别怕 ，溜溜梅梅冻带着三款"降温小能手"来了， 它们不仅健康美味，还能 精准 补充人体所需的 电解 质，让清爽和活力 同时 原地"归位"！ 你还在一味地喝水解暑吗？ 暑气蒸腾 下 ， 随着 汗水 流失的 还有 电解质！ 电解质一缺，人就像泄了 气的气球，软趴趴提不起劲 儿 ，水 喝 得再多也白搭。 溜溜梅电解质凤梨黄皮柠檬梅冻： 三重 清爽 ，激活活力 溜溜梅电解质酸梅汤梅冻：草本智慧，消暑补能 传承中医食疗理念，溜溜梅电解质酸梅汤梅冻严选乌梅、山楂、桑葚等八味药食同源草本。乌梅敛肺生 津、山楂消食化积 …… 八味精粹熬出正宗酸梅汤基底，酸甜爽口，尽显夏日养生智慧。 同时，该产品 延续 了溜溜梅梅冻一贯的 高品质， 坚持 0防腐剂、0人工色素、0脂肪，让你安心享受天然美味。更关 键的是，溜溜梅电解质酸梅汤梅冻电解质含量≥360mg，能快速补充出汗流失的钾、钠等，维持体液平 衡， 让你 告别夏日疲惫。 溜溜梅电解质荔枝海盐青柠梅冻：三重风味，清润补水 全新升级的溜溜梅电解质荔枝海盐青柠梅冻，以鲜采妃子笑荔枝当日榨浆为 基底 ，融入青柠原浆与海 盐，三重口味层层递进， 给你 天然补盐、清润补水的体验。其电解质含量 ...

芒种时节，江南梅子黄熟，梅雨绵绵。早在东汉时期，古人就有了芒种"煮青梅"的习俗，以此祭祀祖先 神灵，祈福安康。为弘扬中国传统食梅文化，溜溜梅自2016年起倡议举办"66中国青梅节"，2025年第十 届66青梅节盛大举行，再度掀起全民"食梅热潮"。 电解质冰沙梅冻无疑是今夏的消暑利器，实现了常温保存、冷冻食用的便捷方式，且做到0防腐剂、0人 工色素、0脂肪，让消费者吃得健康无负担。产品严选优质杨梅、葡萄、芒果原浆，当日鲜果榨浆，特 别添加的电解质元素，能及时补充运动、出汗后流失的钾、钠等矿物质元素，无论是户外运动后，还是 日常休闲时刻，都能快速消暑、补充能量。 电解质酸梅汤梅冻同样亮点十足。其电解质含量≥360mg，以乌梅、山楂、桑葚、洛神花、陈皮、甘 草、薄荷、桂花8种天然草本精粹真实熬煮为基底，酸甜生津，开味消暑。冷藏后食用，口感更加清爽 宜人，为炎炎夏日带来一丝清凉。 青梅不仅是舌尖上的美味，更是自然馈赠的健康宝藏。每100克青梅含有的果酸高达6%-7%，能有效刺 激唾液和胃液分泌，增强食欲、促进消化；丰富的维生素C与膳食纤维，赋予其抗氧化、调节肠道的功 效。《本草纲目》等古籍早有记载，青梅可"敛肺涩肠， ...

（原标题：溜溜梅冲刺港股IPO：明星光环褪色，青梅赛道增长隐忧浮现） 青梅赛道"天花板"逼近 中国青梅零食龙头溜溜果园集团（简称"溜溜梅"）近日向港交所提交IPO申请，拟通过融资缓解现金流 压力。此前，公司曾于2019年尝试A股上市未果，此次再度冲刺资本市场引发对其商业模式的深度讨 论。 明星营销边际效益递减 溜溜梅成名于明星代言策略。2013年，凭借杨幂代言及"你没事儿吧"广告语，销售额三年增长316%。 此后，公司持续押注明星流量，2024年广告费用达1.06亿元，占净利润72%，销售费用率19.2%，显著 高于行业水平。然而，明星营销的"保鲜期"逐渐缩短。2024年直播遗漏时代少年团成员发言引发粉丝抵 制，暴露流量红利的脆弱性。招股书显示，其广告语仍为消费者心智核心，后续代言未形成记忆点，品 牌忠诚度转化效率存疑。 尽管溜溜梅市占率第一（2024年青梅零食市占率7%），但核心单品价格持续下滑：梅干零食均价同比 降10.7%，梅冻均价跌27.9%。青梅与西梅零食合计仅占9330亿元休闲食品行业的1.3%，且市场高度分 散。三只松鼠、良品铺子等巨头切入果干赛道，通过价格战和场景化创新挤压市场份额。2024年 ...

