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！ 英氏控股：股权代持十年，有无白手套？为规避实控人认定与股份限售绞尽脑汁、商标存纠纷、业绩已 现颓势，会不是上市即高峰？屡被投诉 来源：鹰眼财报V 一、股权代持十年，里面有没有白手套？为何要代持？ 翻阅英氏控股近五百页的问询回复，其股权演变史宛如一部情节曲折的商战小说。公司及旗下子公司， 历史上普遍存在股权代持，且这种代持并非清晰的一一对应，而是工商登记股东作为"显名股东"，代 替"全体实际股东"持有股权。这种"大一统"式的代持模式，自2008年延续至2017年，横跨英氏营养、英 氏乳业等至少六家公司。（文件P13-P15） 更令人玩味的是代持解除过程。2017年底，公司以收购方式整合子公司，支付给工商登记股东的现金对 价，并未直接落到实际股东口袋，而是统一暂存至财务负责人钟永龙的个人账户。官方解释是"为后续 操作便利及避免资金被使用"。（文件P22-P24）这种资金"中转站"的安排，虽声称经全体股东同意，但 其操作的透明度与合规性，难免让外界雾里看花。股权清晰是上市企业的底线，如此迂回的代持与解除 路径，是否真正做到了"水落石出"？ 二 ...

英氏控股成立于2014年，主业为婴幼儿辅食，旗下有"英氏"辅食、"舒比奇"婴幼儿用品、"伟灵格"营养 食品、"忆小口"儿童食品等品牌。2024年4月23日，英氏控股于新三板挂牌，2025年6月份向北交所提交 上市申请。由于财务报告有效期限制，英氏控股9月份向北交所提交了中止审核的申请文件，后又于11 月份申请恢复审核。 据招股书数据，2022年至2024年，英氏控股分别实现营业收入13亿元、17.6亿元、19.7亿元。今年前三 季度，英氏控股实现营业收入16.78亿元，同比增长15.72%。 （文章来源：证券日报） 本报讯 （记者梁傲男）12月10日，英氏控股集团股份有限公司（以下简称"英氏控股"）发布《关于新 增承诺事项情形的公告》。 公司实际控制人、控股股东马文斌、万建明、彭敏承诺公司上市后，若涉嫌证券期货违法犯罪或重大违 规行为，若上市当年、第二年、第三年较上市前一年净利润下滑50%以上，将自愿限售直接或间接持有 的股份或延长其届时所持股份锁定期限。 同时，马文斌、万建明、彭敏承诺，"上市当年较上市前一年净利润下滑50%以上的，延长本人届时所 持股份锁定期限24个月；上市第二年较上市前一年净利润下滑50 ...

Core Viewpoint - Recent reports of foreign objects found in Ying's baby rice cereal have raised questions about its contract manufacturing model and R&D investment levels [1][2][3] Group 1: Company Operations and Production - Ying's customer service clarified that all rice cereal products are produced in their own factory in Changsha, Hunan, and denied any contract manufacturing claims [2][3] - The company has been the market leader in China's infant food sector for the past two years and plans to list on the North Exchange in 2024 [1][2] - In 2024, 55.1% of Ying's product procurement will be from contract manufacturers, raising concerns about potential food safety and quality risks [4][6] Group 2: Financial Performance and R&D Investment - Ying's revenue for 2022, 2023, and projected 2024 is reported as 12.96 billion, 17.58 billion, and 19.74 billion respectively, with net profits of 1.17 billion, 2.19 billion, and 2.1 billion [6][8] - R&D investment from 2022 to 2024 has been less than 1% of revenue, with a significant increase in 2024 to approximately 1714.83 million, raising questions about the rationale behind this increase [6][8] - The company has faced scrutiny regarding the effectiveness of its R&D efforts and the conversion of R&D projects into revenue [8][9] Group 3: Market Context and Challenges - The infant food market in China is projected to reach approximately 559.1 billion in 2024, with a compound annual growth rate of 8.9% from 2019 to 2024 [6] - Despite being a market leader, Ying faces challenges such as declining birth rates and the need for precise nutritional requirements in its product offerings [10][11] - The company has been criticized for its reliance on contract manufacturing, which may expose it to quality control issues [3][4]

Core Viewpoint - Ying's Holdings Group Co., Ltd. has completed its IPO counseling and has been accepted by the Beijing Stock Exchange, indicating a potential new entrant in the maternal and infant public listing sector [1] Company Overview - Ying's Holdings is a leading domestic brand in the infant complementary food sector, with a significant market share in its "Ying's" brand and a growing portfolio that includes infant diapers and other hygiene products [1] - The company has established a brand matrix consisting of four major brands: "Ying's" for infant complementary food, "Shubiqi" for hygiene products, "Weilingge" for nutritional food, and "Yixiaokou" for children's food [1] Financial Performance - The company's revenue is projected to approach 2 billion yuan and net profit to exceed 200 million yuan in 2024 [3] - Revenue from complementary food products is expected to reach 1.03 billion yuan, 1.445 billion yuan, and 1.524 billion yuan from 2022 to 2024, accounting for 79.75%, 82.35%, and 77.40% of total revenue respectively, indicating a slowdown in growth [3] - The second largest revenue source is infant hygiene products, with sales increasing from 259 million yuan to 340 million yuan from 2022 to 2024 [3] - The overall revenue for Ying's Holdings from 2022 to 2024 is projected to be 1.296 billion yuan, 1.758 billion yuan, and 1.974 billion yuan, with year-on-year growth rates declining from 35.67% in 2023 to 12.29% in 2024 [3] - Net profit for the same period is expected to be 117 million yuan, 220 million yuan, and 211 million yuan, with a year-on-year decline of 4.36% in 2024 due to surging sales expenses [3] Sales and Marketing Strategy - The company has increasingly relied on online sales channels, contributing 64.16%, 66.45%, and 69.69% to total revenue from 2022 to 2024 [5] - Online platform promotion expenses have risen significantly, reaching 300 million yuan in 2024, accounting for 41.6% of total sales expenses [5][6] - The rapid growth in platform promotion expenses is attributed to increased competition and the need for greater exposure on major e-commerce platforms [7] Production and Quality Control - Despite being a leading domestic brand, Ying's Holdings relies heavily on contract manufacturing, with outsourced production amounting to 206 million yuan, 339 million yuan, and 417 million yuan from 2022 to 2024, representing 39.83%, 52.22%, and 55.10% of total procurement [9] - Quality control issues have been reported, with consumer complaints regarding product quality, particularly for contract-manufactured items [9] IPO and Shareholder Activity - The company plans to raise approximately 334 million yuan through the IPO, which will be used for various projects including the construction of an innovation center and production upgrades [9] - Notably, several shareholders have sold their shares at a lower price before the IPO, raising questions about their confidence in the company's future [10] Management and Recent Performance - The company is controlled by three key executives who collectively hold 52.02% of the shares [11] - In the first quarter of the year, the company reported revenue of 540 million yuan, a year-on-year increase of 12.29%, and a net profit of 81.17 million yuan, up 5.36% [11]