此次赴港上市，该公司拟将IPO募资金额用于研发、产业链升级及智能制造、品牌建设及产品营销、国 际扩张以及加强公司的数字化基础设施等。 8月31日，总部位于山东青岛的宜品营养科技(青岛)集团股份有限公司(下称"宜品营养")向港交所递交主 板上市申请，海通国际、中信建投国际为联席保荐人。 根据弗若斯特沙利文报告的数据，以2024年对应产品的零售额计，宜品集团在中国羊奶粉市场排名第 二，市场份额为14.0%;在中国婴幼儿配方羊奶粉市场排名第二，市场份额为17.6%;在中国婴儿特殊医学 用途配方食品市场中，排名中国本土品牌第二，市场份额为4.5%。 毛利率高达50%，细分赛道"小而美" 作为羊奶粉行业"老二"，宜品营养的基本面显然不乏可圈可点之处。 （原标题：新股前瞻|高潜力赛道VS巨头垄断态势明显，羊奶粉"小而美"宜品营养如何破局?） 随着小众需求走向大众视野，羊奶粉细分赛道龙头——宜品营养也开启了赴港上市之旅。 高潜力细分赛道VS巨头垄断态势明显 总体来看，中国婴幼儿奶粉行业正处于一个 "总量见顶，结构升级" 的深度调整与转型期。 一方面是由于核心驱动因素消失，中国新生儿人口连续多年下降(2023年出生人口902 ...

随着小众需求走向大众视野，羊奶粉细分赛道龙头——宜品营养也开启了赴港上市之旅。 8月31日，总部位于山东青岛的宜品营养科技(青岛)集团股份有限公司(下称"宜品营养")向港交所递交主 板上市申请，海通国际、中信建投（601066）国际为联席保荐人。 根据弗若斯特沙利文报告的数据，以2024年对应产品的零售额计，宜品集团在中国羊奶粉市场排名第 二，市场份额为14.0%;在中国婴幼儿配方羊奶粉市场排名第二，市场份额为17.6%;在中国婴儿特殊医学 用途配方食品市场中，排名中国本土品牌第二，市场份额为4.5%。 此次赴港上市，该公司拟将IPO募资金额用于研发、产业链升级及智能制造、品牌建设及产品营销、国 际扩张以及加强公司的数字化基础设施等。 作为羊奶粉行业"老二"，宜品营养的基本面显然不乏可圈可点之处。 据智通财经获悉，宜品营养是一家全产业链乳制品企业，主要专注于研发、生产和经销低致敏乳制品。 公司全产业链模式涵盖了乳制品生产从上游的自有牧场、原料奶采购和核心配料(例如羊乳清)供应和加 工，到中游的配方和生产，再到下游的品牌推广、经销和消费者互动的整个价值链。 具体而言，宜品宜品在国内外(如西班牙、韩国、中国黑龙江 ...

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 ...

近日，宜品营养科技（青岛）集团股份有限公司（简称"宜品集团"）向港交所递表，有望成为继贝因 美、澳优、健合、飞鹤之后的又一家奶粉上市企业。 上市申请文件显示，宜品集团主攻低敏概念的婴幼儿配方羊奶粉与特殊医学用途配方食品，2024年位列 中国羊奶粉市场第二，特医食品市场内资品牌第二。2022年至2024年，宜品集团收入保持增长，但整体 利润有所下降。2025年上半年，宜品集团受婴幼儿配方羊奶粉换装导致的出货量下降等影响，收入同比 减少10.4%。 从纽曼思健康食品控股有限公司（简称"纽曼思"）到陕西红星美羚乳业股份有限公司（简称"红星美 羚"），再到如今的宜品集团，以羊奶粉作为突破口谋求上市机会的企业不在少数。但从结局来看，"藻 油第一股"纽曼思放弃了奶粉业务，陕西羊奶粉企业红星美羚上市闯关失败，宜品集团押宝的配方羊奶 粉、婴儿特医食品也面临着激烈竞争。在业内看来，未来成人营养市场前景向好，宜品集团需要进行产 品结构调整。 针对产品换装调整是否到位、成人营养产品布局等问题，宜品集团方面9月3日回复新京报记者称，公司 目前处于上市窗口期不便回复，一切以上市申请文件内容为主。 宜品集团赴港上市 上述数据也反映出宜品 ...

