Core Viewpoint - The IPO process of Ying's Holdings has been officially suspended after two delays, raising concerns about the company's ability to meet regulatory requirements and maintain market trust amid ongoing food safety issues and declining performance [1][2][11]. Group 1: IPO Process and Regulatory Challenges - Ying's Holdings has submitted an application to suspend its IPO review due to the impending expiration of the financial report cited in its prospectus, which is set to expire on December 31, 2024 [2]. - The company received a series of critical inquiries from the Beijing Stock Exchange, focusing on issues such as the stability of its shareholding structure, the necessity and rationality of fundraising projects, trademark disputes, and food safety risks [6][10]. - Ying's Holdings has requested extensions for responding to these inquiries twice, indicating a lack of preparedness in addressing regulatory scrutiny [10][11]. Group 2: Business Overview and Financial Performance - Established in 2014, Ying's Holdings specializes in infant food and hygiene products, with brands including "Ying's" baby food and "Shubiqi" diapers [5]. - The company's revenue growth has slowed significantly, with projected revenues of approximately 1.3 billion, 1.76 billion, and 1.97 billion yuan for 2022, 2023, and 2024, respectively, reflecting year-on-year growth rates of 37.4%, 35.7%, and 12.3% [28]. - The net profit attributable to the parent company is expected to decline by 4.4% in 2024, highlighting the pressure on profitability [28]. Group 3: Product Quality and Consumer Trust Issues - Recent reports have surfaced regarding food safety concerns, with consumers finding foreign objects in Ying's baby food products, leading to a surge in complaints [12][21]. - The company has acknowledged receiving numerous complaints about product quality but maintains that its production processes are designed to prevent such issues [15][21]. - The rising number of complaints and negative consumer feedback could jeopardize the brand's reputation and market position [34][38]. Group 4: Market Position and Competitive Landscape - The global infant food market is projected to grow from 179.86 billion yuan in 2019 to 225.71 billion yuan in 2024, with increasing consumer willingness to pay for quality [36]. - Ying's Holdings faces intense competition from both domestic and international brands, with its reliance on contract manufacturing raising concerns about quality control and supply chain management [35][36]. - The company must address ongoing quality issues and innovate to maintain its market share against competitors who are perceived to have superior product safety and innovation capabilities [38].