Core Viewpoint - The infant food market in China is experiencing steady growth, driven by the increasing awareness of health and nutrition among new parents, with companies like Ying's and Grandpa's Farm competing for market share [2][4]. Industry Overview - The Chinese infant food market is projected to grow from approximately RMB 31.7 billion in 2020 to about RMB 39.4 billion by 2024, with a compound annual growth rate (CAGR) of around 5.6%, and expected to reach approximately RMB 51.2 billion by 2029 [2]. - The market is characterized by competition among brands such as Ying's, Grandpa's Farm, Little Blue, and Qiu Tian Man Man [2]. Company Performance - In 2024, Ying's is expected to achieve revenue of RMB 1.97 billion, while Grandpa's Farm is projected to generate RMB 875 million in the same year [4]. - Grandpa's Farm reported revenues of RMB 622 million in 2023, RMB 875 million in 2024, and RMB 780 million in the first three quarters of 2025, with adjusted net profits of RMB 76 million, RMB 103 million, and RMB 90 million respectively [4]. Market Positioning - According to the 2024 rankings, Ying's holds the top position in the infant food market with a market share of 5.7%, while Grandpa's Farm ranks second with a market share of 3.3% [3]. - The top five companies in the market collectively account for 14.2% of the total market share [3]. Marketing and R&D Expenditure - Grandpa's Farm has invested significantly in marketing, with sales and distribution expenses amounting to RMB 201 million, RMB 306 million, and RMB 283 million for 2023, 2024, and the first three quarters of 2025, respectively, representing 32.3%, 35.0%, and 36.3% of total revenue [5]. - In contrast, Ying's has maintained a sales expense ratio of around 35%, with R&D expenses accounting for less than 1% of revenue [7]. Production and Quality Concerns - Grandpa's Farm relies heavily on third-party OEM manufacturers for production, with its own factory expected to start small-scale production in October 2025 [8]. - Ying's has a stronger in-house production capability, although it still relies on outsourcing for 55.1% of its production in 2024 [8]. Consumer Feedback - As of January 6, there have been 206 complaints regarding Grandpa's Farm on the Black Cat Complaints platform, highlighting issues such as product quality and safety [9]. - Both leading companies face challenges related to high marketing costs and reliance on outsourcing, which may impact their profitability and growth potential [9].

Core Viewpoint - The Beijing Stock Exchange (BSE) is accelerating its IPO review process, with a focus on the sustainability and authenticity of company performance, as well as the necessity of fundraising projects [1][2]. Group 1: IPO Review Process - The BSE's listing committee held its 46th to 49th review meetings from December 22 to 26, 2025, approving four companies: Ying's Holdings, Longyuan Co., Puan Medical Technology, and New Hengtai New Materials, all meeting the issuance and listing requirements [1]. - Key concerns during the review included the sustainability of performance growth, accuracy of revenue recognition, reasons for declining gross margins, and the authenticity of online sales revenue [1]. Group 2: Company Performance - Ying's Holdings reported revenues of 1.296 billion yuan, 1.758 billion yuan, 1.974 billion yuan, and 1.132 billion yuan from 2022 to the first half of 2025, with net profits of 114 million yuan, 216 million yuan, 190 million yuan, and 136 million yuan [2]. - Longyuan Co. achieved revenues of 519 million yuan, 699 million yuan, 869 million yuan, and 475 million yuan during the same period, with net profits of 97 million yuan, 118 million yuan, 112 million yuan, and 61 million yuan [2]. - New Hengtai and Puan Medical also showed optimistic performance, with New Hengtai's revenues reaching 530 million yuan, 679 million yuan, 774 million yuan, and 384 million yuan, and net profits of 45 million yuan, 101 million yuan, 91.76 million yuan, and 51.35 million yuan [2]. Group 3: Quality of Companies in the Pipeline - As of December 25, 2025, there are 168 companies in the BSE's IPO queue, with only one company projected to be unprofitable in 2024, indicating an overall improvement in the quality of companies seeking to go public [4]. - Among the 168 companies, 50 have net profits exceeding 100 million yuan, accounting for 29.8% of the total [4]. - New companies entering the IPO process, such as Hubei Benxing New Materials, reported revenues of 3.726 billion yuan, 3.606 billion yuan, 4.445 billion yuan, and 2.287 billion yuan from 2022 to the first half of 2025, with net profits of 451 million yuan, 356 million yuan, 389 million yuan, and 199 million yuan [4].

