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]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested additional information from Qiyunshan regarding its overseas listing application, including pricing basis for past equity transfers and compliance with regulations [1] - Qiyunshan submitted its listing application to the Hong Kong Stock Exchange on June 27, 2025, with Zhongtai International as the sole sponsor [1] - The CSRC's inquiries include the company's compliance with the negative list for foreign investment, audit opinion types from accounting firms, and user data protection measures [1] Group 2 - 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 [2] - The company's flagship product, South sour jujube cake, has been certified as "green food" for 28 consecutive years and recognized as a national geographical indication product since 2018 [2] - Qiyunshan has expanded its product range to include four other South sour jujube snacks and is recognized as a high-tech enterprise and a key leading enterprise in agricultural industrialization [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Qi Yun Shan to provide supplementary explanations regarding the pricing basis of previous equity transfers as part of its listing application submitted to the Hong Kong Stock Exchange [1] - Qi Yun Shan submitted its listing application on June 27, 2025, with Zhongtai International as the sole sponsor [1] - The CSRC has outlined specific areas for Qi Yun Shan to address, including compliance with regulations on overseas issuance, audit opinion types, and potential impacts of shareholder contribution flaws on the listing [1] Group 2 - Qi Yun Shan is a well-known fruit snack company in China, specializing in South Jujube food products, holding a 32.4% market share in the South Jujube food market as of 2024 [2] - The company's flagship product, South Jujube Cake, has been certified as "green food" for 28 consecutive years and recognized as a national geographical indication product since 2018 [2] - Established in 1992, Qi Yun Shan has expanded its product range to include four other South Jujube snacks and has been recognized as a high-tech enterprise and a key leading enterprise in agricultural industrialization [2]

Core Viewpoint - Jiangxi Qiyunshan Food, a leader in the South Jujube Cake market, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the "first stock of wild fruit cake in Hong Kong" [1] Company Overview - Established over 30 years ago in Gannan, Qiyunshan has transformed deep mountain South Jujube into its core product since 1992 [1] - The company utilizes an 18-step fresh-locking process that extends the shelf life of its products to 18 months and has received the National Science and Technology Progress Award [1] Market Position - In 2024, Qiyunshan's sales are projected to reach 7,485.8 tons, capturing 32.4% of the South Jujube food market in China and 83% of the South Jujube cake segment [1] - The company sells 300 million packages annually, generating revenue of 926 million yuan [1] Social Impact - Qiyunshan employs a "company + base + 5,400 farmers" model, which has led to the cultivation of over 50,000 acres and increased annual income for farmers by more than 10,000 yuan [1] Future Prospects - The IPO is expected to help Qiyunshan expand its reach and promote Eastern flavors globally [1]

Core Viewpoint - Qiyunshan Food's IPO journey is fraught with challenges, including low capacity utilization, declining R&D expenses, reliance on major clients, and accumulating compliance risks [2] Group 1: Company Overview - Qiyunshan Food has submitted its prospectus to the Hong Kong Stock Exchange, aiming for a listing on the main board, with its core product being the South Jujube Cake [2] - The company holds a 32.4% market share in China's South Jujube food market as of 2024, making it the industry leader [2] - Despite its market position, the company faces significant issues such as a lack of product diversity, excessive regional market concentration, and insufficient R&D investment [2] Group 2: Financial Performance - In 2024, Qiyunshan Food's South Jujube Cake sales are projected to reach 7,485.8 tons, contributing over 86% to total revenue, equating to 294 million yuan [2] - The company's revenue has shown growth from 217.3 million yuan in 2022 to 339.1 million yuan in 2024, reflecting a significant increase [10] - However, the gross margin for South Jujube Cake has declined from 48.9% in 2022 to 48.3% in 2024 due to price reductions aimed at market penetration [6] Group 3: Market Challenges - The company's product line is highly concentrated, with only six products, and sales of derivative products remain below 1,000 tons [3] - Over 80% of Qiyunshan Food's revenue comes from southern provinces, with a notable absence in northern markets, highlighting a regional dependency issue [8] - The company's marketing expenses have increased, with the sales expense ratio rising from 25.47% to 27.65%, yet online sales have decreased from 12.7% to 10.4% [8] Group 4: Client Dependency and Controversies - A major client, speculated to be a leading snack retailer, contributed 7.8 million yuan in sales, accounting for 22.9% of total revenue in 2024, raising concerns about dependency [9] - The company has faced scrutiny for a pre-IPO dividend payout of 43.7 million yuan, with 59.59% of 2024 net profit allocated to dividends, which is significantly higher than industry averages [11] - Qiyunshan Food has also been criticized for failing to pay employee social security and housing fund contributions, totaling over 1 million yuan from 2022 to 2024 [11] Group 5: Future Outlook - To overcome its challenges, Qiyunshan Food needs to increase R&D investment, diversify its product offerings, and build a national distribution network to reduce reliance on specific regions and clients [12] - The company must also improve internal governance to balance shareholder and employee interests, thereby restoring investor confidence [12]

