Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 11 companies, including Yipin Group, which is preparing for an IPO on the Hong Kong Stock Exchange. The CSRC has requested clarifications on various aspects of the company's operations and compliance [1][2]. Group 1: Company Background and Operations - Yipin Group submitted its IPO application to the Hong Kong Stock Exchange on August 31, 2025, with Haitong International and CITIC Construction Investment International as joint sponsors [1]. - The company specializes in dairy products, focusing on goat milk powder and special medical purpose formula foods, catering to consumers of all ages, particularly those with allergies, lactose intolerance, or digestive issues [3]. - Yipin Group ranks second in the Chinese goat milk powder market with a market share of 14.0%, and also holds the second position in the infant goat milk powder market with a market share of 17.6% [3]. Group 2: Regulatory Requirements - The CSRC has requested Yipin Group to clarify the fairness of the employee stock ownership plan and the compliance of retired employees holding incentive shares [2]. - The company must provide details on its app and mini-program operations, including the collection and use of personal information, as well as the scale of user data collected [2]. - Yipin Group is required to explain its overseas operations and the approval processes related to fundraising for overseas investments [2].

Core Insights - Yipin Nutrition Technology Group Co., Ltd. plans to list on the Hong Kong Stock Exchange, with a focus on goat milk powder and special medical formula foods, targeting consumers with allergies or lactose intolerance [2][5] Market Position - Yipin ranks second in the Chinese goat milk powder market with a market share of 14.0% and second in the infant goat milk powder market with a market share of 17.6% [2] - In the infant special medical formula food market, Yipin holds the second position among local brands with a market share of 4.5% [2] Distribution Network - As of June 30, 2025, Yipin has established a distribution network covering 333 cities across 31 provinces, with over 61,000 retail stores, including more than 7,000 mother-and-baby stores [3] Financial Performance - Revenue figures for Yipin from 2022 to 2024 are 1.402 billion, 1.614 billion, and 1.762 billion respectively, with a revenue of 806 million in the first half of 2025 [4] - Net profit figures for the same period are 227 million, 168 million, and 172 million respectively, with a net profit of 57 million in the first half of 2025 [5] Use of IPO Proceeds - The funds raised from the IPO will primarily be used for R&D, upgrading the supply chain and smart manufacturing, brand building, international expansion, enhancing digital infrastructure, and general working capital [5]