证券研究报告 生育政策密集出台或将刺激行业发展，关注北交所母婴行业相关标的 ——北交所消费服务产业跟踪第二十一期（20250706） 投资要点： | 北交所定期报告 | | --- | hyzqdatemark 2025 年 07 月 07 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 政策出台有望鼓励生育，或将刺激母婴行业发展。国务院、各地政府出台育儿补贴、购房优 惠等政策，有望刺激母婴行业的发展。根据国家统计局，2024 年中国出生人口 954 万，为 2017 年以来首次回升，而根据艾媒咨询数据，2018-2024 年中国母婴消费市场规模稳步上升， 2024 年达 76299 亿元。中国乳制品行业规模不断扩大，但奶类产量 2024 年有所下降，根据 南方乳业招股书、灼识咨询数据，2024 年中国乳制品规模约 5216.70 亿元，预计 2026 年达 5966.60 亿元。中国婴幼儿辅食市 ...

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]

今天分享的是：电商运营：2025个护家清市场消费数据洞察报告 报告共计：40页 《全球及中国婴幼儿辅食行业蓝皮书》由灼识咨询发布，全面剖析了全球及中国婴幼儿辅食行业的发展状况。婴幼儿辅食是6 - 36月龄婴幼儿除奶粉外的营 养补充食品，具有易消化等特点，可分为主食类、佐餐调味类和零食类。全球婴幼儿辅食市场规模从2019年到2024年持续增长，渗透率不断提高，预计未来 仍有上升空间。中国市场规模同样呈增长趋势，电商渠道成为推动市场扩张的主力，其占比在2019 - 2029年持续上升，且中国在全球市场的占比也不断增 加。在政策标准方面，各国不断完善相关法规，中国与美国、欧盟在营养成分等规定上有相似之处，但在非转基因原料等领域还有细化空间，且中国消费者 的喂养习惯正逐渐向成熟市场靠拢。从市场结构来看，全球主要地区市场规模不同，中国市场规模增长迅速，预计2025年将超越欧盟和日本，2029年可能超 越美国；产品结构上，各成熟市场有所差异，中国主食类辅食占比下降，零食类和佐餐调味类占比上升。产能方面，中国产能近5年有所增加，华东地区产 能最高。头部品牌方面，美国嘉宝精准分类产品，日本和光堂与丘比注重产品创新和包装精细化 ...