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溜溜梅再战IPO,一颗梅的想象空间有多大?
Sou Hu Cai Jing· 2025-05-20 14:36
Core Viewpoint - Liuliu Guoyuan is attempting to relaunch its IPO in Hong Kong after a six-year hiatus, driven by cash flow pressures and the need to address significant financial obligations to investors [20][24]. Group 1: Company Background and Market Position - Founded in 2006, Liuliu Guoyuan initially focused on traditional pastries but pivoted to specialize in plum products, capitalizing on a gap in the domestic market for plum snacks [5][6]. - The company has built a "plum empire" with the help of celebrity endorsements, notably from Yang Mi, which significantly boosted its market presence [3][11]. - The current snack market is highly competitive, with rapid innovation and new brands emerging, posing challenges for Liuliu Guoyuan to maintain its market share [4][11]. Group 2: Product Development and Financial Performance - Liuliu Guoyuan has been expanding its product line to mitigate reliance on plum products, which accounted for 87.57% of total revenue in 2018. New products like "plum jelly" have shown strong revenue growth, contributing 25.4% of total revenue by 2024 [5][7][10]. - Despite the introduction of new products, the company remains heavily dependent on plum raw materials, which are vulnerable to climate impacts, leading to rising raw material costs from 41.7% to 47.7% of revenue from 2022 to 2024 [8][10]. - The company's revenue figures show a steady increase, with total revenue projected to rise from 1.174 billion RMB in 2022 to 1.616 billion RMB in 2024 [10][19]. Group 3: Marketing and Brand Strategy - Liuliu Guoyuan has heavily invested in marketing, with sales and distribution expenses exceeding net profits, indicating a potential imbalance between marketing and product development [9][13]. - The company has shifted its marketing strategy to include storytelling and brand building, aiming to create deeper emotional connections with consumers [12][14]. - The reliance on celebrity endorsements for marketing may not be sustainable for long-term brand value, as consumer preferences shift towards product quality [10][14]. Group 4: Financial Challenges and IPO Necessity - The urgency for the IPO is driven by a looming cash flow crisis, exacerbated by a redemption clause from investors requiring a significant payout if the company fails to go public [20][21]. - Liuliu Guoyuan's cash reserves are critically low, with only 51 million RMB available against current liabilities of 958 million RMB, highlighting the financial strain [21][24]. - The upcoming IPO is seen as a crucial opportunity for the company to secure funding and stabilize its financial situation amidst increasing operational challenges [25][26].
对话溜溜梅CEO杨帆:当年撤回上市太任性,但IPO不是企业终极目标
Core Viewpoint - Liumei, the parent company of Liumei Fruit Garden, has reinitiated its IPO application after previously withdrawing it in 2019, indicating a strategic shift and growth in financial performance despite challenges in profit margins [1][5]. Financial Performance - Liumei Fruit Garden's projected total revenues for 2022, 2023, and 2024 are 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan respectively, with net profits of 68 million yuan, 99 million yuan, and 148 million yuan [1]. - The gross profit margin has been declining, with raw material costs increasing from 489 million yuan to 771 million yuan, rising from 41.7% to 47.7% of total revenue from 2022 to 2024 [1]. Marketing Strategy - The company heavily relies on celebrity endorsements for marketing, with 71% of net profit allocated to celebrity endorsement expenses in 2024 [2]. - Marketing expenses for sales and distribution were 280 million yuan, 310 million yuan, and 310 million yuan for 2022, 2023, and 2024, respectively, constituting 24.1%, 23.4%, and 19.2% of total revenue [3]. Channel Transformation - The company is focusing on channel transformation, emphasizing membership stores like Sam's Club and Costco, which have shown significant sales growth [4]. - Direct sales revenue increased from 300 million yuan in 2022 to 957 million yuan in 2024, rising from 25.5% to 59.2% of total revenue, while distribution channel revenue decreased from 874 million yuan to 659 million yuan [4]. Product Matrix Evolution - The product portfolio has diversified beyond just green plums, with dried plum snacks generating 973 million yuan (60.3% of revenue), and other products like western plums and plum jelly contributing significantly to revenue growth [5]. - The company has experienced a compound annual growth rate (CAGR) of 17.32% in revenue from 2022 to 2024, with dried plum snacks growing at 9.79%, western plums at 35.5%, and plum jelly at 33.51% [5]. Investment and Future Outlook - In 2024, Liumei Fruit Garden repurchased all shares held by Sequoia Capital, ending a nearly 10-year investment relationship, with the company's valuation increasing from 900 million yuan in 2015 to 2.2 billion yuan in 2024 [5]. - The company secured 75 million yuan in external funding from Huashan Fund and Xingnong Fund, with a buyback agreement in place if the IPO is not completed by the end of 2025 [6].