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].

高增长下的隐忧。 《投资者网》引力丨韩宜珈 近日，"辅食一哥"英氏控股申请上会，拟于北交所上市。 英氏控股的招股书，展示了一个高速增长的商业故事：营收从2022年的近13亿，一路冲到2024年的近20亿，同时占据着辅食市场的头把交椅。 然而，表面的风光之下，暗流早已涌动。北交所的两轮问询函直指核心：公司营收增长为何急剧失速？利润为何不增反降？更重要的是，营销投入与研发投 入的畸形、过半产品靠别人代工的模式都透露出这家企业背后的隐忧。 更引起市场担忧的是，面对监管的尖锐提问，英氏控股已两次延期回复。不禁让人好奇：这家靠营销驱动迅速崛起的公司，高增长的故事还能讲多久？ 头重脚轻的"盈利模型" 英氏控股是国内婴幼儿辅食行业龙头企业，主营业务涵盖婴童食品与婴幼儿卫生用品，旗下拥有"英氏""舒比奇""忆小口""伟灵格"等品牌，致力于满足0-12 岁儿童健康喂养与照护需求。 在今年6月，英氏控股正式递交招股书，冲击北交所。仅仅一个月后，监管的问询函就到了。这份函件提出了十多个关键问题，直指公司的业务模式、内控 和食品安全。 更值得关注的是后续发展。公司两次延期回复问询，并在2024年9月底，因财务报告过期主动中止了审核。 ...

中证报中证网讯（记者 刘英杰）日前，北京证券交易所上市委员会召开2025年第46次审议会议，审核 通过英氏控股集团股份有限公司的发行上市申请。本次发行由西部证券担任独家保荐机构及主承销商， 标志着西部证券在消费领域及区域企业资本服务方面再结硕果。 在消费升级与资本市场深化改革协同推进的背景下，西部证券深耕"区域深耕+赛道专攻"战略，重点关 注消费领域新质生产力的培育与发展。通过全链条的专业服务，西部证券已助力多家消费企业实现从区 域龙头到全国品牌的跨越。此次英氏控股项目进一步巩固了其在消费领域的保荐优势，展现了将金 融"活水"引入实体经济的实践成果。 据了解，英氏控股作为我国辅食分阶喂养的倡导者和先行者，长期致力于婴幼儿辅食添加的科学性、合 理性研究。在业绩与行业地位方面，英氏控股2022年—2024年主营业务收入分别为12.96亿元、17.58亿 元、19.74亿元，最近三年复合增长率达23.46%。 作为英氏控股的保荐机构，西部证券凭借对消费产业的深度理解与专业服务能力，成功护航这家国内婴 幼儿辅食龙头企业登陆资本市场。此次过会不仅是市场对英氏控股自身发展的认可，更是西部证券长期 聚焦消费赛道、精准服务区 ...

人民财讯12月22日电，12月22日，在北交所上市委员会2025年第46次审议会议上，英氏控股顺利过会， 冲刺"婴儿辅食第一股"。公司聚焦婴幼儿辅食领域，此次IPO拟募集3.34亿元，用于湖南英氏孕婴童产 业基地（二期）创新中心建设项目、婴幼儿即食营养粥生产建设项目、产线提质改造项目、全链路数智 化项目、品牌建设与推广项目。 转自：证券时报 ...

