英氏控股向北交所申请IPO，招股书披露其研发费用率不足1%

Core Viewpoint - Ying's Holdings Group Co., Ltd. has applied for an IPO on the Beijing Stock Exchange, revealing a slowdown in revenue growth and a heavy reliance on its core infant food business [1][2]. Financial Performance - Revenue projections for 2022, 2023, and 2024 are 1.3 billion, 1.76 billion, and 1.97 billion yuan, respectively, with net profits of 120 million, 220 million, and 210 million yuan [1][2]. - Revenue growth rates are 37.4%, 35.7%, and 12.3% for the respective years, while net profit growth rates are 64.9%, 87.7%, and -4.4% [2]. - In Q1 2025, revenue increased by 12.3% to 540 million yuan, and net profit rose by 5.4% to 81.17 million yuan [2]. Business Model - The infant food business accounts for 79.75%, 82.35%, and 77.4% of total revenue from 2022 to 2024, with a stable gross margin of around 61% [2]. - The company has a high reliance on the OEM model, with revenues from contract manufacturing at 531 million, 696 million, and 540 million yuan for 2021, 2022, and the first half of 2023, respectively [3]. Marketing and R&D Expenses - Sales expense ratios are significantly high at 35.04%, 34.26%, and 36.53% from 2022 to 2024, exceeding the industry average of 27.75% [3]. - In 2024, sales expenses reached 720 million yuan, with over half attributed to e-commerce platform promotion and usage fees [3]. - R&D expenditures are low, with amounts of 5.53 million, 9.21 million, and 17.15 million yuan from 2022 to 2024, resulting in R&D expense ratios below 1% [3].