Core Insights - The structural transformation of China's consumer market is reshaping the business ecosystem at an unprecedented pace, with a shift from luxury goods consumption to a broader pursuit of quality lifestyle [1][11] - The expansion of the company "零嘴福" reflects the gradient transfer characteristics of the Chinese consumer market, particularly in lower-tier cities where disposable income growth outpaces urban averages [3][11] Market Trends - High-end imported snack sales are projected to grow by 23% year-on-year in the first half of 2025, with health snack repurchase rates increasing to 1.8 times the industry average [1] - Retail sales of consumer goods in county-level markets have maintained over 8% growth for 12 consecutive quarters, indicating a unique "county consumption upgrade" phenomenon [1] Business Model Innovation - "零嘴福" employs a dual-driven model of "supply chain revolution + scenario-based operations," transitioning from a regional brand to a national chain [1] - The company has introduced a "bulk snack museum" model, combining traditional bulk snacks with a membership warehouse approach, controlling SKU counts between 2000-2500, with 30% being regional specialty products [3] Supply Chain Efficiency - The company has established a simplified supply chain of "factory direct procurement + regional warehousing," reducing average inventory turnover days to 18, which is 40% faster than the industry average [5] - A 100,000 square meter automated sorting center in Hubei enables next-day delivery capabilities, aligning with the trend of "new retail infrastructure reconstruction" [5] Consumer Experience Enhancement - The store design features 12 themed experience zones, significantly increasing customer traffic and dwell time, with weekend footfall exceeding 4,000 and average stay of 28 minutes [6] - The strong experiential model has led to a membership repurchase rate 3.2 times higher than that of ordinary consumers, catering to the new generation's shopping behavior [6] Digital Membership Strategy - The company has developed a three-tier membership system, enhancing customer engagement and achieving a store conversion rate of 17% through location-based services [8] - Data-driven selection strategies have allowed the company to adjust product offerings based on regional preferences, maintaining revenue variance within ±8% [8] Industry Challenges and Responses - In response to increasing competition, the company has begun testing a "snack + beverage" model, contributing 21% to sales in pilot stores while driving a 14% increase in related snack sales [9] - The company balances standardization and personalization in its product offerings, maintaining supply chain efficiency while meeting local demands [9] Macro Perspective - The rise of "零嘴福" reflects deeper changes in the Chinese consumer market, indicating that consumption stratification does not equate to market fragmentation but rather fosters more flexible business innovations [11] - The integration of supply chain innovation with consumer insights is redefining the future landscape of China's retail industry [11]

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 cash flow, which stand out in the snack food industry [1][2][3]. Financial Performance - The company reported gross margins of 47.2%, 48.8%, and 48.6% for the years 2022 to 2024, significantly higher than its competitor, Liuliu Guoyuan, whose gross margin is projected to drop to 36% in 2024 [1][3]. - Qiyunshan Food's operating cash flow reached 106 million yuan in 2024, exceeding its net profit and outperforming Liuliu Guoyuan, which has five times the revenue [1]. Revenue Growth - Total revenue for Qiyunshan Food increased from 217 million yuan in 2022 to 339 million yuan in 2024, with the flagship product, South Jujube Cake, contributing the most to this growth [1][2]. - The revenue from South Jujube Cake alone rose from 209 million yuan in 2023 to 294 million yuan in 2024, driven by a 52% increase in sales volume [4]. Pricing and Cost Structure - The average selling price of South Jujube Cake showed discrepancies in the prospectus, with reported prices of 39.3 yuan/kg and 34.3 yuan/kg for 2024 [1][5]. - The 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 Dependency - Qiyunshan Food's largest customer, a local distributor, has raised concerns about potential conflicts of interest due to its connection with the company [6][7]. - The company has denied any association with its top customers, asserting that they are independent third parties [7].

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]

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]