估值六年无明显增长,二次闯关的溜溜果园急需上市输血|智氪
36氪· 2025-05-20 08:33
Core Viewpoint - The article discusses the IPO attempt of Liu Liu Guo Yuan (Liu Liu Mei) and highlights its financial performance, market positioning, and the reasons behind its timing for going public [4][5][14]. Financial Performance - Liu Liu Guo Yuan's revenue increased from 873 million RMB in 2018 to 1.616 billion RMB in 2024, with net profit rising from 56 million RMB to 148 million RMB during the same period [4]. - The company achieved a compound annual growth rate (CAGR) of 17.32% in revenue from 2022 to 2024, with specific product lines showing significant growth: dried plum snacks at 9.79%, western plum products at 35.5%, and plum jelly at 33.51% [7][8]. Product and Revenue Breakdown - In 2024, the revenue breakdown was as follows: dried plum snacks contributed 974 million RMB, western plum products 224 million RMB, and plum jelly 410 million RMB [7]. - The sales channels have shifted significantly, with direct sales increasing from 14% of total revenue in 2018 to 59.2% in 2024, while distribution channels decreased from 74.5% to 40.8% [10]. Customer Base and Market Strategy - The top five customers accounted for 33.1% of revenue in 2024, up from 12.7% in 2022, indicating a growing reliance on major retail partners [11]. - The company has strategically aligned itself with rapidly expanding offline snack retail stores, which has contributed to its revenue growth [13][14]. Profitability Metrics - Liu Liu Guo Yuan's gross margin fluctuated from 38.6% in 2022 to 36% in 2024, influenced by the changing customer structure and the pricing strategies of large clients [16][18]. - Net profit margins improved from 5.83% in 2022 to 9.14% in 2024, attributed to economies of scale and reduced operating expenses [19]. Capital Structure and Funding Needs - As of 2024, the company had total assets of 1.671 billion RMB and total liabilities of 1.053 billion RMB, resulting in a debt-to-asset ratio of 63% [21]. - Liu Liu Guo Yuan faces potential liquidity issues due to a low inventory turnover rate of 2.18, significantly below industry averages [22]. - The company is under pressure to secure funding through its IPO to address its capital structure and meet short-term liabilities [27][28]. Market Valuation - The expected compound annual growth rate for the Chinese dried plum snack market is 13.65%, with Liu Liu Guo Yuan projected to grow at a CAGR of approximately 21% from 2024 to 2029 [30]. - The estimated valuation for Liu Liu Guo Yuan could reach around 2.768 billion RMB based on a price-to-earnings ratio of 18.7, which is higher than its last funding round valuation of 2.2 billion RMB [30].
