深陷"伪洋牌"争议的儿童食品品牌爷爷的农场，欲赴港上市闯关。近年来，爷爷的农场业绩保持高速增 长,净利润亦同步走高。然而，高增长的背后，是销售费用率持续超过30%的营销驱动模式。爷爷的农 场在两年内投放了超过30部影视剧广告，并频繁联名热门IP、签约明星代言，可谓一场"营销狂欢"。相 比之下，其研发投入占比长期仅徘徊在3%左右。 高速扩张的同时，爷爷的农场负面缠身。除"伪洋牌"争议外，爷爷的农场多款产品曾因质量问题被监管 部门通报。在营销塑造的光环下，"爷爷的农场"能否以真正的产品力赢得市场信任，将成为其上市之路 的关键考题。 在销售渠道方面，电商平台成为爷爷的农场的绝对主力。2023—2025年前三季度，爷爷的农场直销渠道 占比稳定在42%左右，主要通过电商平台进行销售，同期经销渠道中电商平台的占比均超30%，两者合 计使得其电商相关销售占比超70%。 与众多依托互联网崛起的消费品牌一样，爷爷的农场深谙流量之道。据不完全统计，2024—2025年，爷 爷的农场在超过30部热门影视剧中进行广告植入，其中包括《繁花》《与凤行》《庆余年2》等。同 时，也与《长安二十四计》等热门IP进行联名合作，并邀请演员刘涛担任 ...

Core Viewpoint - Ying's Holdings has successfully passed the IPO review at the Beijing Stock Exchange, aiming to become the "first stock in baby food" and the first new food company listed in nearly three years on the exchange. However, the company faces significant operational challenges, including a long-standing tendency to prioritize marketing over research and development, quality control pressures from its reliance on an OEM model, and unresolved trademark disputes [1][2]. Financial Performance - Ying's Holdings expects revenue for the first half of 2025 to reach between 2.213 billion and 2.295 billion yuan, representing a year-on-year growth of 12.11% to 16.26%. The net profit attributable to the parent company is projected to be between 235 million and 246 million yuan, with a growth rate of 11.44% to 16.58% [3][5]. - The company's sales expenses have significantly increased, with projections for 2024 reaching 6.02 billion yuan and 7.21 billion yuan for 2025, resulting in sales expense ratios of 34.26% and 36.53%, respectively, which are well above the industry average of approximately 27% [6][5]. Marketing and R&D Strategy - Ying's Holdings has a pronounced "heavy marketing, light R&D" characteristic, with marketing expenses rising sharply while R&D investment remains low. R&D expenses from 2022 to 2024 were 5.53 million, 9.21 million, and 17.15 million yuan, respectively, with R&D expense ratios below 1%, compared to an industry average of about 2% [6][8]. - The company's marketing strategy has led to a significant increase in platform promotion costs, which rose from 151 million yuan in 2022 to 300 million yuan in 2024, accounting for 41.6% of total sales expenses [6][7]. Production Model and Quality Control - Ying's Holdings relies heavily on an OEM production model, with the proportion of outsourced production increasing from 39.83% in 2022 to 55.10% in 2024. This model raises concerns about quality control, especially in the sensitive baby food sector [10][11]. - The company has faced quality issues with some of its OEM partners, leading to administrative penalties and the termination of contracts. The company reported a rising number of consumer complaints related to product quality during the reporting period [12][14]. Trademark Disputes - Ying's Holdings is involved in a trademark dispute with "YeeHoO," a brand under the Hailan Home Group, which has created uncertainty for the company's future. The dispute centers around the use of the "Ying's" trademark, with ongoing legal proceedings that could impact the company's operations [14][15]. - The company has indicated that the outcome of this trademark dispute could significantly affect its brand value and market confidence, especially given its heavy reliance on brand marketing [15].

