羊奶粉“榜眼”宜品营养：半年盈利下滑超4成，产能利用率跌至冰点

Core Insights - The infant formula sector is witnessing multiple IPOs, particularly in the specialized formula segment, with companies like Saintong Special Medical and Yipin Nutrition Technology Group leading the way [1][2] - Both companies have strong ties to the Shandong-based dairy enterprise, Shengyuan International, indicating a competitive yet interconnected market landscape [1][2] Company Performance - Yipin Nutrition ranks second in the Chinese goat milk powder market with a market share of 14% and also holds a 4.5% share in the specialized medical formula market [2] - In 2024, Yipin Nutrition's revenue reached 1.76 billion yuan, with goat milk powder contributing approximately 60% of this figure, while specialized formula accounted for just over 200 million yuan [2] - Saintong Special Medical reported a revenue increase of 27.5% in 2024, reaching 830 million yuan, focusing primarily on allergy prevention products [2] Financial Trends - Yipin Nutrition's revenue declined by over 10% in the first half of 2025, totaling 810 million yuan, with net profit dropping by more than 40% [4] - The company had previously set ambitious revenue targets of 3 to 5 billion yuan for the next three years, but current performance suggests these goals may not be met [4] - In contrast, the leading competitor, Aoyou, reported a revenue of 3.89 billion yuan in the first half of 2025, marking a 5.6% increase year-on-year [4] Production and Capacity - Yipin Nutrition's gross margin for infant goat milk powder reached 59.6%, while specialized formula achieved a margin of 74.8%, both higher than Aoyou's 55.9% [4] - The number of new distributors for Yipin Nutrition has significantly slowed, with only 87 new distributors added in the first half of 2025 compared to over 400 in the previous year [5] - The company's production capacity utilization has been declining, with the utilization rate for its Heilongjiang factory dropping from 35.4% to 5.7% in the first half of 2025 [6][7] Inventory and Raw Materials - Despite declining production capacity, Yipin Nutrition's inventory has increased from 600 million yuan at the end of 2022 to 800 million yuan by mid-2025 [7] - The cost of raw materials has also risen, with expenses reaching 494.739 million yuan in the first half of 2025 [8]