Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, showcasing impressive financial metrics, particularly in gross margin and operating cash flow, compared to its industry peers [1][2]. Financial Performance - The company's total revenue has shown a growth trend from 2022 to 2024, with figures of 217 million, 247 million, and 339 million yuan respectively [2]. - The flagship product, South Jujube Cake, has been the largest contributor to revenue, with sales of 193 million, 209 million, and 294 million yuan during the same period [2]. - The gross margins for Qiyunshan Food from 2022 to 2024 were 47.2%, 48.8%, and 48.6%, significantly higher than the industry leader, Liuliu Guoyuan, whose gross margin is projected to drop to 36% in 2024 [1][3]. Pricing and Sales Dynamics - There is a discrepancy in the average selling price of South Jujube Cake, reported as decreasing from 40.5 yuan/kg in 2023 to either 39.3 yuan/kg or 34.3 yuan/kg in 2024, indicating potential pricing strategies or reporting inconsistencies [1][6]. - The company has expanded its distribution network, increasing the number of offline distributors from 140 in December 2022 to 199 by December 2024 [2]. Customer Structure and Relationships - Qiyunshan Food relies heavily on bulk snack channels, similar to Liuliu Guoyuan, which often require manufacturers to offer discounts [2]. - The company has a significant reliance on a local distributor, identified as Customer A, which has consistently been its largest customer from 2022 to 2024 [7]. - There are indications of potential conflicts of interest, as Customer A may have ties to Qiyunshan Food through shared ownership and management [7]. Raw Material Costs - Both Qiyunshan Food and Liuliu Guoyuan face similar raw material cost structures, with slight variations in the prices of their main ingredients [4][5]. - The price of South Jujube and green plums increased by 0.1 yuan/kg in 2024 compared to 2023, while sugar prices decreased for both companies [4]. Market Position and Risks - Despite lower brand recognition and revenue compared to Liuliu Guoyuan, Qiyunshan Food maintains a stable high gross margin, raising questions about the sustainability of its financial performance amidst industry challenges [3][5]. - Concerns have been raised regarding the potential for inflated revenue or reduced costs, especially if the company's gross margin continues to exceed industry averages without clear competitive advantages [6].

Core Insights - The demand for natural, low-sugar, and functional snacks is increasing due to rising national income levels and health awareness, with the market for South Jujube Cake expected to reach 1.758 billion yuan in 2024, a year-on-year growth of 38.65% [1][4][8] - The industry is experiencing a trend towards high-end products, with premium gift packaging growing rapidly, providing higher profit margins for companies and driving product structure upgrades [1][4][8] Overview - South Jujube, also known as Five-Eyed Fruit, is a plant from the Anacardiaceae family, with edible fruit that has a sweet and sour taste. It has medicinal properties such as detoxification and calming effects [2][4] - South Jujube Cake is primarily made from South Jujube fruit (≥30%) without added gelling agents, produced through various processes including selection, washing, and drying [2][4] Market Policies - Recent policies in China emphasize food safety, ensuring the quality and safety of South Jujube Cake products, and promoting the industry towards standardization and high quality [4][5] Industry Chain - The upstream of the South Jujube Cake industry includes suppliers of raw materials like South Jujube, sugar, and packaging materials, while the midstream consists of production companies, and the downstream includes sales channels such as supermarkets and e-commerce [6][7] Consumer Insights - Female consumers dominate the market, accounting for over 55%, with the core consumer group aged 25-35 years, representing 47%. Health attributes are the primary consideration for about 80% of consumers when choosing products [8] - Consumers prefer products that are low in sugar, free from additives, and rich in vitamins and minerals, with a strong preference for a balanced sweet and sour taste [8] Competitive Landscape - The South Jujube Cake industry is concentrated in regions like Jiangxi, Guangdong, and Hunan, with Jiangxi being the largest production area [9][10] - The market is characterized by high concentration, with the top three companies holding a market share of 53.4% in 2024. Jiangxi Qiyunshan Food Co., Ltd. leads the market with a 32.4% share [10][11] Company Profiles - Jiangxi Qiyunshan Food Co., Ltd. focuses on the development of natural and healthy South Jujube products, with a revenue of 339 million yuan in 2024, of which 294 million yuan comes from South Jujube Cake [10][11] - Jiangxi Wanzai Qinnian Food Co., Ltd. is a modern food production company with a range of products, including the "Qinnian" brand series, which is popular across major cities in China [11] Development Trends - Future trends in the South Jujube Cake industry include the introduction of new flavors and functional products, as well as diverse forms such as freeze-dried and chewable types to cater to various consumer needs [12]

