“羊奶粉老二”创始人牟善波携宜品乳业赴港IPO

Core Viewpoint - Yipin Nutrition, known as China's second-largest goat milk powder company, has submitted its IPO application to the Hong Kong Stock Exchange amid intense competition in the dairy industry, but it faces challenges with declining revenue and profits due to a sluggish goat milk powder market [1] Financial Performance - In the first half of 2025, Yipin Nutrition reported a revenue of 806 million yuan, a decrease of 10.34% year-on-year, and a net profit of 56.688 million yuan, down 42.57% year-on-year [1] - From 2022 to 2024, Yipin Nutrition's revenue showed steady growth, recording 1.402 billion yuan, 1.614 billion yuan, and 1.762 billion yuan respectively, while net profit fluctuated at 227 million yuan, 168 million yuan, and 172 million yuan [1] Market Dynamics - The company's goat milk powder revenue, which constitutes a significant portion of its performance, declined by 18.6% to 448 million yuan in the first half of 2025 [1] - The product concentration is notably high, with infant formula goat milk powder revenues of 772 million yuan, 926 million yuan, and 1.033 billion yuan from 2022 to 2024, accounting for 55.1%, 57.4%, and 58.6% of total revenue respectively [1] Cost Structure - Yipin Nutrition's operating cash flow net amount dropped by over 60% year-on-year, while all three major expenses (selling, administrative, and financial) increased, particularly sales expenses [1] - Despite the financial strain, the company has reduced its already low R&D expenses further [1] Dividend Policy - Prior to the IPO, Yipin Nutrition has frequently issued large dividends, which coincided with a significant drop in net profit of over 40% [1]