营养保健原料生产商诺云生物完成A轮融资 -投资动态- 1月4日，营养保健原料生产商诺云生物"宣布完成A轮融资。本轮融资由江北科投、苏控创投、金雨茂物共同投资。诺云生物是一家专注于生物技术研发 的企业，主要从事NAD系列辅酶 、核苷酸、营 养保健原料及医药/医美原料的技术开发与生产制造。（亿欧数据） 小编评： 对于诺云生物而言，此次融资将用于加大研发投入、扩充产能及市场拓展，进一步巩固其在高端生物原料领域的布局。 1月6日，熊猫乳品发布公告称，近期部分募集资金投资项目的达到预定可使用状态日期发生延期。公司首次公开发行股票募集资金净额为2.78亿元，其 中，"苍南年产3万吨浓缩乳制品生产项目"拟投入募集资金1.87亿元，现拟将该项目达到预定可使用状态日期延期至2027年6月30日；"饮料及调味品系列 产品优化提升改造项目"拟投入募集资金4000万元，现将该项目延期至2027年1月31日。（北京商报） 小编评： 熊猫乳品把两个募投项目集体延后一年，实质是下游炼乳需求疲软、产能利用率仅六成，公司或许需要先踩"刹车"以保现金流。 -上市动态- 12月31日，宁波玉健健康科技股份有限公司IPO申请获北交所受理, 拟公开发 ...

在经历了一段时间的分化行情后，港股新股市场近期暖意渐显，包括壁仞科技（06082.HK）、英矽智能-B（03696.HK）、诺比侃（02635.HK）在内的多只 新股在首日实现显著上涨。 与此同时，赴港上市热潮仍旧汹涌，多家企业近期密集向港交所递交上市申请。 其中，爷爷的农场国际控股有限公司（下称"爷爷的农场"）已于1月5日正式提交招股书，拟登陆港股主板，招银国际出任独家保荐人。 布局婴童零辅食、家庭食品赛道 爷爷的农场采用"开曼控股-境外子公司-境内运营实体"的离岸架构，其发展历史可追溯至2015年。彼时，杨钢、姜福全、何建农、刘海波四位创始人就在广 州共同设立广州健特唯日用品有限公司，正式启动业务运营。 2018年，公司推出了首款婴童辅食产品，并开设了天猫旗舰店。2021年，公司迎来重要战略升级，不仅战略性进军家庭食品赛道，还在开曼群岛注册成立控 股公司，最终形成了如今的离岸架构，如下图所示。 其中，杨钢、姜福全、何建农、刘海波分别通过在英属维京群岛设立的主体持有爷爷的农场股份，持股比例分别为55%、15%、15%和15%。 招股书显示，经过多年发展，爷爷的农场在婴童零辅食领域的产品包括食用油、调味品、谷 ...

Core Viewpoint - The company "Grandpa's Farm" has submitted its IPO application to the Hong Kong Stock Exchange, revealing its origins and operational model, which heavily relies on marketing and outsourcing production, raising concerns about its long-term sustainability and brand identity [1][3][4]. Group 1: Company Background and Market Position - "Grandpa's Farm" was established in 2015 and is operated by Guangzhou Jiantwei Daily Necessities Co., Ltd., with significant ownership held by its founders [3]. - The company has become a leading brand in China's infant food sector, ranking second in total transaction value for infant food and first in organic infant food as of 2024 [3]. - The brand initially marketed itself as a European baby food brand, which has led to consumer misconceptions and accusations of being a "fake foreign brand" [5]. Group 2: Financial Performance - The company's revenue for the first three quarters of 2023, 2024, and 2025 was 622 million, 875 million, and 780 million yuan respectively, with net profits of 75.46 million, 103 million, and 87.42 million yuan [4]. - Revenue growth rates for 2024 and 2025 are projected at 40.6% and 23.2%, while net profit growth rates are expected to be 36% and 12.1% [4]. Group 3: Marketing and R&D Expenditure - Marketing expenses have significantly increased, accounting for over 32% of total revenue in 2023, with expenditures of approximately 201 million, 306 million, and 283 million yuan for the respective years [6][7]. - In contrast, R&D spending has been relatively low, with figures of 17.68 million, 28.35 million, and 17.21 million yuan, representing only 2.8%, 3.2%, and 2.2% of revenue [7]. Group 4: Production Model and Supply Chain - The company primarily relies on an OEM production model, outsourcing nearly all of its product manufacturing to third-party manufacturers, which poses risks in quality control and supply chain management [8]. - "Grandpa's Farm" has acknowledged the need to reduce reliance on specific OEM manufacturers and is investing in its own production capabilities to enhance quality control and supply chain management [9].

