Core Viewpoint - "爷爷的农场" is a prominent brand in the Chinese infant food sector, recently filed for an IPO on the Hong Kong Stock Exchange, revealing significant marketing expenditures compared to R&D investments, raising questions about its long-term sustainability and product quality control [1][4]. Group 1: Market Position and Financial Performance - The company holds a market share of approximately 3.3% in the infant food sector, ranking second in overall GMV and first in organic infant food GMV in China for 2024 [2]. - Revenue figures for the reporting period are 622 million yuan, 875 million yuan, and 780 million yuan, with profits of 75.46 million yuan, 103 million yuan, and 87.42 million yuan respectively [4]. - The average selling price of infant food products has declined from 23.7 yuan per unit in the first three quarters of 2024 to 21.8 yuan per unit in the first three quarters of 2025 [2]. Group 2: Cost Structure and R&D Investment - Marketing expenses significantly exceed R&D expenditures, with marketing costs being 10 to 16 times higher than R&D costs during the reporting period [4]. - The gross margin for infant food products is 59.9%, while the gross margin for family food products is lower at 46.5% for the first three quarters of 2025 [3]. Group 3: Production and Quality Control - The company relies heavily on third-party manufacturers for nearly all its products, collaborating with 62 contract manufacturers, including 13 overseas [5]. - There have been past quality issues, including a 2019 incident where imported products failed safety inspections, leading to regulatory scrutiny [6]. Group 4: Corporate Governance and Financial Practices - The company has approved significant dividends, totaling 63 million yuan for the first three quarters of 2025, despite having outstanding social insurance and housing fund payments amounting to 17.4 million yuan over the reporting period [7][8]. - There are related party transactions involving sales and advertising services with companies controlled by the chairman, raising potential governance concerns [8].

Core Viewpoint - The company "爷爷的农场" has submitted its listing application to the Hong Kong Stock Exchange, showcasing strong revenue and profit growth, but also significant marketing expenditures and a high dividend payout prior to the IPO [1][3][9]. Financial Performance - In 2023, the company reported revenue of approximately 622.4 million RMB, with a net profit of about 75.5 million RMB. For 2024, revenue is projected to reach 875.3 million RMB, with a net profit of around 103 million RMB. In the first three quarters of 2025, revenue was approximately 780 million RMB, up from 633.2 million RMB in the same period of 2024, with a corresponding profit of about 87.4 million RMB [2][3]. Product Segmentation - The company's product categories include infant complementary food and family food. The revenue share from infant complementary food has decreased from 93.1% in 2023 to 80.4% in the first three quarters of 2025, while family food's share has increased from 6.9% to 19.6% during the same period [4]. Marketing and Sales Expenditure - The company has significantly increased its sales and distribution expenses, totaling approximately 790 million RMB over the reporting periods, which represents 32.3% to 36.3% of total revenue. As of the end of the third quarter of 2025, 72.97% of the company's 640 full-time employees were in sales and marketing roles [6][7]. Research and Development Spending - The company's R&D expenditures have been relatively low, amounting to 0.18 billion RMB, 0.28 billion RMB, and 0.17 billion RMB over the reporting periods, which are significantly lower than sales expenses, indicating a focus on marketing over product development [7]. Dividend Distribution - Prior to the IPO, the company distributed dividends totaling 63 million RMB in the first three quarters of 2025, which accounted for approximately 72.07% of the net profit for that period [9]. Production and Quality Control - The company outsources nearly all of its product manufacturing to third-party OEM manufacturers, raising concerns about production quality and potential reputational risks if issues arise with the outsourced products [10].

Core Viewpoint - Grandpa's Farm International Holdings Limited has submitted an IPO application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1] Group 1: Company Overview - Grandpa's Farm is a leader in China's infant and toddler complementary food industry and has expanded into the family food sector [1] - The company offers a range of products including edible oils, seasonings, grain-based complementary foods, juices, fruit purees, yogurt, snacks, liquid milk, convenience foods, rice products, and seasonings [1] Group 2: Financial Performance - Revenue for 2023 and 2024 is projected to be 622 million RMB and 875 million RMB, respectively, with gross profits of 345 million RMB and 514 million RMB [1] - Net profits for the same years are expected to be 75.46 million RMB and 103 million RMB [1] - For the first three quarters of 2025, revenue reached 780 million RMB, with a net profit of 87.42 million RMB and gross profit of 447 million RMB [1] Group 3: Use of IPO Proceeds - The net proceeds from the IPO will primarily be used to enhance product development capabilities and continue innovation in both infant complementary food and family food product lines [1] - Funds will also be allocated to invest in supply chain development, strengthen internal production capacity, and ensure product quality from the source [1] - Additional uses include strengthening brand building and marketing efforts, expanding domestic sales networks, developing overseas markets, and general corporate purposes [1]

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].

爷爷的农场向港交所主板提交上市申请，独家保荐人为招银国际。 根据弗若斯特沙利文的资料，爷爷的农场是中国婴童零辅食行业的领导者，并已拓展至中国家庭食品行 业。 2024年，按中国婴童零辅食商品交易总额(GMV)计，公司排名第二，GMV约为15亿元人民币，市场份 额约3.3%。在GMV排名前五的公司中，公司在2022年至2024年实现最高复合年增长率(42.6%)。2024 年，按中国有机婴童零辅食GMV计，公司排名第一。 公司提供婴童零辅食(食用油、调味品、谷物类辅食、果汁、果泥、酸奶及零食)和家庭食品(液态奶、方 便食品、大米、调味品及食用油)。SKU从2023年底的158个增至2025年9月30日的269个。公司在天猫自 营旗舰店的消费者回购率持续上升。 ...

