英氏控股成立于2014年，主业为婴幼儿辅食，旗下有"英氏"辅食、"舒比奇"婴幼儿用品、"伟灵格"营养 食品、"忆小口"儿童食品等品牌。2024年4月23日，英氏控股于新三板挂牌，2025年6月份向北交所提交 上市申请。由于财务报告有效期限制，英氏控股9月份向北交所提交了中止审核的申请文件，后又于11 月份申请恢复审核。 据招股书数据，2022年至2024年，英氏控股分别实现营业收入13亿元、17.6亿元、19.7亿元。今年前三 季度，英氏控股实现营业收入16.78亿元，同比增长15.72%。 （文章来源：证券日报） 本报讯 （记者梁傲男）12月10日，英氏控股集团股份有限公司（以下简称"英氏控股"）发布《关于新 增承诺事项情形的公告》。 公司实际控制人、控股股东马文斌、万建明、彭敏承诺公司上市后，若涉嫌证券期货违法犯罪或重大违 规行为，若上市当年、第二年、第三年较上市前一年净利润下滑50%以上，将自愿限售直接或间接持有 的股份或延长其届时所持股份锁定期限。 同时，马文斌、万建明、彭敏承诺，"上市当年较上市前一年净利润下滑50%以上的，延长本人届时所 持股份锁定期限24个月；上市第二年较上市前一年净利润下滑50 ...

Core Viewpoint - Ying's Holdings Group Co., Ltd. has announced new commitment matters, indicating a potential advancement in its IPO process after resuming the listing review with the Beijing Stock Exchange on November 6 [1][13]. Group 1: Company Overview - Ying's Holdings, established in 2014, specializes in infant complementary foods, with brands including "Ying's" for complementary foods, "Shubiqi" for baby products, "Weilingge" for nutritional foods, and "Yixiaokou" for children's foods [1][12]. - The company was listed on the New Third Board on April 23, 2024, and submitted its application for listing on the Beijing Stock Exchange in June 2023 [1][12]. Group 2: IPO Process - Following the announcement of new commitments, there is speculation that Ying's Holdings is closer to completing its IPO process after resuming the review [1][13]. - The company had previously submitted a request to suspend the review in September due to the expiration of financial report validity [1][12]. Group 3: Regulatory Inquiries - The Beijing Stock Exchange issued an inquiry letter in July, raising 13 questions regarding the company's equity structure, trademark disputes, food safety in commissioned production, and R&D investments [1][14]. - Ying's Holdings responded with a comprehensive 552-page document addressing these inquiries five months later [2][14]. Group 4: Production and Quality Control - The company employs a mixed production model, with 55.1% of its production being outsourced in 2024 [3][16]. - Ying's Holdings has established a quality control system covering the entire supply chain, from raw material procurement to production and distribution [3][16]. Group 5: Consumer Feedback and Complaints - Consumer complaints have been a concern, with the number of complaints increasing from 63 in 2022 to 223 in 2023, and 494 complaints reported by December 10, 2023 [4][18]. - Issues reported include foreign objects found in products, such as "plastic" and "rice worms" in baby rice powder [6][18]. Group 6: Financial Performance - Ying's Holdings reported revenues of 1.3 billion yuan, 1.76 billion yuan, and 1.97 billion yuan for the years 2022 to 2024, with growth rates declining from 37.4% to 12.3% [12][28]. - The net profit for the same period was 120 million yuan, 220 million yuan, and 210 million yuan, showing a decrease of 4.4% in 2024 [12][28]. Group 7: Market Position and Challenges - The infant complementary food market in China is projected to reach approximately 55.91 billion yuan in 2024, with a compound annual growth rate of 7.9% over the next five years [10][26]. - Despite leading the market, Ying's Holdings faces challenges from declining birth rates, increased competition, and the need for product innovation and food safety improvements [12][28].

Group 1 - The core issue revolves around the delay in response from Ying's Holdings to the Beijing Stock Exchange's inquiry regarding its public offering application, with a request for an extension of 20 trading days to submit the response by September 4, 2025 [1] - The inquiry includes 13 questions focusing on the clarity of shareholding, stability of actual control, progress and impact of the "Ying's" trademark dispute, effectiveness of internal controls in the distribution model, and authenticity of terminal sales [1][3] Group 2 - Ying's Holdings, established in 2014, operates in the infant food and hygiene products sectors, with its "Ying's" brand leading in baby food sales for three consecutive years [2] - The company faces trademark disputes with another entity, YeeHoO, which specializes in high-end children's clothing and has been part of the Haian Group since 2017, leading to legal proceedings over shared brand names [2][3] Group 3 - Ying's Holdings has been criticized for its heavy marketing expenditures, which have significantly increased alongside its revenue growth, raising concerns about its focus on marketing over research and development [4][5] - From 2022 to 2024, Ying's Holdings reported revenues of 1.296 billion, 1.758 billion, and 1.974 billion yuan, with net profits of 117 million, 220 million, and 211 million yuan, reflecting a decline in profit growth in the latest year [4][5] Group 4 - The company’s sales expenses have also risen sharply, with figures of 454 million, 602 million, and 721 million yuan over the same period, indicating a sales expense ratio consistently above industry averages [5] - In contrast, research and development expenditures were significantly lower, with R&D personnel numbers and costs lagging behind sales expenses, prompting inquiries from the Beijing Stock Exchange regarding the rationale behind these financial allocations [5] Group 5 - The actual control of Ying's Holdings is held by three individuals, with a combined ownership of 52.02%, and they have signed a joint action agreement effective until December 2027 [6] - The Beijing Stock Exchange has requested further clarification on the relationships and agreements among various shareholders, including the rationale behind stock grants and transfers, to ensure transparency and compliance with regulations [7][8]

