英氏控股IPO背后：重营销轻研发被质疑，代工模式暗藏隐患

Core Viewpoint - Ying's Holdings, a leading company in the infant food sector, has applied for an IPO on the Beijing Stock Exchange, aiming to raise funds for industrial base construction, brand development, and project promotion, while facing challenges related to quality control and marketing versus R&D investment [2][4][10]. Group 1: Company Overview - Ying's Holdings was established in 2014, focusing on infant food, with brands including "Ying's" and "Shu Bi Qi," and has ranked first in sales in the infant food market for three consecutive years [3][4]. - The company’s revenue from infant food has been stable, contributing approximately 79.75% to 82.35% of total revenue from 2022 to 2024, with a gross margin around 61% [6][4]. Group 2: Financial Performance - Revenue figures for Ying's Holdings from 2022 to 2024 were 1.3 billion, 1.76 billion, and 1.97 billion respectively, with year-on-year growth rates of 37.4%, 35.7%, and 12.3% [4]. - Net profit for the same period was 120 million, 220 million, and 210 million, with growth rates of 64.9%, 87.7%, and -4.4% [4]. - In Q1 2025, revenue grew by 12.3% to 540 million, and net profit increased by 5.4% to 81.17 million [4]. Group 3: Market Competition - The infant food market in China is becoming increasingly competitive, with international brands like Heinz and new entrants leveraging online channels to gain market share [3][4]. - Ying's Holdings faces challenges from both established international brands and emerging local brands, which are rapidly capturing market share [3][4]. Group 4: IPO and Fund Utilization - The company plans to raise 334 million for various projects, including 71.69 million for the Hunan Ying's maternity and infant industry base, 48.20 million for instant nutrition porridge production, and 94.05 million for brand promotion [4][5]. - Ying's Holdings is actively responding to inquiries from the Beijing Stock Exchange regarding its IPO application [4]. Group 5: Quality Control and Production Model - The company relies on a mix of self-production and outsourcing, with approximately 63.53% of revenue from outsourced production in 2023 [6][7]. - Quality control issues have arisen from the reliance on third-party manufacturers, leading to regulatory inquiries and consumer complaints [7][8]. Group 6: Marketing and R&D Investment - Ying's Holdings has a high marketing expense ratio, with sales expense rates of 35.04%, 34.26%, and 36.53% from 2022 to 2024, significantly above the industry average of 27.75% [10][11]. - R&D investment remains low, with R&D expense rates of 0.43%, 0.52%, and 0.87% during the same period, below the industry average of 2.03% [10][11].