家族生意经：孕婴世界靠“亲友团”逆势扩张，近2亿元募资合理性存疑

Core Viewpoint - Chengdu Pregnant and Infant World Co., Ltd. is expanding against the trend of declining birth rates, claiming to be among the top three in the domestic maternal and infant chain industry, and has submitted its IPO application to the Beijing Stock Exchange [1] Group 1: Business Model and Control - The company operates a family-oriented business model where many relatives of the actual controllers, executives, and employees play multiple roles, including shareholders, suppliers, and customers [1][2] - The actual controllers, Jiang Dabin and Wang Weijian, hold a combined voting power of 83.49% [2] - Wang Qiong, Jiang Dabin's spouse, has played a key role in the company's development and holds shares, but the prospectus does not clarify why she is not listed as an actual controller [4][5] Group 2: Financial Performance - The company reported revenues of 603 million yuan, 698 million yuan, and 1 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of approximately 83.64 million yuan, 94.72 million yuan, and 120.22 million yuan [12][13] - The total assets increased from approximately 552.72 million yuan in 2022 to about 746.53 million yuan in 2024, with a debt ratio of 15.21% [13] Group 3: Market Strategy - Pregnant and Infant World has increased its store count from over 1,300 in early 2022 to 2,200 by the end of 2024, a nearly 70% increase, while the overall number of maternal and infant stores in China has decreased by about 40% [6] - The company primarily relies on a franchise model, focusing on second- and third-tier cities and town markets, which allows for rapid expansion but has led to declining gross margins [6][10] Group 4: Risks and Challenges - The gross margin has decreased from 24.11% in 2022 to 20.8% in 2024, significantly lower than the industry average, attributed to increased competition and a declining birth rate [6][12] - Franchisees are allowed to source some products independently, raising quality control risks, as evidenced by consumer complaints regarding pricing discrepancies [7][10] Group 5: IPO and Fundraising - The company plans to raise 191 million yuan through its IPO, with 143 million yuan allocated for sales service network construction and 48.44 million yuan for a digital center [16] - Despite having 467 million yuan in cash and investments, the rationale for raising additional funds has raised market skepticism, especially given the low historical R&D spending [11][16]