近期，英氏控股首发申请顺利过会，拟在北交所开启上市征程。 作为婴幼儿辅食市场曾经的"一哥"，英氏控股虽在市场销量上取得过亮眼成绩，但此次IPO背后，业绩 大幅波动、重营销轻研发、产能闲置以及品控问题频发等状况，为其未来发展蒙上了一层阴影，也让市 场对英氏控股上市后的表现充满担忧。 01 管理费为研发费近10倍 2005年12月22日，北交所上市委员会2025年第46次审议会议结果公告显示，英氏控股首发申请获上市委 会议通过，公司拟在北交所上市。 作为婴幼儿辅食"一哥"，英氏控股在婴幼儿辅食市场独占鳌头。 对比来看，2022年至2024年以及2025年上半年，英氏控股销售费用分别为4.54亿元、6.02亿 元、7.21亿元和3.97亿元，三年半合计21.74亿元，约占营业收入的35%，为研发费用的54 倍。 而且，这三年半，英氏控股管理费用达3.95亿元，为公司研发费用近10倍。 根据多家知名的市场研究机构确认，英氏控股销售额已超越诸多外资品牌，在2022年至2024年婴幼儿辅 食市场销量连续三年排名第一。 不过，招股书显示，英氏控股的业绩波动很大。2022年至2024年，分别实现营业收入13亿元、17.6亿元 ...

宏利消费红利指数A（008928）基金经理为李婷婷。 截至发稿，李婷婷累计任职时间4年4天，现任基金资产总规模25.29亿元，任职期间最佳基金回报 38.88%， 任职期间最差基金回报-35.89%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 12月31日，百亚股份跌1%，截至发稿，报21.72元/股，成交4546.16万元，换手率0.48%，总市值93.32亿 元。 资料显示，重庆百亚卫生用品股份有限公司位于重庆市九龙坡区奥体路1号上城国际5栋25楼，成立日期 2010年11月29日，上市日期2020年9月21日，公司主营业务涉及一次性卫生用品的研发、生产和销售,是 国内一次性卫生用品行业的知名综合性企业。主营业务收入构成为：卫生巾95.67%，ODM2.20%，纸尿 裤2.13%。 从基金十大重仓股角度 数据显示，宏利基金旗下1只基金重仓百亚股份。宏利消费红利指数A（008928）三季度持有股数87.03 万股，占基金净值比例为2.19%，位 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：基本面力场 最近有一家公司正在申请在北交所IPO，公司全称是英氏控股集团股份有限公司，股票简称为英氏控股 （874431），保荐机构为西部证券，保荐代表人是韩星、瞿孝龙。 公开资料显示，英氏控股以满足中国婴幼儿的营养照护需求为核心，长期致力于婴幼儿辅食添加的科学 性、合理性研究，核心产品包括以米粉为主的婴幼儿辅食，以及纸尿裤、成长裤等婴幼儿卫生用品。 业绩表现其实还是挺令人担忧的，经过了2022年和2023年的快速增长之后，2024年却有了呈现增长乏力 的迹象、归母净利同比为-4.36%，今年预计净利润同比为11.44%至16.58%，似有回暖，但是在新生儿 数量持续减少的大背景下，英氏控股未来的业绩也将面临更大挑战。 对此，英氏控股在招股书中也不讳言，专门把"人口出生率下滑风险"单独列了出来，披露到：如若未来 人口出生率持续下滑，将会影响公司所处的婴幼儿辅食及卫生用品行业规模及增速，从而对公司的经营 业绩产生不利影响。 大体情况就是这样，而力场君则关注到业绩数据之外的一些情况，也挺有意思的，特拿出来做一个记录 和分享。 话说在今年8月，英氏控股的核心产 ...

