智通财经记者 | 马越 智通财经编辑 | 牙韩翔 "羊奶粉到底是不是智商税？"——在小红书等社交平台，这是关于该品类最常见的消费者讨论。在有关婴幼儿羊奶粉的宣传中，推荐理由大多是 适合对牛奶过敏的婴儿食用，主要卖点就是低致敏性、易吸收等等，但相较于刚需的牛奶粉，仍有相当多的家长们对羊奶粉抱有怀疑态度。 "在母婴店做活动时尝了一下羊奶粉口感有点怪。"家住上海的90后新手妈妈王琦告诉智通财经，她最终还是决定给孩子买传统的牛奶粉，如果以 后遇到过敏问题再考虑更换。 但小众的羊奶粉在中国市场已经形成"暗战"。市面上的品牌包括佳贝艾特、蓝河、荷莱蕊、维爱佳等，以及国产乳业巨头伊利、蒙牛、君乐宝、 飞鹤等也在羊奶粉领域做出布局。 近日则又有一个主打羊奶粉的企业冲击IPO。宜品营养科技（青岛）集团股份有限公司（以下简称"宜品集团"）正式向港交所递交招股说明书，拟 主板挂牌上市。宜品集团成立于2012年7月，产品矩阵涵盖婴幼儿配方羊奶粉、特殊医学用途配方食品、婴幼儿配方牛奶粉、儿童及成人配方奶粉 产品等。 店 图片来源：宜品小羊天猫旗舰 2022年至2024年，宜品集团的营收分别为14.02亿元、16.14亿元和17.62亿 ...

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has officially initiated its IPO process on the Hong Kong Stock Exchange, showcasing steady revenue growth but facing short-term performance pressures in 2025 [1][4]. Financial Performance - The company's revenue increased from 1.402 billion yuan in 2022 to 1.762 billion yuan in 2024, with a growth rate of 15.1% in 2023 and a slowdown to 9.2% in 2024 [4]. - In the first half of 2025, revenue dropped by 10.36% to 806 million yuan, and net profit fell by 42.57% to 56.688 million yuan, indicating short-term challenges [1][6]. Market Position and Industry Landscape - Yipin holds a 14% market share in the rapidly growing Chinese goat milk powder market, which is projected to reach 19.25 billion yuan in 2024, with an expected growth rate of 15.2% [2]. - The company ranks second in the infant formula goat milk powder segment with a 17.6% market share and second in the special medical purpose food segment with a 4.5% market share [2]. Product Diversification - The company’s main business segments include infant formula goat milk powder, special medical purpose foods, and adult nutrition products, with infant formula goat milk powder accounting for 58.6% of total revenue in 2024 [7]. - Special medical purpose foods are the fastest-growing segment, with revenue increasing from 24 million yuan in 2022 to 219 million yuan in 2024, reflecting a compound annual growth rate of 203.3% [7]. Global Expansion and Supply Chain - Yipin has established a comprehensive supply chain, including a large dairy farm in Heilongjiang and a modern goat farm in Shandong, along with a production base in Galicia, Spain, which is expected to produce 25% of the EU's goat whey powder in 2024 [2][3]. - The Spanish factory not only ensures stable supply of core raw materials but also enables the company to export products to the European market, contributing 322 million yuan in revenue from overseas markets in 2024 [3]. Shareholder Structure - The major shareholder, Mr. Miao Shanbo, holds approximately 75.11% of the company’s shares, indicating strong control over the company [6]. Future Outlook - The company plans to use the proceeds from the IPO for research and development, supply chain upgrades, brand building, international expansion, and digital infrastructure enhancement [7][8].

Core Viewpoint - Yipin Nutrition, the second-largest player in China's goat milk powder market, is preparing for an IPO on the Hong Kong Stock Exchange, but faces significant revenue and profit declines in its recent financial performance [1][3]. Financial Performance - Yipin Nutrition's revenue for 2022, 2023, 2024, and the first half of 2025 was 14.02 billion, 16.14 billion, 17.62 billion, and 8.06 billion yuan respectively, with net profits of 2.27 billion, 1.68 billion, 1.72 billion, and 566.88 million yuan [3][4]. - In the first half of 2025, revenue and net profit decreased by 10.36% and 42.57% year-on-year [3][4]. Product Performance - The company's main revenue driver, infant goat milk powder, saw a revenue drop to 4.48 billion yuan in the first half of 2025, down 18.58% from 5.5 billion yuan in the same period of 2024, with its revenue share decreasing from 61.2% to 55.6% [4]. - Revenue from infant cow milk powder also declined, with first half 2025 revenue at 550 million yuan, a 22.49% decrease from the previous year [4]. Strategic Focus - Yipin Nutrition is shifting its focus to special medical purpose foods (SMPF) to drive new growth, with revenue from this segment increasing from 240 million yuan in 2022 to 2.19 billion yuan in 2024, and 1.3 billion yuan in the first half of 2025, representing a 29.23% year-on-year growth [7][8]. - The market for special medical purpose foods is projected to grow significantly, with an expected compound annual growth rate of 18.2% from 2024 to 2029 [7]. Competitive Landscape - The special medical purpose food market is highly concentrated, with the top five companies accounting for 90.8% of retail sales in 2024, and Yipin Nutrition holding only a 4.5% market share in the infant segment [8].

