IPO过会！“辅食第一股”光环难掩三大暗伤

Core Viewpoint - Ying's Holdings has successfully passed the IPO review at the Beijing Stock Exchange, aiming to become the "first stock in baby food" and the first new food company listed in nearly three years on the exchange. However, the company faces significant operational challenges, including a long-standing tendency to prioritize marketing over research and development, quality control pressures from its reliance on an OEM model, and unresolved trademark disputes [1][2]. Financial Performance - Ying's Holdings expects revenue for the first half of 2025 to reach between 2.213 billion and 2.295 billion yuan, representing a year-on-year growth of 12.11% to 16.26%. The net profit attributable to the parent company is projected to be between 235 million and 246 million yuan, with a growth rate of 11.44% to 16.58% [3][5]. - The company's sales expenses have significantly increased, with projections for 2024 reaching 6.02 billion yuan and 7.21 billion yuan for 2025, resulting in sales expense ratios of 34.26% and 36.53%, respectively, which are well above the industry average of approximately 27% [6][5]. Marketing and R&D Strategy - Ying's Holdings has a pronounced "heavy marketing, light R&D" characteristic, with marketing expenses rising sharply while R&D investment remains low. R&D expenses from 2022 to 2024 were 5.53 million, 9.21 million, and 17.15 million yuan, respectively, with R&D expense ratios below 1%, compared to an industry average of about 2% [6][8]. - The company's marketing strategy has led to a significant increase in platform promotion costs, which rose from 151 million yuan in 2022 to 300 million yuan in 2024, accounting for 41.6% of total sales expenses [6][7]. Production Model and Quality Control - Ying's Holdings relies heavily on an OEM production model, with the proportion of outsourced production increasing from 39.83% in 2022 to 55.10% in 2024. This model raises concerns about quality control, especially in the sensitive baby food sector [10][11]. - The company has faced quality issues with some of its OEM partners, leading to administrative penalties and the termination of contracts. The company reported a rising number of consumer complaints related to product quality during the reporting period [12][14]. Trademark Disputes - Ying's Holdings is involved in a trademark dispute with "YeeHoO," a brand under the Hailan Home Group, which has created uncertainty for the company's future. The dispute centers around the use of the "Ying's" trademark, with ongoing legal proceedings that could impact the company's operations [14][15]. - The company has indicated that the outcome of this trademark dispute could significantly affect its brand value and market confidence, especially given its heavy reliance on brand marketing [15].