D ( l ( 作为一家深耕果类零食行业的龙头企业，溜溜果园自2001年推出经典品牌以来，始终聚焦西梅产品领域，深耕行业技术，挖掘梅子酸味的美食潜力。公司 以"为注重健康的消费者提供优质果类零食"为核心定位，精准迎合消费者对营养零食日益增长的需求，构建了覆盖梅干、梅冻、梅精软糖等多品类的产品矩 阵，其中梅干零食如雪梅、清梅持续畅销，收入稳步增长。 梅冻产品采用专有青梅原浆及其他果浆制成，市场表现亮眼，根据弗若斯特沙利文数据，2024年溜溜果园在中国果类零食行业零售额排名第一，市场份额达 4.9%。在中国天然成分果冻行业（按零售额计）同样位列第一，市场份额高达45.7%，同时以2.9%的市场份额跻身中国果冻行业前列，成为天然成分果冻领 域的核心领导者。2025年，公司进一步推出梅精软糖，持续深化"以梅为本"的产品开发战略。 对于本次港股IPO的募资金额，溜溜果园明确了四大用途：一是未来三年投入扩大梅干零食、梅冻及产品配料的产能。二是来年用于提升品牌知名度、拓展 销售网络及开拓国际市场。三是招聘研发人员并推进研发计划，强化技术护城河。四是用作运营资金及一般公司用途，为企业持续发展提供保障。 据新浪财经报道，近日， ...

2025年12月15日，来自安徽芜湖繁昌的溜溜果园集团股份有限公司发布公告，公司于近日收到中国证券监督管理委员会（以下简称"中 国证监会"）出具的《关于溜溜果园集团股份有限公司公司境外发行上市及境内未上市股份"全流通"备案通知书》(国合函〔2025〕2276 号)。 备案通知书主要内容如下： 一、公司拟发行不超过1936.24万股境外上市普通股并在香港联交所上市。 | 序号 | 股东姓名/名称 | 申请全流通股数(股) | | --- | --- | --- | | 1 | 杨帆 | 25,568,359 | | 2 | 李慧敏 | 2,940,000 | | 3 | 安徽聚润投资有限公司 | 24,600,000 | | 4 | 芜湖凯旋之星投资合伙企业(有限合伙) | 3,600,000 | | 5 | 芜湖凯莱之星投资合伙企业(有限合伙) | 2,400,000 | | 6 | 深圳君荣实业合伙企业(有限合伙) | 3,715,170 | | 7 | 长沙诺享东辰股权投资合伙企业(有限合伙) | 1,361,977 | | 8 | 长沙诺享瑾鸿股权投资合伙企业(有限合伙) | 891,641 | | 9 ...

12月19日，中国证监会国际合作司发布关于溜溜果园集团股份有限公司（下文简称"溜溜果园"）境外发行上市及境内未上市股份"全流通"备案通知书，其 备案事项包括：溜溜果园拟发行不超过1936.24万股境外上市普通股并在香港联合交易所上市；公司10名股东拟将所持合计6734.71万股境内未上市股份转 为境外上市股份，并在香港联合交易所上市流通。 截至2025年6月30日，溜溜果园已建立覆盖全国34个省份的经销网络，拥有1389家经销商。公司亦经营在线旗舰店，并与其他在线平台（如电商及直播带 货）合作，以扩大公司市场覆盖范围。同时，公司亦积极拓展海外市场（例如日本、韩国及东南亚），并采取适应当地文化的销售及营销策略。 回 顾 此前，溜溜果园已向港交所主板提交上市申请书，中信证券、国元国际为联席保荐人。 据招股书显示，溜溜果园是一家专注于西梅产品的果类零食公司。自2001年推出经典品牌以来，公司致力于深耕西梅产品行业技术，挖掘梅子酸味的美食 潜力。公司不断拓展产品矩阵，纵向整合价值链，提供优质产品，并树立行业标准。 溜溜果园专注于为注重健康的消费者提供果类零食及其他零食选择，迎合消费者对营养零食日益增长的需求。根据弗若 ...