Core Viewpoint - Ying's Holdings has successfully passed the IPO review at the Beijing Stock Exchange, aiming to become the "first stock in baby food" and the first new food company listed in nearly three years on the exchange. However, the company faces significant operational challenges, including a long-standing tendency to prioritize marketing over research and development, reliance on an OEM model leading to quality control pressures, and unresolved trademark disputes [2][4][18]. Group 1: Financial Performance - Ying's Holdings' main business segments are infant food and hygiene products, with infant food revenue reaching 864 million yuan in the first half of 2025, accounting for 76% of total revenue. The company expects revenue for 2025 to be between 2.213 billion and 2.295 billion yuan, representing a year-on-year growth of 12.11% to 16.26%, and a net profit attributable to shareholders of 235 million to 246 million yuan, with a growth of 11.44% to 16.58% [4][5]. - The company's sales expenses have significantly increased, with figures of 454 million yuan, 602 million yuan, and 721 million yuan from 2022 to 2024, resulting in sales expense ratios of 35.04%, 34.26%, and 36.53%, which are well above the average of about 27% for comparable companies [6][9]. - In contrast, R&D expenditures have been minimal, with amounts of 5.53 million yuan, 9.21 million yuan, and 17.15 million yuan from 2022 to 2024, resulting in R&D expense ratios below 1%, significantly lower than the average of about 2% for comparable companies [9][10]. Group 2: Operational Challenges - The company heavily relies on an OEM model, with the proportion of outsourced production increasing from 39.83% in 2022 to 55.10% in 2024. This model poses quality control risks, especially in the sensitive infant food sector [13][14]. - There have been quality issues with some of the company's OEM partners, leading to administrative penalties and the termination of partnerships. The company has faced numerous consumer complaints regarding product quality, which raises concerns about its ability to manage quality control effectively [15][18]. Group 3: Legal Risks - Ying's Holdings is involved in a trademark dispute with "YeeHoO," a high-end baby clothing brand, which adds uncertainty to its future. The company has filed a lawsuit against YeeHoO and others for trademark infringement, seeking damages of 600,000 yuan [18][19]. - The outcome of this trademark dispute is critical, as a negative result could severely impact the company's brand and market confidence, given its heavy reliance on brand marketing and the significant sales expenses exceeding 700 million yuan [19][20].

Core Viewpoint - Ying's Holdings Group Co., Ltd. is applying for an IPO, focusing on infant food, hygiene products, and children's food, with a significant revenue contribution from infant complementary food, which has a gross margin of 62.26% in the first half of this year, outperforming the industry average of 48.2% [1] Financial Performance - The gross margin for Ying's infant complementary food is 62.26%, while the gross margin for infant hygiene products is 43.77%, both exceeding their respective industry averages [1] - The gross margin for Ying's infant rice flour is nearly 70%, indicating a cost of only 30 yuan for every 100 yuan sold [1] - The gross margins for various product categories in recent years are as follows: - Rice flour: 69.45% in 2025 H1, 66.56% in 2024, 68.38% in 2023, and 68.40% in 2022 [2] - Biscuits: 54.51% in 2025 H1, 54.36% in 2024, 55.77% in 2023, and 56.66% in 2022 [2] - Noodles: 59.16% in 2025 H1, 59.07% in 2024, 57.22% in 2023, and 58.69% in 2022 [2] R&D Investment - Ying's Holdings has a low R&D investment as a percentage of revenue, at 0.87% for 2024 and 0.71% for 2025 H1, significantly below the industry average of 2.03% and 1.75% [2][3] - Despite lower R&D spending, the company achieves higher product gross margins compared to industry averages [3] Production and Quality Control - The company claims that its infant rice flour is produced by its wholly-owned subsidiary, but there are discrepancies in disclosures regarding the use of contract manufacturers for production [3] - The company acknowledges challenges in quality control due to the use of contract manufacturing, which could impact its operations and brand reputation if quality issues arise [5] - There have been multiple complaints regarding product safety on consumer platforms, indicating potential concerns about product quality [5]

中证报中证网讯（记者 刘英杰）日前，北京证券交易所上市委员会召开2025年第46次审议会议，审核 通过英氏控股集团股份有限公司的发行上市申请。本次发行由西部证券担任独家保荐机构及主承销商， 标志着西部证券在消费领域及区域企业资本服务方面再结硕果。 在消费升级与资本市场深化改革协同推进的背景下，西部证券深耕"区域深耕+赛道专攻"战略，重点关 注消费领域新质生产力的培育与发展。通过全链条的专业服务，西部证券已助力多家消费企业实现从区 域龙头到全国品牌的跨越。此次英氏控股项目进一步巩固了其在消费领域的保荐优势，展现了将金 融"活水"引入实体经济的实践成果。 据了解，英氏控股作为我国辅食分阶喂养的倡导者和先行者，长期致力于婴幼儿辅食添加的科学性、合 理性研究。在业绩与行业地位方面，英氏控股2022年—2024年主营业务收入分别为12.96亿元、17.58亿 元、19.74亿元，最近三年复合增长率达23.46%。 作为英氏控股的保荐机构，西部证券凭借对消费产业的深度理解与专业服务能力，成功护航这家国内婴 幼儿辅食龙头企业登陆资本市场。此次过会不仅是市场对英氏控股自身发展的认可，更是西部证券长期 聚焦消费赛道、精准服务区 ...

人民财讯12月22日电，12月22日，在北交所上市委员会2025年第46次审议会议上，英氏控股顺利过会， 冲刺"婴儿辅食第一股"。公司聚焦婴幼儿辅食领域，此次IPO拟募集3.34亿元，用于湖南英氏孕婴童产 业基地（二期）创新中心建设项目、婴幼儿即食营养粥生产建设项目、产线提质改造项目、全链路数智 化项目、品牌建设与推广项目。 转自：证券时报 ...

