Core Viewpoint - Liuliu Guoyuan Group Co., Ltd. has submitted an application to the Hong Kong Stock Exchange for a main board listing, with CITIC Securities and Guoyuan International as joint sponsors. The company previously submitted an application on April 16, 2025 [1]. Company Overview - Liuliu Guoyuan specializes in plum-based snack products and aims to promote plum culture through continuous innovation, offering nutritious snack options made from natural ingredients. The company has developed a diverse product matrix centered around plums, including traditional and flavor-infused products to cater to varying consumer tastes [3][4]. - Since launching its classic brand in 2001, the company has focused on advancing technology in the plum product industry, exploring the culinary potential of plum sourness. It offers three main product categories: dried plum snacks, plum products, and plum jelly, with various series to provide unique taste experiences [3][4]. Market Position - According to Frost & Sullivan, Liuliu Guoyuan ranked first in China's fruit snack industry by retail sales in 2024, with a market share of 4.9%. The company's plum jelly, made from proprietary green plum puree and other fruit purees, captured significant consumer attention, leading to a first-place ranking in the natural ingredient jelly sector with a market share of 45.7% [3][4]. Financial Performance - The company reported revenues of approximately RMB 1.174 billion, RMB 1.322 billion, RMB 1.616 billion, RMB 767 million, and RMB 959 million for the fiscal years 2022, 2023, 2024, and the six months ending June 30 for 2024 and 2025, respectively. Corresponding net profits were RMB 68.43 million, RMB 99.23 million, RMB 147.72 million, RMB 60.17 million, and RMB 105.56 million [4][5].

Core Viewpoint - Liuliu Guoyuan Group Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with CITIC Securities and Guoyuan International as joint sponsors. The company previously submitted an application on April 16, 2025 [1]. Company Overview - Liuliu Guoyuan is a snack company focused on plum products, aiming to promote plum culture and innovate with natural ingredient snacks. The company has developed a diverse range of plum products, from traditional series to flavor-infused options, to cater to varying consumer tastes [3][4]. - The company has established a product development strategy centered on plums, leveraging decades of industry expertise and market insights to explore different plum products and flavor combinations [4]. Market Position - According to Frost & Sullivan, Liuliu Guoyuan ranked first in China's fruit snack industry by retail sales in 2024, with a market share of 4.9%. The company's jelly products, made from proprietary green plum puree and other fruit purees, captured significant consumer attention, leading to a 45.7% market share in the natural ingredient jelly sector [3]. Product Categories - The company offers three main product categories: dried plum snacks, plum products, and plum jelly. Each category features various series, including traditional and flavor-rich products, to provide unique taste experiences that meet evolving consumer preferences [3][4]. Financial Performance - The company reported revenues of approximately RMB 1.174 billion, RMB 1.322 billion, and RMB 1.616 billion for the fiscal years 2022, 2023, and 2024, respectively. For the six months ending June 30, 2024, and 2025, revenues were approximately RMB 767 million and RMB 959 million, respectively. The net profit for the same periods was RMB 68.43 million, RMB 99.23 million, and RMB 147.72 million for the fiscal years 2022, 2023, and 2024, with RMB 60.17 million and RMB 105.56 million for the six months ending June 30, 2024, and 2025 [4][5].

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 ...