上市前“隐身”？ 羊奶粉品牌宜品集团拟赴港IPO：董事长控制企业从供应商名单中消失

Core Viewpoint - Yipin Group, China's second-largest goat milk powder brand, is preparing for an IPO in Hong Kong, facing scrutiny from the China Securities Regulatory Commission regarding its historical development, employee stock ownership, information security, and foreign investment access [2] Financial Performance - Yipin Group's revenue for 2022 to 2025 (H1) is reported as 1.402 billion, 1.614 billion, 1.762 billion, and 806 million yuan respectively, with corresponding net profits of 227 million, 168 million, 172 million, and 57 million yuan [3] - Revenue growth peaked at 15.17% in 2023 but is projected to slow to 9.16% in 2024, with a significant decline of 10.36% in H1 2025 [3] - Net profit saw a year-on-year decrease of 25.21% in 2023, a slight increase of 2.5% in 2024, followed by a drastic drop of 42.57% in H1 2025 [3] Product Structure - The product structure is heavily reliant on infant formula goat milk powder, which accounted for 55.1%, 57.4%, 58.6%, and 55.6% of revenue from 2022 to H1 2025 [4] - The special medical food segment has a gross margin of 76.1%, significantly higher than the overall company gross margin of 49.9%, but its smaller scale limits its impact on reducing dependency on traditional milk powder [4] Research and Development - Yipin Group's R&D expenses have decreased significantly, from 19.91 million yuan in 2022 to 8.418 million yuan in 2023, and further down to 8.014 million yuan in 2024, with the R&D expense ratio dropping from 1.42% in 2022 to 0.45% in 2024 [5] - As of June 30, the company had 322 million yuan in cash and cash equivalents against short-term borrowings of 502 million yuan, resulting in a cash coverage ratio of approximately 64% [5] Inventory Management - Inventory turnover days have increased, reported at approximately 276, 296, 307, and 361 days from 2022 to 2025, attributed to strategic decisions made in 2023 to stockpile raw materials in response to new national standards [5] Supplier and Customer Relationships - The chairman's associated company has been a major supplier for 11 years, with procurement amounts from this supplier being 47.977 million yuan in 2023, accounting for 4% of total procurement [10] - One of the top five customers is also an associated party, involved in retail distribution of Yipin Group's products in Jiangsu, maintaining a relationship for seven years [14]