Is the Prepared Food Industry Really That Profitable?

Gross margins of just 20%, yet still at the bottom of the pack.

Xian Meilai is a family business with R&D spending of less than 0.1% of revenue. Revenue stands at 1 billion yuan, with profits of 85 million yuan. It supplies aquatic products to essentially all well-known supermarkets and restaurants in China.

It's not the kind of business that attracts investment—annual dividends of over 20 million yuan go straight into the family pocket. But it's certainly a family that knows how to make money.

Making 1 billion yuan a year from selling fish and shrimp — this father-and-son duo's third IPO bid

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