辅食一哥IPO：营销烧出的增长，还能“哄”好资本市场吗？

Core Viewpoint - The company, Ying's Holdings, is applying for an IPO on the Beijing Stock Exchange, showcasing rapid revenue growth but facing significant scrutiny regarding its business model and profitability [3][4]. Group 1: Financial Performance - Ying's Holdings reported a revenue increase from approximately 1.296 billion in 2022 to nearly 2 billion in 2024, with a compound annual growth rate of 23.42% [4]. - However, the revenue growth rate sharply declined from 37.4% in 2022 to 12.3% in 2024, indicating a potential slowdown [5]. - The company experienced a decrease in net profit from 220 million in 2023 to 211 million in 2024, a year-on-year decline of 4.4% [5]. Group 2: Marketing and R&D Expenditure - Ying's Holdings has a high marketing expenditure, with sales expenses rising from 454 million to 721 million, maintaining a sales expense ratio above 35%, reaching 36.53% in 2024 [6]. - The company’s R&D expenditure has remained low, with a research expense ratio not exceeding 1%, recorded at 0.87% in 2024, significantly below the industry average of 2.03% [7]. - The reliance on online marketing platforms has led to increased costs, with online promotion expenses reaching 300 million in 2024, accounting for 41.6% of total sales expenses [6]. Group 3: Production and Quality Control - Ying's Holdings relies heavily on outsourcing, with over 55% of its products produced by third-party manufacturers, raising concerns about quality control [8]. - The company has faced multiple quality issues with its outsourced products, leading to public complaints and brand reputation risks [8]. - The company’s production capacity utilization is low, with only 72.53% for its own rice flour production and a mere 16.79% for diapers, raising questions about the necessity of expanding production capacity [12]. Group 4: Internal Control and Compliance Risks - The company has been criticized for its internal control practices, with a significant portion of its revenue (49.5% in 2022) not properly invoiced, raising tax compliance concerns [10]. - The Beijing Stock Exchange has expressed concerns regarding the authenticity of the company’s sales and the effectiveness of its internal controls [10]. - The company's heavy reliance on a few e-commerce platforms for sales has weakened its bargaining power and increased vulnerability to market fluctuations [9].