本报（chinatimes.net.cn）记者周梦婷 北京报道 当下，爷爷的农场已发展成为中国婴童辅食行业的头部品牌。招股书显示，根据弗若斯特沙利文的资 料，于2024年，按中国婴童零辅食的商品交易总额计，爷爷的农场排名第二，按中国有机婴童零辅食的 商品交易总额计算，其排名第一。 业绩方面虽然保持增长态势，但步入2025年增长趋势明显下滑。根据招股书，2023年、2024年及2025年 前三季度，该公司收入分别为6.22亿元、8.75亿元和7.8亿元，净利润分别为7546.4万元、1.03亿元和 8742万元，2024年及2025年前三季度，其收入同比分别增长40.6%、23.2%，净利润同比分别增长36%、 12.1%。 爷爷的农场产品主要分为婴童零辅食和家庭食品，其中婴童零辅食2025年前三季度营收占比为80.4%， 产品主要包括食用油、调味品、谷物制品、果泥；以及饼干、米饼、奶片及鳕鱼肠。 对于爷爷的农场此时选择IPO，凌雁管理咨询首席咨询师、餐饮及食品行业分析师林岳对《华夏时报》 记者分析认为，"此时IPO，主要是为了应对出生率下滑的市场变化，其婴童零辅食+家庭食品的模式有 80%以上仍是靠婴童市场， ...

深陷"伪洋牌"争议的儿童食品品牌爷爷的农场，欲赴港上市闯关。近年来，爷爷的农场业绩保持高速增 长,净利润亦同步走高。然而，高增长的背后，是销售费用率持续超过30%的营销驱动模式。爷爷的农 场在两年内投放了超过30部影视剧广告，并频繁联名热门IP、签约明星代言，可谓一场"营销狂欢"。相 比之下，其研发投入占比长期仅徘徊在3%左右。 高速扩张的同时，爷爷的农场负面缠身。除"伪洋牌"争议外，爷爷的农场多款产品曾因质量问题被监管 部门通报。在营销塑造的光环下，"爷爷的农场"能否以真正的产品力赢得市场信任，将成为其上市之路 的关键考题。 在销售渠道方面，电商平台成为爷爷的农场的绝对主力。2023—2025年前三季度，爷爷的农场直销渠道 占比稳定在42%左右，主要通过电商平台进行销售，同期经销渠道中电商平台的占比均超30%，两者合 计使得其电商相关销售占比超70%。 与众多依托互联网崛起的消费品牌一样，爷爷的农场深谙流量之道。据不完全统计，2024—2025年，爷 爷的农场在超过30部热门影视剧中进行广告植入，其中包括《繁花》《与凤行》《庆余年2》等。同 时，也与《长安二十四计》等热门IP进行联名合作，并邀请演员刘涛担任 ...

