Core Viewpoint - Ying's Holdings has terminated its listing application on the Beijing Stock Exchange after failing to update its financial data within the extended deadline, marking a failed attempt to go public after nine months of efforts [1][2]. Group 1: Company Overview - Ying's Holdings, established in 2014, operates in the infant food and hygiene products sectors, with brands including "Ying's" for baby food and "Shubiqi" for infant supplies [2]. - The company was listed on the New Third Board in April 2024 and submitted its application for listing on the Beijing Stock Exchange in June 2025 [2]. Group 2: Financial Performance - From 2022 to 2024, Ying's Holdings reported revenues of 1.296 billion, 1.758 billion, and 1.974 billion yuan, showing a year-on-year growth rate that decreased from 37.35% in 2022 to 12.35% in 2024 [3]. - The net profit for the same period was 117 million, 220 million, and 211 million yuan, with growth rates declining from 64.91% in 2022 to -4.37% in 2024 [3]. - The significant increase in sales expenses is identified as the main reason for the company's inability to convert revenue growth into profit [3][4]. Group 3: Expense Analysis - Sales expenses rose from 454 million to 721 million yuan between 2022 and 2024, with sales expense ratios exceeding industry averages at 35.04%, 34.26%, and 36.53% respectively [4]. - Research and development (R&D) expenditures were notably low, with R&D personnel increasing from 19 to 33 but expenses only reaching 17.14 million yuan in 2024, which is significantly less than sales expenses [5]. Group 4: Regulatory Challenges - The Beijing Stock Exchange raised inquiries regarding the high sales expense ratio compared to peers and requested clarifications on various operational aspects, including trademark disputes and sales authenticity [5]. - Ying's Holdings requested an extension to respond to these inquiries but failed to meet the deadline before the listing review was suspended [5].

Core Viewpoint - The company, Ying's Holdings, is facing significant challenges in its IPO process, including delays in responding to regulatory inquiries and ongoing issues related to trademark disputes, high marketing costs, and insufficient R&D investment, which are negatively impacting its market reputation and financial performance [1][2]. Financial Performance - Ying's Holdings reported revenue growth from 1.296 billion yuan in 2022 to 1.974 billion yuan in 2024, but the growth rate has significantly slowed, dropping from 37.35% in 2022 to 12.35% in 2024 [3]. - The net profit showed a decline, with figures of 117 million yuan in 2022, 220 million yuan in 2023, and a decrease to 211 million yuan in 2024, resulting in a negative growth rate of -4.37% in 2024 after two years of substantial increases [3]. Expense Analysis - In 2024, the company's sales expenses reached 721 million yuan, accounting for 36.53% of total revenue, which is higher than the average of comparable companies [4]. - R&D expenses were significantly lower, with only 17.15 million yuan in 2024, indicating a lack of investment in innovation compared to sales expenses [5]. Regulatory Challenges - The company has faced scrutiny from the North Exchange regarding the high sales expense ratio and the adequacy of its marketing expenditures, which raises concerns about the sustainability of its business model [5]. - Ying's Holdings has been required to clarify the necessity and feasibility of its fundraising projects, which include significant investments in production and brand development [8]. Product Quality Issues - The company has been repeatedly criticized for quality issues, particularly with its baby food products, which have been reported to contain foreign objects, leading to consumer complaints and damaging its reputation [6][7]. - The frequency of complaints regarding product safety has raised doubts about the company's commitment to maintaining quality standards in its offerings [7].