上市折戟，英氏控股要进军护肤赛道？

Core Viewpoint - Ying's Holdings is expanding its business scope beyond food and diapers, potentially entering the skincare market through its subsidiary Hunan Shubiqi, which has recently registered changes to its business operations [1][4]. Business Expansion - Hunan Shubiqi has added two key business areas: retail of cosmetics and online sales of pre-packaged food, indicating a strategic move into the skincare sector [4]. - Ying's Holdings was established in 2014, focusing on infant food and hygiene products, with brands like "Ying's" and "Shubiqi" [4]. Financial Performance - The company reported revenue growth from 1.296 billion yuan in 2022 to 1.974 billion yuan in 2024, but the year-on-year growth rate has significantly declined from 37.35% in 2022 to 12.35% in 2024 [5]. - Net profit has also decreased, with figures of 117 million yuan in 2022, 220 million yuan in 2023, and 211 million yuan in 2024, showing a negative growth rate of -4.37% in 2024 [5]. Cost Structure - The increase in sales expenses is a major factor contributing to the company's "increased revenue without increased profit" issue, with sales expenses rising from 454 million yuan in 2022 to 721 million yuan in 2024 [6]. - Research and development (R&D) expenditures are significantly lower compared to sales expenses, with R&D costs of only 17.14 million yuan in 2024 [6]. Recent Developments - In the first half of 2025, Ying's Holdings reported a revenue of 1.132 billion yuan, a year-on-year increase of 18.75%, and a net profit of 153 million yuan, up 17.77% [7]. - Despite improved financial results, the company faced scrutiny from the Beijing Stock Exchange regarding its high sales expense ratio compared to industry peers, leading to a request for clarification on its financial practices [8]. Challenges - The company is dealing with multiple negative issues, including trademark disputes, high marketing costs, and insufficient R&D investment, which could impact its market reputation and future valuation [8].