业绩下滑、内控缺陷、研发“减肥”……宜品集团IPO成色几何？

Core Insights - The company ranks second in both the Chinese goat milk powder market and the infant special medical food market for local brands in 2024 [2] - Despite its significant market position, the company's prospectus reveals concerning signals, including a notable decline in performance in the first half of 2025, internal control compliance issues, and multiple uncertainties facing its special medical food business [2] Financial Performance - The company's revenue and net profit from 2022 to 2024 were as follows: - Revenue: 1.402 billion RMB (2022), 1.614 billion RMB (2023), 1.762 billion RMB (2024) - Net Profit: 227 million RMB (2022), 168 million RMB (2023), 172 million RMB (2024) [7] - In the first half of 2025, the company reported a revenue of 806 million RMB, a year-on-year decrease of 10.4%, and a net profit of 56.7 million RMB, down 42.6% year-on-year [8][9] Business Segments - The main business segments include infant goat milk powder, special medical food, infant cow milk powder, adult and children's milk powder, and OEM and dairy-related materials [3] - The revenue contributions for 2024 were 58.6% from infant goat milk powder and 12.4% from special medical food [3] Market Dynamics - The decline in revenue is attributed to a temporary adjustment in shipping schedules due to packaging updates, which affected the sales volume of infant goat milk powder, leading to an 18.6% year-on-year revenue drop [9] - The goat milk powder market in China is characterized as promotional and educational, with limited growth in market capacity, leading to increased competition with cow milk powder products [9] Profitability Trends - The company's net profit margin has been declining, with figures of 16.2% (2022), 10.4% (2023), 9.8% (2024), and 7.0% (first half of 2025) [11] - The increase in sales and distribution expenses, which rose from 17.1% of revenue in 2022 to 28.9% in the first half of 2025, reflects the intense competition in the milk powder market [11] Internal Control Issues - The company has disclosed multiple internal control deficiencies, including non-compliance with social insurance payments, exceeding labor dispatch limits, and potential property ownership issues [12] - There are concerns regarding the company's compliance governance capabilities, particularly in light of past issues with employee-related sales and the potential for regulatory scrutiny [12] Research and Development - The company has seen a reduction in R&D investment, with expenditures decreasing from 19.91 million RMB in 2022 to 8.01 million RMB in 2024, representing a declining percentage of revenue [18] - Despite the growth potential in the special medical food sector, the company faces challenges in maintaining competitive product development due to insufficient R&D investment [17][18] Product Quality Concerns - In March 2024, the company's product, a special medical infant formula, was reported to have quality discrepancies compared to its labeled values, raising concerns about product quality [19]