Core Viewpoint - The implementation of the national childcare subsidy system has led to a surge in IPO applications from maternal and infant companies, including Yipin Nutrition Technology (Qingdao) Group Co., Ltd., which has submitted its prospectus for listing on the Hong Kong Stock Exchange [1][13]. Company Overview - Yipin Nutrition was founded by Miao Shanbo, who took over a struggling state-owned factory in Heilongjiang at the age of 32 and transformed it into a profitable enterprise, navigating through the turbulent times of the dairy industry [1][4][5]. - The company has developed its own brand and expanded into overseas markets, reflecting the growth of China's dairy industry and the booming maternal and infant sector [1][7]. Financial Performance - Yipin Nutrition's revenue from 2022 to the first half of 2025 shows a steady increase, with revenues of 14.02 billion, 16.14 billion, 17.62 billion, and 8.06 billion RMB respectively [10][11]. - The gross profit for the same periods was 6.33 billion, 8.05 billion, 8.79 billion, and 4.10 billion RMB, with net profits of 2.27 billion, 1.68 billion, 1.72 billion, and 0.57 billion RMB [10][11]. Market Position - Yipin Nutrition focuses on the production of goat milk powder and special medical purpose formula foods, primarily targeting consumers with high sensitivity to traditional dairy products [8][12]. - The company ranks second in the Chinese goat milk powder market with a market share of 14.0% and also holds a 17.6% market share in the infant formula goat milk powder segment [12][13]. Industry Trends - The recent implementation of the childcare subsidy program is expected to boost the maternal and infant market, with significant growth projected in the coming years [13][14]. - The overall Chinese maternal and infant market is anticipated to reach 5 trillion RMB by 2025, with a potential growth to 10 trillion RMB by 2030 [14]. Future Outlook - Miao Shanbo has ambitious plans for the company, aiming for revenues to reach 30 billion RMB within two years and 30-50 billion RMB in the next 3-5 years [12]. - The company is part of a broader trend of maternal and infant companies seeking IPOs, reflecting a growing interest in high-quality consumer products despite concerns about declining birth rates [15].

以下文章来源于天天IPO ，作者杨文静 属于 早期乳业人 的创业历程逐渐远去，宜品背后是中国乳业黄金时代的缩影，也映照着 的母婴赛道的热闹一幕。 东北老乡，干出一个IPO 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 母婴IPO集体赶来。 作者 I 杨文静 报道 I 投资界-天天IPO 随着国家育儿补贴制度实施方案落地，一批母婴企业奔赴IPO。近日，宜品营养科技（青 岛 ） 集 团 股 份 有 限 公 司 （ 简 称 " 宜 品 乳 业 " ） 向 港 交 所 递 交 招 股 书 ， 拟 香 港 主 板 挂 牌 上 市。 身后掌舵者是一位5 1岁的黑龙江老乡。32岁离职创业，牟善波将一家濒临关停的国营老 厂救活，带着宜品乳业挺过行业最动荡的时期，发展自有品牌，进军海外市场，最后走 到了IPO门前。 这是一个来自东北的创业故事。 19 74年，牟善波出生于黑龙江省北安市，后就读天津轻工学院乳制品专业。19 9 6年大学 毕业后，牟善波进入淄博得益乳业从事技术工作，两年后青岛圣元乳业成立，牟善波决 定跳槽。 他在圣元乳业从基层业务员一路做到总经理，赶上了中国乳制品行业" ...

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 Insights - The company ranks second in both the Chinese goat milk powder market and the infant special medical food market for local brands in 2024 [2] - Despite its significant market position, the company's prospectus reveals concerning signals, including a notable decline in performance in the first half of 2025, internal control compliance issues, and multiple uncertainties facing its special medical food business [2] Financial Performance - The company's revenue and net profit from 2022 to 2024 were as follows: - Revenue: 1.402 billion RMB (2022), 1.614 billion RMB (2023), 1.762 billion RMB (2024) - Net Profit: 227 million RMB (2022), 168 million RMB (2023), 172 million RMB (2024) [7] - In the first half of 2025, the company reported a revenue of 806 million RMB, a year-on-year decrease of 10.4%, and a net profit of 56.7 million RMB, down 42.6% year-on-year [8][9] Business Segments - The main business segments include infant goat milk powder, special medical food, infant cow milk powder, adult and children's milk powder, and OEM and dairy-related materials [3] - The revenue contributions for 2024 were 58.6% from infant goat milk powder and 12.4% from special medical food [3] Market Dynamics - The decline in revenue is attributed to a temporary adjustment in shipping schedules due to packaging updates, which affected the sales volume of infant goat milk powder, leading to an 18.6% year-on-year revenue drop [9] - The goat milk powder market in China is characterized as promotional and educational, with limited growth in market capacity, leading to increased competition with cow milk powder products [9] Profitability Trends - The company's net profit margin has been declining, with figures of 16.2% (2022), 10.4% (2023), 9.8% (2024), and 7.0% (first half of 2025) [11] - The increase in sales and distribution expenses, which rose from 17.1% of revenue in 2022 to 28.9% in the first half of 2025, reflects the intense competition in the milk powder market [11] Internal Control Issues - The company has disclosed multiple internal control deficiencies, including non-compliance with social insurance payments, exceeding labor dispatch limits, and potential property ownership issues [12] - There are concerns regarding the company's compliance governance capabilities, particularly in light of past issues with employee-related sales and the potential for regulatory scrutiny [12] Research and Development - The company has seen a reduction in R&D investment, with expenditures decreasing from 19.91 million RMB in 2022 to 8.01 million RMB in 2024, representing a declining percentage of revenue [18] - Despite the growth potential in the special medical food sector, the company faces challenges in maintaining competitive product development due to insufficient R&D investment [17][18] Product Quality Concerns - In March 2024, the company's product, a special medical infant formula, was reported to have quality discrepancies compared to its labeled values, raising concerns about product quality [19]

