登录新浪财经APP 搜索【信披】查看更多考评等级 公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1、合肥恒鑫生活科技股份有限公司（以下简称"公司"）拟向共青城金朗股权投资合伙企业（有限合 伙）（以下简称"共青城金朗"）认缴出资人民币2,000万元。 2、共青城金朗投资方向为单一投资标的，即拟对君乐宝乳业集团股份有限公司（以下简称"君乐宝"） 进行定向股权投资，存在单一投资标的风险；且具有投资周期较长、流动性较低的特点，投资效益存在 不确定性等风险。 3、根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第7号一一交 易与关联交易》《合肥恒鑫生活科技股份有限公司章程》（以下简称"《公司章程》"）等相关规定，本 次共同投资无需提交公司董事会、股东会审议，不构成同业竞争和关联交易，亦不构成《上市公司重大 资产重组管理办法》规定的重大资产重组。 一、与专业投资机构共同投资概述 根据公司战略规划的需要，为进一步拓展公司业务领域，更好地借助专业机构的专业力量及资源优势， 整合各方资源，获取长期投资回报，提高公司的综合竞争力，公司拟 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在中国奶粉市场逐渐步入细分竞争的时代，羊奶粉与特殊医学用途配方食品成为资本关注的新焦点。近 期，继圣桐特医之后，宜品营养科技（青岛）集团股份有限公司（以下简称"宜品营养"）正式向港交所 递交招股书，拟在香港主板上市。作为国内羊奶粉行业第二大企业，宜品营养的上市动向引发市场广泛 关注。然而，在其看似亮眼的业绩背后，却隐藏着盈利波动、产能利用不足、库存高企等多重风险。 销售费用增速高于营收增速 今年上半年营收、净利双降 数据显示，宜品营养在过去三年中营业收入呈现稳步增长态势。2022年至2024年，公司营收分别为 14.02亿元、16.14亿元和17.62亿元。尽管收入规模持续扩大，但其净利润却出现明显波动。 高毛利却未能转化为稳定盈利的主要原因包括生产成本上升、销售及分销费用增加、行政开支扩大以及 资产减值损失等。 其中，2022年-2024年公司销售费用分别为2.4亿元、3.71亿元、4.32亿元，23年、24年销售费用同比增 长率分别达54.58%、16.44%，同期公司营收同比增速分别为15.17%、9.17%，增速显著低于销售费用 ...

特殊医学用途配方食品（以下简称"特医食品"）是指为了满足进食受限、消化吸收障碍、代谢紊乱或特 定疾病状态人群对营养素或膳食的特殊需要，专门加工配制而成的配方食品。该类产品必须在医生或临 床营养师指导下，单独食用或与其他食品配合食用。特医食品有两方面特性，一是属于食品范畴，不是 药品；二有特殊医学用途，可以满足进食受限、消化吸收障碍、代谢紊乱或特定疾病状态人群对膳食或 营养素的特殊需求。 编辑 李严 根据不同临床需求和适用人群，GB 29922-2025将特医食品分为三类：一是全营养配方食品，可作为单 一营养来源满足目标人群营养需求的特医食品。二是特定全营养配方食品，可作为单一营养来源满足目 标人群在特定疾病或医学状况下营养需求的特医食品。如肿瘤全营养配方食品，根据肿瘤患者代谢特点 设计的配方食品，可作为单一营养来源满足肿瘤患者的营养需求。三是非全营养配方食品，可满足目标 人群部分营养需求的特医食品，不适用于作为单一营养来源。 校对 穆祥桐 与原标准相比，GB 29922-2025主要修订内容包括：一是全营养配方食品方面，增加了产品类别、调整 了部分营养成分的技术要求，并新增附录A"部分1岁～10岁人群部分营养 ...

Core Viewpoint - The National Health Commission and the State Administration for Market Regulation have announced 32 new national food safety standards and 2 amendments, aiming to enhance the food safety standard system from farm to table, covering various key areas of consumer concern [1]. Group 1: Production Standards - The revised general hygiene standards for food production introduce stricter management requirements, emphasizing "prevention first, risk management, and full-process control" [2]. - New standards require measures to detect and eliminate parasites in food, addressing health risks associated with parasitic contamination [2]. - Management of allergenic substances is highlighted, with requirements for proper storage and handling to prevent cross-contamination, along with training for food production personnel [2][3]. Group 2: Railway Catering Standards - New hygiene standards for railway catering services establish specific safety control requirements for on-board meal preparation, cold chain supply, and online meal ordering [4]. - Cold chain meals must have automated packaging and rapid cooling capabilities, with strict timing for food preparation and delivery to ensure safety [4]. - The standards aim to enhance food safety management for millions of travelers [4]. Group 3: Dairy Product Standards - Amendments to the acidity standards for raw and sterilized milk reflect the evolving dairy industry, ensuring standards meet current production and storage conditions [5]. - The revised standards aim to protect the interests of dairy farms while promoting healthy industry development and providing consumers with higher quality dairy options [5]. Group 4: Special Nutritional Needs - The revised standards for special medical purpose formula foods expand product categories and detail nutritional requirements for specific diseases [7]. - The standards align with previously released guidelines for infant formula, ensuring nutritional support for patients of different ages, particularly those with cancer [7]. - As of now, China has issued a total of 1,725 food safety national standards, covering over 34 food categories [7].

