英氏控股北交所IPO，聚焦婴幼儿辅食产品，面临人口出生率下滑风险

Core Viewpoint - The infant complementary food market in China is projected to reach 55.91 billion yuan in 2024, making it the second largest globally, with potential to surpass the U.S. market in the future as penetration rates increase [1][11]. Group 1: Market Overview - The infant complementary food market in China is expected to grow significantly, with a forecasted market size of 55.91 billion yuan in 2024, second only to the U.S. market size of 59.57 billion yuan [1][11]. - China's infant complementary food penetration rate is projected to rise from 38% in 2024 to 51% by 2029, indicating substantial growth potential compared to developed markets [15]. Group 2: Company Profile - Ying's Holdings has become a leading player in the domestic infant complementary food industry, with expected revenue of nearly 2 billion yuan in 2024 [1][4]. - The company is preparing for an IPO on December 22, with West Securities as the sponsor, aiming to raise approximately 334 million yuan for various projects [1][20]. Group 3: Revenue Composition - Over 76% of Ying's Holdings' revenue comes from infant complementary food products, while infant hygiene products account for over 14% [4][10]. - The company's online sales have increased from 64.16% to 72.61% during the reporting period, indicating a shift towards digital sales channels [5][8]. Group 4: Financial Performance - Ying's Holdings has shown revenue growth, with figures of approximately 1.296 billion yuan in 2022, 1.758 billion yuan in 2023, and 1.974 billion yuan in 2024, although net profits have fluctuated [10]. - The company's gross margin has remained above 55%, with infant complementary food products achieving a gross margin of around 61% [10][11]. Group 5: Competitive Landscape - Ying's Holdings faces competition from both domestic and international brands, including Heinz and Gerber, as well as increasing competition in the infant hygiene products market due to declining birth rates in China [17][11]. - The company has a high concentration of online sales through major platforms like Tmall, JD.com, Douyin, and Pinduoduo, which account for over 80% of its online revenue [8][10]. Group 6: Future Prospects - The company plans to invest in projects aimed at enhancing production capabilities and brand promotion, which are critical for sustaining growth amid rising competition and changing market dynamics [20][22].