杨幂曾经代言的溜溜梅母公司没事吧?上市前,原股东红杉中国却跑路了,现金流被抽干吃紧
Sou Hu Cai Jing· 2025-05-12 11:12
Core Viewpoint - The article discusses the challenges faced by Liuliu Guoyuan Group, the company behind the popular snack product Liuliu Mei, particularly in terms of supply chain management, pricing power, and financial stability as it prepares for its IPO [1][5][21]. Financial Performance - Liuliu Guoyuan's investment return for Sequoia China over nine years was 93%, with an annualized return rate of 7.6%, which is considered low compared to other cases [5]. - The company's gross profit margin has declined from 40.1% in 2023 to 36.0% in 2024, attributed to rising raw material costs [8][16]. - The net profit margin has shown an increase from 5.8% in 2022 to 9.1% in 2024, but this is considered "inflated" due to government subsidies and tax benefits [18][19]. Supply Chain Issues - Liuliu Guoyuan has struggled with supply chain management, failing to stabilize raw material prices, which has led to increased costs and reduced profit margins [6][9]. - The price of Qingmei has risen from 6.31 yuan/kg in 2016 to 8.72 yuan/kg in 2017, impacting the company's profitability [8]. - The company does not own its orchards and relies on market procurement, which has limited its ability to control costs effectively [9]. Pricing Power and Market Dynamics - The company has faced challenges in maintaining pricing power, with significant price drops in its products, such as a 27.91% decrease in the price of Mei Frozen products in 2024 [10][12]. - The revenue from retail partners has surged from 23% in 2023 to 50.6% in 2024, indicating a growing dependency on large clients, which diminishes the company's bargaining power [12][13]. Financial Risks and IPO Pressure - Liuliu Guoyuan is under significant financial pressure, having to repay Sequoia China's investment, which has strained its cash flow [21]. - The company has initiated emergency financing rounds to cover debts, leading to a valuation discount of 9%-10% compared to previous rounds [21]. - The company faces a series of redemption clauses tied to its financing rounds, which could trigger if it fails to complete its IPO by specified deadlines, posing a severe risk to its operational continuity [23].
6年后再次冲击上市,“溜溜梅”的产品迭代藏着哪些门道?
FBIF食品饮料创新· 2025-05-11 01:03
Core Viewpoint - Liu Liu Mei is making a second attempt to go public, this time targeting the Hong Kong Stock Exchange after a failed attempt in 2019, with significant growth in revenue and profit over the past six years [1][2]. Group 1: Financial Performance - In 2018, Liu Liu Mei's revenue was 873 million RMB with a net profit of 56.03 million RMB. By 2024, revenue has nearly doubled to 1.616 billion RMB, and net profit increased to 148 million RMB, approximately 2.6 times the original [1][2]. - Liu Liu Mei is recognized as the leading brand in the fruit snack segment in China, with a revenue scale that positions it as a mid-to-large company in the snack industry [2][3]. Group 2: Product Line Adjustments - The company has streamlined its product offerings, focusing on three core product lines: traditional dried plums, jelly products represented by plum jelly, and nutrient-rich prune products [6][9]. - The revenue structure in 2024 shows a significant shift: dried plums generated 974 million RMB (60.3%), prunes 223 million RMB (13.8%), and jelly products 410 million RMB (25.4%) [9][11]. Group 3: Jelly Product Line Growth - The jelly product line, introduced in 2019, has become a major revenue contributor, generating over 400 million RMB in 2024, accounting for more than a quarter of total revenue [11][13]. - The jelly product line has shown a remarkable growth trajectory, with revenues increasing from 230 million RMB in 2022 to 410 million RMB in 2024 [14][16]. Group 4: Market Position and Strategy - Liu Liu Mei has established itself as the market leader in the konjac jelly segment in China, benefiting from the health trend and the growing popularity of low-GI snacks [20][21]. - The company has expanded its distribution channels significantly, with key clients contributing 422 million RMB in revenue in 2024, a substantial increase from 80 million RMB in 2023 [23][24]. Group 5: Future Growth Potential - The company is exploring new flavor profiles for its dried plum snacks and aims to leverage the jelly product line as a second growth curve, potentially reaching a revenue level of 1 billion RMB [26]. - Despite the growth in the jelly segment, the overall market for dried plums and prunes remains relatively small, indicating that future growth may heavily rely on the jelly product line [26].
青梅之王的资本劫:红杉折价离场、D轮对赌压顶,溜溜梅IPO能破局?
