宜品营养港股IPO，为中国第二大羊奶粉公司，上市前多次派息

Core Viewpoint - The company Yipin Nutrition is preparing for an IPO in Hong Kong, focusing on the production of goat milk powder and specialized medical formula foods, with projected revenue exceeding 1.7 billion RMB in 2024 and a gross margin of approximately 50% [1][3]. Company Overview - Yipin Nutrition, headquartered in Qingdao, Shandong, has a history dating back to 1956 and began producing its own brand "Ainike" in 2011. The company launched its first goat milk powder product in 2016 and has since expanded its operations internationally [3]. - The company specializes in goat milk powder and specialized medical formula foods, catering to consumers of all ages, particularly those with allergies or lactose intolerance [3]. Financial Performance - Yipin Nutrition's revenue has shown growth, with figures of approximately 1.40 billion RMB in 2022, 1.61 billion RMB in 2023, and a projected 1.76 billion RMB in 2024. However, net profit has fluctuated, with 2023 showing a decline despite revenue growth due to increased production costs and other expenses [16][17]. - The company has a significant reliance on infant formula goat milk powder, which contributed 58.6% of its revenue in 2024, while other product categories contributed smaller percentages [8][10]. Market Position - Yipin Nutrition is the second-largest goat milk powder company in China, holding a market share of 14%, following Ausnutria Dairy [19]. - The goat milk powder market in China is growing, with retail sales expected to increase from 20.8 billion RMB in 2020 to 31.8 billion RMB by 2029, reflecting a compound annual growth rate of 4.9% [18]. Distribution and Sales - The company primarily sells through third-party distributors, which helps expand market reach but limits control over daily operations and pricing strategies [14]. - Yipin Nutrition's inventory turnover days increased from 276 days in 2022 to 361 days in 2025, raising concerns about potential product obsolescence [14]. Competitive Landscape - The competition in the goat milk powder market is intensifying, with major players like Yili, Ausnutria, and others posing significant challenges. The company must navigate these competitive pressures while maintaining relationships with distributors [20].