财务数据“过期”、问询未回复，英氏控股终止上市

Core Viewpoint - Ying's Holdings has terminated its listing application on the Beijing Stock Exchange after failing to update its financial data within the extended deadline, marking a failed attempt to go public after nine months of efforts [1][2]. Group 1: Company Overview - Ying's Holdings, established in 2014, operates in the infant food and hygiene products sectors, with brands including "Ying's" for baby food and "Shubiqi" for infant supplies [2]. - The company was listed on the New Third Board in April 2024 and submitted its application for listing on the Beijing Stock Exchange in June 2025 [2]. Group 2: Financial Performance - From 2022 to 2024, Ying's Holdings reported revenues of 1.296 billion, 1.758 billion, and 1.974 billion yuan, showing a year-on-year growth rate that decreased from 37.35% in 2022 to 12.35% in 2024 [3]. - The net profit for the same period was 117 million, 220 million, and 211 million yuan, with growth rates declining from 64.91% in 2022 to -4.37% in 2024 [3]. - The significant increase in sales expenses is identified as the main reason for the company's inability to convert revenue growth into profit [3][4]. Group 3: Expense Analysis - Sales expenses rose from 454 million to 721 million yuan between 2022 and 2024, with sales expense ratios exceeding industry averages at 35.04%, 34.26%, and 36.53% respectively [4]. - Research and development (R&D) expenditures were notably low, with R&D personnel increasing from 19 to 33 but expenses only reaching 17.14 million yuan in 2024, which is significantly less than sales expenses [5]. Group 4: Regulatory Challenges - The Beijing Stock Exchange raised inquiries regarding the high sales expense ratio compared to peers and requested clarifications on various operational aspects, including trademark disputes and sales authenticity [5]. - Ying's Holdings requested an extension to respond to these inquiries but failed to meet the deadline before the listing review was suspended [5].