深陷"伪洋牌"争议的儿童食品品牌爷爷的农场，欲赴港上市闯关。近日，爷爷的农场国际控股有限公司 （以下简称"爷爷的农场"）在港交所递交招股书，拟在香港主板挂牌上市。近年来，爷爷的农场业绩保 持高速增长，2024年及2025年前9个月，分别实现8.75亿元和7.8亿元的收入，同比大幅增长40.64%和 23.15%，净利润亦同步提升。然而，这份高增长成绩单的背后，是销售费用率持续超过30%的营销驱动 模式。爷爷的农场在两年内投放了超过30部影视剧广告，并频繁联名热门IP、签约明星代言，可谓一 场"营销狂欢"。相比之下，其研发投入占比长期仅徘徊在3%左右。 高速扩张的同时，公司亦负面缠身。除"伪洋牌"争议外，爷爷的农场多款产品曾因质量问题被监管部门 通报，在黑猫投诉平台上的相关投诉也超过200条。在营销塑造的光环之下，"爷爷的农场"能否以真正 的产品力赢得市场信任，将成为其上市之路的关键考题。 | | | 基至12月31日止年度 | | | | 基至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源丨深蓝财经 撰文丨杨波 不装了，摊牌了。 顶着"港股国货彩妆第一股"光环上市刚满1周年的毛戈平（01318.HK）迎来了核心团队的集中减持—— 创始人毛戈平携亲属组团减持，减持比例高达3.51%。按照今天收盘价计算，套现金额或高达15亿港 元。减持理由也令人回味，引发热议。 值得注意的是，毛戈平的核心管理层几乎都是亲属，家族化治理特征明显。这次集体减持背后，有哪些 隐情？为什么减持公告后，今天股价反而大涨7.26%？ 1 毛戈平家族组团减持，股民议论纷纷 6日，毛戈平在港交所发布公告，近日收到执行董事毛戈平、执行董事汪立群（毛戈平配偶）、执行董 事毛霓萍（毛戈平的姐姐）、毛慧萍（毛戈平的姐姐）、汪立华（毛戈平配偶的弟弟）、宋虹佺的减持 计划告知函，上述股东拟在未来6个月内主要通过大宗交易方式合计减持最多1720万H股，占总股本约 3.51%。这样的减持比例，还是属于比较大的。 值得注意的是，目前毛戈平董事会成员6人中，有5人都是毛戈平及其亲属。 唯一不是亲属的董事——宋虹佺，是毛戈平多年的创业伙伴，于2002年加入公司。现任公司执行 ...

2025年10月，据《北京商报》报道，多款宝宝酱油钠含量超过成人款，其中爷爷的农场旗下的产品—— 有机松茸酱油（减盐型）每10毫升钠含量达409毫克，被发现高于未标注儿童专用的千禾产品。也是给 爷爷的农场的产品质量敲了警钟。虽然公司后来曾做出澄清和解释，但公司如果成功上市，再出现类似 事件，那必然对公司商誉和股价带来重大影响。 爷爷的农场国际控股有限公司（以下简称"爷爷的农场"）于1月5日向香港联合交易所有限公司递交上市 申请，这家在2018年进入中国市场的进口婴幼儿食品企业，由艾斯普瑞企业有限公司（中国香港）控 股，通过艾斯普瑞（广州）食品有限公司开展中国内地业务。 目前，爷爷的农场形成了"婴童零辅食+家庭食品"双核心格局。婴童零辅食板块涵盖食用油、调味品、 谷物类辅食、果汁果泥、零食等多个品类，截至2025年9月30日，公司整体SKU数量从2023年末的158个 增至269个，其中约三分之一的SKU获得有机销售许可，部分产品斩获中国及欧盟等多个司法管辖区的 有机认证。 高毛利产品多为代工 曾因产品质量有纠纷 财务数据显示，爷爷的农场报告期内业绩持续增长。2023年营收6.22亿元，2024年增至8.75亿 ...

作者｜ 旷晓伊 编辑｜ 宝珠 七十多岁正是"带货"的年纪，在一段视频中，埃隆·马斯克的母亲梅耶·马斯克依旧和年轻时一样优雅、大 气，她顶着一头银发，展示着手里的SKG按摩仪，说到："第一次看到它，我就被它时尚的外观深深吸 引了"。 梅耶·马斯克正在使用SKG的颈部按摩仪/图源： SKG未来健康 马斯克的妈，和一款国产网红按摩仪，这个场景看起来不免有些诡异。但首富母亲梅耶·马斯克的"力 挺"一度让SKG成为全球互联网的热议焦点，诸如"国产按摩仪火到首富家""马斯克妈妈的母亲节礼物"等 话题广泛传播。 这样的营销操作在网红按摩仪SKG的发展历程中并非个例。早在梅耶・马斯克的 "自来水" 背书之前， SKG 就已签约过王一博、杨洋、古力娜扎等人气明星担任代言人，凭借 "明星背书 + 流量裂变" 的成熟 打法，不仅成功完成从小家电企业向智能穿戴品牌的转型，更在竞争激烈的按摩仪细分赛道站稳脚跟， 甚至实现领跑。 据弗若斯特沙利文数据，按GMV统计，2024年，SKG以21.5%的市场份额稳居中国智能舒缓穿戴设备行 业国内企业榜首。 | 排名 | 公司 市佔率(按GMV) | | | --- | --- | --- | ...

