英氏控股IPO前分红近亿：销售费用率36%高同行，研发费用率不足1%

Core Viewpoint - Ying's Holdings Group Co., Ltd. (hereinafter referred to as Ying's Holdings) has been accepted for IPO on the Beijing Stock Exchange, with Western Securities as the sponsor. The company, a leader in the infant food industry, is experiencing revenue growth but a decline in net profit for 2024 compared to 2023 [2][3]. Financial Performance - Ying's Holdings achieved revenues of 12.96 billion yuan, 17.58 billion yuan, and 19.74 billion yuan from 2022 to 2024, with net profits of 1.17 billion yuan, 2.20 billion yuan, and 2.11 billion yuan respectively, indicating revenue growth without profit increase in 2024 [3]. - In Q1 2025, the company reported revenues of 5.40 billion yuan, a year-on-year increase of 12.29%, and a net profit of 788.92 million yuan, up 4.73% year-on-year [4]. Dividend Distribution - Ying's Holdings has distributed a total of 60 million yuan in cash dividends from 2023 to 2025, with 20 million yuan in 2023 and 40 million yuan in 2024, along with an additional 34 million yuan in cash dividends in April 2025 [6][7]. Cost Structure - The company's sales expense ratio reached 36.53% in 2024, significantly higher than the industry average of 27.75%, while the R&D expense ratio was only 0.87%, below the industry average of 2.03% [9][11][12]. - Sales expenses increased from 4.54 billion yuan in 2022 to 7.21 billion yuan in 2024, with platform promotion costs rising due to increased competition in online marketing [10][11]. Profitability Metrics - The gross profit margins for Ying's Holdings were 55.18%, 57.85%, and 57.46% from 2022 to 2024, consistently outperforming the industry averages by nearly 15 percentage points [5]. - The gross profit margin for infant food products was 61.64%, 61.96%, and 61.17%, while for infant hygiene products, it was 28.12%, 35.61%, and 41.66%, aligning closely with industry averages [5]. Ownership Structure - Ying's Holdings has no controlling shareholder, with actual control held by three individuals who collectively own 52.02% of the shares. This structure may lead to strategic disagreements and inefficiencies [8].