Core Viewpoint - Ying's Holdings Group Co., Ltd. has completed its IPO counseling and has been accepted by the Beijing Stock Exchange, indicating a potential new entrant in the maternal and infant public listing sector [1] Company Overview - Ying's Holdings is a leading domestic brand in the infant complementary food sector, with a significant market share in its "Ying's" brand and a growing portfolio that includes infant diapers and other hygiene products [1] - The company has established a brand matrix consisting of four major brands: "Ying's" for infant complementary food, "Shubiqi" for hygiene products, "Weilingge" for nutritional food, and "Yixiaokou" for children's food [1] Financial Performance - The company's revenue is projected to approach 2 billion yuan and net profit to exceed 200 million yuan in 2024 [3] - Revenue from complementary food products is expected to reach 1.03 billion yuan, 1.445 billion yuan, and 1.524 billion yuan from 2022 to 2024, accounting for 79.75%, 82.35%, and 77.40% of total revenue respectively, indicating a slowdown in growth [3] - The second largest revenue source is infant hygiene products, with sales increasing from 259 million yuan to 340 million yuan from 2022 to 2024 [3] - The overall revenue for Ying's Holdings from 2022 to 2024 is projected to be 1.296 billion yuan, 1.758 billion yuan, and 1.974 billion yuan, with year-on-year growth rates declining from 35.67% in 2023 to 12.29% in 2024 [3] - Net profit for the same period is expected to be 117 million yuan, 220 million yuan, and 211 million yuan, with a year-on-year decline of 4.36% in 2024 due to surging sales expenses [3] Sales and Marketing Strategy - The company has increasingly relied on online sales channels, contributing 64.16%, 66.45%, and 69.69% to total revenue from 2022 to 2024 [5] - Online platform promotion expenses have risen significantly, reaching 300 million yuan in 2024, accounting for 41.6% of total sales expenses [5][6] - The rapid growth in platform promotion expenses is attributed to increased competition and the need for greater exposure on major e-commerce platforms [7] Production and Quality Control - Despite being a leading domestic brand, Ying's Holdings relies heavily on contract manufacturing, with outsourced production amounting to 206 million yuan, 339 million yuan, and 417 million yuan from 2022 to 2024, representing 39.83%, 52.22%, and 55.10% of total procurement [9] - Quality control issues have been reported, with consumer complaints regarding product quality, particularly for contract-manufactured items [9] IPO and Shareholder Activity - The company plans to raise approximately 334 million yuan through the IPO, which will be used for various projects including the construction of an innovation center and production upgrades [9] - Notably, several shareholders have sold their shares at a lower price before the IPO, raising questions about their confidence in the company's future [10] Management and Recent Performance - The company is controlled by three key executives who collectively hold 52.02% of the shares [11] - In the first quarter of the year, the company reported revenue of 540 million yuan, a year-on-year increase of 12.29%, and a net profit of 81.17 million yuan, up 5.36% [11]

| 代码 | 874431 | 筒称 | | --- | --- | --- | | 公司全称 | 英氏控股集团股份有限公司 | 受到目期 | | 审核状态 | 已受理 | 更新日期 | | 保荐机构 | 西部证券股份有限公司 | 保存代表／ | | 会计师事务所 | 天职国际会计师事务所（特殊普通合伙） | 签字会计师 | | 律师事务所 | 湖南启元律师事务所 | 签字律师 | | 评估机构 | 沃克森（北京）国际资产评估有限公司 | 签字评估师 | （来源：北交所） 近日，英氏控股集团股份有限公司（以下简称"英氏控股"）的IPO申请获得北交所受理，若上市成功，该公司将成为中国"婴幼儿辅食第一股"。 然而，在新生儿数量持续走低的情况下，英氏控股面临的增收不增利、获客成本攀升等业绩挑战，以及募资用于改善办公环境和过度依赖委托生产模式的质 疑，同样成为市场关注的焦点。 事实上，英氏控股更严峻的挑战之一，来自人口结构变化。若出生率持续下滑，将直接导致婴幼儿产品市场需求萎缩。据灼识咨询预测，2029年我国婴幼儿 辅食市场渗透率虽有望提升至51%，但整体规模增速将呈持续放缓态势。 此外，英氏控股还因过度依赖委托生产 ...