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 | 野马财经 作者 | 方璐 毛戈平携家人减持"毛戈平"。 农历新年在即，赴港上市仅一年多时间的毛戈平（1318.HK）自家人先领红包，高调进行"家族式减 持"。这场毛氏资本狂欢宴尚未开席，便引起了市场多方关注。 几位减持人关系有多亲密？以毛戈平为中心，汪立群是其妻，毛霓萍、汪立华分别是其姐姐、妻弟。宋 虹佺是公司核心高管，担任公司执行董事、公司总裁、同时兼任MAOGEPING品牌事业部总经理，与其 他减持人没有亲属关系。 毛戈平发布公告称，上述公司股东将根据市场情况、公司股价情况等情形择机决定是否实施本次股份减 持计划，如若减持，其减持时间、减持数量、减持价格存在不确定性。不过，按照1月8日毛戈平收盘价 85.85港元/股估算，他们合计减持1720万股，大概共计套现14.77亿港元，约合人民币13.31亿元。 针对此次减持对公司产生的影响，盘古智库高级研究员江瀚分析，从产业资本流动视角看，控股股东及 亲属集中减持往往传递内部人对公司短期估值偏高的信号。毛戈平家族成员同步减持，反映其对公司未 来增长潜力或股价走势的谨慎预期。此外， ...

Core Viewpoint - Ying's Holdings, a leading company in the infant food sector, has applied for an IPO on the Beijing Stock Exchange, aiming to raise funds for industrial base construction, brand development, and project promotion, while facing challenges related to quality control and marketing versus R&D investment [2][4][10]. Group 1: Company Overview - Ying's Holdings was established in 2014, focusing on infant food, with brands including "Ying's" and "Shu Bi Qi," and has ranked first in sales in the infant food market for three consecutive years [3][4]. - The company’s revenue from infant food has been stable, contributing approximately 79.75% to 82.35% of total revenue from 2022 to 2024, with a gross margin around 61% [6][4]. Group 2: Financial Performance - Revenue figures for Ying's Holdings from 2022 to 2024 were 1.3 billion, 1.76 billion, and 1.97 billion respectively, with year-on-year growth rates of 37.4%, 35.7%, and 12.3% [4]. - Net profit for the same period was 120 million, 220 million, and 210 million, with growth rates of 64.9%, 87.7%, and -4.4% [4]. - In Q1 2025, revenue grew by 12.3% to 540 million, and net profit increased by 5.4% to 81.17 million [4]. Group 3: Market Competition - The infant food market in China is becoming increasingly competitive, with international brands like Heinz and new entrants leveraging online channels to gain market share [3][4]. - Ying's Holdings faces challenges from both established international brands and emerging local brands, which are rapidly capturing market share [3][4]. Group 4: IPO and Fund Utilization - The company plans to raise 334 million for various projects, including 71.69 million for the Hunan Ying's maternity and infant industry base, 48.20 million for instant nutrition porridge production, and 94.05 million for brand promotion [4][5]. - Ying's Holdings is actively responding to inquiries from the Beijing Stock Exchange regarding its IPO application [4]. Group 5: Quality Control and Production Model - The company relies on a mix of self-production and outsourcing, with approximately 63.53% of revenue from outsourced production in 2023 [6][7]. - Quality control issues have arisen from the reliance on third-party manufacturers, leading to regulatory inquiries and consumer complaints [7][8]. Group 6: Marketing and R&D Investment - Ying's Holdings has a high marketing expense ratio, with sales expense rates of 35.04%, 34.26%, and 36.53% from 2022 to 2024, significantly above the industry average of 27.75% [10][11]. - R&D investment remains low, with R&D expense rates of 0.43%, 0.52%, and 0.87% during the same period, below the industry average of 2.03% [10][11].