Company Overview - The company, "Grandpa's Farm," is a leader in China's infant and toddler complementary food industry and has expanded into the family food sector, focusing on high-quality, nutritious foods with minimal additives [2] - Since its establishment, the company has grown rapidly, becoming the second-largest player in the Chinese infant complementary food market by gross merchandise volume (GMV) in 2024, with a market share of approximately 3.3% [4] - The company achieved the highest compound annual growth rate (CAGR) of 42.6% among the top five competitors from 2022 to 2024 [4] Product Offerings - The company provides a range of products in the infant complementary food sector, including oils, seasonings, grain-based foods, juices, fruit purees, and snacks, as well as family food products like liquid milk, convenience foods, rice, seasonings, and oils [3] - The number of SKUs increased from 158 in 2023 to 179 in 2024, and is projected to reach 269 by September 30, 2025, to meet changing consumer demands [3] Financial Performance - The company reported revenues of approximately RMB 622.39 million for 2023, RMB 875.35 million for 2024, RMB 633.19 million for the nine months ending September 30, 2024, and RMB 779.77 million for the nine months ending September 30, 2025 [6] - The net profit for the same periods was RMB 75.46 million, RMB 102.61 million, RMB 78.01 million, and RMB 87.42 million, respectively, with adjusted net profit margins of 12.1%, 11.7%, 12.3%, and 11.2% [7][8] Industry Overview - The infant complementary food market is highly fragmented, with the top five players accounting for approximately 14.2% of the market in 2024, with a total GMV of about RMB 6.53 billion [4] - The grain-based complementary food segment remains a core category, showing stable growth, while meal and seasoning segments are rapidly expanding, with projected CAGRs of 7.3% and 8.1% from 2020 to 2024 [9] - The family food sector is broad, encompassing fresh ingredients, seasonings, dairy products, and snacks, with a strategic focus on expanding from infant complementary foods to family foods [12]

Company Overview - Grandpa's Farm International Holdings Limited 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 food with minimal additives [3] - The company launched its first infant complementary food product in 2018 and has grown to become a leading brand in the market within eight years [3] - In 2024, the company ranks second in the Chinese infant complementary food market by gross merchandise value (GMV), with a market share of approximately 3.3% [3][9] - The company achieved the highest compound annual growth rate (CAGR) of 42.6% among the top five companies in the market from 2022 to 2024 [3] Product Offerings - The company provides a range of products in the infant complementary food sector, including oils, seasonings, grain-based foods, juices, fruit purees, and snacks, as well as family food products like liquid milk, convenience foods, rice, seasonings, and oils [4] - The number of stock-keeping units (SKUs) increased from 158 in 2023 to 179 in 2024, and is projected to reach 269 by September 30, 2025, to meet changing consumer demands [4] Financial Performance - The company reported revenues of approximately RMB 622.39 million for 2023, RMB 875.35 million for 2024, RMB 633.19 million for the nine months ending September 30, 2024, and RMB 779.77 million for the nine months ending September 30, 2025 [6][8] - The profit for the same periods was RMB 75.46 million, approximately RMB 102.61 million, RMB 78.01 million, and RMB 87.42 million, respectively, with adjusted net profit margins of 12.2%, 11.8%, 12.4%, and 11.6% [7][8] Industry Insights - The infant complementary food market is highly fragmented, with the top five market participants accounting for approximately 14.2% of the market in 2024, with a total GMV of about RMB 6.53 billion [3][9] - The grain-based complementary food segment remains a core category, showing stable growth, while meal and seasoning segments are rapidly expanding, with projected CAGRs of 7.3% and 8.1% from 2020 to 2024, respectively [9] - The family food sector is broad, including fresh ingredients, seasonings, dairy products, and snacks, with a strategic decision to expand from infant complementary foods to family foods based on clear planning and core capabilities [12]

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].

獨家保薦人·「編纂]、[編纂] [編纂]·【編纂] 「編纂]股股份(視乎[編纂]行使與否而定) [編纂]項下的[編纂]數目 「編纂]數目 : 「編纂]股股份(可予[編纂]) 「編纂]數目 「編纂]股股份(可予[編纂]及視乎[編纂] 行使與否而定） 最高[編纂] : 每股[編纂][編纂]港元(申請時須以港元 繳足,另加1%經紀佣金、0.0027%證 監會交易徵費、0.00565%聯交所交易 費及0.00015%會財局交易徵費,多繳 款項可予退還) 每股股份0.0001美元 . 面值 [編纂] . [編纂] 据港交所1月5日披露，爷爷的农场国际控股有限公司(简称：爷爷的农场)向港交所主板递交上市申请，招银国际为独家保荐人。 根据弗若斯特沙利文的资料，爷爷的农场是中国婴童零辅食行业的领导者，并已拓展至中国家庭食品行业。公司致力于提供真 材料、少添加、有营养的高品质健康食品。 GRANDPA'S FARM INTERNATIONAL HOLDINGS LIMITED 爺 爺 的 農 場 國 際 控 股 有 限 公 司 (於開曼群島註冊成立的有限公司) [編纂] ...