Core Viewpoint - Yipin Nutrition, the second-largest player in China's goat milk powder market, is officially pursuing an IPO on the Hong Kong Stock Exchange, despite facing significant revenue and profit declines in recent periods [1][3]. Group 1: Company Overview - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has a history dating back to 1956 and holds a 14% market share in the goat milk powder sector as of 2024, ranking second in the industry [1]. - The company operates a full industry chain in dairy products, focusing on low-allergen dairy products, including infant formula goat milk powder, special medical purpose foods, and other dairy-related materials [3]. Group 2: Financial Performance - Yipin Nutrition's revenue for the years 2022 to the first half of 2025 was reported as follows: 14.02 billion yuan, 16.14 billion yuan, 17.62 billion yuan, and 8.06 billion yuan, with a year-on-year decline of 10.36% in the first half of 2025 [3][4]. - Net profit figures for the same period were 2.27 billion yuan, 1.68 billion yuan, 1.72 billion yuan, and 570 million yuan, reflecting a significant year-on-year drop of 42.57% in the first half of 2025 [3][4]. Group 3: Product Performance - The infant formula goat milk powder segment, which is a key revenue driver, saw a revenue decline to 4.48 billion yuan in the first half of 2025, down 18.58% year-on-year, with its revenue share decreasing from 61.2% in the first half of 2024 to 55.6% [4]. - The infant formula cow milk powder also experienced a revenue drop, with figures of 2.16 billion yuan, 1.59 billion yuan, 1.39 billion yuan, and 550 million yuan from 2022 to the first half of 2025, marking a 22.49% decline in the first half of 2025 [4]. Group 4: Strategic Focus - In response to declining performance in traditional product lines, Yipin Nutrition is focusing on expanding its special medical purpose food business, which has shown strong growth potential [5][6]. - Revenue from special medical purpose foods increased from 24 million yuan in 2022 to 1.3 billion yuan in the first half of 2025, with a year-on-year growth of 29.23% [6]. - 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 [6]. Group 5: Competitive Landscape - The special medical purpose food market is highly concentrated, with the top five companies expected to account for 90.8% of retail sales by 2024, while Yipin Nutrition's market share in this segment is only 4.5% [7]. - The company has initiated its special medical food development since 2016 and currently has four approved products, with more in the pipeline [7].
净利骤降转向特医食品 宜品营养闯关港交所
Bei Jing Shang Bao·2025-09-02 16:30