Sou Hu Cai Jing· 2025-05-01 02:00
Core Viewpoint - Liu Liu Mei, the parent company of Liu Liu Guo Yuan, is attempting to enter the capital market by submitting an IPO application to the Hong Kong Stock Exchange, despite facing significant financial and operational challenges [2][12]. Group 1: Financial Performance - Liu Liu Guo Yuan sold 2 billion green plums in a year, generating annual revenue of 1.6 billion yuan [2]. - The company reported revenues of 1.174 billion yuan, 1.322 billion yuan, and 1.616 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 68.43 million yuan, 99.23 million yuan, and 148 million yuan during the same period [7][8]. - The revenue breakdown for 2024 shows that dried plum snacks, plum jelly, and western plum products contributed 974 million yuan, 224 million yuan, and 410 million yuan, accounting for 60.3%, 13.8%, and 25.4% of total revenue, respectively [2]. Group 2: Market Position and Sales Channels - Liu Liu Guo Yuan ranks first in the Chinese plum product industry with a market share of 7% as of 2024, and it has maintained the top position in the sub-markets of green plum snacks and western plum snacks for four consecutive years [3]. - The company has shifted its sales strategy towards direct sales, with the proportion of revenue from direct sales increasing from 25.5% in 2022 to 59.2% in 2024, while revenue from distribution channels decreased correspondingly [3][4]. - The top three customers in 2024 contributed a combined revenue of 228 million yuan, 194 million yuan, and 44.3 million yuan, representing 28.2% of total revenue [4]. Group 3: Challenges and Risks - Liu Liu Mei faces significant challenges due to its heavy reliance on green plum products, which account for 60.3% of its revenue, exposing the company to market saturation risks [8]. - The average procurement price for green plums increased from 2,400 yuan/ton to 2,600 yuan/ton between 2020 and 2024, while imported western plum prices rose from 16,200 yuan/ton to 20,700 yuan/ton, leading to increased raw material costs [9]. - The company has seen a decline in the number of distributors for the first time, with a net loss of two distributors in 2024, indicating potential issues in its distribution strategy [4]. Group 4: Funding and Financial Health - Liu Liu Mei has completed four rounds of financing, with the latest round involving a buyout by Sequoia China at a significant discount, raising concerns about the company's valuation and market perception [11]. - As of the end of 2024, the company had cash reserves of only 78.05 million yuan against short-term borrowings of 312 million yuan, indicating a precarious financial situation [12]. - Government subsidies accounted for over 20% of net profit in 2024, highlighting a reliance on non-operational income that may undermine financial stability [10].
溜溜果园:上市前夕持股9年的北京红杉套现离场|IPO观察
Sou Hu Cai Jing· 2025-04-28 16:14
Core Viewpoint - Liuliu Fruit Garden Group Co., Ltd. is preparing for an IPO in Hong Kong, with significant financial growth but concerning short-term debt repayment capabilities [2][7][11]. Group 1: Company Overview - Liuliu Fruit Garden was established in 2009 by Yang Fan and Li Huimin, who currently control 87.78% of the company's shares [3]. - The company specializes in the research, production, and sales of specialty fruit snacks, primarily focusing on products made from plums [7]. Group 2: Financial Performance - The company reported continuous revenue growth from 2022 to 2024, with revenues of RMB 1.174 billion, RMB 1.322 billion, and RMB 1.616 billion, respectively [7]. - Net profits for the same period were RMB 68.43 million, RMB 99.23 million, and RMB 147.72 million, indicating a positive trend in profitability [7]. Group 3: Shareholder Activity - Beijing Sequoia, a long-term investor, is cashing out before the IPO, potentially earning over RMB 200 million from its investment [2][6]. - The fair value of Liuliu Fruit Garden's shares is estimated between RMB 32.3 and RMB 33.04, suggesting a significant return for Beijing Sequoia [6]. Group 4: Debt and Liquidity Concerns - The company's current assets have consistently been lower than its current liabilities, with current assets of RMB 631.17 million, RMB 679.03 million, and RMB 936.11 million against current liabilities of RMB 1.138 billion, RMB 918.05 million, and RMB 1.049 billion for the respective years [11]. - Liuliu Fruit Garden has faced annual bank loan interest payments exceeding RMB 7 million, raising concerns about its ability to maintain sufficient cash flow for operations and capital expenditures [11][12].
“没事就吃”的溜溜梅闯港股:三年砸9亿营销,红杉套现2.6亿离场
Sou Hu Cai Jing· 2025-04-28 09:50
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].
