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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
Ge Long Hui·2025-09-12 08:47

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][2]. Company Overview - Yipin Nutrition, headquartered in Qingdao, Shandong, has a history dating back to 1956 and began producing its own brand "Ainiko" in 2011. The company launched its first goat milk powder product in 2016 and has since expanded its operations internationally [2]. - 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 [2]. Financial Performance - Yipin Nutrition has shown a revenue growth trend, with revenues of approximately 1.4 billion RMB in 2022, 1.6 billion RMB in 2023, and projected 1.76 billion RMB in 2024. However, net profits have fluctuated, with 2022 net profit at 227 million RMB, dropping to 168 million RMB in 2023 [12][13]. - The company has a significant reliance on infant formula goat milk powder, which contributed 58.6% of its revenue in 2024 [6]. Dividend Policy - Prior to its IPO, Yipin Nutrition has distributed dividends multiple times, including 211 million RMB in February 2023, which exceeded its net profit for that period [4]. Market Position - Yipin Nutrition is the second-largest goat milk powder company in China, holding a market share of 14%, following Ausnutria [15]. The goat milk powder retail market in China has been growing, with a compound annual growth rate of 4.7% from 2020 to 2024 [14]. Competitive Landscape - The company faces competition from major players like Yili and Ausnutria, as well as challenges from the increasing popularity of imported products due to cross-border e-commerce [16]. The goat milk powder market is becoming increasingly competitive, influenced by factors such as declining birth rates and heightened consumer expectations for food safety [16].