Core Viewpoint - Ying's Holdings Group Co., Ltd. has applied for an IPO on the Beijing Stock Exchange, revealing a slowdown in revenue growth and a heavy reliance on its core infant food business [1][2]. Financial Performance - Revenue projections for 2022, 2023, and 2024 are 1.3 billion, 1.76 billion, and 1.97 billion yuan, respectively, with net profits of 120 million, 220 million, and 210 million yuan [1][2]. - Revenue growth rates are 37.4%, 35.7%, and 12.3% for the respective years, while net profit growth rates are 64.9%, 87.7%, and -4.4% [2]. - In Q1 2025, revenue increased by 12.3% to 540 million yuan, and net profit rose by 5.4% to 81.17 million yuan [2]. Business Model - The infant food business accounts for 79.75%, 82.35%, and 77.4% of total revenue from 2022 to 2024, with a stable gross margin of around 61% [2]. - The company has a high reliance on the OEM model, with revenues from contract manufacturing at 531 million, 696 million, and 540 million yuan for 2021, 2022, and the first half of 2023, respectively [3]. Marketing and R&D Expenses - Sales expense ratios are significantly high at 35.04%, 34.26%, and 36.53% from 2022 to 2024, exceeding the industry average of 27.75% [3]. - In 2024, sales expenses reached 720 million yuan, with over half attributed to e-commerce platform promotion and usage fees [3]. - R&D expenditures are low, with amounts of 5.53 million, 9.21 million, and 17.15 million yuan from 2022 to 2024, resulting in R&D expense ratios below 1% [3].

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]

Core Insights - Ying's Holdings initiated its IPO counseling on February 25, 2025, after previously withdrawing its IPO counseling filing on December 16, 2024 [1] - The company focuses on meeting the nutritional care needs of infants and young children in China, operating in two main business segments: infant food and hygiene products [1] - In 2024, Ying's Holdings reported a revenue of 1.974 billion yuan, representing a year-on-year growth of 12.29%, while its net profit attributable to shareholders decreased by 4.36% to 211 million yuan [1] Company Overview - Ying's Holdings was established on October 20, 2014, with a registered capital of 150.53 million yuan [2] - The company has no controlling shareholder; the actual controllers are Ma Wenbin, Wan Jianming, and Peng Min, who collectively control 52.02% of the company [2][3] - The company is classified under the manufacturing industry and is set to be listed on the National SME Share Transfer System with the stock code 874431 [2] Management Team - Ma Wenbin, born in June 1970, serves as the Chairman and General Manager of Ying's Holdings, with a background in industrial and decorative design [2][4] - Wan Jianming, born in July 1978, is the Vice Chairman and Deputy General Manager, holding a graduate diploma in integrated marketing communication [2][5] - Peng Min, born in November 1978, is a Director and Deputy General Manager, with a master's degree in business administration [2][5] - Yi Jia serves as the Board Secretary, with a background in law and experience in various administrative roles [6][7]