Overall Summary - The quality supervision sampling conducted by the Jinzhou Market Supervision Administration included 93 batches of products, with a non-compliance rate of 3.4% for sales units, while no non-compliance was found among production enterprises [1][2][3][4]. Group 1: Product Categories - Plastic shopping bags (including biodegradable bags) were tested against national standards, revealing non-compliance in environmental requirements [1][2]. - Hygiene paper products showed no quality issues during the inspection [2][3]. - Down products (down jackets) passed all quality tests without any issues [2][3]. - Bedding products (including student cotton products) were compliant with all relevant standards [2][3]. - Cement products were found to meet all quality standards [2][3]. - Eyewear (including myopia and presbyopia glasses) had non-compliance in optical center lateral deviation [2][3]. - Adult and infant diapers had non-compliance in product sales labeling [3][4]. - Firefighting equipment (fire extinguishers) passed all quality tests [3][4]. - Children's toys were compliant with safety standards [3][4]. Group 2: Compliance Rates - The overall non-compliance rate for sales units was 3.4%, with 2 sales units out of 68 failing the quality tests [1][2]. - Specific non-compliance issues included environmental requirements for plastic shopping bags and labeling for diapers [3][4].

锚定特定客群，不同集团以中产及高净值人群为目标用户画像，该类人群收入相对稳定，且更注重品牌 调性、产品功能性，对价格相对不敏感；品牌定位精准，品类具有延伸性，"高端耐用"的母婴品牌定 位，婴童推车&婴儿床&安全座椅等明星产品具有单品价值高、客单价高的特点，且基于场景可自然延 伸产品线至婴童护理以及喂养品类，复购率高。 智通财经APP获悉，招商证券发布研报称，首次覆盖给予不同集团(06090)"增持"评级，公司作为中高端 母婴用品品牌，品牌定位清晰、产品开发能力强、渠道开拓能力强的优势，海外市场扩张打开后续成长 空间，以中产及高净值人群为目标用户画像，通过婴童推车&婴儿床&安全座椅等明星产品打造高端耐 用的母婴品牌定位，延伸产品线至婴童护理以及喂养等高频高复购品类。携手小红书意见领袖快速提升 品牌势能，多渠道共同发力。 招商证券主要观点如下： 业绩简报 不同集团(BeBeBus)作为高净值人群的高品质育儿代表品牌，近年业绩表现突出。收入规模从2022年的 5.07亿元快速增长至2024年的12.49亿元，年复合增速达57%。净利润2024年盈利0.59亿元，2025H1营收 7.26亿元/+25%，净利润0.4 ...

携手小红书意见领袖快速提升品牌势能，多渠道共同发力 不同集团(BeBeBus)作为高净值人群的高品质育儿代表品牌，近年业绩表现突出。收入规模从2022年的 5.07亿元快速增长至2024年的12.49亿元，年复合增速达57%。净利润2024年盈利0.59亿元，2025H1营收 7.26亿元/+25%，净利润0.49亿元/+72%。 纵观公司发展历程，公司于2019年正式推出核心品牌BeBeBus，聚焦于高价值人群家庭，致力打造全球 领先的母婴童时尚生活方式品牌，目前产品涵盖亲子出行、宝宝睡眠、亲子喂养、卫生护理四大关键场 景，包括婴儿车、安全座椅、餐椅、婴童睡袋、纸尿裤等。分品类看，近年婴儿护理和喂养场景成为主 要增长驱动，增长点从早期的出行场景转移，2025H1婴儿护理(占比42%)已反超出行场景(占比36%)成 为占比最高的品类，睡眠场景占比14%，喂养场景占比提升至9%。分渠道看，2025H1公司线上收入超 70%，早期崛起依赖于线上渠道，当前线下渠道积极开拓，2025H1线上线下（300959）增长相对平均 (+23%/+30%)。高端产品定位带来溢价，公司毛利率稳定在50%左右，2022年-2025 ...