溜溜果园弃A转港:遭原料涨价、量贩渠道双重挤压 自降身价募资凑2.61亿红杉赎回款
Xin Lang Zheng Quan· 2025-04-28 09:47
Core Viewpoint - Liu Liu Mei has resumed its path to IPO after five years, presenting a steady growth report but facing significant challenges in product diversity and cash flow due to major investor withdrawal [2][3][13]. Financial Performance - Liu Liu Mei's total revenue is projected to grow from 1.174 billion yuan in 2022 to 1.616 billion yuan in 2024, representing an increase of 85% compared to 2019 [2]. - Net profit is expected to rise from 68.43 million yuan to 148 million yuan during the same period, recovering from a decline seen between 2016 and 2018 [2]. Product and Market Challenges - The company relies heavily on three core products: dried plums, dried plums products, and plum jelly, with over 85% of revenue coming from dried plums and jelly [3]. - Raw material costs have increased significantly, with domestic green plum prices rising from 2,400 yuan to 2,600 yuan per ton and imported dried plum prices increasing from 16,200 yuan to 20,700 yuan per ton from 2020 to 2024 [3]. - The company's raw material costs are projected to rise from 489 million yuan in 2022 to 771 million yuan in 2024, accounting for 41.7% to 47.7% of total revenue [3]. Competitive Landscape - The snack food market is becoming increasingly competitive, with the CR3 and CR5 market concentration ratios declining to 11.1% and 16.5% respectively by 2024 [6]. - Competitors like Three Squirrels and Bestore are offering similar plum snacks at lower prices, putting pressure on Liu Liu Mei's pricing strategy [6][8]. Sales Channels and Strategy - Liu Liu Mei is shifting its sales strategy towards discount snack stores, with revenue from distributors decreasing from 874 million yuan to 659 million yuan between 2022 and 2024 [7]. - The top five customers accounted for 33.1% of total revenue in 2024, with significant sales to major retail chains [7]. Marketing and R&D Expenditure - The company has invested heavily in marketing, with advertising expenses totaling 427 million yuan from 2022 to 2024, representing 27.3% of total gross profit [11]. - In contrast, R&D spending has been minimal, with a research expense rate of only 1.2% in 2024, raising concerns about long-term sustainability [11][13]. Investor Dynamics - Sequoia Capital, a major investor, has exited, leading to liquidity issues for Liu Liu Mei, which had to arrange for D-round financing to cover buyback obligations [13][14]. - The company's cash and cash equivalents were reported at 78.04 million yuan as of December 31, 2024, indicating a tight cash flow situation [14].
5元一包,年净赚1.5亿,安徽又一零食大王冲刺IPO
FBIF食品饮料创新· 2025-04-28 00:31
以下文章来源于天下网商 ,作者天下网商 如今,溜溜梅要冲上市了。 天下网商 . 记录互联网商业的人物和故事。 垂直赛道"偏科生",再战港股IPO。 "你没事儿吧,没事儿就吃溜溜梅!"12年前的夏天,杨幂在各大卫视黄金档刷频的这句魔性广告语, 让溜溜梅的名字被无数人记住。而品牌和品类的强绑定,则让其快速成为梅子零食大王。 图片来源:微博@溜溜梅 4月16日,溜溜梅背后的溜溜果园集团股份有限公司(下文简称"溜溜梅"),向港交所递交了招股书, 拟冲击港股IPO。此前在2019年,溜溜果园曾向深交所提交过上市申请,不过在当年12月撤单。 今年55岁的安徽商人杨帆,白手起家创立了这个梅子零食第一品牌。如今,溜溜梅不只做青梅的生 意,还将西梅、果冻、软糖等产品装进了消费者的购物车。 招股书显示,2024年,按零售额计,溜溜果园在中国梅产品行业排名第一,市场份额为7%。2021年 —2024年,公司在青梅果类零食行业、西梅果类零食行业连续四年排名第一。 聚焦财务数据,2022年—2024年,溜溜果园实现的总收入分别为11.74亿元、13.22亿元及16.16亿 元;对应的净利润分别约为0.68亿元、0.99亿元、1.48亿 ...