在婴幼儿辅食市场竞争日益激烈的今天，一个品牌如何超越产品的物理功能，与新生代父母建立起深层 的情感联结？国产领军品牌英氏控股给出了自己的答案。 通过携手知名艺人、新晋妈妈金靖，并推出一系列极具共鸣的沟通内容，英氏控股正成功地将"科学喂 养"这一专业理念，转化为年轻父母乐于接受和分享的生活态度。 近期，由英氏控股与金靖联合推出的广告片《超会养的人选英氏》，通过三个生活场景自然串联，清晰 传递出英氏"科学5阶喂养"的核心主张，并将专业的喂养方法论凝练成一句朗朗上口的"抓时机、分阶 段、要坚持"九字育儿箴言。 早在2020年，英氏控股便提出了"科学5阶精准喂养体系"，以月龄与体征为综合标准划分宝宝成长阶 段，并构建了完善的高品质产品矩阵，为各阶段精准匹配辅食解决方案。 今年，英氏控股正式宣布金靖成为"英氏辅食分阶喂养首席合作伙伴"。 此次合作并非简单的明星代言，而是一次精准的战略选择。金靖以其真实、幽默、不设"完美妈妈"人设 的亲民形象，深度契合了当代年轻父母追求真实、拒绝焦虑的育儿心态。 长期以来，复杂的婴幼儿喂养知识是许多新手父母的"痛点"。 英氏控股敏锐地捕捉到这一点，创新性地推出了"1阶初适应、2阶练咀嚼、 ...

婴幼儿6月龄后，仅靠母乳已无法满足其能量和营养素需求，需要开始添加辅食。 2024年我国婴幼儿辅食市场规模为559.1亿元，仅次于美国，随着我国婴幼儿辅食渗透率的提升，未来有望超过美国， 成为全球第一大辅食市场。 由于我国婴幼儿辅食行业起步较晚，起初由外资品牌把婴幼儿辅食喂养的理论依据、生产技术及管理经验等带入中 国，亨氏、嘉宝等外资品牌曾长期主导我国婴幼儿辅食市场。 近年来，英氏、秋田满满、窝小芽等众多国产品牌涌现，逐渐取代外资品牌，成为我国婴幼儿辅食市场的主导者。如 今，来自湖南长沙的英氏控股正冲击IPO。 格隆汇获悉，12月22日，英氏控股（全称为"英氏控股集团股份有限公司"）即将在北交所上会，保荐人为西部证券。 英氏控股已成为国内婴幼儿辅食行业龙头，2024年营收近20亿元。如今婴幼儿辅食生意好做吗？不妨通过英氏控股来 一探究竟。 01 超7成营收来自婴幼儿辅食产品，线上销售渠道集中 英氏控股致力于婴幼儿辅食添加的科学性、合理性研究，以婴幼儿成长的五个关键节点 "坐""咬""爬""站""走"作为辅 食分阶变化的标志，指导消费者科学育儿。 公司的婴幼儿辅食产品主要包括"英氏"品牌的婴幼儿米粉、即食粥、面 ...

婴幼儿6月龄后，仅靠母乳已无法满足其能量和营养素需求，需要开始添加辅食。 2024年我国婴幼儿辅食市场规模为559.1亿元，仅次于美国，随着我国婴幼儿辅食渗透率的提升，未来有望超过美国， 成为全球第一大辅食市场。 由于我国婴幼儿辅食行业起步较晚，起初由外资品牌把婴幼儿辅食喂养的理论依据、生产技术及管理经验等带入中 国，亨氏、嘉宝等外资品牌曾长期主导我国婴幼儿辅食市场。 近年来，英氏、秋田满满、窝小芽等众多国产品牌涌现，逐渐取代外资品牌，成为我国婴幼儿辅食市场的主导者。如 今，来自湖南长沙的英氏控股正冲击IPO。 格隆汇获悉，12月22日，英氏控股（全称为"英氏控股集团股份有限公司"）即将在北交所上会，保荐人为西部证券。 英氏控股已成为国内婴幼儿辅食行业龙头，2024年营收近20亿元。如今婴幼儿辅食生意好做吗？不妨通过英氏控股来 一探究竟。 01 儿童食品品牌主要产品包括山楂系列、儿童意面、儿童肉制品、儿童饼干等； 营养食品为"伟灵格"品牌的益生菌、DHA、叶黄素等产品。 图片来源于招股书 具体来看，2022年至2025年上半年（简称"报告期"），英氏控股超76%的营收来自婴幼儿辅食产品，婴幼儿卫生用品 的营收 ...

格隆汇新股 湖南长沙冲出一家婴幼儿辅食IPO，毛利率超55%！年入近20亿 原创 阅读全文 ...