业绩下滑、内控缺陷、研发“减肥”……羊奶粉龙头宜品集团IPO成色几何？

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has submitted an application for a main board listing on the Hong Kong Stock Exchange, focusing on goat milk powder and special medical foods, despite facing significant challenges in its business performance and internal controls [1][3]. Group 1: Market Position and Financial Performance - In 2024, Yipin ranked second in both the Chinese goat milk powder market and the domestic infant special medical food market [3]. - The company's revenue for 2022, 2023, and 2024 was RMB 1.402 billion, RMB 1.614 billion, and RMB 1.762 billion, respectively, with net profits of RMB 227 million, RMB 168 million, and RMB 172 million [7]. - For the first half of 2025, Yipin reported a revenue of RMB 806 million, a year-on-year decline of 10.4%, and a net profit of RMB 56.7 million, down 42.6% year-on-year [8][9]. Group 2: Business Segments and Revenue Contribution - Yipin's main business segments include infant goat milk powder, special medical foods, infant cow milk powder, adult and children's milk powder, and OEM and dairy-related materials [4]. - In 2024, infant goat milk powder contributed 58.6% to total revenue, while special medical foods accounted for 12.4% [4][10]. Group 3: Challenges and Risks - The company faces significant challenges, including a notable decline in performance in the first half of 2025, attributed to packaging updates affecting product exposure and sales [9]. - Yipin's internal controls have been flagged for multiple deficiencies, including issues with social insurance payments and labor dispatch exceeding legal limits [12]. - The special medical food segment, while growing, faces high regulatory barriers and market competition, with Yipin's market share being relatively small compared to industry leaders [16][17]. Group 4: Research and Development - Yipin's investment in research and development has decreased from RMB 19.91 million in 2022 to RMB 8.01 million in 2024, representing a declining percentage of total revenue [18]. - The company has received approval for four special medical food products, with 15 more in the registration phase, indicating potential for future growth despite current challenges [14][18].