英氏控股IPO：净利润“走钢丝”，上市前夕三实控人“立约”稳军心？

Core Viewpoint - The listing application of Ying's Holdings is under scrutiny, revealing significant changes in its financial structure, particularly a sharp increase in debt, which raises concerns about its operational risks and future financial stability [1][4][6]. Group 1: Listing Process - Ying's Holdings began its listing process on March 28, 2022, by signing a guidance agreement with Western Securities [3]. - The company completed the listing guidance acceptance for the Shanghai Stock Exchange in June 2023 but later changed its listing target to the Beijing Stock Exchange in April 2024, indicating a strategic shift in its capital market approach [3]. Group 2: Debt Increase - The company's financial structure has changed dramatically, with interest-bearing debt rising sharply from nearly zero in 2022 to a total debt of 136 million yuan by 2024 [4][5]. - Short-term debt surged from 1.79 million yuan in 2022 to 55.003 million yuan in 2024, while long-term debt increased to 81.469 million yuan [5]. Group 3: Business Concerns - Ying's Holdings relies heavily on its infant food business, which accounts for nearly 80% of its revenue, maintaining a gross profit margin of 61% to 62% from 2022 to 2024 [7][8]. - The company's production model is significantly dependent on external outsourcing, with commissioned production accounting for as much as 55.10% of its output [9]. Group 4: Regulatory Scrutiny - The company faced delays in responding to regulatory inquiries during its listing review, indicating potential issues in its preparation or the complexity of the questions raised [11]. - Ying's Holdings received regulatory penalties for failing to timely apply for equity distribution, highlighting governance structure issues [14]. Group 5: Financial Performance - Revenue growth has slowed, with the growth rate dropping from 37.35% in 2022 to 12.35% in 2024, while net profit decreased by 4.37% in 2024 [23]. - The company's sales expense ratio remains high at 35.07% in 2024, significantly above the industry average of 27.75% [24][25]. Group 6: Legal and Channel Issues - Ying's Holdings was involved in a copyright infringement lawsuit, reflecting potential weaknesses in its intellectual property management [28][30]. - The company's distribution model, which contributes about 30% of its revenue, has raised concerns regarding the effectiveness of internal controls and the authenticity of terminal sales [31]. Group 7: Production Outsourcing - The reliance on outsourcing not only poses food safety risks but also limits cost control capabilities, with the top five suppliers accounting for 42.95% of total procurement [33][34]. Group 8: Fundraising Plans - Ying's Holdings plans to raise 334 million yuan through its IPO, allocating funds to various projects, including brand building and production enhancements [36][37].