宜品集团冲刺IPO净利降42.57% 存货增至8亿周转天数高达361天
Chang Jiang Shang Bao·2025-09-14 23:09

Core Viewpoint - Yipin Group, a leading player in the goat milk powder industry, has submitted its IPO application to the Hong Kong Stock Exchange, but faces significant challenges including declining revenues and profits, high marketing costs, and inventory risks [1][2][3]. Financial Performance - Yipin Group's revenue and net profit for the first half of 2025 are projected to decline by 10.36% and 42.57% year-on-year, respectively, marking the first instance of simultaneous revenue and profit decline in recent years [2][3]. - The company's net profit margin has decreased from 16.2% in 2022 to 7.0% in the first half of 2025, indicating a weakening profitability [3]. Market Position - Yipin Group ranks second in the Chinese goat milk powder market with a market share of 14.0%, trailing behind Ausnutria's Kabrita, which holds a 24.8% market share [1][2]. Cost Structure - Sales and distribution expenses have risen significantly, accounting for 28.91% of total revenue in the first half of 2025, compared to 17.1% in 2022, reflecting intense market competition [3]. - Research and development (R&D) expenses remain low, with a rate of less than 0.5% in 2025, raising concerns about the company's innovation capabilities [5][6]. Inventory Management - Yipin Group's inventory has increased to 802 million yuan, with inventory turnover days extending to 361 days, indicating potential liquidity issues and risks of unsold stock [1][3]. Product Development - The company is focusing on expanding its special medical purpose food segment, which has shown rapid growth, with a compound annual growth rate of 203.3% from 2022 to 2024 [5][6]. - Despite the growth in special medical purpose foods, Yipin Group's market share in this segment remains small, with significant competition from larger players [6]. Quality Control - Yipin Group emphasizes stringent quality control, claiming over 900 tests before product release, yet has faced regulatory scrutiny due to a quality issue with one of its products [7].