英氏控股拟北交所IPO：利润承压 获客成本逐年高企

Core Viewpoint - Ying's Holdings Group Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, aiming to become China's first publicly listed company in the infant complementary food sector, despite facing challenges such as declining newborn numbers and rising customer acquisition costs [2][5]. Company Overview - Ying's Holdings was established in 2008 and focuses on the research, production, operation, and sales of maternal and infant products, with key brands including "Ying's" for complementary foods and "Shubiqi" for hygiene products [4]. - The company plans to raise approximately 334 million yuan through its IPO, which will be allocated to various projects including the construction of an innovation center and production facilities for infant food [4]. Financial Performance - From 2022 to 2024, Ying's Holdings' revenue is projected to grow from 1.296 billion yuan to 1.974 billion yuan, reflecting a compound annual growth rate (CAGR) of 23.42%. However, net profit is expected to decline by 4.25% year-on-year to 210 million yuan in 2024, indicating a trend of increasing revenue without corresponding profit growth [5]. - Sales expenses have risen significantly, with figures of 454 million yuan, 602 million yuan, and 721 million yuan over the reporting period, leading to an average sales expense ratio exceeding 35% [5]. Market Challenges - The company faces challenges from changing demographic trends, as a declining birth rate may reduce demand for infant products. Market forecasts suggest that while the penetration rate of infant complementary foods may reach 51% by 2029, overall market growth is expected to slow [5]. - Rising customer acquisition costs are exacerbated by the diminishing returns from internet user growth, with platform promotion expenses increasing from 151 million yuan in 2022 to 300 million yuan in 2024, a CAGR of over 40% [5]. Production Model Concerns - Ying's Holdings relies heavily on a contract manufacturing model, which has raised concerns about product quality risks. The company has faced scrutiny due to penalties imposed on its suppliers for using non-compliant food materials [6][8]. - The proportion of products produced through contract manufacturing has increased, accounting for 39.83%, 52.22%, and 55.10% of procurement in the respective years of the reporting period [8].