天眼查App显示，近日，唐山谷兰德食品有限公司成立，法定代表人为陈宇童，注册资本100万人民 币，经营范围为许可项目：粮食加工食品生产;食品销售（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以批准文件或许可证件为准）一般项目：食用农产品初加工;食用农产 品批发;食用农产品零售;初级农产品收购;食品销售（仅销售预包装食品）;保健食品（预包装）销售;食 品互联网销售（仅销售预包装食品）;特殊医学用途配方食品销售;日用品销售（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - Yipin Group, a major player in the goat milk powder market, is facing challenges due to declining performance, high inventory turnover, and intense competition from industry giants [2][3][5]. Financial Performance - In the first half of 2025, Yipin Group reported revenue of 806 million yuan, a decrease of 10.36% compared to 900 million yuan in the same period of 2024; net profit fell by 42.57% to 56.688 million yuan [7]. - This marks the first time in recent years that both revenue and net profit have declined simultaneously, indicating a significant reduction in growth momentum [7]. - The decline in performance is attributed to packaging upgrades for infant goat milk powder, which delayed shipments from distributors [7]. Market Position and Competition - Yipin Group holds the second-largest market share in China's goat milk powder market at approximately 14%, but faces increasing pressure from leading companies like Ausnutria, which holds 24.8% market share [7][8]. - The competitive landscape is further complicated by cross-industry giants entering the market, such as Feihe, which has introduced mixed formula products that directly impact Yipin's core market [8]. Inventory Management - Yipin Group's inventory turnover period has extended to nearly one year, with inventory levels reaching 802 million yuan in the first half of 2025, indicating operational inefficiencies [10][11]. - The company reported inventory turnover days of 361 days, significantly higher than the industry average, leading to increased financial pressure and potential risks of inventory devaluation [11][12]. Research and Development - Yipin Group's R&D investment is notably low compared to industry leaders, with R&D expenses of only 4 million yuan in the first half of 2025, resulting in a R&D expense ratio of 0.5% [13]. - This lack of investment in R&D may hinder the company's ability to enhance its competitive edge in both goat milk powder and special medical food segments [13]. Governance and Shareholder Concerns - The company's ownership structure raises concerns, with the founder and related entities holding approximately 75.11% of shares, leading to potential governance issues [15][16]. - Yipin Group's plan to distribute significant dividends prior to its IPO has sparked debate regarding the protection of minority shareholders' interests [15][16]. Future Opportunities - Despite current challenges, Yipin Group has the potential to leverage its IPO to address issues such as R&D deficiencies and channel imbalances, which could lead to long-term growth [17]. - The company plans to use IPO proceeds for R&D center development, online channel expansion, and supply chain optimization, which could enhance its market position if executed effectively [17].

天眼查App显示，近日，盐亭县肖师傅小卖部（个体工商户）成立，法定代表人为肖大青，注册资本2 万人民币，经营范围为一般项目：特殊医学用途配方食品销售；宠物食品及用品批发；宠物食品及用品 零售；食品用塑料包装容器工具制品销售；互联网销售（除销售需要许可的商品）；个人互联网直播服 务；食用农产品批发。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：食 品销售；食品互联网销售；食品生产；小餐饮、小食杂、食品小作坊经营；食品小作坊经营。（依法须 经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为 准）。 ...

天眼查App显示，近日，徐州卿本佳人糖水有限公司成立，法定代表人为罗卿，注册资本5万人民币， 经营范围为许可项目：食品销售；食品互联网销售；饮料生产；食品生产；预制菜销售；预制菜加工； 餐饮服务（不产生油烟、异味、废气）；食品经营管理（依法须经批准的项目，经相关部门批准后方可 开展经营活动，具体经营项目以审批结果为准）一般项目：食品销售（仅销售预包装食品）；食品互联 网销售（仅销售预包装食品）；外卖递送服务；餐饮管理；特殊医学用途配方食品销售；保健食品（预 包装）销售；蔬菜、水果和坚果加工；未经加工的坚果、干果销售；新鲜水果零售；食用农产品零售； 包装服务；技术推广服务；市场营销策划（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

天眼查App显示，近日，重庆津舟生物科技有限公司成立，法定代表人为徐金涛，注册资本100万人民 币，经营范围为许可项目：化妆品生产；卫生用品和一次性使用医疗用品生产；生活美容服务；检验检 测服务；第二类医疗器械生产。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以相关部门批准文件或许可证件为准） 一般项目：化妆品批发；卫生用品和一次性使用医疗用 品销售；个人卫生用品销售；互联网销售（ 除销售需要许可的商品）；日用化工专用设备制造；日用 化学产品销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；货物进出口；技术 进出口；进出口代理；化工产品销售（不含许可类化工产品）；生物化工产品技术研发；细胞技术研发 和应用；第一类医疗器械销售；第一类医疗器械生产；第二类医疗器械销售；特殊医学用途配方食品销 售；健康咨询服务（不含诊疗服务）。（ 除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

天眼查App显示，近日，张家港市杨舍镇阿米娅食品店（个体工商户）成立，法定代表人为丁涛，注册 资本10万人民币，经营范围为一般项目：保健食品（预包装）销售；食品销售（仅销售预包装食品）； 食品互联网销售（仅销售预包装食品）；特殊医学用途配方食品销售；食品用塑料包装容器工具制品销 售；食品进出口；外卖递送服务（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...