特医食品现IPO选手，圣桐特医欲上市，被质疑重营销轻研发

Core Viewpoint - Saintong Special Medical (Qingdao) Nutrition Health Technology Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange, backed by Shengyuan Group, with a valuation of approximately 2.6 billion RMB [1][2]. Company Overview - Saintong Special Medical focuses on the development, production, and sales of special medical food products, including allergy prevention, premature infants, lactose-free, full nutrition, and metabolic disorders [1]. - The company was established in 2019 by Shengyuan Group, which is known for its infant formula products, as a response to the shrinking infant formula market [1][3]. - The major shareholder is Shengyuan Hong Kong, holding 48.68% of the shares, with the Zhang family collectively owning 52.26% [2]. Financial Performance - Revenue for Saintong Special Medical from 2022 to 2024 was 491.2 million RMB, 654.2 million RMB, and 834.1 million RMB, respectively, showing consistent growth [4][5]. - The adjusted net profit for the same period was 121.0 million RMB, 175.0 million RMB, and 199.4 million RMB, indicating a positive trend in profitability [4][5]. - The company has distributed significant dividends over the past three years, totaling approximately 467 million RMB, which raises concerns about the sustainability of such payouts relative to net profits [4][5]. Market Position - The Chinese special medical food market is still in its early stages, with a penetration rate of about 3% in 2024, compared to over 40% in mature markets like the U.S. [7][10]. - The market size for special medical food in China is projected to grow from 23.2 billion RMB in 2024 to 53.1 billion RMB by 2029, with a compound annual growth rate of 18% [7][10]. - Saintong Special Medical holds a market share of only 6.3%, ranking fourth among domestic brands, while Nestlé and Danone dominate with over 60% of the market [10][11]. Product and R&D Insights - The company has launched 14 main special medical food products, with 16 more in development, holding the highest number of infant special medical food registration certificates in China [6]. - A significant portion of revenue comes from allergy prevention products, which accounted for 85.5%, 88.2%, and 90.3% of total revenue from 2022 to 2024, indicating a risk of product concentration [6]. - R&D spending has been relatively low, with expenditures of 6.5 million RMB, 10.8 million RMB, and 13.3 million RMB from 2022 to 2024, while sales and marketing expenses have been significantly higher [12].