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, showcasing impressive financial metrics, particularly in gross margin and operating cash flow, which outshine its competitor Liuliu Guoyuan [1][2][3] Financial Performance - Qiyunshan Food's total revenue has shown a growth trend from 2022 to 2024, with figures of 217 million, 247 million, and 339 million yuan respectively [1] - The flagship product, South Jujube Cake, has been the largest contributor to revenue, with sales of 193 million, 209 million, and 294 million yuan during the same period [1] - The gross margins for Qiyunshan Food from 2022 to 2024 were 47.2%, 48.8%, and 48.6%, respectively, indicating stability compared to Liuliu Guoyuan's declining margins [3][4] Pricing and Cost Structure - The average selling price of South Jujube Cake has discrepancies in the prospectus, reported as decreasing from 40.5 yuan/kg in 2023 to either 39.3 yuan/kg or 34.3 yuan/kg in 2024 [1][4] - Raw material costs for both Qiyunshan Food and Liuliu Guoyuan have shown similar trends, with slight increases in the prices of their core ingredients [3][4] Customer Structure and Relationships - Qiyunshan Food's customer base heavily relies on snack wholesale channels, similar to Liuliu Guoyuan, which may pressure margins due to discounting practices [2][4] - The company has a significant reliance on a local distributor, suspected to be linked to the company, raising concerns about potential conflicts of interest [6][7] Market Position and Strategy - Despite lower brand recognition and revenue size compared to Liuliu Guoyuan, Qiyunshan Food maintains a higher gross margin, attributed to effective marketing and an expanding distribution network [2][3] - The company has increased its number of offline distributors from 140 in December 2022 to 199 by December 2024, indicating a strategic expansion [2]

头顶国内最大的南酸枣食品品牌光环，江西赣州的休闲零食企业江西齐云山食品股份有限公司(简称"齐 云山食品")日前递交了港交所主板上市的申请。这家主打地域零食的企业，财务指标异常亮眼，近三年 毛利率分别为47.2%、48.8%、48.6%，而作为果类零食行业龙头的溜溜果园，其2024年的毛利率下滑至 36%。在经营性现金流方面，齐云山食品2024年达到1.06亿元，远超公司净利润，力压营收5倍于自己 的溜溜果园。 值得注意的是，公司在招股书披露的南酸枣糕平均售价存在差异，一处是由2023年的40.5元/千克下降 至2024年的39.3元/千克，另一处是由2023年的40.5元/千克下降至2024年的34.3元/千克。此外，作为公 司连续两年第一大客户，疑似指向与公司存在关联关系的一家赣州本地经销商。 针对招股书中的数据"打架"和大客户疑似关联情形，10月14日，中国证券报记者致电采访齐云山食品， 截至发稿前公司尚未就相关事项进行回复。 ● 本报记者于蒙蒙 平均售价是39.3元还是34.3元？ 招股书显示，齐云山食品总收入在2022年-2024年呈增长趋势，分别为2.17亿元、2.47亿元、3.39亿元。 其中，公 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has requested additional information from Qiyunshan regarding its overseas listing application, focusing on pricing basis for past equity transfers and compliance with regulations [1] Group 1: Company Overview - Qiyunshan is a well-known fruit snack company in China, specializing in South sour jujube food products, holding a 32.4% market share in the South sour jujube food market as of 2024 [1] - The company submitted its listing application to the Hong Kong Stock Exchange on June 27, with Zhongtai International as the sole sponsor [1] Group 2: Financial Performance - Qiyunshan's revenue has shown consistent growth from approximately 217 million yuan in 2022 to 339 million yuan in 2024, with net profits of 25.63 million yuan, 23.70 million yuan, and 53.19 million yuan respectively [2] - The core products, South sour jujube cake and South sour jujube granules, contribute over 90% of the revenue, with South sour jujube cake alone generating revenues of 192 million yuan, 209 million yuan, and 294 million yuan from 2022 to 2024 [2] - The gross margin for the South sour jujube cake business reached 48.3% in 2024, driving the company's performance growth [2] Group 3: Product and Market Strategy - Qiyunshan plans to diversify its product offerings to mitigate risks associated with its heavy reliance on South sour jujube cake, focusing on functional and health-oriented products [2] - The company aims to introduce new product categories such as South sour jujube slices, puddings, and beverages [2] Group 4: Sales Channel Dependency - In 2024, 89.3% of Qiyunshan's revenue came from offline channels, with online sales accounting for only 10.4% [3] - The company has identified a significant dependency on offline distributors, with the top five customers contributing 26.4%, 29.9%, and 38.7% of total sales from 2022 to 2024 [3] - To address this issue, Qiyunshan plans to enhance its online sales platforms and expand its distribution network into new regions and retail formats [3]