12月25日，"便携按摩器第一股"倍轻松披露公告称，公司及实控人马学军因涉嫌信息披露违法违 规，于当日收到中国证监会下发的立案告知书。12月26日，倍轻松股价收跌14.68%，报22.61元/股，总 市值19亿元。 倍轻松成立于2000年，主要从事智能便携健康硬件的设计、研发、生产、销售及服务，产品涵盖眼 部、肩颈、头部等多类按摩设备。在全年龄段均注重"亚健康"问题的当下，因其秉承"古法中医×现代科 技"的融合理念，加上丰富的应用场景和产品体系而一度受到追捧。 倍轻松于2021年7月登陆科创板，从上市次年起，其业绩持续承压：2022年、2023年，倍轻松亏损 分别达1.24亿元、5086.54万元；2024年，公司短暂转亏为盈，实现净利润1025.32万元；今年前三季 度，其业绩进一步恶化，营业收入、归母净利润双双同比下滑，亏损金额超6500万元。 而最受市场关注的核心问题，还是倍轻松的内部治理问题。 《金融时报》记者注意到，倍轻松2022年至2024年披露的年报以及2025年披露的半年报，均收到了 交易所下发的监管问询函。除经营业绩下滑、业务模式受质疑外，倍轻松自2023年以来，持续存在的违 规担保、实控人 ...

Core Viewpoint - Shenzhen Beiqing Technology Co., Ltd. (referred to as "Beiqing") is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which has led to a significant drop in its stock price and raised concerns about its internal governance and financial practices [1][3][7]. Group 1: Company Operations and Financial Performance - Beiqing's business operations are reported to be normal despite the ongoing investigation, and the company is committed to cooperating with the CSRC and fulfilling its disclosure obligations [3]. - The company went public on the STAR Market in July 2021, with a first-day surge of over 340%. In its first year, it achieved a revenue of 1.19 billion yuan, a year-on-year increase of 43.93%, and a net profit of 91.86 million yuan, up 29.92% [4]. - However, Beiqing has faced continuous financial pressure since its second year post-IPO, reporting losses of 124 million yuan in 2022 and 50.87 million yuan in 2023. In 2024, it briefly returned to profitability with a net profit of 10.25 million yuan, but the first three quarters of 2025 saw further deterioration, with losses exceeding 65 million yuan [4]. Group 2: Marketing and R&D Expenditure - Beiqing has been criticized for its heavy focus on marketing over research and development (R&D). From 2021 to 2025, R&D expenses as a percentage of revenue were only 3.97% to 7.02%, while sales expenses accounted for 40.75% to 56.03% of revenue [5]. - The company has invested heavily in advertising, with over 50% of sales expenses attributed to this area. Additionally, over 60% of its workforce is dedicated to sales, significantly higher than the industry average of less than 24% [5]. Group 3: Quality and Customer Complaints - Beiqing's focus on marketing has led to issues with product quality and after-sales service, resulting in numerous consumer complaints regarding product defects and poor service [6]. - The company is currently involved in a patent infringement lawsuit, with a claim amount of 10 million yuan, although it asserts that the products in question are not its core offerings [6]. Group 4: Internal Governance and Financial Issues - Beiqing has faced scrutiny for internal governance issues, including violations related to guarantees and the misuse of funds by its controlling shareholder, Ma Xuejun. Notably, there were instances of fund occupation amounting to 54 million yuan in 2024 [7][8]. - The company has acknowledged these issues and has implemented internal management measures to prevent recurrence. However, further inquiries from the stock exchange have raised questions about the effectiveness of these measures [8]. - In November 2025, Ma Xuejun sold shares worth over 64.7 million yuan, reducing his ownership stake from 40.48% to 37.51%, which has raised additional concerns about the company's governance [9].