瞭望塔财经前言：北京证券交易所上市委员会的审议会议室内，英氏控股的上市申请材料在委员们手中传递，这份文件背后是一张由三股东协议维持的权力 平衡网，以及一批近600家分散且内控存疑的经销商。 瞭望塔财经发现，英氏控股集团股份有限公司的资本市场之路，呈现出显著的调整轨迹。这家以婴幼儿辅食为核心业务的公司，其"英氏"品牌在细分市场占 据领先地位，该业务贡献了公司近八成的营业收入，且毛利率长期维持在61%以上的水平。 瞭望塔财经获悉，英氏控股的上市进程始于2022年3月28日与西部证券股份有限公司签署辅导协议。此后，其上市路径经历了明确调整：在2023年6月完成了 上海证券交易所主板的上市辅导验收后，公司于2024年4月将上市板块变更为北京证券交易所。此番调整意味着公司第二次明确了其冲击资本市场的目的 地。 1、债务激增 英氏控股的财务结构在报告期内发生了显著变化，最突出的是有息债务的急剧增加。2022年至2024年期间，公司的债务结构从几乎无负债迅速转变为高负债 经营模式。 2022年，公司仅有178.93万元的短期债务，长期债务为零。2023年，这一数字略微增至232.59万元。但到了2024年，短期债务激增至5 ...

格隆汇新股 湖南长沙冲出一家婴幼儿辅食IPO，毛利率超55%！年入近20亿 原创 阅读全文 ...

Group 1: Policy Impact on Maternal and Infant Industry - The implementation of the "three-child" policy is expected to encourage childbirth, stimulating the maternal and infant industry. Various local governments are introducing subsidies and incentives to support this initiative, with a basic annual subsidy of 3,600 yuan per child for eligible families starting from January 1, 2025 [5][6][8]. Group 2: Market Growth and Trends - The maternal and infant consumption market in China is steadily increasing, with a projected market size of 7.6 trillion yuan in 2024, marking a recovery in birth rates with an increase of 520,000 births compared to 2023 [8][10]. - The retail scale of the dairy product market in China is expected to reach approximately 521.7 billion yuan in 2024, with a forecast of 596.7 billion yuan by 2026 [15][19]. - The infant complementary food market in China is anticipated to grow at a compound annual growth rate (CAGR) of 7.9%, reaching a market size of 81.75 billion yuan by 2029 [23][26]. - The maternal and infant chain industry is projected to grow from 999.5 billion yuan in 2025 to 1,405.2 billion yuan by 2029, with a CAGR of 8.9% [31][34]. Group 3: Company Analysis - Ying's Holdings is a leading enterprise in the infant complementary food sector, with a strong focus on research and development, achieving a revenue of 19.74 billion yuan in 2024, reflecting a CAGR of 27.9% from 2021 [43][46]. - Pregnant and Infant World is leveraging a digital and supply chain model for rapid expansion, reporting a revenue of 7.0 billion yuan in the first half of 2025, a year-on-year increase of 43.4% [42][48]. - Knight Dairy, based in Inner Mongolia, focuses on high-quality fresh milk resources and is positioned in the upstream of the dairy industry chain, with a revenue of 6.68 billion yuan in the first half of 2025, showing a year-on-year growth of 41% [42][34]. - Southern Dairy emphasizes high-value low-temperature strategies and has a leading market share in Guizhou, with a significant increase in net profit by 78.15% in the first half of 2025 [42][38]. Group 4: Market Structure and Dynamics - The maternal and infant industry chain is diverse, involving multiple segments such as food, textiles, and retail channels, with a significant portion of sales still occurring through offline channels [12][13][17]. - The online sales channel for maternal and infant products is rapidly increasing, with a projected share of 69.5% in 2024, reflecting a shift towards digital consumption [32][54]. - The market share of maternal and infant specialty stores is largest in third-tier and lower cities, which have a lower chain rate of approximately 30%, compared to 75-80% in first and second-tier cities [37][38].

Core Viewpoint - The 10th Suifenhe Port Trade Expo, held on September 11, 2023, in Suifenhe City, Heilongjiang Province, serves as a significant platform for cross-border trade, attracting over 500 enterprises and more than 2,000 professional buyers from various countries and regions, including Russia, Mongolia, and South Korea [2][4]. Group 1: Event Overview - The expo features the theme "New Tracks, New Business Formats, New Consumption, New Heights," and includes multiple specialized matchmaking activities aimed at enhancing cross-border investment and industrial cooperation opportunities [2]. - The event has a rich history, having been held for ten consecutive years, and continues to facilitate the entry of high-quality Russian products into the Chinese market [2]. Group 2: Participant Insights - Exhibitors from different countries showcased a variety of products, such as honey from Russia, baby food from South Korea, and agricultural and mineral resources from Mongolia, highlighting the diverse offerings at the expo [4]. - A representative from a Chinese cultural creative company expressed confidence in the expo's potential to promote Chinese intangible cultural heritage and aesthetic concepts to international markets, emphasizing the importance of finding suitable partners for broader market access [4].