宜品营养拟赴港IPO，上半年业绩下滑

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on the goat milk powder and special medical purpose formula food sectors, despite experiencing a decline in revenue and net profit in the first half of 2025 [1][2]. Company Overview - Yipin Nutrition specializes in a product matrix that includes infant formula goat milk powder, special medical purpose formula food, infant formula cow milk powder, and milk powder for children and adults [1]. - The company is controlled by Mou Shanbo, Qingdao Kangwang Investment Management Co., Ltd., and Qingdao Qiwan Investment Center (Limited Partnership), collectively holding 75.11% of the shares [1][3]. Financial Performance - In the first half of 2025, the company reported a revenue of 806 million yuan and a net profit of 56.688 million yuan, representing a year-on-year decline of 10.36% and 42.57%, respectively [2]. - Historical revenue and net profit figures are as follows: - 2022: Revenue 1.402 billion yuan, Net Profit 227 million yuan - 2023: Revenue 1.614 billion yuan, Net Profit 168 million yuan - 2024: Revenue 1.762 billion yuan, Net Profit 172 million yuan [2]. Market Position - According to Frost & Sullivan, Yipin Nutrition ranks second in China's goat milk powder market with a market share of 14%, and second in the infant formula goat milk powder market with a market share of 17.6% [2]. - The company also ranks second among domestic brands in the infant special medical purpose formula food market, holding a market share of 4.5% [2]. Supply Chain and Customer Base - Yipin Nutrition's supply chain encompasses the entire value chain of dairy production, including self-owned pastures, raw milk procurement, and core ingredient supply [2]. - The company operates its own pastures in Heilongjiang and Shandong, and has a strategic procurement base in Spain, which is one of the largest producers of goat whey powder globally [2]. - Major customers include large regional distributors, e-commerce distributors, manufacturers, food companies, and OEM brand owners [5]. Future Development Strategy - The company aims to deepen its specialization in goat milk powder, develop a "low-allergen feeding" scientific understanding, and promote the growth of special medical purpose formula food [6]. - Yipin Nutrition plans to explore overseas market opportunities and increase investment in the adult nutrition sector to meet the growing demand for health management and functional consumption [6].