Core Viewpoint - The implementation of the national childcare subsidy system has led to a surge in IPO applications from maternal and infant companies, including Yipin Nutrition Technology (Qingdao) Group Co., Ltd., which has submitted its prospectus for listing on the Hong Kong Stock Exchange [1][13]. Company Overview - Yipin Nutrition was founded by Miao Shanbo, who took over a struggling state-owned factory in Heilongjiang at the age of 32 and transformed it into a profitable enterprise, navigating through the turbulent times of the dairy industry [1][4][5]. - The company has developed its own brand and expanded into overseas markets, reflecting the growth of China's dairy industry and the booming maternal and infant sector [1][7]. Financial Performance - Yipin Nutrition's revenue from 2022 to the first half of 2025 shows a steady increase, with revenues of 14.02 billion, 16.14 billion, 17.62 billion, and 8.06 billion RMB respectively [10][11]. - The gross profit for the same periods was 6.33 billion, 8.05 billion, 8.79 billion, and 4.10 billion RMB, with net profits of 2.27 billion, 1.68 billion, 1.72 billion, and 0.57 billion RMB [10][11]. Market Position - Yipin Nutrition focuses on the production of goat milk powder and special medical purpose formula foods, primarily targeting consumers with high sensitivity to traditional dairy products [8][12]. - The company ranks second in the Chinese goat milk powder market with a market share of 14.0% and also holds a 17.6% market share in the infant formula goat milk powder segment [12][13]. Industry Trends - The recent implementation of the childcare subsidy program is expected to boost the maternal and infant market, with significant growth projected in the coming years [13][14]. - The overall Chinese maternal and infant market is anticipated to reach 5 trillion RMB by 2025, with a potential growth to 10 trillion RMB by 2030 [14]. Future Outlook - Miao Shanbo has ambitious plans for the company, aiming for revenues to reach 30 billion RMB within two years and 30-50 billion RMB in the next 3-5 years [12]. - The company is part of a broader trend of maternal and infant companies seeking IPOs, reflecting a growing interest in high-quality consumer products despite concerns about declining birth rates [15].

以下文章来源于天天IPO ，作者杨文静 属于 早期乳业人 的创业历程逐渐远去，宜品背后是中国乳业黄金时代的缩影，也映照着 的母婴赛道的热闹一幕。 东北老乡，干出一个IPO 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 母婴IPO集体赶来。 作者 I 杨文静 报道 I 投资界-天天IPO 随着国家育儿补贴制度实施方案落地，一批母婴企业奔赴IPO。近日，宜品营养科技（青 岛 ） 集 团 股 份 有 限 公 司 （ 简 称 " 宜 品 乳 业 " ） 向 港 交 所 递 交 招 股 书 ， 拟 香 港 主 板 挂 牌 上 市。 身后掌舵者是一位5 1岁的黑龙江老乡。32岁离职创业，牟善波将一家濒临关停的国营老 厂救活，带着宜品乳业挺过行业最动荡的时期，发展自有品牌，进军海外市场，最后走 到了IPO门前。 这是一个来自东北的创业故事。 19 74年，牟善波出生于黑龙江省北安市，后就读天津轻工学院乳制品专业。19 9 6年大学 毕业后，牟善波进入淄博得益乳业从事技术工作，两年后青岛圣元乳业成立，牟善波决 定跳槽。 他在圣元乳业从基层业务员一路做到总经理，赶上了中国乳制品行业" ...

Group 1: Policy Impact on the Industry - The government has implemented a new child-rearing subsidy policy, providing an annual subsidy of 3,600 yuan for children under three years old, expected to cover over 20 million families [1] - Following the announcement, maternal and infant concept stocks surged, with Sunshine Dairy hitting the daily limit and Knight Dairy rising over 5% [1] - The market had anticipated the policy, leading to a prior increase in maternal and infant stocks before the official announcement [1] Group 2: Company Overview - Southern Dairy, based in Guizhou, has submitted an IPO application to list on the Beijing Stock Exchange, with a projected revenue exceeding 1.8 billion yuan in 2024 [3][19] - The company primarily operates in the dairy product manufacturing and sales sector, with over 90% of its revenue generated from within Guizhou province [5][11] - Southern Dairy's product range includes various low-temperature and room-temperature dairy products, with a focus on self-production and some products being processed through outsourcing [8][11] Group 3: Financial Performance - Southern Dairy's revenue for 2022, 2023, and 2024 is projected to be approximately 1.575 billion yuan, 1.805 billion yuan, and 1.817 billion yuan, respectively, with corresponding net profits of about 181 million yuan, 196 million yuan, and 202 million yuan [16] - The company's gross profit margin has shown an upward trend, with rates of 24.61%, 24.44%, and 28.15% over the same period, although still lower than major competitors like Yili and Mengniu [16][17] - The company has a concentrated sales risk, with over 90% of its revenue coming from Guizhou, despite efforts to expand into surrounding provinces [11][12] Group 4: Market Context - The overall market for dairy products in China is expected to grow, with retail sales projected to reach approximately 521.67 billion yuan in 2024 and 596.66 billion yuan by 2026 [14] - Southern Dairy is recognized as one of the top 30 dairy companies in China, but it still lacks the scale and brand recognition of national players like Yili and Mengniu [11][12]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8] Core Views - The company reported a steady growth in Q1 2025, with revenue of 859 million and a year-on-year increase of 6.56%. The net profit attributable to the parent company was 6.69 million, also up by 6.13% year-on-year [1] - The company is actively optimizing its mother and baby store formats, anticipating that changes in birth policies will release market demand. The number of newborns in China is projected to reach 9.54 million in 2024, an increase of 520,000 from the previous year, indicating a potential growth in the mother and baby market [3] - The company has opened new stores and closed some, ending Q1 2025 with a total of 472 stores and 25 signed stores awaiting opening [2] - The company is entering the IP retail market with the launch of a Gundam base and Bandai model stores, targeting younger consumer groups [4] - A new store format has been launched in Shanghai, focusing on a blend of accessibility and aesthetics, which is planned for nationwide rollout [5] - The company maintains its revenue forecasts for 2025-2027, expecting revenues of 38.12 billion, 42.56 billion, and 47.98 billion respectively, with net profits of 1.34 billion, 1.58 billion, and 1.90 billion, corresponding to P/E ratios of 22, 19, and 15 [5] Financial Summary - In Q1 2025, the company's revenue from store sales was 623 million, up 5.6% year-on-year, while e-commerce revenue was 179 million, up 13.5% year-on-year [1] - The gross profit margin for Q1 2025 was 24%, a decrease of 1.1 percentage points year-on-year, while the net profit margin remained stable at 0.78% [1] - The company expects a revenue growth rate of 9.95% in 2025, with a projected net profit growth rate of 25.98% [6][12]