宜品集报考港交所上市：上半年营收减少10%，多次大手笔分红

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become a new player in the dairy industry [1][3]. Company Overview - Yipin Group specializes in goat milk powder and special medical formula foods, targeting consumers of all ages, particularly those with allergies, lactose intolerance, or poor digestion [3]. - The company traces its origins back to a state-owned dairy factory established in 1956, undergoing several ownership changes and rebranding before becoming Yipin Group in 2018 [5][6][10]. Financial Performance - Yipin Group reported revenues of approximately RMB 14.02 billion, RMB 16.14 billion, and RMB 17.62 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 2.27 billion, RMB 1.68 billion, and RMB 1.72 billion [10][11]. - In the first half of 2025, the company experienced a revenue decline of about 10% year-on-year, with revenues of approximately RMB 8.06 billion compared to RMB 9.00 billion in the same period of 2024 [9][12]. Product Segmentation - The company's product mix includes infant formula goat milk powder, special medical formula foods, infant formula cow milk powder, and adult and children's formula products, with infant formula goat milk powder being the primary revenue contributor [10][12]. - Revenue from infant formula goat milk powder decreased from RMB 5.50 billion in the first half of 2024 to RMB 4.48 billion in 2025, attributed to a packaging transition affecting sales visibility [12][13]. Cash Flow and Dividends - Despite a decrease in revenue, Yipin Group maintains a strong cash reserve, with cash and cash equivalents of approximately RMB 3.22 billion as of June 2025 [14]. - The company has issued significant dividends, totaling approximately RMB 2.5 billion in 2023, indicating a commitment to returning value to shareholders [14][15].