近日，广东百利食品股份有限公司（下称：百利食品）宣布已通过广东证监局 IPO 辅导验收，以及向北京证券交易所报送 了向不特定合格投资者公开发行股票并上市的申报材料。这意味着，百利食品距离上市只差"临门一脚"。 百利食品官网显示，百利食品成立于2012年，总部位于广东省东莞市。公司在"高性价比西式餐料提供者"的定位下，致力 于为市场提供全面的餐饮解决方案，建立了涵盖沙拉酱、风味酱、调味粉。面包糠、番茄酱等各类餐饮、烘焙调味品的完 备产品线，是一家集研发、生产、销售于一体的现代化食品科技企业。旗下的品牌包括"百利"、"味林"、"好味"、"金百 乐"、"帆船"等。 值得关注的是，这家主攻西式复合调味品的中国企业，其并非传统的直面C端市场的调味品企业，旗下大多品牌TOB。如 塔斯汀、华莱士等连锁快餐类企业，均是其大客户。 分析人士直言，从今年上半年调味品行业财报来看，整体呈现增长有限、但部分企业跌势显著，C端调味品企业竞争白热 化。百利食品将业务战线聚焦B端，是一次另辟蹊径的破局之法。不过，要关注客户稳定性、持续盈利能力等。 营收规模上，以2025年上半年数据为依据，百利食品已超越上市企业加加食品、仲景食品等，大致可 ...

Industry Overview - The seasoning industry is experiencing a wave of interest in capital markets, with several companies planning to list on the New Third Board and the Beijing Stock Exchange [1] - Notable companies in this trend include "the first stock of pepper oil" Yao Mazi and Taihefang, which aims to be the "first stock of winter adjustment" on the Beijing Stock Exchange [1] Company Profile: Baili Food - Baili Food, established in 2012 and headquartered in Dongguan, Guangdong, positions itself as a "high-cost performance Western food material provider" [2] - The company offers a comprehensive range of products including salad dressings, flavored sauces, seasoning powders, breadcrumbs, and ketchup, integrating R&D, production, and sales [2] Financial Performance - For the fiscal years 2022, 2023, and the first seven months of 2024, Baili Food's largest customers were Wallace and Tastin, with sales of 48.82 million yuan, 51.24 million yuan, and 64.99 million yuan respectively, accounting for 3.87%, 3.19%, and 5.90% of total revenue [2] - As of June 2025, Baili Food achieved approximately 1.039 billion yuan in revenue, a year-on-year increase of 9.34%, and a net profit of about 155 million yuan, up 11.26% [2] - The company's R&D expenses were approximately 7.99 million yuan, representing about 0.77% of total revenue [2] Market Comparison - Baili Food's gross margin is slightly below the average of comparable companies, attributed to differences in business segments, customer structures, product types, and business scales [4] - In the first seven months of 2024, Baili Food's gross margin was 30.47%, compared to 32.07% for Baoli Food, 32.60% for Lihigh Food, and 31.03% for Tewenong, with an average of 31.90% for comparable companies [5] Ownership Structure - As of June 2025, Xu Weihong and Lu Lianfu collectively hold 65% of Baili Food's shares, with Xu serving as the chairman and head of R&D, while Lu is the vice chairman [4]

Core Viewpoint - The condiment industry is undergoing a structural transformation, with companies like Baili Food making significant progress towards IPOs to alleviate financial pressures and support capacity expansion and internationalization efforts [1][5][6] Company Overview - Baili Food, established in November 2012, focuses on the research, production, and sales of Western-style compound condiments, primarily leading with sauces like salad dressing and tomato sauce, while also offering products like breadcrumbs and seasoning powders [2][3] - The company has a diverse customer base, including chain restaurants, baking, retail terminals, and e-commerce [2] Financial Performance - Baili Food's revenue for 2023 and 2024 is projected to be 1.61 billion yuan and 1.91 billion yuan, reflecting year-on-year growth of 27.4% and 19.1% respectively; net profit attributable to shareholders is expected to be 220 million yuan and 280 million yuan, with growth rates of 41.7% and 24.1% [2] - In the first half of 2025, the company reported revenue of 1.039 billion yuan, a year-on-year increase of 9.34%, and a net profit of 155 million yuan, up 11.26% [2] IPO Progress - Baili Food has successfully passed the IPO guidance for the Beijing Stock Exchange, with plans to issue up to 54 million shares to raise approximately 1.164 billion yuan, allocating funds for headquarters construction, a smart factory project, and R&D center upgrades [3][4] Industry Trends - The condiment industry is witnessing a shift as the growth of basic condiments slows, while the compound condiment market is expanding, driven by technological advancements and customization capabilities [1][6] - The market size for China's condiment industry is projected to reach 498.1 billion yuan by 2024, with the compound condiment market growing from 85.7 billion yuan in 2019 to 126.5 billion yuan in 2024, reflecting a compound annual growth rate of 10.2% [6] Competitive Landscape - Baili Food is among the few domestic companies competing with international brands like Kewpie, McCormick, Kraft Heinz, and Hellmann's in the Western-style compound condiment sector [2] - Other companies in the condiment sector, such as Yao Mazi and Tianwei Food, are also pursuing IPOs, indicating a collective movement towards capital market engagement [5][6]