Group 1: Market Overview - The goat milk powder market is experiencing significant growth, expanding from a sales figure of 300 million in 2008 to a projected market size of 25 billion by 2024, with potential to reach 100 billion in the next eight years [1] - The increase in market share is attributed to a rise in brand numbers and marketing efforts, as well as a growing number of children with allergies, making goat milk powder a preferred choice due to its low allergenic properties and ease of absorption compared to cow's milk [1] Group 2: Company Insights - Yipin Dairy, founded by industry veteran Miao Shanbo, has captured a 14% market share in China's goat milk powder sector, positioning itself as the second-largest player after Aoyou's Kabrita [1] - Yipin Group focuses on goat milk powder and special medical formula foods, with a product range that includes infant formula goat milk powder and special medical formula foods, supported by its own pastures and strategic procurement bases abroad [2] Group 3: Financial Performance - Yipin Group has shown impressive financial results, with revenues of 1.402 billion, 1.614 billion, 1.762 billion, and 806 million from 2022 to the first half of 2025, maintaining net profits at the billion level [5] - Despite high marketing expenses, Yipin Group benefits from high gross and net profit margins, outperforming traditional milk powder giants like Yili and Mengniu, which have lower margins [5] Group 4: Competitive Landscape - The booming goat milk powder market has attracted competition from major dairy companies such as Yili, Mengniu, and Junlebao, which are entering the market through acquisitions or partnerships [5] - Yipin Dairy continues to grow steadily, leveraging its solid product foundation and effective marketing strategies to navigate the competitive landscape [5]

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on goat milk powder and special medical purpose formula foods, targeting consumers with special nutritional needs [1][2] Group 1: Company Overview - Yipin Group's product offerings include infant goat milk powder, special medical purpose formula foods, infant cow milk powder, and specialized milk powder for children and adults [1] - The company ranks second in the overall goat milk powder market in China with a market share of 14.0% and also holds the second position in the infant goat milk powder segment with a market share of 17.6% [1] - In the specialized medical food sector, Yipin Group ranks fifth overall and second among domestic brands, with a market share of 4.5% [1] Group 2: Financial Performance - Yipin Group's revenue for the years 2022 to 2024 is projected to be 1.4 billion yuan, 1.61 billion yuan, and 1.76 billion yuan respectively, with net profits of 227 million yuan, 168 million yuan, and 172 million yuan during the same period [1] Group 3: Growth Drivers and Future Plans - The revenue of Yipin Group's special medical food business has a compound annual growth rate of 203.3%, serving as a key driver for the company's overall performance [2] - The company plans to deepen its specialization in goat milk powder, develop a "low-allergen feeding" scientific understanding, and leverage its technological advantages in low-allergen nutrition and process innovation to promote special medical purpose formula foods [2] - Yipin Group aims to expand its presence in the adult nutrition sector, responding to the growing demand for health management and functional consumption, and seeks to create a more diversified and sustainable growth engine in the global dairy industry [2]

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, focusing on the high-potential sectors of goat milk powder and special medical purpose formula foods [1][2] Company Overview - Yipin Group is recognized as a leading nutrition technology group in China, specializing in goat milk powder and special medical purpose formula foods, providing solutions for consumers with special nutritional needs [1] - The company offers a diverse product matrix, including infant goat milk powder, special medical purpose formula foods, and adult-specific milk powders, forming a comprehensive nutrition service system for all life stages [1] Market Position - According to a report by Frost & Sullivan, Yipin Group ranks second in the overall goat milk powder market in China with a market share of 14.0% as of 2024 [1] - In the infant goat milk powder segment, the company also holds the second position with a market share of 17.6% [1] - In the highly competitive infant special medical purpose food sector, Yipin Group ranks fifth overall and second among domestic brands, with a market share of 4.5% [1] Financial Performance - For the fiscal years 2022 to 2024, Yipin Group achieved revenues of 1.4 billion yuan, 1.61 billion yuan, and 1.76 billion yuan, indicating steady growth [2] - The company's profits for the same period were 227 million yuan, 168 million yuan, and 172 million yuan, showcasing a positive trend in financial performance [2] - Notably, the revenue from the special medical purpose food segment has a compound annual growth rate of 203.3%, serving as a key driver for the company's overall growth [2] Future Development Strategy - Yipin Group aims to deepen its specialization in goat milk powder and establish a scientific understanding of "low-allergen feeding" [2] - The company plans to leverage its technological advantages in low-allergen nutrition and processes to promote the development of special medical purpose formula foods [2] - There is a commitment to expanding global operations and exploring overseas market opportunities, alongside increasing investments in the adult nutrition sector to meet the growing demand for health management and functional consumption [2]