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, online marketing, sales network expansion, and general operational funds [2] Group 1: Company Overview - Qiyunshan was established in 1979 and launched its flagship product, South Sour Jujube Cake, in 1992, marking the beginning of its large-scale operations [3] - The company specializes in South Sour Jujube products, with its product line including South Sour Jujube Cake, South Sour Jujube Granules, Soft Candy, Jelly, and Fruit and Vegetable Cakes [3] Group 2: Market Position and Financial Performance - In 2024, Qiyunshan ranked ninth in the Chinese market for fruit snacks with a market share of only 0.6%, but it holds a dominant position in the South Sour Jujube sector with a 32.4% market share [5] - Revenue increased from 217.3 million RMB in 2022 to 339 million RMB in 2024, with net profit for the same period showing a growth from 25.6 million RMB to 61 million RMB [6][5] Group 3: Revenue Structure and Risks - The revenue structure is highly concentrated, with South Sour Jujube Cake contributing 86.7% of total revenue in 2024 [6] - The reliance on a single product poses risks, including market fluctuations and supply chain issues, which could impact profitability [7] Group 4: Customer Dependency and Pricing Strategy - Qiyunshan's largest customer accounted for 22.9% of its revenue in 2024, indicating a growing dependency on key clients [8] - The average selling price of South Sour Jujube Cake decreased from 41.2 RMB per kg in 2022 to 39.3 RMB per kg in 2024, reflecting a strategy of lowering prices to increase sales volume [10] Group 5: Marketing and Employee Structure - The company has significantly increased its marketing expenditures, with sales and marketing expenses accounting for approximately 25% of total revenue [10] - Nearly half of Qiyunshan's 1412 employees are in sales roles, highlighting the company's focus on sales-driven growth [10]

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, showcasing significant growth in revenue and net profit, driven by its flagship product, the South Jujube Cake, which has a strong market presence and a commitment to green food standards [5][11][12]. Group 1: Company Overview - Jiangxi Qiyunshan Food Co., Ltd. originated from a food factory established in 1958 and has evolved into a leading player in the South Jujube food market, holding a 32.4% market share [5][9]. - The company has achieved annual revenues exceeding 330 million yuan, with a remarkable growth trajectory over the past few years [3][11]. - The leadership of the company consists of the Liu brothers, who have been instrumental in its development since the introduction of the South Jujube Cake in 1992 [5][8]. Group 2: Financial Performance - From 2022 to 2024, the company's revenue increased from 217 million yuan to 339 million yuan, reflecting a compound annual growth rate (CAGR) of 24.92% [11]. - Net profit surged from approximately 25.6 million yuan in 2022 to 53.2 million yuan in 2024, with a CAGR of 44.06% [11]. - In 2024, the company reported a 37.2% year-on-year revenue growth and a staggering 124.4% increase in net profit [11]. Group 3: Product and Market Strategy - The South Jujube Cake remains the primary product, contributing 86.7% of total revenue in 2024, while the company has expanded its product line to include South Jujube particles and soft candies [12]. - The company has adopted a "rural encircling cities" sales strategy, focusing on traditional offline channels, with 89.3% of revenue coming from offline sales [13]. - A significant partnership with a major customer, identified as "Customer G," has been pivotal, contributing 22.9% of total revenue in 2024 [11][12]. Group 4: Future Plans and Challenges - The company plans to use IPO proceeds to enhance online sales platforms and expand its distribution network into new regions [16]. - Despite its success, the company faces challenges such as over-reliance on a single product and traditional sales channels, with the South Jujube Cake accounting for nearly 90% of revenue [15]. - The competitive landscape is characterized by a fragmented market, with the top ten snack companies holding only 10.4% of the market share, indicating intense competition [15].