Core Viewpoint - Liuliu Guoyuan Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, driven by a shift towards bulk snack channels, but faces challenges including declining product prices and significant debt obligations [1][4][6]. Company Performance - Revenue for Liuliu Guoyuan is projected to grow from 11.74 billion yuan in 2022 to 16.16 billion yuan in 2024, with net profit increasing from 0.68 billion yuan to 1.48 billion yuan during the same period [2]. - The company holds a 7.0% market share in China's plum product industry, ranking first by retail sales in 2024 [1][2]. Channel Strategy - The transition from a distribution model to a bulk snack model has resulted in 28.8% of sales coming from major chain snack stores in 2024, with the top two clients suspected to be Mingming Hen Mang and Wancheng Group [2]. - The shift to bulk snacks has led to a significant increase in sales volume but has also resulted in price reductions for key products [3]. Pricing and Cost Challenges - The average selling price of plum snacks has decreased from 39.4 yuan/kg in 2022 to 35.2 yuan/kg in 2024, while the price of plum jelly has dropped from 25.8 yuan/kg to 18.6 yuan/kg [3]. - Raw material costs have increased, with prices for green plums rising by approximately 8.33% and imported plums by 27.78% from 2020 to 2024, contributing to a decline in gross margin from 39.6% in 2022 to 32.1% in 2024 [3]. Capital and Debt Obligations - Beijing Sequoia, an early investor, is exiting the company, requiring repayment of 1.35 billion yuan in principal and 1.26 billion yuan in interest, which is about 85% of the company's projected net profit for 2024 [5][6]. - The company has a cash balance of only 78.04 million yuan as of the end of 2024, insufficient to cover the interest payment, leading to further financing needs [6]. Future Outlook - Liuliu Guoyuan must complete its IPO by December 31, 2025, to avoid potential redemption requests from new investors, which could exacerbate its financial difficulties [6].

Core Viewpoint - Lulumei has successfully transformed the niche fruit of green plums into a significant industry, achieving over 1.6 billion yuan in annual revenue and contributing to local agricultural development and farmer income [3][4]. Company Overview - Founded in 2009, Lulumei started as a small enterprise in Wuhu, Anhui, focusing on deep processing of green plums, which were previously underappreciated [4]. - The company has grown to become a major player in the leisure snack industry, with plans for an IPO to further expand its operations [3][4]. Market Context - The Chinese leisure snack market has seen continuous growth, increasing from 410 billion yuan in 2010 to 1,165.4 billion yuan in 2022, with projections to reach 1,237.8 billion yuan by 2027 [3]. - Lulumei's parent company, Lulumei Fruit Garden, submitted an IPO application to the Hong Kong Stock Exchange in April 2023, aiming to capitalize on this growing market [3]. Financial Performance - The latest prospectus indicates projected revenues of 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan for 2022, 2023, and 2024, respectively, with net profits of 68 million yuan, 99 million yuan, and 148 million yuan [3]. Production and Supply Chain - Approximately 60% of the funds raised from the IPO will be allocated to capacity expansion and supply chain optimization, including projects in Anhui and Guangxi [3]. - The company employs a "five unification" policy with farmers, ensuring stable supply and pricing through unified seed supply, technical training, agricultural input standards, guaranteed purchase prices, and financial services [7]. Agricultural Impact - The green plum industry has become a crucial economic pillar in the Wuhu region, with over 20,000 acres planted, generating an estimated 2 billion yuan in total industry output [9]. - Lulumei has expanded its agricultural network beyond Anhui, promoting green plum cultivation in six cities and fourteen counties, and engaging in international partnerships for plum products [9]. Innovation and Technology - The company has embraced technological innovation, achieving 100% digitalization in its production processes, which enhances efficiency and product quality [6]. - Lulumei's approach combines technology, farmer support, and industry collaboration to drive agricultural transformation and regional economic development [6].

