星的 溜溜梅更敢 " 砸钱 " 。 在消费需求迭代加速、新锐品牌层出不穷的零食 " 战场 " ，老字号齐云山食品依赖的野果故 事，未来又如何在资本市场上书写新篇章？ 大单品魔咒：一款糕点撑起 IPO 梦 南酸枣糕的绝对主导地位，成为齐云山食品最醒目的标签。 2022 年至 2024 年期间，该产 品分别贡献了公司总收入的 88.7% 、 84.7% 和 86.7% 。 此外，齐云山食品推出的另外 4 种产品：南酸枣粒、南酸枣凝、南酸枣软糖及南酸枣冻，均 以南酸枣为核心原料。 | | | 2022财年 | | | 2023财年 | | | | 2024财年 | | ...

Core Insights - The company reported a revenue of 3.723 billion yuan for Q1 2025, a year-on-year increase of 2.13%, but the net profit attributable to shareholders decreased by 22.46% to 239 million yuan [1][3] - The company has submitted an application for overseas listing of H-shares on the Hong Kong Stock Exchange [3] - The company experienced a significant revenue growth of 49.3% in 2024, reaching 10.622 billion yuan, with a net profit increase of 85.51% to 407 million yuan [3] Financial Performance - In Q1 2025, the company achieved a revenue of 3.723 billion yuan, marking a 2.13% increase year-on-year [1] - The net profit for Q1 2025 was 239 million yuan, reflecting a decline of 22.46% compared to the previous year [1] - The company reported a revenue of 10.622 billion yuan for the full year of 2024, with a net profit of 407 million yuan, indicating a year-on-year growth of 49.3% and 85.51% respectively [3] Profitability and Margins - The company's gross margin has shown instability in recent years, with rates of 26.2%, 22.7%, and 23.8% from 2022 to 2024 [3] - The highest gross margin channel for the company is short video platforms, which have maintained a gross margin exceeding 30% for three consecutive years [3] Strategic Developments - The company has made several acquisitions in recent years, including the purchase of three companies in 2024, which aligns with its strategy of entering the mass snack market [3] - The company has emphasized a "high-end cost-performance" strategy following its acquisitions [3] Market Reaction - On April 28, the company's stock price fell by 6.76%, closing at 27.74 yuan per share, with a total market capitalization of approximately 11.12 billion yuan [4]