品控隐患、研发不足……英氏控股的IPO路上还有多少拦路虎

Core Viewpoint - The company, Ying's Holdings, is facing significant challenges as it prepares for its IPO, with increasing complaints and declining growth rates raising concerns about its brand image and operational issues [1][10]. Financial Performance - Ying's Holdings has shown steady revenue growth from 2022 to 2024, with projected revenues of 1.296 billion, 1.758 billion, and 1.974 billion respectively [2]. - However, the growth rate is declining sharply, with 2022 and 2023 showing growth rates of 35.67% and 37.35%, while 2024 is expected to drop to 12.29% [3]. - Despite revenue growth, net profit is expected to decline by 4.25% in 2024, with a more significant drop in non-recurring net profit of 11.86% [4]. Market Dynamics - The sales of infant complementary food have shown a concerning trend, with growth rates of 50.21%, 40.26%, and only 5.48% from 2022 to 2024, indicating a significant slowdown [5]. - The competitive landscape is intensifying, with more brands entering the infant food market, which has affected Ying's Holdings' market position [5]. Production and Quality Control - The company employs a mixed production model of in-house and outsourced manufacturing, with a high reliance on contract manufacturing, accounting for 56.31%, 53.68%, and 63.53% of revenue from 2021 to mid-2023 [6]. - This reliance on outsourcing has led to quality control issues, with complaints about product quality surfacing frequently, including contamination and packaging problems [7]. Research and Development - Ying's Holdings has significantly low R&D investment, with expenditures of 5.53 million, 9.21 million, and 17.15 million from 2022 to 2024, resulting in R&D rates below 1% [9]. - This underinvestment in R&D hampers the company's ability to innovate and keep pace with market demands for functional and scientifically-backed products [9]. Marketing and Sales Strategy - The company's sales expenses have been rising, with figures of 454 million, 602 million, and 721 million from 2022 to 2024, maintaining a sales expense ratio of around 35% [10]. - The heavy reliance on marketing over R&D may lead to a brand image based more on promotions than on quality and technology, risking market share if competitors introduce better strategies [10].