区别于传统酸梅汤，溜溜梅大胆创新，将酸梅汤变成便携零食。无论是在办公室忙碌加班，还是在户外 运动挥洒汗水，亦或是在旅途中欣赏风景，小巧轻便的电解质酸梅汤梅冻都能轻松放入口袋、背包，打 破容器限制，让消费者随时随地撕开包装，就能享受到这份清凉美味，真正实现"消暑自由"。 除了电解质酸梅汤梅冻之外，电解质冰沙梅冻也备受瞩目。这款产品为溜溜梅全球首创，以"常温保 存、冷冻即食"的独特形态，实现了鲜果榨浆与钾、钠矿物质元素的巧妙结合，精准契合夏季运动出 汗、居家休闲等场景，为消费者带来冰爽与健康兼具的体验。溜溜梅电解质冰沙梅冻上市即登各大榜单 TOP1，成为消费者生活中不可或缺的健康伴侣，本次再度亮相"溜溜梅全球好货发布会"及SIAL西雅国 际食品展展位，必将以创新实力与卓越品质持续引领健康零食新风尚。 这个夏天，别再让炎热束缚你的脚步，快和溜溜梅梅冻一起活力一夏，解锁更多清凉自在的美好时光。 夏日炎炎，骄阳似火，每一丝空气都弥漫着燥热。不过，不要担心，溜溜梅梅冻已就位，邀你共同开启 一场清凉的味蕾盛宴。 近日，在"溜溜梅全球好货发布会"上，中国果类零食的领军企业及梅产品领导者——溜溜梅，携 梅冻- 电解质冰沙、梅冻 ...

Core Viewpoint - Liuliu Guoyuan Group is preparing for an IPO in Hong Kong, facing challenges such as declining product prices and significant financial obligations due to investor exit [1][9][11] Financial Performance - Revenue from 2022 to 2024 is projected to grow from 1.174 billion to 1.616 billion yuan, with net profit increasing from 68 million to 148 million yuan [2] - The company holds a 7% market share in China's plum product industry, ranking first by retail sales [1] Business Model and Market Dynamics - The shift from a distribution model to a bulk snack model has led to 28.8% of sales coming from major chain snack stores in 2024 [4] - The company’s main products, dried plums and plum jelly, have seen price declines despite increased sales volume [5][7] Pricing and Cost Challenges - The average selling price of plum jelly dropped from 25.8 yuan/kg in 2023 to 18.6 yuan/kg in 2024, while the average price of dried plums fell from 39.4 yuan/kg in 2022 to 35.2 yuan/kg in 2024 [5][7] - Raw material costs have increased, with prices for green plums rising by 8.33% and imported plums by 27.78% from 2020 to 2024 [7] Profitability Concerns - The gross margin for dried plums decreased from 39.6% in 2022 to 32.1% in 2024, while the overall gross margin fell from 40.1% in 2023 to 36.0% in 2024 [7] Capital and Investment Issues - Beijing Sequoia, an early investor, exited in 2024, imposing a significant financial burden on the company, including 126 million yuan in interest payments [1][11] - The company must complete its IPO by December 31, 2025, or face potential buyback demands from new investors [11][12] Cash Flow and Financial Health - As of February 2025, the company had only 51.04 million yuan in cash, with interest-bearing bank loans totaling 310 million yuan, indicating a severe cash flow issue [12]