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]

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 - The snack company Qiyunshan Food Co., Ltd. is set to go public on the Hong Kong Stock Exchange, following the footsteps of other snack companies, but faces challenges due to its limited market share and product diversity [1][5]. Financial Performance - Qiyunshan Food's revenue for 2022-2024 is projected to be CNY 217 million, CNY 247 million, and CNY 339 million, with net profits of CNY 25.6 million, CNY 23.7 million, and CNY 53.2 million respectively [1]. - The company's flagship product, the South Jujube Cake, accounts for approximately 86.5% of total sales in 2022, with sales volumes of 4,677.7 tons, 5,160.2 tons, and 7,485.8 tons for the years 2022-2024 [2]. Market Position - Qiyunshan Food holds a market share of about 0.63% in the fruit snack sector, significantly lower than competitors like Liuliu Fruit Garden, which has a market share of 2.61% [1]. - The overall snack market in China is expected to grow from CNY 1,344 billion in 2024 to CNY 1,755.8 billion by 2029, with the fruit snack market growing at a rate of 8.7% [5]. Product and Sales Channels - The company relies heavily on its main product, the South Jujube Cake, which contributes 88.7% to total revenue in 2022 [2]. - Offline sales through distributors account for 86.2% of total revenue in 2022, with a significant increase in revenue from major clients [6][8]. Regional Sales - Approximately one-third of Qiyunshan Food's revenue comes from its home province of Jiangxi, with neighboring provinces contributing significantly to sales growth [4]. - The company has limited geographical reach, with no presence in major northern cities [4]. Pricing and Profitability - The average selling price of the South Jujube Cake has decreased from CNY 41.2 per kg in 2022 to CNY 39.3 per kg in 2024, while procurement costs have risen [8]. - The overall gross margin for the company has declined to 48.6% in 2024, indicating pressure on profitability [8]. Management and Shareholder Structure - The core management team, consisting of six individuals, controls approximately 68.67% of Qiyunshan Food's shares and has received significant dividends, amounting to over CNY 30 million [9].

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, heavily relying on its flagship product, South Jujube Cake, which contributes significantly to its revenue, raising concerns about its long-term sustainability in the capital market [1][2]. Company Overview - Qiyunshan Food specializes in South Jujube products and is headquartered in Chongyi County, Jiangxi, recognized as the "Hometown of South Jujube" [2]. - The company holds a 32.4% market share in China's South Jujube food market, ranking first in the industry [2]. Revenue Contribution - In 2024, South Jujube Cake generated 294 million yuan, accounting for 86.7% of total revenue, while other products contributed only 13 million yuan, representing a mere 3.8% [1][2]. - The revenue contribution from South Jujube Cake has been consistently high, with figures of 88.7%, 84.7%, and 86.7% from 2022 to 2024 [2]. Product Strategy - The company has strategically reduced production capacity for other products, focusing on increasing the output of South Jujube Cake and South Jujube Granules to meet rising market demand [2]. - Production capacity for South Jujube Cake is set to increase to 9,224 tons in 2024, while capacity for other products will drop from 1,100 tons to 677 tons [2]. Research and Development - Despite the focus on a single product, R&D investment has decreased from 4.7% in 2022 to 3.5% in 2024, raising concerns about innovation [4]. Marketing and Sales Channels - Qiyunshan Food's revenue from offline channels was 189 million, 211 million, and 303 million yuan from 2022 to 2024, making up 86.9%, 85.6%, and 89.3% of total revenue [5]. - The company has a high dependency on five major offline distributors, with sales to these clients accounting for 26.4%, 29.9%, and 38.7% of total sales from 2022 to 2024 [5]. Online Sales Performance - Online direct sales revenue was only 35.5 million yuan, slightly over 10%, and has declined from 12.7% in 2022 to 10% in 2024 [5]. - The company plans to enhance its online marketing efforts, including e-commerce infrastructure development and various online promotional strategies [8]. Industry Context - The Chinese fruit snack market is projected to grow from 99.5 billion yuan in 2024 to 151 billion yuan by 2029, with a compound annual growth rate of 8.7% [7]. - The market is highly fragmented, with the top ten companies holding only 10.4% of the market share [7].