近期，百利食品公告称，董事会会议审议通过《关于公司向不特定合格投资者公开发行股票并在北京证 券交易所上市募集资金投资项目及其可行性的议案》，公司拟向不特定合格投资者公开发行股票不超过 5400万股人民币普通股（含本数，不含超额配售选择权），募集资金约11.64亿元。 对于募资用途，百利食品称，除扣除发行费用后，计划用于全国总部项目建设（6.46亿元）、亨氏食品 智慧工厂项目（一期）（4.97亿元）、研发中心升级建设项目（2215.74万元）等。 "本次募集资金投资项目均围绕公司所处行业、主营业务以及核心技术展开，该等项目符合国家产业政 策，与公司现有经营规模、管理能力、技术水平和财务状况等相匹配。项目的实施有助于提升公司制造 体系的智能化，丰富及优化公司的产品结构，进一步扩大公司业务规模，提升公司的盈利能力、研发能 力和核心竞争力。"百利食品称。 值得注意的是，百利食品2025年5月6日在新三板挂牌时，就宣布拟申请北交所上市。同日，该公司与招 商证券签署《广东百利食品股份有限公司与招商证券股份有限公司关于向不特定合格投资者公开发行并 在北京证券交易所上市之辅导协议》，并向中国证券监督管理委员会广东监管局提交广 ...

Core Viewpoint - Guangdong Baile Food Co., Ltd. is accelerating its listing process on the Beijing Stock Exchange after recently being listed on the New Third Board, aiming to enhance its capital strength and competitiveness in the Western condiment market dominated by international brands like Heinz and Kewpie [1][6]. Company Overview - Baile Food was established in November 2012 with a registered capital of 178 million yuan, focusing on the research, production, and sales of Western compound condiments [3]. - The company is a family-owned business, with the Xu family controlling 82.34% of the shares, which raises concerns about governance risks due to concentrated ownership [3][4]. Financial Performance - In 2023 and 2024, Baile Food's revenue was 1.61 billion yuan and 1.91 billion yuan, reflecting year-on-year growth of 27.4% and 19.1%, respectively. Net profits were 220 million yuan and 280 million yuan, with growth rates of 41.7% and 24.1% [5]. - The company plans to invest 1.2 billion yuan in a new production base in Ma'anshan to expand its capacity [5]. Market Context - The Western compound condiment market in China was valued at 40.6 billion yuan in 2023 and is projected to reach 48.8 billion yuan by 2026, with a compound annual growth rate (CAGR) of 6.3% [5]. - The demand for Western compound condiments is driven by the rapid growth of the Western dining market, which has a CAGR of 9% from 2019 to 2024, outpacing the overall restaurant industry's growth [5][6]. Competitive Landscape - The market is characterized by intense competition, with established international brands like Heinz and Kewpie holding significant market share and brand recognition [6]. - Despite the weak demand for Western condiments compared to traditional seasonings, Baile Food has carved out a niche in the market, indicating potential for growth and increased competitiveness through its planned listing [6].