Company Overview - Jiangxi Qiyunshan Food Co., Ltd. (referred to as "Qiyunshan Food") has recently submitted an application to the Hong Kong Stock Exchange, with Zhongtai International as the sponsor [1] - The company specializes in the research, production, and sales of fruit snacks, headquartered in Chongyi County, Ganzhou City, Jiangxi Province [1] - Qiyunshan Food's core products include nine flavors of South Jujube Cake and various other items, with a strong focus on South Jujube Cake, which accounted for over 84% of revenue during the reporting period [5][12] Financial Performance - Revenue for Qiyunshan Food during the reporting period was RMB 217.31 million, RMB 246.72 million, and RMB 339.13 million, reflecting a compound annual growth rate (CAGR) of 16.1% [12] - Gross profit margins were 47.2%, 48.8%, and 48.6% for the years 2022, 2023, and 2024, respectively [12] - Net profits were approximately RMB 26 million, RMB 24 million, and RMB 53 million, with 2023 showing a decrease in profit due to increased operational costs [12] Market Position - In 2024, Qiyunshan Food held a 32.4% market share in the South Jujube food market, ranking first in the industry [14] - The overall fruit snack market in China is projected to grow from RMB 66.3 billion in 2019 to RMB 99.5 billion in 2024, with a CAGR of 8.5% [8] - The company ranks ninth in the broader fruit snack market with a market share of 0.63%, facing competition from brands like "Liuliu Meiyuan" and "Haoxiangni" [14] Industry Insights - The Chinese snack industry value chain consists of upstream (raw material cultivation), midstream (manufacturing and logistics), and downstream (distribution and retail) segments [14] - The fruit snack market is characterized by intense competition and a highly fragmented market structure [14] - Qiyunshan Food relies heavily on third-party distributors, with 230 distributors as of 2024, of which 199 are offline and 31 are online [18]

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted its IPO application in Hong Kong, facing challenges such as product singularity and a limited market size for its main product, South Sour Jujube, which is projected to generate over 95% of its revenue in 2024 [1][4][8] Company Overview - Qiyunshan Food was established in 1995, evolving from the Jiangxi Chongyi Food Factory founded in 1979, and has a long-standing management team with many members having over 25 years of service [1][5] - The company specializes in South Sour Jujube products, which contributed to 95% of its revenue in 2024, with total revenue expected to reach 339 million yuan [4][5] Market Position - Qiyunshan Food holds a leading market share of 32.4% in the South Sour Jujube market, which has an overall size of 1.881 billion yuan in 2024 [4][9] - The industry size for South Sour Jujube products is projected to be less than 2 billion yuan in 2024, indicating limited growth potential compared to other fruit snack markets [8] Supply Chain Concerns - The company relies heavily on wild-harvested South Sour Jujube from local farmers, with no formal contracts in place, raising concerns about the stability of raw material supply [1][9] - Fluctuations in the price of South Sour Jujube directly impact the company's profitability, as evidenced by a slight decline in net profit in 2023 due to rising prices [9] Corporate Structure - Qiyunshan Food has a simple ownership structure, with two main shareholders: Chongyi Food Factory (75%) and Ganzhou Cloud Above Equity Investment Management Partnership (25%) [5] - The company shares management personnel and marketing channels with its affiliate, Jiangxi Qiyunshan Camellia Oil Technology Co., Ltd., which may pose risks related to brand image and market positioning [3][6] Sales and Distribution - The company’s revenue is heavily concentrated in a few provinces, with over 50% of total revenue coming from Jiangxi and Hunan in 2024 [9] - Offline distributors account for over 80% of total revenue, with a significant contribution from a newly signed distributor in 2024, which generated approximately 78 million yuan [9]

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].