Core Viewpoint - The company Beiqing Song, known as the "first stock of portable massagers," is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, leading to a significant drop in its stock price and market value [1][5]. Financial Performance - In Q3 2025, the company's revenue was approximately 167 million yuan, a year-on-year decrease of 28.51%, with a net loss attributable to shareholders of about 29.51 million yuan. For the first three quarters, revenue was around 552 million yuan, down 34.07%, and the net loss was approximately 65.63 million yuan, a staggering increase of 600.98% in losses compared to the previous year [1]. Marketing and Operational Strategy - The company has been criticized for its "heavy marketing, light R&D" approach, with research and development expense ratios from 2021 to 2024 being 3.97%, 6.40%, 4.59%, and 5.38%, while sales expense ratios were significantly higher at 40.75%, 53.84%, 53.94%, and 50.16% [2]. Internal Governance Issues - Internal governance has been a concern, particularly regarding the actual controller Ma Xuejun's fund occupation issues. The company has reported instances of fund occupation through employee loans and prepayments to suppliers, totaling over 40.8 million yuan [4][5]. Shareholder Actions - On the day before the investigation announcement, Ma Xuejun sold approximately 2.55 million shares at 25.35 yuan per share, raising over 64 million yuan. This reduced his shareholding from 40.48% to 37.51%, and the combined shareholding with his associates fell below 50% [5][6]. Legal Challenges - The company is also facing a patent infringement lawsuit from Da Dong Electric Industrial Co., Ltd., which demands the cessation of manufacturing and sales of the disputed products, along with compensation of 10 million yuan. The company claims that the products involved are not core to its recent revenue [6].

Core Viewpoint - Ying's Holdings has successfully passed the IPO review at the Beijing Stock Exchange, aiming to become the "first stock in baby food" and the first new food company listed in nearly three years on the exchange. However, the company faces significant operational challenges, including a long-standing tendency to prioritize marketing over research and development, reliance on an OEM model leading to quality control pressures, and unresolved trademark disputes [2][4][18]. Group 1: Financial Performance - Ying's Holdings' main business segments are infant food and hygiene products, with infant food revenue reaching 864 million yuan in the first half of 2025, accounting for 76% of total revenue. The company expects revenue for 2025 to be between 2.213 billion and 2.295 billion yuan, representing a year-on-year growth of 12.11% to 16.26%, and a net profit attributable to shareholders of 235 million to 246 million yuan, with a growth of 11.44% to 16.58% [4][5]. - The company's sales expenses have significantly increased, with figures of 454 million yuan, 602 million yuan, and 721 million yuan from 2022 to 2024, resulting in sales expense ratios of 35.04%, 34.26%, and 36.53%, which are well above the average of about 27% for comparable companies [6][9]. - In contrast, R&D expenditures have been minimal, with amounts of 5.53 million yuan, 9.21 million yuan, and 17.15 million yuan from 2022 to 2024, resulting in R&D expense ratios below 1%, significantly lower than the average of about 2% for comparable companies [9][10]. Group 2: Operational Challenges - The company heavily relies on an OEM model, with the proportion of outsourced production increasing from 39.83% in 2022 to 55.10% in 2024. This model poses quality control risks, especially in the sensitive infant food sector [13][14]. - There have been quality issues with some of the company's OEM partners, leading to administrative penalties and the termination of partnerships. The company has faced numerous consumer complaints regarding product quality, which raises concerns about its ability to manage quality control effectively [15][18]. Group 3: Legal Risks - Ying's Holdings is involved in a trademark dispute with "YeeHoO," a high-end baby clothing brand, which adds uncertainty to its future. The company has filed a lawsuit against YeeHoO and others for trademark infringement, seeking damages of 600,000 yuan [18][19]. - The outcome of this trademark dispute is critical, as a negative result could severely impact the company's brand and market confidence, given its heavy reliance on brand marketing and the significant sales expenses exceeding 700 million yuan [19][20].