智通财经APP获悉，12月19日，中国证监会国际合作司发布《关于溜溜果园集团股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》。溜溜 果园拟发行不超过19,362,400股境外上市普通股并在香港联合交易所上市。该公司10名股东拟将所持合计67,347,108股境内未上市股份转为境外上市股份，并 在香港联合交易所上市流通。 | 索 引 号 | bm56000001/2025-00014755 | से 崇 | 结果公示;备案管理 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年12月19日 | | 称 ਸਮ | 关于溜溜果园集团股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书 | | | | 又 름 | 国合函〔2025〕2276 号 | 主题词 | | 据招股书，溜溜果园是一家专注于西梅产品的果类零食公司。公司亦致力于弘扬青梅文化，并透过持续创新，推出含有天然成分的营养零食选择。在以梅为 本的产品开发战略的引领下，公司打造了多元化的西梅产品矩阵，涵盖从采用传统技术的经典系列到融合各种风味的产品，以满足不同口味需求。 根据弗若斯特沙利 ...

Group 1: Fixed Income Market Insights - The current bond market is heavily influenced by banks, with expectations of gradual recovery as year-end approaches, leading to increased allocation by banks due to easing pressure on indicators [16] - The 10-year government bond yield is expected to recover to a range of 1.6%-1.65% by year-end, reflecting a potential stabilization in the market [16] - Recent data indicates a significant net repayment of certificates of deposit, with a net financing of -373.2 billion yuan, suggesting a tightening liquidity environment [17][18] Group 2: Biotechnology Sector Analysis - The innovation drug sector is experiencing a resurgence driven by supportive policies and a favorable pricing mechanism, with a focus on global expansion opportunities [10][11] - The China Biotechnology Index, which includes companies involved in gene diagnostics and biopharmaceuticals, is showing strong market liquidity and institutional recognition, indicating a robust investment environment [13] - The projected revenue growth for the innovative drug company is significant, with forecasts of 5.43 billion yuan, 8.62 billion yuan, and 11.42 billion yuan for 2025-2027, respectively [23] Group 3: Coal Market Dynamics - Current coal prices are primarily driven by real demand, particularly as the heating season begins, leading to increased consumption by power plants [30][31] - The supply constraints and regulatory pressures are expected to keep coal prices on an upward trajectory, with predictions of prices exceeding market expectations by year-end [31] - The focus on high-quality coal and the impact of steel production on coal demand are critical factors influencing market sentiment [32] Group 4: Renewable Energy and AIDC - The demand for AIDC (Artificial Intelligence Data Centers) is projected to increase significantly, with electricity needs expected to grow 2-3 times by 2028, highlighting a critical gap in the current power supply [37] - SOFC (Solid Oxide Fuel Cells) is identified as a leading technology for onsite power solutions, with advantages in deployment speed and power density, making it a key player in the AIDC market [38] - The materials used in SOFC technology are crucial for its performance, with ceramic support structures currently dominating the market, indicating a strong competitive landscape [39]

Investment Rating - The report provides a positive investment rating for the industry, highlighting strong growth potential and market leadership of the company in the dried fruit snack sector [5][6]. Core Insights - The company has established itself as a leading brand in the dried fruit snack market in China, benefiting from the expansion of emerging sales channels and a robust product matrix [6][19]. - Revenue growth has accelerated, with a compound annual growth rate (CAGR) of 17.3% projected from 2022 to 2024, and a significant increase in net profit, which is expected to double over two years [5][19]. - The company is actively expanding its product offerings and sales channels, including direct sales, supermarkets, and membership stores, which are contributing to its rapid growth [6][43]. Financial Performance - Revenue increased from 11.7 billion yuan in 2022 to 16.2 billion yuan in 2024, with a year-on-year growth of 22.2% in 2024 [5][19]. - Net profit rose from 0.7 billion yuan in 2022 to 1.5 billion yuan in 2024, achieving a CAGR of 46.9% [5][19]. - The gross margin decreased slightly, but the net margin improved, reaching 9.1% in 2024, up from 7.5% in 2023 [5][24]. Business Performance - The company has successfully developed a second growth curve through its product lines, with significant growth in its plum and jelly products [36][39]. - The dried plum snacks, plum products, and jelly products generated revenues of 9.7 billion yuan, 2.2 billion yuan, and 4.1 billion yuan respectively in 2024, with respective CAGRs of 9.7%, 35.5%, and 33.5% from 2022 to 2024 [39][40]. - The company has established a comprehensive sales channel network, leveraging both online and offline platforms, with emerging channels showing high growth rates [43][44]. Industry Situation - The demand for snack foods is expanding, with the dried fruit market, particularly for plums, experiencing high growth rates [75][76]. - The overall market for fruit snacks in China is projected to grow significantly, with the plum snack segment leading the growth [76][79]. - The natural jelly market is also benefiting from an increase in consumption scenarios, aligning with consumer trends towards healthier options [78][79].

Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd., the parent company of the "Liuliu Mei" brand, is urgently seeking to enter the capital market, having submitted its listing application to the Hong Kong Stock Exchange for the fourth time after previous attempts failed [1][3]. Group 1: Listing Attempts and Financial Pressure - The company has made multiple attempts to go public, including a withdrawal of its A-share application in December 2019 due to revenue decline and short-term profit pressure [2][3]. - A significant buyback obligation arose from a previous investment agreement, leading to a total payment of approximately 261 million yuan, which severely impacted the company's cash flow [3][4]. - As of the end of 2024, the company's cash and cash equivalents were only 78.05 million yuan, while interest-bearing bank loans reached 321 million yuan, indicating a deteriorating financial position [5][6]. Group 2: Revenue Growth and Channel Transformation - The company has shown steady revenue growth, achieving revenues of 1.174 billion yuan in 2022, 1.322 billion yuan in 2023, and 1.616 billion yuan in 2024 [7][8]. - In the first half of 2025, the company reported revenues of 959 million yuan, a year-on-year increase of approximately 25%, with net profits rising by 75.4% to 106 million yuan [8]. - The sales channel transformation has been significant, with the share of revenue from traditional distribution channels dropping from 74.5% to 31.2%, while revenue from snack specialty stores surged from 1.1% to 35.3% [8][10]. Group 3: Profitability Challenges - Despite revenue growth, the company's gross margin has been declining, from 38.6% in 2022 to 34.6% in the first half of 2025 [11][12]. - The gross margin for core products, such as dried plums, has also decreased significantly, indicating challenges in maintaining profitability amid a shift to lower-margin sales channels [11][12]. - The company faces dual pressures from the D-round financing deadline for listing and declining profitability due to its low-price volume strategy in new sales channels [12][13].

Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd., the parent company of the "Liuliu Mei" brand, is urgently seeking to enter the capital market, having submitted its listing application to the Hong Kong Stock Exchange for the fourth time after previous attempts failed due to various challenges [1][3]. Group 1: Listing Attempts and Financial Pressure - The company has faced significant pressure from a bet agreement with investors, which requires it to go public by the end of 2025 or face substantial financial penalties [2][3]. - Liuliu Fruit Garden's cash flow has been severely impacted by the repayment of 261 million yuan, which includes the original investment and interest, far exceeding the initial investment of 135 million yuan [3][4]. - As of the end of 2024, the company's cash and cash equivalents were only 78.05 million yuan, while interest-bearing bank loans reached 321 million yuan, indicating a deteriorating financial position [5][6]. Group 2: Revenue Growth and Channel Transformation - The company has shown steady revenue growth, achieving 1.174 billion yuan in 2022, 1.322 billion yuan in 2023, and 1.616 billion yuan in 2024, with a net profit increase from 68.43 million yuan in 2022 to 148 million yuan in 2024 [7][8]. - A significant shift in sales channels has occurred, with the revenue share from traditional distribution channels dropping from 74.5% to 31.2%, while revenue from snack specialty stores surged from 1.1% to 35.3% [8][10]. - The company’s reliance on a few major clients has increased, with the top five clients accounting for 43.7% of revenue in the first half of 2025, raising concerns about potential revenue volatility if these relationships change [10]. Group 3: Profitability Challenges - Despite revenue growth, the company's gross margin has been declining, from 38.6% in 2022 to 34.6% in the first half of 2025, primarily due to a low-price volume strategy adopted to compete in new sales channels [11][12]. - The gross margin for core products, such as dried plums, has also decreased significantly, indicating challenges in maintaining profitability amid aggressive pricing strategies [11][12]. - The company faces a critical need to balance expansion and profitability while navigating the pressures from both capital requirements and market competition [13].