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on the goat milk powder and special medical purpose formula food sectors, despite experiencing a decline in revenue and net profit in the first half of 2025 [1][2]. Company Overview - Yipin Nutrition specializes in a product matrix that includes infant formula goat milk powder, special medical purpose formula food, infant formula cow milk powder, and milk powder for children and adults [1]. - The company is controlled by Mou Shanbo, Qingdao Kangwang Investment Management Co., Ltd., and Qingdao Qiwan Investment Center (Limited Partnership), collectively holding 75.11% of the shares [1][3]. Financial Performance - In the first half of 2025, the company reported a revenue of 806 million yuan and a net profit of 56.688 million yuan, representing a year-on-year decline of 10.36% and 42.57%, respectively [2]. - Historical revenue and net profit figures are as follows: - 2022: Revenue 1.402 billion yuan, Net Profit 227 million yuan - 2023: Revenue 1.614 billion yuan, Net Profit 168 million yuan - 2024: Revenue 1.762 billion yuan, Net Profit 172 million yuan [2]. Market Position - According to Frost & Sullivan, Yipin Nutrition ranks second in China's goat milk powder market with a market share of 14%, and second in the infant formula goat milk powder market with a market share of 17.6% [2]. - The company also ranks second among domestic brands in the infant special medical purpose formula food market, holding a market share of 4.5% [2]. Supply Chain and Customer Base - Yipin Nutrition's supply chain encompasses the entire value chain of dairy production, including self-owned pastures, raw milk procurement, and core ingredient supply [2]. - The company operates its own pastures in Heilongjiang and Shandong, and has a strategic procurement base in Spain, which is one of the largest producers of goat whey powder globally [2]. - Major customers include large regional distributors, e-commerce distributors, manufacturers, food companies, and OEM brand owners [5]. Future Development Strategy - The company aims to deepen its specialization in goat milk powder, develop a "low-allergen feeding" scientific understanding, and promote the growth of special medical purpose formula food [6]. - Yipin Nutrition plans to explore overseas market opportunities and increase investment in the adult nutrition sector to meet the growing demand for health management and functional consumption [6].

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become a new player in the dairy industry [1][3]. Company Overview - Yipin Group specializes in goat milk powder and special medical formula foods, targeting consumers of all ages, particularly those with allergies, lactose intolerance, or poor digestion [3]. - The company traces its origins back to a state-owned dairy factory established in 1956, undergoing several ownership changes and rebranding before becoming Yipin Group in 2018 [5][6][10]. Financial Performance - Yipin Group reported revenues of approximately RMB 14.02 billion, RMB 16.14 billion, and RMB 17.62 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 2.27 billion, RMB 1.68 billion, and RMB 1.72 billion [10][11]. - In the first half of 2025, the company experienced a revenue decline of about 10% year-on-year, with revenues of approximately RMB 8.06 billion compared to RMB 9.00 billion in the same period of 2024 [9][12]. Product Segmentation - The company's product mix includes infant formula goat milk powder, special medical formula foods, infant formula cow milk powder, and adult and children's formula products, with infant formula goat milk powder being the primary revenue contributor [10][12]. - Revenue from infant formula goat milk powder decreased from RMB 5.50 billion in the first half of 2024 to RMB 4.48 billion in 2025, attributed to a packaging transition affecting sales visibility [12][13]. Cash Flow and Dividends - Despite a decrease in revenue, Yipin Group maintains a strong cash reserve, with cash and cash equivalents of approximately RMB 3.22 billion as of June 2025 [14]. - The company has issued significant dividends, totaling approximately RMB 2.5 billion in 2023, indicating a commitment to returning value to shareholders [14][15].

2024年在中国羊奶粉市场占据14.0%的份额。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，宜品营养科技（青岛）集团股份有限公司（以下简称"宜品集团"）于2025年8月 31日正式向港交所递交招股说明书，拟主板挂牌上市，海通国际和中信建投国际担任联席保荐人。 最早可追溯至1956年的宜品作为一家营养科技集团，专注于羊奶粉及特殊医学用途配方食品领域， 为全年龄段消费者，特别是易过敏、乳糖不耐受或消化吸收不良人群提供高营养、易吸收、低致敏的 解决方案，产品矩阵涵盖婴幼儿配方羊奶粉、特殊医学用途配方食品、婴幼儿配方牛奶粉、儿童及成 人配方奶粉产品等。 2022年至2024年，宜品的净利润分别为2.27亿元、1.68亿元和1.72亿元； 今年上半年，宜品的净 利润为0.57亿元，2024年同期为0.99亿元 。 宜品在招股书中表示，IPO募集所得资金净额将主要用于研发，以提升产品配方及相关技术；产业链 升级和智能制造，以支持产能提升及生产工艺升级；品牌建设及产品营销，以加强消费者意识及加快 市场渗透；国际扩张，以建立和加强 在主要国际市场的业务；加强 ...