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。 这一结构性变化源于公司明确的品类扩张战略。公司SKU总数从158个快速增至269个，其中新拓展的家庭食品品类(SKU达74个)正成为新的增长点。此举旨 在突破婴童市场的年龄天花板，向全家庭消费场景渗透，以寻求更广阔的市场空间。 | | | 截至12月31日止年度 | | | | 截至9月30日止九1 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | | | | 人民幣千元 | % | 人民幣千元 | % | 人民幣千元 | % | 人民 | | | | | | | | (未經審計) | | | 收入 | 622,389 | 100.0 | 875,349 | 100.0 | 633,188 | 100.0 | 77 | | 销售成本 | (277,261) | (4 ...

一家叫"爷爷的农场"的公司，靠着卖婴儿吃的果泥等产品，年收入8.75亿元，还准备在港股上市。 婴儿辅食背后究竟藏着怎样的大市场，而随着出生人口降低，行业应该如何应对？ 2015年，爷爷的农场在荷兰成立，创始人是姜福全等人。 2018年，爷爷的农场进入中国市场，推出了辅食油和米粉这两个基础的产品。 2021年从婴童食品拓展到家庭食品领域。 婴童端覆盖果泥、零食、调味品等细分品类；家庭食品端则延伸至液态奶、方便食品、大米等日常高频 消费品。 2023年，爷爷的农场实现营收6.22亿元，毛利3.45亿元，期内利润7546万元；2024年业绩大幅增长，营 收增至8.75亿元，毛利5.14亿元，期内利润突破1亿元大关，达到1.03亿元。 2025年前三季度，营收已达7.80亿元，毛利4.47亿元，期内利润8742万元，毛利率稳定在57%以上。辅 食的毛利率在59.9%，如果只看零食，毛利率突破60%。 作为对比，食品饮料行业中最赚钱的农夫山泉2023年和2024年的毛利率了分别为59.5%和58.1%。 其中，婴童零辅食是核心营收来源，2025年前三季度贡献了6.27亿元收入，毛利率高达59.9%，成为品 牌发展的"压 ...

近期，婴幼儿辅食赛道陆续有企业冲击上市。在湖南长沙公司英氏控股北交所过会后，又有来自广东广州的企业冲击 IPO。 格隆汇获悉，1月5日，爷爷的农场国际控股有限公司（简称"爷爷的农场"）向港交所递交招股书，拟在香港主板上 市，保荐人为招银国际。 爷爷的农场主营婴童零辅食等产品，2024年营收超8亿元，毛利率超58%，是中国第二大婴童零辅食企业。但其产品依 赖OEM代工，对产品质量、成本和供应链安全的控制力较弱，且面临渠道窜货和竞争蚕食等风险。 公司的辅食调味品－食用油，图片来源于招股书 具体来看，2023年、2024年和2025年1-9月（简称"报告期"），爷爷的农场来自婴童零辅食的收入占比有所下降，但仍 在80%以上；家庭食品的收入占比从6.9%提升至19.6%。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣千元 | | | % 人民幣千元 % 人民幣千元 ...

来源：市场资讯 | 编纂 项下的[编纂]敷目 [编纂]股股份(視乎[编纂]行使與否而定) .. | | --- | | [编纂]數目 [编纂]股股份(可予[编纂]) | | [编纂]數目 [编纂]股股份(可予[编纂]及視乎[编纂] | | 行使與否而定) | | : [清流] : 每股[编纂][编纂]港元(申請時须以港元 | | 繳足,另加1%經紀佣金、0.0027%證 | | 監會交易徵費、0.00565%聯交所交易 | | 費及0.00015%會財局交易徵費,多繳 | | 敷項可予退還) | | 面值 . . 每股股份0.0001美元 | | 【编纂】： 【编纂】 | | 獨家保薦人·[編纂]·[編纂] | | [编纂]·[编纂] | | INTERNATIONAL | 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。 来源：瑞恩资本RyanbenCapital 爷爷的农场招股书链接： https：//www1.hkexnews.h ...

Core Insights - The maternal and infant retail industry is transitioning from a demographic dividend to a quality-driven growth model, prompting companies to seek new growth points and navigate challenges [2] - Aiyingshi, known as the "first stock in A-share maternal and infant retail," has found its path through enhancing its private brand matrix, upgrading store operations, and embracing online and offline channel integration [2] Group 1: Strategic Changes - Aiyingshi has updated its slogan from "Your Maternal and Infant Expert" to "Your Maternal and Infant Health Expert," indicating a strategic shift towards health-related services [4] - The company has optimized its store model, reducing the number of SKUs from approximately 3,000 to 1,500, which, despite a 3% revenue loss, has significantly improved store efficiency and profitability [4][5] - As of August 2023, Aiyingshi has opened 34 new quality maternal and infant stores across 22 cities, bringing the total number of stores to 504, with plans for further expansion [4] Group 2: Product Development - Aiyingshi has developed several private brands, including He Lan Shi and Bao Bei Yi Can, covering a range of products from nutritional foods to toys, creating a more comprehensive private brand matrix [5] - The company has focused on the development of a fruit puree product, achieving a price point nearly half that of similar products, emphasizing efficiency and food safety [5][6] Group 3: Financial Performance - In the first half of the year, Aiyingshi reported a revenue of 1.835 billion yuan, a year-on-year increase of 8.31%, and a net profit of 55 million yuan, up 20.16%, indicating improved operational efficiency [6] Group 4: Online and Offline Integration - Aiyingshi has embraced the O2O (online-to-offline) model, collaborating with platforms like Meituan and JD Daojia to enhance consumer shopping experiences, with e-commerce now accounting for nearly 15% of overall business revenue [8] - The company recognizes the importance of physical retail in providing consumer satisfaction and interaction, adapting to the growing trend of online shopping while maintaining a strong offline presence [8] Group 5: New Market Opportunities - Aiyingshi has ventured into the trendy toy market, opening its first Gundam Base store in Suzhou and planning to expand with 3 to 5 new stores annually over the next three years [9]

