文|新消费财研社 以高毛利、高增长著称的婴童零辅食赛道，在岁末年初迎来两大头部玩家的资本冲刺。 2025年12月，零辅食行业龙头英氏控股通过北交所上市委会议审议，短短两周后的2026年1月5日，爷爷的农场也向港交所递交主板上市申请。 弗若斯特沙利文报告显示，2024年中国婴幼儿辅食市场规模已超越欧盟及日本，仅次于美国，且预计未来五年将保持稳健增长。但这一行业高度分散，前五 大品牌市占率仅14.2%，英氏和爷爷的农场合计不足10%的市占率，预示着行业整合空间巨大。 虽然同为行业翘楚，但两家企业选择了不同的发展路径，各自的优势和痛点也不同。这场IPO竞速，不仅是两家公司的较量，也是婴童食品行业不同商业模 式的一次全面比拼，新消费财研社结合各维度综合对比。 产品结构与市场份额对比： "行业第一"的规模与"有机第一"的增速 英氏控股于2014年成立，主打"健康中国"理念，主营业务为婴童食品及婴幼儿卫生用品两大业务板块。根据CIC灼识咨询数据，英氏在2023年、2024年辅食 市场排名均为第1，且自2022年至2024年婴幼儿辅食销量第一。 2025年6月，在天猫辅食类目下交易指数排名第1。 | 项目 | 2025 年 ...

在全球婴童消费品市场精细化、健康化转型浪潮中，一家以"有机"与"零辅食"双标签破局的品牌正加速叩响资本市场大门。1月6日，爷爷的农场国际控股有 限公司(简称：爷爷的农场)正式向港交所递交上市申请，由招银国际担任独家保荐人。 这一结构性变化源于公司明确的品类扩张战略。公司SKU总数从158个快速增至269个，其中新拓展的家庭食品品类(SKU达74个)正成为新的增长点。此举旨 在突破婴童市场的年龄天花板，向全家庭消费场景渗透，以寻求更广阔的市场空间。 | | | 截至12月31日止年度 | | | | 截至9月30日止九1 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | | | | 人民幣千元 | % | 人民幣千元 | % | 人民幣千元 | % | 人民 | | | | | | | | (未經審計) | | | 收入 | 622,389 | 100.0 | 875,349 | 100.0 | 633,188 | 100.0 | 77 | | 销售成本 | (277,261) | (4 ...

在全球婴童消费品市场精细化、健康化转型浪潮中，一家以"有机"与"零辅食"双标签破局的品牌正加速叩响资本市场大门。1月6日，爷爷的农场国际控股有 限公司（简称：爷爷的农场）正式向港交所递交上市申请，由招银国际担任独家保荐人。 值得注意的是，尽管其产品矩阵并无过多创新——涵盖食用油、调味品、谷物辅食、果泥及零食等常见品类，但凭借精准切入婴童高端零辅食细分赛道，公 司自2018年推出首款婴童辅食后，仅用六年时间便实现规模跨越式增长。2024年前三季度营收已达7.8亿元，全年预计突破8亿，迅速跻身行业第二。 高毛利盛宴下的渠道依赖与盈利困局 爷爷的农场的招股书揭示了一个在消费升级浪潮中高速成长的品牌典型，同时也清晰地暴露了其"营销驱动、代工生产"模式下的结构性挑战。 报告期内（2023年、2024年及2025年前三季度），公司营收分别为6.22亿、8.75亿及7.80亿元人民币，呈现快速增长态势。其核心业务婴童零辅食目前仍是 收入支柱，但占比正从2023年的93.1%显著降至2025年三季度的80.4%。其中，作为起家业务的辅食类占比下滑更为明显，从79.6%降至53.6%。 这一结构性变化源于公司明确的品类扩张战略 ...

2026年1月5日，爷爷的农场向港交所递交招股书，计划主板上市。 这家公司主打婴儿果泥等零辅食产品，2024年营收8.75亿元，毛利率超过58%，2025年前三季度 营收已达7.8亿元。 90后家长，正在捧出一个婴童食品 IPO。 按弗若斯特沙利文数据，爷爷的农场2024年在中国婴童零辅食市场排名第二，而在有机细分赛道， 以23.2%的市占率位居第一。 详情请戳视频 以上就是本期全部内容，如果您想了解更多 最新 企业 动态， 欢迎登录 睿兽分析 查看，解锁 赛道 图谱 以及 行业报告 。 ...

今日多条要点，一起来看详情↓ ↓ ↓ 霸王茶姬回应店员徒手操作：涉事门店停业整顿 1月6日，霸王茶姬就网传"店员徒手操作"视频发通报：核实事件发生于福建漳州龙文宝龙广场店，店员为博流量跟风热梗，用门店报损废弃物料摆拍，物 料未销售且事后已清洁。涉事行为违反多项规范，品牌处理如下：门店无限期停业整顿，涉事店员辞退，店长及区域督导降职。此前相关话题曾登热搜引 发热议。 联华超市执行董事朱定平辞任 1月5日，联华超市股份有限公司公告称，执行董事朱定平因其他工作安排辞去执行董事及常务副总经理职务，即日生效。朱定平确认与董事会无意见分 歧，亦无其他需披露事宜。联华超市对其任职期间的贡献致以谢意。朱定平于2025年1月7日获任该职，此前曾任职于美赞臣中国、健合等快消企业。此次 人事变动或引发市场对联华超市战略方向的关注。 伊利冰淇淋推出"奶皮子酸奶味雪糕"新品 1月5日，伊利冰淇淋推出"奶皮子酸奶味雪糕"新品。据官方介绍，新品內馅采用酸奶奶料搭配饼干碎，外壳以黄油为原料，生牛乳添加量≥45%，口感酸 甜醇厚。 精准匹配不同老年人需求，北京市民政局和美团签订战略合作协议 1月5日，北京市民政局与美团签署战略合作协议，探索" ...

