Core Viewpoint - Liuliu Mei, a leading brand in the plum snack industry, is preparing for an IPO on the Hong Kong Stock Exchange after previously failing to list in A-shares, raising concerns about declining profit margins and low R&D investment [2][5]. Company Overview - Liuliu Guoyuan, the parent company of Liuliu Mei, is a major player in the Chinese fruit snack market, with its main products categorized into three types: dried plums, western plums, and other plum-related products [3]. Market Position - According to Frost & Sullivan, Liuliu Guoyuan has ranked first in the green plum and western plum snack sectors by retail sales from 2021 to 2024. However, the market ceiling is evident, with the overall snack market in China projected to grow from 13,440 billion RMB in 2024 to 17,558 billion RMB by 2029 [5]. Financial Performance - The company reported total revenues of 1.174 billion RMB, 1.322 billion RMB, and 1.616 billion RMB for the years 2022, 2023, and 2024, respectively, with net profits of approximately 68 million RMB, 99 million RMB, and 148 million RMB during the same period [5][6]. Profit Margin Trends - Despite revenue growth, the gross profit margin has been declining, with figures of 38.6%, 40.1%, and 36.0% for the years 2022, 2023, and 2024, respectively. The margins for core products like dried plums and western plums have also decreased [6][7]. Marketing and R&D Expenditure - The company has invested heavily in marketing, with sales and distribution expenses exceeding 900 million RMB over the reporting period, accounting for 24.1%, 23.4%, and 19.2% of total revenue [8][10]. In contrast, R&D spending has been low, totaling less than 77 million RMB over three years, with a R&D expense ratio of only 1.2% in 2024 [11]. Ownership and Shareholder Actions - The company is primarily controlled by its founders, who hold 87.77% of the shares. Notably, major shareholder Beijing Sequoia chose to cash out before the IPO, selling its shares for 261 million RMB [11]. Food Safety Concerns - Food safety is critical for the company, which has faced multiple complaints and regulatory actions related to product quality. There have been nearly 300 complaints, with issues such as contamination and spoilage frequently reported [12][13][16].

导语： 休闲食品行业竞争激烈，公司面临来自全国性和地方休闲食品公司的竞争。 溜溜果园集团股份有限公司在港交所递交的招股书中透露，公司拟在香港联合交易所主板上市。此 次发行的股份数目、融资规模等具体细节暂未完全确定，不过招股书明确了中信证券（香港）有限 公司及国元融资（香港）有限公司为联席保荐人。 溜溜果园是中国果类零食的领军企业，在梅产品领域占据领导地位。公司秉持 "让世界共享'梅'好" 的使命，借助 "梅 +" 产品开发战略，构建了多元化的梅产品矩阵，涵盖梅干零食、西梅产品、梅冻 以及其他梅产品，如梅精软糖和梅茶茶汤等。 公司产品通过多元化销售渠道，包括线上线下平台，推向广大消费者。在原材料采购和生产环节， 公司建立了一体化供应链体系，从源头把控产品质量。 其次，公司自身竞争优势明显。品牌影响力强大，"溜溜梅" 品牌已成为梅产品的代名词；产品创新 能力突出，不断推出如梅冻、梅精软糖等新产品，满足消费者多样化需求；销售渠道多元化，线上 线下协同发展，有效触达各类消费者群体。 在商业模式上，公司采用多元化销售网络，结合直销与经销模式，线上运营旗舰店并与电商及直播 带货平台合作，线下与众多经销商合作，覆盖全国 3 ...

未来还将在调味品领域推出梅味调味品。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 成立于 1999年的溜溜果园基于「梅+」产品开发 战略，现已打造了 涵盖 梅干零食、西 梅产品 和创 新型梅冻的梅产品矩 阵 。 根据弗若斯特沙利文的资料，按零售额 计算， 溜溜果园 2024年 在中国果类零食行业排名第一，市 场份额 为 4.9% ； 在中国梅产品行业排名第一，市场份额为 7.0% ；同样 按零售额计 算， 2021 年至2024年在青梅果类零食行业及西梅果类零食行业连续四年排名第一。 值得注意的是， 除梅 干 零食 和 西梅产品外，溜溜果园的梅冻 是其 产品创新策略的里程碑事件， 标志 着其 成功扩展至注重健康的消费者的天然零食选择 —— 根据弗若斯特沙利文的资料， 按零售 额计算， 溜溜果园 是 2024年 中国果冻行业的主要参与者，市场份额为 2.9% ，并 在中国天然果冻 行业排名第一，市场份额为 45.7%。 此外， 溜溜果园 还 于 2025年推出「打梅打」梅精软糖， 以 持续拓展零食行业的不同领域， 并 为 注重健康的消费者带来创新零食。 另根据 溜溜 ...