在全球婴童消费品市场精细化、健康化转型浪潮中，一家以"有机"与"零辅食"双标签破局的品牌正加速叩响资本市场大门。1月6日，爷爷的农场国际控股有 限公司（简称：爷爷的农场）正式向港交所递交上市申请，由招银国际担任独家保荐人。 值得注意的是，尽管其产品矩阵并无过多创新——涵盖食用油、调味品、谷物辅食、果泥及零食等常见品类，但凭借精准切入婴童高端零辅食细分赛道，公 司自2018年推出首款婴童辅食后，仅用六年时间便实现规模跨越式增长。2024年前三季度营收已达7.8亿元，全年预计突破8亿，迅速跻身行业第二。 高毛利盛宴下的渠道依赖与盈利困局 爷爷的农场的招股书揭示了一个在消费升级浪潮中高速成长的品牌典型，同时也清晰地暴露了其"营销驱动、代工生产"模式下的结构性挑战。 报告期内（2023年、2024年及2025年前三季度），公司营收分别为6.22亿、8.75亿及7.80亿元人民币，呈现快速增长态势。其核心业务婴童零辅食目前仍是 收入支柱，但占比正从2023年的93.1%显著降至2025年三季度的80.4%。其中，作为起家业务的辅食类占比下滑更为明显，从79.6%降至53.6%。 这一结构性变化源于公司明确的品类扩张战略 ...

Core Viewpoint - The competition in the Chinese infant complementary food market is intensifying, with Ying's Holdings and Grandpa's Farm as the leading players, as Grandpa's Farm aims to establish itself in the Hong Kong Stock Exchange while Ying's Holdings is targeting the Beijing Stock Exchange [1][2]. Market Positioning - The Chinese infant complementary food market remains highly fragmented, with the top five market participants accounting for only 14.2% of the total transaction volume. Grandpa's Farm ranks second with a transaction volume of 1.5 billion RMB, holding a market share of approximately 3.3%, while Ying's Holdings leads with a market share of 5.7% [2][3]. Financial Performance - In terms of revenue, Ying's Holdings reported 17.58 billion RMB in 2023, while Grandpa's Farm generated 6.22 billion RMB. Despite the revenue gap, Grandpa's Farm's gross profit margin is narrowing, with projections indicating it may surpass Ying's Holdings by 1.34 percentage points in 2024 [4][5]. Profitability Analysis - The difference in product category layout is a core reason for the divergence in gross profit margins. Ying's Holdings operates in both infant complementary foods and hygiene products, with the former having a gross margin of 66%-69%, while the latter is significantly lower at 25%-39%. In contrast, Grandpa's Farm focuses solely on high-margin infant complementary foods, ensuring stable profitability [6][8]. Production and R&D - Ying's Holdings employs a combination of in-house and outsourced production, with 55.1% of its products being outsourced. Conversely, Grandpa's Farm relies heavily on third-party OEM manufacturers for nearly all its products, with limited in-house production [8][10]. Additionally, Grandpa's Farm has increased its R&D spending significantly, with a growth rate of 60.3% from 0.18 billion RMB to 0.28 billion RMB, resulting in a higher R&D expense ratio compared to Ying's Holdings [8]. Sales Channels - Grandpa's Farm generates over 72% of its revenue from direct sales channels, primarily through e-commerce platforms. This heavy reliance on online sales has led to increased sales expenses, contributing to a decline in profit margins despite revenue growth [10][11]. Brand Positioning - Grandpa's Farm has faced criticism for its branding strategy, which initially emphasized a "European brand" image despite being a domestic company. The company has begun to adjust its branding narrative to focus on natural and minimally processed products, moving away from its previous emphasis on foreign origins [12][13][15].

Core Viewpoint - Grandpa's Farm, a baby food brand, is rapidly growing in the market but faces significant concerns regarding its brand authenticity, production model, food safety issues, and high marketing expenses [1][3][11]. Financial Performance - Revenue for Grandpa's Farm reached RMB 622.39 million in 2023, with a projected increase to RMB 875.35 million in 2024, reflecting a year-on-year growth of 40.6% [3][4]. - The net profit for 2023 was RMB 75.46 million, with a declining net profit margin from 12.1% in 2023 to 11.2% in the first three quarters of 2025 [3][8]. - The gross profit margin was notably high, at 55.5% in 2023, compared to the snack industry average of 26%-28% [3][5]. Product Categories - The high gross margin is primarily supported by the baby food segment, with gross margins of 55.8% in 2023, increasing to 60.7% in 2024 [5]. - The company remains heavily reliant on the baby food segment, which accounted for 93.1% of revenue in 2023, although this is projected to decrease to 80.4% by 2025 [5][6]. Sales and Marketing Strategy - The company heavily relies on e-commerce platforms, with direct sales channels contributing approximately 70% of total revenue [6]. - Marketing expenses have risen significantly, constituting 36.3% of revenue by 2025, indicating a heavy investment in promotional activities compared to only 2.2%-3.2% for R&D [8][9]. Brand Authenticity and Safety Concerns - The brand's "European import" identity has been questioned, as it is primarily operated by a Chinese company, raising concerns about its authenticity [11][13]. - The company has faced multiple food safety issues, including high sodium content in products marketed as "children's use" and instances of product recalls due to non-compliance with safety standards [15][16][18]. Operational Model - Grandpa's Farm operates primarily on an OEM production model, relying on 62 suppliers, which raises concerns about quality control and product consistency [6][18]. - The company has not established significant in-house production capabilities, which may hinder its ability to maintain quality standards [6][18].

