宜品营养闯关港交所：羊奶粉遇冷净利骤降，转型特医食品成果待考

Core Viewpoint - Yipin Nutrition, the second-largest player in China's goat milk powder market, is preparing for an IPO on the Hong Kong Stock Exchange, but faces significant revenue and profit declines in its recent financial performance [1][3]. Financial Performance - Yipin Nutrition's revenue for 2022, 2023, 2024, and the first half of 2025 was 14.02 billion, 16.14 billion, 17.62 billion, and 8.06 billion yuan respectively, with net profits of 2.27 billion, 1.68 billion, 1.72 billion, and 566.88 million yuan [3][4]. - In the first half of 2025, revenue and net profit decreased by 10.36% and 42.57% year-on-year [3][4]. Product Performance - The company's main revenue driver, infant goat milk powder, saw a revenue drop to 4.48 billion yuan in the first half of 2025, down 18.58% from 5.5 billion yuan in the same period of 2024, with its revenue share decreasing from 61.2% to 55.6% [4]. - Revenue from infant cow milk powder also declined, with first half 2025 revenue at 550 million yuan, a 22.49% decrease from the previous year [4]. Strategic Focus - Yipin Nutrition is shifting its focus to special medical purpose foods (SMPF) to drive new growth, with revenue from this segment increasing from 240 million yuan in 2022 to 2.19 billion yuan in 2024, and 1.3 billion yuan in the first half of 2025, representing a 29.23% year-on-year growth [7][8]. - The market for special medical purpose foods is projected to grow significantly, with an expected compound annual growth rate of 18.2% from 2024 to 2029 [7]. Competitive Landscape - The special medical purpose food market is highly concentrated, with the top five companies accounting for 90.8% of retail sales in 2024, and Yipin Nutrition holding only a 4.5% market share in the infant segment [8].