Core Viewpoint - Liuliu Guoyuan Group Co., Ltd. is seeking to list on the Hong Kong Stock Exchange due to pressure from a performance guarantee agreement, which requires the company to complete its IPO by December 31, 2025, or face significant financial penalties [2][4]. Financial Performance - The company's revenue from 2022 to 2025 (first half) shows a growth trend: 1.174 billion RMB in 2022, 1.322 billion RMB in 2023, 1.616 billion RMB in 2024, and 959 million RMB in the first half of 2025. Net profit also increased from 68.43 million RMB in 2022 to 106 million RMB in the first half of 2025 [6]. - However, the growth is primarily driven by a strategy of "price for volume," with the average price of dried plum snacks decreasing from 38.1 RMB/kg in 2022 to 32.6 RMB/kg in 2024, slightly recovering to 34.6 RMB/kg in the first half of 2025 [6]. Cash Flow and Debt Situation - As of June 30, 2025, the company had cash and cash equivalents of 42.435 million RMB, while bank loans amounted to 399 million RMB, indicating a significant liquidity gap [4]. - The company's current ratio was 0.99 and the quick ratio was only 0.45, highlighting substantial debt repayment pressure [4]. Marketing and R&D Expenditure - Liuliu Guoyuan has heavily invested in marketing, with sales and distribution expenses reaching 310 million RMB in 2024, including 79.02 million RMB in advertising, which accounted for 25.5% of total sales expenses [7]. - In contrast, R&D spending was only 76.24 million RMB from 2022 to 2024, showing a disparity of over 10 times compared to marketing expenses, and the company has not introduced any new products since the launch of its plum jelly in 2019 [7]. Market Challenges - The company faces significant challenges as it approaches the deadline for its IPO, compounded by previous financial pressures from buyback agreements and a declining profit margin, with gross margins decreasing from 38.6% in 2022 to 34.6% in the first half of 2025 [6][7].

Core Viewpoint - Liuliu Guoyuan is accelerating its efforts to enter the capital market, having recently submitted a new listing application to the Hong Kong Stock Exchange after a previous application expired. The company faces significant financial pressure due to a buyback agreement with its A-round investor, Sequoia Capital, which was exercised after the company failed to meet its listing timeline [3][4][5]. Financial Challenges - Following the buyback, Liuliu Guoyuan paid a total of approximately 261 million RMB, including 135 million RMB in principal and 126 million RMB in interest, which has strained its cash flow [6][7]. - As of August 2023, the company's interest-bearing bank loans increased to 424 million RMB, while cash and cash equivalents dwindled to 14 million RMB [7]. Investment and Financing - In December 2024, the company secured 75 million RMB in D-round financing from Wuhu Hu'an Fund and Wuhu Xingnong Fund, which also includes a buyback agreement. If the company does not go public by December 31, 2025, investors can demand a buyback [8][9]. Revenue Growth - Liuliu Guoyuan's revenue grew from 1.174 billion RMB in 2022 to 1.616 billion RMB in 2024, with net profit increasing from 68.4 million RMB to 148 million RMB during the same period. In the first half of 2023, revenue and net profit were 959 million RMB and 106 million RMB, respectively [10][11]. Channel Performance - The company has expanded its revenue channels significantly, particularly through supermarket membership stores and snack specialty stores. Revenue from supermarket membership stores rose from 139 million RMB in 2022 to 267 million RMB in 2024, while revenue from snack specialty stores surged from 12.6 million RMB to 550 million RMB in the same period [10][11]. Margin Pressure - Despite revenue growth, the company has faced margin pressure due to strategic pricing decisions aimed at increasing market penetration. The overall gross margin declined from 38.6% to 34.6% during the reporting period, influenced by rising raw material costs and competitive pricing strategies [12][13]. Long-term Considerations - The shift away from traditional distribution channels towards lower-margin emerging channels raises concerns about the company's long-term growth stability, especially if competition intensifies or partnership conditions change [14].