Core Insights - The core viewpoint of the article emphasizes the transformation of the maternal and infant retail industry from a demographic dividend to a quality-driven growth model, with a focus on service and consumer needs [3][4]. Company Strategy - The company, Aiyingshi, has redefined its slogan to include "health," indicating a strategic shift towards expanding into the health sector while maintaining its core maternal and infant business [4]. - Aiyingshi has implemented a new store model, reducing the number of SKUs from approximately 3,000 to 1,500, which has improved store efficiency despite a 3% decrease in revenue [4][5]. - The company has opened 34 new high-quality maternal and infant stores across 22 cities in China, bringing the total number of stores to 504 as of August [4]. Product Development - Aiyingshi has developed a range of proprietary brands, including nutritional and health products, diapers, clothing, toys, and cleaning supplies, enhancing its brand matrix [5]. - The company has focused on creating a fruit puree product line, achieving a price point nearly half that of similar products, while emphasizing food safety and quality [5][6]. Financial Performance - In the first half of the year, Aiyingshi reported revenue of 1.835 billion, a year-on-year increase of 8.31%, and a net profit of 55 million, reflecting a 20.16% increase, indicating improved operational efficiency [6]. Market Trends - The company is adapting to the growing trend of instant retail by collaborating with online platforms such as Meituan and JD Daojia, with e-commerce now accounting for nearly 15% of overall business revenue [7]. - Aiyingshi has ventured into the trendy toy market, opening new stores in collaboration with Bandai Namco, with plans to expand by 3 to 5 stores annually over the next three years [8]. Entrepreneurial Philosophy - The company’s leadership views entrepreneurship as a continuous journey, emphasizing the importance of consumer feedback, particularly negative reviews, as a means for improvement [9]. - The focus on long-term vision over short-term results is highlighted, with a commitment to sustained growth and adaptation in the evolving market landscape [9].

Core Insights - The article highlights the success of companies in Jiangyu Town, Linyi City, Shandong Province, in exporting agricultural products and tools globally, showcasing the transformation of local resources into profitable assets [2][3][4]. Group 1: Agricultural Exports - Sheng'an Food is a leading canned food exporter in Shandong, with over 200 product varieties, exporting to 42 countries, including Japan and Dubai [3][4]. - The company has established deep partnerships with 15 international retail giants, aiming for online export revenue to reach 20% by 2024, enhancing the reputation of Chinese agricultural products [3][4]. - In Japan, 1 in 10 canned fruit products is from Sheng'an, reflecting the company's commitment to quality [3]. Group 2: Tool Manufacturing - Jiexili Tools has transformed an old school into a global tool manufacturer, producing 25 million automotive tools and 35 million hand tools annually [4][5]. - The company has effectively utilized idle resources, generating over 68 million yuan in economic benefits by revamping 63 idle properties [5]. Group 3: Goose Liver Production - Chunguang Food has developed a modern goose farming and processing operation, with a capacity to process 265,000 geese and produce 1,650 tons of goose liver, generating 364 million yuan in revenue [6][7]. - The company is actively participating in international exhibitions and has established export channels for its goose liver products, aiming to strengthen brand promotion in the Greater Bay Area [8].

Core Viewpoint - The SIAL International Food Exhibition in Shanghai will showcase over 35 provinces and associations, highlighting regional specialty agricultural products and innovative food brands from China, reflecting the country's growing international competitiveness in the food industry [1][3]. Group 1: Event Highlights - The exhibition will feature renowned Chinese brands such as COFCO, Yanjinpuzi, and Three Squirrels, presenting new products that demonstrate the innovation and vitality of the Chinese food industry [1]. - SIAL Shanghai will host over 5,000 exhibitors from 75 countries and regions, offering a diverse array of food products, thus promoting global food culture exchange [3][5]. - The event is expected to attract 180,000 professionals from 110 countries and regions, facilitating direct communication between Chinese brands and international buyers [5][6]. Group 2: Strategic Developments - Yanjinpuzi plans to invest 220 million yuan in Thailand to establish a production base, marking a significant step in its globalization strategy and the shift of Chinese food companies towards local supply chains [1]. - The exhibition will enhance the integration of domestic and international trade, allowing for effective resource sharing and breaking down barriers between domestic and foreign markets [5]. Group 3: Industry Trends and Opportunities - The event will include high-profile discussions on market opportunities and challenges, featuring global experts addressing hot topics in the food and beverage industry [6]. - Various competitions and events, such as the SIAL Snack Festival and SIAL Tea Mixing Competition, will showcase new consumption trends in the food and beverage sector [6].