日前，溜溜梅于上海举办"全球好货发布会"，溜溜梅、梅冻、西梅纤生三大品牌旗下电解质冰沙梅冻、 电解质酸梅汤梅冻、冻杨梅、贵州酸辣糟糟梅、黑咖西梅等夏季新品矩阵重磅首发，同步亮相SIAL西 雅国际食品展展位。 当下，在消费者层面，饮食习惯和口味偏好存在差异，而以年轻女性为主导的零食消费者对产品的健康 性、创新性、场景化要求日益增高，CBNData数据显示，消费者在购买零食时安全健康的关注点占比达 到61%。在"大市场、小品牌"的行业困局中，溜溜梅在"梅+"产品开发战略的引领下，打破"青梅单一品 类"局限，成功在高度分散的市场中开辟出属于梅类零食的增长极，打造了梅干零食、西梅产品及创新 型梅冻等多元化的梅产品矩阵。 在原材料供应体系建设方面，溜溜梅构建起覆盖国内外的优质原料网络。国内层面，企业在安徽、福 建、广西等国内主要梅子产区进行直采，并积极参与上游种植环节，通过为农户提供种苗培育、果园管 理等技术指导，推动标准化种植。国际市场上，针对西梅产品，溜溜梅与智利、法国等知名产区的优质 种植园达成长期合作，既保证原料品质，又能以更具竞争力的价格实现稳定供应。 生产环节中，溜溜梅将食品安全与品质管控贯穿始终。依托于国 ...

现金流吃紧，IPO成背水一战。 撰稿午小哥，全文3300字，读完约需要8分钟。 4月16日，溜溜果园向港股递交招股书，重启资本化征程。 距离上次IPO折戟已过去六年，此番冲刺港股，溜溜果园看似做足了功课。 2019年6月，溜溜果园曾向证监会递交招股书，计划登陆创业板。但遗憾的是，溜溜果园没能叩开资本市场的大门，其中一大原因指向了溜溜果园面临的 品类天花板困局。 艾媒咨询数据显示，2019年中国果干蜜饯市场规模为378亿元，其中梅类产品的市场规模不足50亿元，想象空间十分有限。 2006年，溜溜果园创始人杨帆敏锐地发现，国内青梅零食市场几乎是一片空白，潜力巨大。于是果断砍掉了公司其他生产线，All in青梅。 于是，这家原本主营糕点的食品公司，在其一款梅产品意外受市场青睐之后，转型成了"梅子专业户"。 换跑赛道，加上杨幂代言的神助攻，溜溜果园一路开挂，建成了自己的"青梅帝国"。 而时过境迁，当下的零食市场已今非昔比，品类创新加速，新锐品牌不断涌现。 在这个规模达千亿的零食赛道中，溜溜果园究竟能否顺利通过本次上市，继续凭借"梅"产品续写辉煌？ 1 打造新产品矩阵 隐忧仍在 而彼时溜溜果园的营收又高度依赖梅类产品， ...

从招股书来看，溜溜果园的业绩数据表现良好，但毛利率出现持续下滑。部分原因在于，2022年至2024 年，原材料成本从4.89亿元升至7.71亿元，占总营收比例从41.7%攀升至47.7%，直接拖累盈利能力。 21世纪经济报道记者易佳颖上海报道 日前，溜溜梅母公司溜溜果园披露港交所IPO申请材料。早在2019年，溜溜梅就计划进军深交所，但随 后撤回上市申请。直到今年4月，溜溜梅再次向资本市场发起冲击。 "当年撤回上市时我太任性了。"5月19日，在溜溜梅全球好货发布会后，溜溜梅品牌创始人兼CEO杨帆 在接受21世纪经济报道等媒体采访时表示，"当时为了新战略投入要花很多钱，报表既然不会好看，股 东和我商量的当天我就打电话，决定撤回上市申请，就是这么任性。但我本身也认为IPO不是企业的终 极目标。" 彼时，溜溜果园曾表示，为应对当时的市场环境，决定于2019年12月8日撤回A股上市申请。而时隔5 年，溜溜梅也有了不小的变化。最新招股书显示，2022年至2024年，溜溜果园总收入分别为11.74亿 元、13.22亿元和16.16亿元；净利润分别为0.68亿元、0.99亿元和1.48亿元。 不止这一个决策，杨帆在溜溜梅的 ...