Core Viewpoint - Yipin Nutrition, the second-largest player in China's goat milk powder market, is officially pursuing an IPO on the Hong Kong Stock Exchange, despite facing significant revenue and profit declines in recent periods [1][3]. Group 1: Company Overview - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has a history dating back to 1956 and holds a 14% market share in the goat milk powder sector as of 2024, ranking second in the industry [1]. - The company operates a full industry chain in dairy products, focusing on low-allergen dairy products, including infant formula goat milk powder, special medical purpose foods, and other dairy-related materials [3]. Group 2: Financial Performance - Yipin Nutrition's revenue for the years 2022 to the first half of 2025 was reported as follows: 14.02 billion yuan, 16.14 billion yuan, 17.62 billion yuan, and 8.06 billion yuan, with a year-on-year decline of 10.36% in the first half of 2025 [3][4]. - Net profit figures for the same period were 2.27 billion yuan, 1.68 billion yuan, 1.72 billion yuan, and 570 million yuan, reflecting a significant year-on-year drop of 42.57% in the first half of 2025 [3][4]. Group 3: Product Performance - The infant formula goat milk powder segment, which is a key revenue driver, saw a revenue decline to 4.48 billion yuan in the first half of 2025, down 18.58% year-on-year, with its revenue share decreasing from 61.2% in the first half of 2024 to 55.6% [4]. - The infant formula cow milk powder also experienced a revenue drop, with figures of 2.16 billion yuan, 1.59 billion yuan, 1.39 billion yuan, and 550 million yuan from 2022 to the first half of 2025, marking a 22.49% decline in the first half of 2025 [4]. Group 4: Strategic Focus - In response to declining performance in traditional product lines, Yipin Nutrition is focusing on expanding its special medical purpose food business, which has shown strong growth potential [5][6]. - Revenue from special medical purpose foods increased from 24 million yuan in 2022 to 1.3 billion yuan in the first half of 2025, with a year-on-year growth of 29.23% [6]. - 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 [6]. Group 5: Competitive Landscape - The special medical purpose food market is highly concentrated, with the top five companies expected to account for 90.8% of retail sales by 2024, while Yipin Nutrition's market share in this segment is only 4.5% [7]. - The company has initiated its special medical food development since 2016 and currently has four approved products, with more in the pipeline [7].

Core Viewpoint - Yipin Nutrition Technology (Qingdao) Group Co., Ltd. has submitted an application for a main board listing on the Hong Kong Stock Exchange, focusing on goat milk powder and special medical foods, despite facing significant challenges in its business performance and internal controls [1][3]. Group 1: Market Position and Financial Performance - In 2024, Yipin ranked second in both the Chinese goat milk powder market and the domestic infant special medical food market [3]. - The company's revenue for 2022, 2023, and 2024 was RMB 1.402 billion, RMB 1.614 billion, and RMB 1.762 billion, respectively, with net profits of RMB 227 million, RMB 168 million, and RMB 172 million [7]. - For the first half of 2025, Yipin reported a revenue of RMB 806 million, a year-on-year decline of 10.4%, and a net profit of RMB 56.7 million, down 42.6% year-on-year [8][9]. Group 2: Business Segments and Revenue Contribution - Yipin's main business segments include infant goat milk powder, special medical foods, infant cow milk powder, adult and children's milk powder, and OEM and dairy-related materials [4]. - In 2024, infant goat milk powder contributed 58.6% to total revenue, while special medical foods accounted for 12.4% [4][10]. Group 3: Challenges and Risks - The company faces significant challenges, including a notable decline in performance in the first half of 2025, attributed to packaging updates affecting product exposure and sales [9]. - Yipin's internal controls have been flagged for multiple deficiencies, including issues with social insurance payments and labor dispatch exceeding legal limits [12]. - The special medical food segment, while growing, faces high regulatory barriers and market competition, with Yipin's market share being relatively small compared to industry leaders [16][17]. Group 4: Research and Development - Yipin's investment in research and development has decreased from RMB 19.91 million in 2022 to RMB 8.01 million in 2024, representing a declining percentage of total revenue [18]. - The company has received approval for four special medical food products, with 15 more in the registration phase, indicating potential for future growth despite current challenges [14][18].