近期，英氏控股首发申请顺利过会，拟在北交所开启上市征程。 作为婴幼儿辅食市场曾经的"一哥"，英氏控股虽在市场销量上取得过亮眼成绩，但此次IPO背后，业绩 大幅波动、重营销轻研发、产能闲置以及品控问题频发等状况，为其未来发展蒙上了一层阴影，也让市 场对英氏控股上市后的表现充满担忧。 01 管理费为研发费近10倍 2005年12月22日，北交所上市委员会2025年第46次审议会议结果公告显示，英氏控股首发申请获上市委 会议通过，公司拟在北交所上市。 作为婴幼儿辅食"一哥"，英氏控股在婴幼儿辅食市场独占鳌头。 对比来看，2022年至2024年以及2025年上半年，英氏控股销售费用分别为4.54亿元、6.02亿 元、7.21亿元和3.97亿元，三年半合计21.74亿元，约占营业收入的35%，为研发费用的54 倍。 而且，这三年半，英氏控股管理费用达3.95亿元，为公司研发费用近10倍。 根据多家知名的市场研究机构确认，英氏控股销售额已超越诸多外资品牌，在2022年至2024年婴幼儿辅 食市场销量连续三年排名第一。 不过，招股书显示，英氏控股的业绩波动很大。2022年至2024年，分别实现营业收入13亿元、17.6亿元 ...

Core Viewpoint - Ying's Holdings Group Co., Ltd. has announced new commitment matters, indicating a potential advancement in its IPO process after resuming the listing review with the Beijing Stock Exchange on November 6 [1][13]. Group 1: Company Overview - Ying's Holdings, established in 2014, specializes in infant complementary foods, with brands including "Ying's" for complementary foods, "Shubiqi" for baby products, "Weilingge" for nutritional foods, and "Yixiaokou" for children's foods [1][12]. - The company was listed on the New Third Board on April 23, 2024, and submitted its application for listing on the Beijing Stock Exchange in June 2023 [1][12]. Group 2: IPO Process - Following the announcement of new commitments, there is speculation that Ying's Holdings is closer to completing its IPO process after resuming the review [1][13]. - The company had previously submitted a request to suspend the review in September due to the expiration of financial report validity [1][12]. Group 3: Regulatory Inquiries - The Beijing Stock Exchange issued an inquiry letter in July, raising 13 questions regarding the company's equity structure, trademark disputes, food safety in commissioned production, and R&D investments [1][14]. - Ying's Holdings responded with a comprehensive 552-page document addressing these inquiries five months later [2][14]. Group 4: Production and Quality Control - The company employs a mixed production model, with 55.1% of its production being outsourced in 2024 [3][16]. - Ying's Holdings has established a quality control system covering the entire supply chain, from raw material procurement to production and distribution [3][16]. Group 5: Consumer Feedback and Complaints - Consumer complaints have been a concern, with the number of complaints increasing from 63 in 2022 to 223 in 2023, and 494 complaints reported by December 10, 2023 [4][18]. - Issues reported include foreign objects found in products, such as "plastic" and "rice worms" in baby rice powder [6][18]. Group 6: Financial Performance - Ying's Holdings reported revenues of 1.3 billion yuan, 1.76 billion yuan, and 1.97 billion yuan for the years 2022 to 2024, with growth rates declining from 37.4% to 12.3% [12][28]. - The net profit for the same period was 120 million yuan, 220 million yuan, and 210 million yuan, showing a decrease of 4.4% in 2024 [12][28]. Group 7: Market Position and Challenges - The infant complementary food market in China is projected to reach approximately 55.91 billion yuan in 2024, with a compound annual growth rate of 7.9% over the next five years [10][26]. - Despite leading the market, Ying's Holdings faces challenges from declining birth rates, increased competition, and the need for product innovation and food safety improvements [12][28].