英氏控股北交所IPO过会：实控人亲属大秀身手成赢家

Core Viewpoint - The IPO of Ying's Holdings Group Co., Ltd., primarily focused on infant complementary food, was successfully approved by the Beijing Stock Exchange on December 22, 2025, with a product matrix that also includes infant hygiene products, children's food, and nutritional products [2][12]. Group 1: Business Operations - Ying's Holdings has seen a year-on-year increase in transaction scale with key partners, covering both sales and procurement, with procurement service fees rising over time [2][12]. - The company has established a strong partnership with Kid's King, which has consistently been its second-largest customer during the reporting period, with sales figures of 60.41 million, 81.29 million, 79.10 million, and 39.53 million yuan, representing 71.17%, 94.69%, 95.30%, and 91.00% of offline direct sales respectively [4][14]. - The average selling price of infant complementary food has shown an upward trend, attributed to increased promotional efforts and reduced sales discounts [4][14]. Group 2: Financial Performance - The procurement service amounts from Ying's Holdings to Kid's King and its affiliates have increased from 8.53 million to 11.86 million yuan from 2021 to the first half of 2025, with the procurement service fee rate rising from 17.07% to 27.53% [5][15]. - Four investment firms, including Nanjing Xingna Yi, have exited their investments in Ying's Holdings, collectively realizing over 37 million yuan in gains [6][15]. Group 3: Shareholder Dynamics - The actual controller's relative, Lin Shaobo, was a former hidden shareholder and has connections to significant offline distributors, with Ying's Holdings reporting sales to these distributors of 10.97 million, 15.32 million, 13.72 million, and 6.08 million yuan during the reporting period [7][16]. - Lin Shaobo's associated companies have been involved in the distribution of infant food products, although the sales margins were lower than the average for offline distribution channels [17]. Group 4: Internal Control Issues - Ying's Holdings has faced internal control issues related to non-legal distributors, with significant amounts of orders placed via phone and WeChat, totaling 0.51 million, 0.91 million, 0.79 million, and 0.45 million yuan during the reporting period [9][18]. - The company reported unbilled income of 187.79 million yuan in 2022, accounting for 49.50% of the revenue from the distribution channel, which has since been resolved starting in 2023 [9][18].