Group 1: Upcoming IPOs - A total of 7 companies are scheduled for IPO meetings, with the highest fundraising target set by Vision Technology at 2.015 billion yuan, aimed at expanding production lines for ultra-high-resolution silicon-based OLED micro-displays and building a research center [1][8] - Shenglong Co. and Gude Electric Materials follow, with planned fundraising amounts of 1.53 billion yuan and 1.176 billion yuan, respectively [1][8] - The geographical distribution of these companies includes three from Jiangsu Province, and one each from Shandong, Anhui, Henan, and Hunan provinces [1] Group 2: Company Profiles - Changyu Group focuses on the research, production, and sales of zirconium products, specialty nylon products, and fine chemical products [3] - Shenglong Co. is a leading large-scale molybdenum company in China, engaged in the comprehensive development and utilization of non-ferrous metal mineral resources, primarily producing, processing, and selling molybdenum-related products [3] - Gude Electric Materials specializes in the research, production, and sales of thermal runaway protection components for new energy vehicle batteries and electrical insulation products [4] - Vision Technology is a global leader in micro-display solutions, with core products including silicon-based OLED micro-displays and value-added services such as strategic product development and optical systems [5] - Chuangda New Materials focuses on high-performance thermosetting composite materials, with products widely used in semiconductor and automotive electronics packaging [6] - Saiying Electronics is involved in the production and sales of electronic components [7] - Ying's Holdings operates in the mother and baby product sector, focusing on nutritional care for infants and young children, with two main business segments: infant food and hygiene products [7]

Core Insights - The pursuit of "natural, healthy, and functional" products by the new generation of parents has led to the emergence of a trillion-yuan baby food market in China, with the infant complementary food market expected to reach 55.91 billion yuan in 2024 and the children's food market around 214 billion yuan, potentially exceeding 300 billion yuan by 2027 [1][3][24] Market Overview - The infant food industry is divided into two main segments: infant complementary foods for ages 6 months to 3 years, which have strict production qualifications and safety standards, and children's foods for ages 3 to 12, which currently lack mandatory unified standards [3][6] - The infant complementary food market is projected to grow at a compound annual growth rate (CAGR) of 8.9% from 2019 to 2024, with an expected market size of 81.75 billion yuan by 2029 [3][24] - The children's food market is expected to grow at an annual rate of 14% from 2025 to 2027, with a market size of approximately 214 billion yuan in 2024 [3][24] Investment and Capital Influx - The rapid growth of the industry has attracted various capital investments, with traditional snack giants like Liangpinpuzi, Baicaowei, and Three Squirrels launching children's snack sub-brands [4][24] - Brands such as Ying's Holdings and others have received multiple rounds of financing, indicating strong investor interest in the sector [4][24] Standardization Challenges - There is a lack of unified standards for children's food, leading to higher premiums for products labeled as "baby food," raising questions about their value [2][12] - Since 2019, 63 standards related to children's food have been published, with a significant number expected in 2024, but opinions are divided on the necessity of a unified standard [1][7][8] Quality Concerns - Some brands have faced scrutiny for product quality, with reports of non-compliance in testing and concerns over the reliance on contract manufacturing [2][21][23] - The prevalence of contract manufacturing in the industry raises questions about quality control and safety, as many brands outsource production to multiple manufacturers [22][23][27] Consumer Behavior and Market Trends - Over 70% of millennial parents are willing to pay a premium for high-quality, health-oriented products, driving demand for children's food [18][19] - The market is seeing a shift towards high-end, refined feeding habits, with parents increasingly interested in organic, low-allergen, and functional foods [25][27] Future Outlook - The penetration rate of infant complementary foods in China is only 38%, indicating significant growth potential as standards improve and consumer awareness increases [24][27] - The demand for children's food is expected to rise as parents focus on nutrition for growth and development, with a projected increase in the market size for children's food [26][27]

Core Insights - Recent favorable policies from the national level, including childcare subsidies and free education fees, have led to a significant rise in related A-share concept stocks [1] - The implementation of the childcare subsidy policy, effective from January 1, 2025, will provide annual subsidies of 3,600 yuan per child for children under three years old [1] - The market anticipates continued growth in the maternal and infant consumption chain, including sectors such as dairy products, baby products, educational services, textiles, toys, and maternal healthcare [1] Stock Performance - Concept stocks related to childcare have seen substantial increases, with Chuangyuan Co. rising by 15.34%, Beiyinmei and Weisi Medical both increasing by over 5% [1] - Year-to-date stock performance shows significant gains: Qide New Materials up 187.36%, Chuangyuan Co. up 102.90%, Weisi Medical up 97.53%, and Beiyinmei up over 80% [1] - Other companies in the education and maternal-infant sectors, such as Alltong Education and Kidswant, have also experienced notable stock price increases [1] Policy Impact - The recently issued "Implementation Plan for Childcare Subsidy System" by the Central Committee and the State Council is expected to enhance market expectations for growth in preschool education and maternal-infant consumption sectors [1] - The gradual implementation of these policies is anticipated to provide ongoing benefits to various industries, including maternal and infant products, education services, and healthcare [1]