Workflow
南酸果冻
icon
Search documents
齐云山港股闯关现“双高”风险:酸枣糕占90%营收,经销商贡献九成收入
Sou Hu Cai Jing· 2025-07-03 03:19
Core Viewpoint - Jiangxi's time-honored food company Qiyunshan plans to list on the Hong Kong Stock Exchange, primarily focusing on its core product, sour jujube cake, which accounts for nearly 90% of its revenue. The company has attempted to diversify its product line but has seen limited market success, raising questions about its growth potential in a highly segmented snack market [2][3]. Business Overview - Qiyunshan's business revolves around sour jujube products, having launched its first sour jujube cake in 1992. As of 2024, the company holds a 32.4% market share in the sour jujube food market [3]. - The sour jujube cake has been the largest revenue contributor, generating RMB 193 million, RMB 209 million, and RMB 294 million in 2022, 2023, and 2024 respectively, accounting for 88.7%, 84.7%, and 86.7% of total revenue during those years [3][4]. Financial Performance - Qiyunshan's revenue for the fiscal years 2022, 2023, and 2024 was RMB 217 million, RMB 247 million, and RMB 339 million, respectively, with net profits of RMB 26 million, RMB 24 million, and RMB 53 million [8]. - The company experienced significant growth in 2024, with revenue and profit increasing by 37.25% and 120.83%, attributed to market demand expansion and an increase in its distribution network [9]. Product Dependency - Qiyunshan heavily relies on its sour jujube cake, with the second-largest product, sour jujube granules, contributing only RMB 31.26 million, or 9.2% of total revenue in 2024. Other products like sour jujube jelly and soft candy have underperformed, with their combined revenue dropping from 6.1% in 2022 to 3.8% in 2024 [5][6]. - The company has acknowledged the risks associated with its reliance on a single product and plans to use funds from its IPO to explore product innovation and potential value in other categories [8][9]. Market Position - In the broader snack market, Qiyunshan ranks ninth among the top ten companies in the fruit snack segment, with a market share of only 0.63%. The overall snack market in China is projected to reach RMB 1.34 trillion by 2024 [8]. - The company’s sales are primarily driven by third-party distributors, with offline distributors contributing over 85% of revenue from 2022 to 2024. The number of distributors increased from 140 to 199 during this period [9][10]. Strategic Initiatives - To mitigate the risks of dependency on offline distributors, Qiyunshan plans to enhance its online sales channels and invest in live-streaming sales and network expansion following its IPO [11].