宜品冲刺港交所：中国第二大羊奶粉品牌，今年上半年营收超8亿元

Core Insights - Yipin Nutrition Technology Group Co., Ltd. plans to list on the Hong Kong Stock Exchange, with a focus on goat milk powder and special medical formula foods, targeting consumers with allergies or lactose intolerance [2][5] Market Position - Yipin ranks second in the Chinese goat milk powder market with a market share of 14.0% and second in the infant goat milk powder market with a market share of 17.6% [2] - In the infant special medical formula food market, Yipin holds the second position among local brands with a market share of 4.5% [2] Distribution Network - As of June 30, 2025, Yipin has established a distribution network covering 333 cities across 31 provinces, with over 61,000 retail stores, including more than 7,000 mother-and-baby stores [3] Financial Performance - Revenue figures for Yipin from 2022 to 2024 are 1.402 billion, 1.614 billion, and 1.762 billion respectively, with a revenue of 806 million in the first half of 2025 [4] - Net profit figures for the same period are 227 million, 168 million, and 172 million respectively, with a net profit of 57 million in the first half of 2025 [5] Use of IPO Proceeds - The funds raised from the IPO will primarily be used for R&D, upgrading the supply chain and smart manufacturing, brand building, international expansion, enhancing digital infrastructure, and general working capital [5]