Core Viewpoint - Ying's Holdings Group Co., Ltd. has submitted an IPO application to the Beijing Stock Exchange, aiming to raise 334 million yuan for various projects, despite showing signs of declining performance in recent years [1][3]. Financial Performance - Ying's Holdings reported revenue of 1.296 billion yuan in 2022, 1.758 billion yuan in 2023, and 1.974 billion yuan in 2024, with year-on-year growth rates of 37.35%, 35.67%, and 12.29% respectively [3]. - The company's net profit attributable to shareholders was 117 million yuan in 2022, 220 million yuan in 2023, and 211 million yuan in 2024, with growth rates of 64.91%, 87.67%, and a decline of 4.36% [3]. - In the first quarter of 2025, the company achieved a revenue of 540 million yuan, a year-on-year increase of 12.29%, and a net profit of 79 million yuan, up 4.73% [3]. Business Segmentation - In 2024, the revenue from infant complementary food reached 1.524 billion yuan, growing by 5.48% and accounting for 77% of total revenue [5]. - Revenue from infant hygiene products was 340 million yuan, up 31.28%, making up 17% of total revenue [5]. - Revenue from children's food was 95 million yuan, showing a significant increase of 159.7%, representing 5% of total revenue [5]. Production and Quality Control - Ying's Holdings relies heavily on contract manufacturing for its products, with only rice flour produced in-house, leading to potential quality control issues [2][10]. - The company has faced consumer complaints regarding product quality, with issues reported on platforms like Black Cat Complaints and Xiaohongshu [2][10]. - The production capacity utilization rates for rice flour, diapers, and other products were 72.53%, 85.06%, and 85.73% respectively, indicating a reliance on external manufacturers for most products [11]. Marketing and R&D Expenditure - The company allocated nearly 40% of its revenue to marketing, with sales expenses increasing significantly from 454 million yuan in 2022 to 721 million yuan in 2024 [8]. - In contrast, R&D expenses were relatively low, at 6 million yuan, 9 million yuan, and 17 million yuan for the years 2022 to 2024, with R&D expense ratios of 0.43%, 0.52%, and 0.87% respectively [8].

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, a leading company in the infant food sector, has applied for an IPO on the Beijing Stock Exchange, aiming to raise funds for industrial base construction, brand development, and project promotion, while facing challenges related to quality control and marketing versus R&D investment [2][4][10]. Group 1: Company Overview - Ying's Holdings was established in 2014, focusing on infant food, with brands including "Ying's" and "Shu Bi Qi," and has ranked first in sales in the infant food market for three consecutive years [3][4]. - The company’s revenue from infant food has been stable, contributing approximately 79.75% to 82.35% of total revenue from 2022 to 2024, with a gross margin around 61% [6][4]. Group 2: Financial Performance - Revenue figures for Ying's Holdings from 2022 to 2024 were 1.3 billion, 1.76 billion, and 1.97 billion respectively, with year-on-year growth rates of 37.4%, 35.7%, and 12.3% [4]. - Net profit for the same period was 120 million, 220 million, and 210 million, with growth rates of 64.9%, 87.7%, and -4.4% [4]. - In Q1 2025, revenue grew by 12.3% to 540 million, and net profit increased by 5.4% to 81.17 million [4]. Group 3: Market Competition - The infant food market in China is becoming increasingly competitive, with international brands like Heinz and new entrants leveraging online channels to gain market share [3][4]. - Ying's Holdings faces challenges from both established international brands and emerging local brands, which are rapidly capturing market share [3][4]. Group 4: IPO and Fund Utilization - The company plans to raise 334 million for various projects, including 71.69 million for the Hunan Ying's maternity and infant industry base, 48.20 million for instant nutrition porridge production, and 94.05 million for brand promotion [4][5]. - Ying's Holdings is actively responding to inquiries from the Beijing Stock Exchange regarding its IPO application [4]. Group 5: Quality Control and Production Model - The company relies on a mix of self-production and outsourcing, with approximately 63.53% of revenue from outsourced production in 2023 [6][7]. - Quality control issues have arisen from the reliance on third-party manufacturers, leading to regulatory inquiries and consumer complaints [7][8]. Group 6: Marketing and R&D Investment - Ying's Holdings has a high marketing expense ratio, with sales expense rates of 35.04%, 34.26%, and 36.53% from 2022 to 2024, significantly above the industry average of 27.75% [10][11]. - R&D investment remains low, with R&D expense rates of 0.43%, 0.52%, and 0.87% during the same period, below the industry average of 2.03% [10][11].

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]