Core Viewpoint - The company "爷爷的农场" (Grandpa's Farm) is preparing for an IPO on the Hong Kong Stock Exchange, with a focus on the baby food market, where it ranks second in China with a GMV of 1.5 billion yuan and a market share of approximately 3.3% [2]. Group 1: Company Overview - "爷爷的农场" was established in 2015 and launched its first baby food product in 2018, expanding into the family food sector in 2021, creating two main business segments [3]. - The baby food segment is the primary revenue driver, generating 627 million yuan in the first nine months of 2025, accounting for over 80% of total revenue [3]. - The family food segment includes liquid milk, convenience foods, rice products, and seasonings, contributing 153 million yuan, or 19.6% of total revenue in the same period [3]. Group 2: Market Position and Competition - The company faces competition from the leading brand "英氏控股" (Ying's Holdings), which has a GMV of 2.6 billion yuan and a market share of 5.7% [2]. - The company has established a distribution network that includes 12 well-known maternal and infant retail chains and over 2,000 key retail outlets, reaching more than 10,000 terminal stores through 342 distributors [3]. Group 3: Industry Challenges - The company anticipates a decline in the number of children aged 0-6 years, projected to drop to approximately 60.9 million by 2029, with a compound annual growth rate of -5.5%, which may impact potential consumer numbers and revenue [3]. - The brand has faced controversy regarding its "foreign brand" image, as it was initially marketed as a Dutch brand, but is primarily operated by a Chinese company [4][5]. Group 4: Production and Quality Control - The company relies heavily on OEM manufacturing, with 62 suppliers, of which only 13 are overseas partners, raising concerns about quality control [6]. - The company has faced multiple product quality issues, including instances of non-compliance with safety standards, which could undermine consumer trust [10][12]. Group 5: Financial Performance - The company reported revenues of 622 million yuan in 2023 and 875 million yuan in 2024, with a year-on-year growth of 40.6% [13]. - The gross margin for the company reached 57.3% in the first nine months of 2025, comparable to leading brands in the food and beverage industry [14]. - Marketing expenses have increased significantly, accounting for over 36% of revenue, while R&D spending remains low, leading to declining net profit margins [15][16].

21世纪经济报道记者 刘婧汐 但根据招股书披露的公司组织架构，爷爷的农场总部位于广东省广州市天河区，在2015年以广州健特唯 日用品有限公司为主体启动运营，由杨钢、姜福全、何建农、刘海波共同设立，核心创始团队均为中国 籍人士和为中国本土企业工作的经历。 2026年1月5日，来自广东广州天河区的爷爷的农场国际控股有限公司 GRANDPA'S FARM INTERNATIONAL HOLDINGS LIMITED(简称"爷爷的农场")在港交所递交招股书，拟在香港主板挂牌 上市。 总之，在十年时间内，爷爷的农场凭借"婴童""进口""有机"等标签迅速崛起。 爷爷的农场成立于2015年，主要提供婴童零辅食（专为6个月至6周岁婴童设计的食品）、家庭食品，以 自有品牌"爷爷的农场（Grandpa'sFarm）"销售产品。于2024年按中国婴童零辅食的商品交易总额计， 爷爷的农场在行业内排名第二。 前三季度毛利率达57.3% 随着新一代家长越来越重视儿童食品安全与营养，他们更倾向于购买专业婴童零辅食并为此支付相应的 溢价。而包括谷物制品、果泥等在内，专门补充婴幼儿膳食并促进其健康成长的辅食，以及饼干、奶片 等促进婴幼儿成长发 ...

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].

一、明星品牌 1、周生生今日正式涨价，"一口价"金饰最高涨幅达1500元 从周生生北京多家门店获悉，今日起对部分定价类黄金饰品进行调价，涨幅在10%-13%。相关门店工作人员表 示，"一口价转运珠类饰品涨价已经生效，涨了200元左右"。另据21世纪经济报道，周生生此次涨价幅度在200- 1500元。调价产品除了转运珠之外，还包括定价联名款(如HelloKitty系列)以及金镶钻类饰品。周生生此次调价， 是2026年开年以来国内主流金饰品牌的首次公开价格调整。（界面） 2、马年生肖茅台上市首日遭热炒，1899元基础款黄牛喊价3000元 贵州茅台正式推出贵州茅台酒（丙午马年），生肖茅台由此进入第二轮。i茅台上的马年生肖茅台同样"秒空"。与 此前生肖茅台刚上市时的情景类似，马年生肖茅台上市后也被黄牛热炒，1899元的基础款有黄牛报出3000元的回 收价。但有专家指出，当前生肖茅台正在脱离投资和金融属性，长期难再现爆炒行情。 （第一财经） 3、泡泡玛特全球六大生产基地已全面落地 最新资料显示，北海牧场（北京）乳品有限公司股东发生变更。此前，在元气森林2025年经销商大会上，元气森 林公布，集团将剥离北海牧场业务，聚焦 ...