Core Viewpoint - The condiment industry is undergoing a structural transformation, with companies like Baili Foods pursuing IPOs to alleviate financial pressures and support capacity expansion and internationalization efforts [1][6]. Company Summary - Baili Foods, established in November 2012 and headquartered in Dongguan, Guangdong, specializes in the research, production, and sales of Western-style compound condiments, primarily focusing on sauces like salad dressing and tomato sauce, with a secondary growth line in powdered products [3]. - The company reported revenues of 1.61 billion yuan and 1.91 billion yuan for 2023 and 2024, respectively, reflecting year-on-year growth of 27.4% and 19.1%. Net profits for the same years were 220 million yuan and 280 million yuan, with growth rates of 41.7% and 24.1% [3]. - In the first half of 2025, Baili Foods achieved revenue of 1.039 billion yuan, a year-on-year increase of 9.34%, and a net profit of 155 million yuan, growing by 11.26% [3]. IPO Progress - Baili Foods has successfully completed IPO counseling with the help of China Merchants Securities, marking a significant step in its listing process on the Beijing Stock Exchange [1][4]. - The company plans to issue up to 54 million shares, aiming to raise approximately 1.164 billion yuan, with funds allocated for national headquarters construction, a smart factory project, and R&D center upgrades [4]. Industry Trends - The condiment industry is witnessing a surge in companies seeking to go public, with several firms like Tianwei Foods and Yao Mazi also making IPO progress [6]. - The market for compound condiments is growing, with a projected increase from 85.7 billion yuan in 2019 to 126.5 billion yuan by 2024, reflecting a compound annual growth rate of 10.2% [7]. - The traditional condiment market is experiencing slower growth, with a market size increase from 322.4 billion yuan in 2019 to 371.6 billion yuan in 2024, indicating a saturation point and a shift towards "stock optimization" [7]. Strategic Insights - Experts suggest that listing on the Beijing Stock Exchange can enhance corporate governance and management standards for companies like Baili Foods, facilitating a transition from B-end services to the household consumer market, thereby increasing brand value and competitiveness against foreign brands [5].

Core Viewpoint - The article discusses the rapid growth and challenges faced by Baili Foods, a Chinese condiment supplier, as it attempts to navigate the IPO process amidst a complex distribution network and regulatory scrutiny [1][2]. Financial Performance - Baili Foods reported a revenue of 1.912 billion and a net profit of 276 million, with a significant growth trajectory from 1.261 billion in 2022 to 1.912 billion in 2024, achieving an average annual growth rate of 43.3% [3][7]. - The company's net profit for 2024 reached 276 million, surpassing that of major competitors in the condiment industry [7]. Sales and Distribution Strategy - The company has established a network of 54 sales points across the country and signed contracts with over 1,000 distributors, with sales personnel making up nearly 30% of its workforce [4]. - In 2023, Baili Foods generated 1.09 billion in revenue from offline sales, accounting for 67.92% of total revenue [6]. Customer Base and Product Portfolio - Baili Foods has developed a symbiotic ecosystem with major clients, including chain restaurants and retail outlets, with core products like salad dressings and tomato sauces contributing 75% of revenue [5][6]. - The company exports its products to over 30 countries, competing with established foreign brands in the Chinese market [7]. Challenges in Distribution Network - The reliance on distributors has raised concerns, as the top five distributors account for less than 5% of total purchases, and unusual activities, such as the rapid establishment and subsequent cancellation of distributors, have been noted [8][10]. - The sudden cancellation of distributors raises questions about the authenticity of sales data and compliance with regulations, which could attract regulatory scrutiny [11][14]. Governance and Ownership Structure - Baili Foods is characterized by a highly concentrated ownership structure, with the actual controllers holding 66.95% of the shares, indicating strong family governance [13]. - The company has attracted attention from major food industry investors, suggesting a significant interest in its potential for growth and market positioning [13][14]. IPO Prospects - The company is seen as a critical case study for the capital market's evaluation of supply chain enterprises, with its ability to demonstrate compliance and operational integrity being pivotal for its IPO success [2][14][15].