Summary of Leshu Group's Conference Call Company Overview - Leshu Group holds a leading position in the diaper and sanitary napkin market in Africa, with significant market shares in countries like Ghana, Cameroon, and Kenya. The company has established 18 sales branches in 12 countries, covering over 30 countries and serving more than 25 million customers, showcasing a strong first-mover advantage [2][3][4]. Core Business Insights - The group has built an efficient and robust global supply chain with 44 production lines across eight African countries. The design capacity for diapers exceeds 5.5 billion yuan, while sanitary napkins exceed 2.5 billion yuan. Local manufacturing shortens sales cycles, and global centralized procurement ensures stable raw material supply [2][3][4]. - Leshu Group collaborates with international consulting firms to establish a digital management system, enhancing decision-making efficiency [2][3]. - The company's ESG strategy drives four strategic directions, with a localization employee training strategy resulting in 90.5% of employees being locally hired, promoting win-win cooperation [2][5]. Market Dynamics - Emerging markets like Africa exhibit strong economic vitality and growth potential, with a youthful population and rising consumer power. Africa accounts for approximately 37% to 38% of the world's annual newborns, creating a substantial market opportunity [6]. - High import tariffs (around 25%) in Africa encourage local production, while supportive government policies in countries like Ghana boost demand for sanitary products [6][10]. Competitive Advantages - Leshu Group's core advantages include: 1. First-mover advantage in the sanitary products market in Africa, establishing strong manufacturing barriers [7]. 2. An efficient global supply chain centered on international manufacturing [7]. 3. A localization strategy that emphasizes local employee training [7]. - These advantages enable the company to effectively respond to challenges in emerging markets and maintain a competitive edge [8]. Financial Performance - The company experienced rapid business growth in 2023, with a revenue increase of 19% year-on-year for the first half of 2025, driven by core regional focus, cost control, tariff advantages, and new factory openings. The gross profit margin remains stable between 33% and 35.5% [4][19][20]. Future Growth Potential - The sanitary napkin market in Africa is projected to grow significantly, with the female population expected to reach 1.2 to 1.3 billion by 2050. The usage rate of sanitary napkins among African women is anticipated to rise to two-thirds, compared to current usage rates in China [9]. - Leshu Group plans to expand its product categories beyond diapers and sanitary napkins, exploring related food sectors and considering greenfield investments or acquisitions [29]. Challenges and Strategies - Entering the African market presents challenges such as time barriers and insufficient market knowledge. The company emphasizes the importance of local experience for effective decision-making [10][11]. - Leshu Group's digital operations enhance competitiveness through partnerships with leading firms like IBM and Deloitte, achieving comprehensive digital management across various functions [13]. Regional Focus: Ghana - Ghana is a strategic market for Leshu Group, characterized by a stable political environment and significant economic growth. The government has implemented policies that support economic development, making it an attractive investment destination [45][46]. - The company has established a strong presence in Ghana, with a diversified product strategy catering to different consumer needs and leveraging local market dynamics [55][56]. Conclusion - Leshu Group is well-positioned for continued growth in emerging markets, particularly in Africa, through its robust supply chain, localized strategies, and commitment to digital transformation. The company aims to maintain its leadership in the sanitary products sector while exploring new growth opportunities in related markets.

中国质量新闻网讯 近日，天津市河东区市场监督管理局网站发布2025年产品质量监督抽查结果。 附原文： 24 流通领域 车用乙醇汽油(E10) 壳牌华北石油集团有限公司靖江路加油站 95号 25 流通领域 聚氯乙烯绝缘聚氯乙烯护套软电缆 天津市河东区盛世宏达电缆经营部 RVV 300/500V 2×2.5 27 流通领域 静态塑胶玩具/超轻粘土 天津华润万家生活超市有限公司泰兴路分公司 HW-1225 28 流通领域 解压捏捏乐 天津华润万家生活超市有限公司泰兴路分公司 SA1285 29 流通领域 金装净味120 2和1内墙乳胶漆 天津市名家木林装饰材料经营部 5升/桶 白色面漆 30 流通领域 白乳胶 天津市名家木林装饰材料经营部 3kg/桶 31 流通领域 中性笔 天津华润万家生活超市有限公司泰兴路分公司 0.5mm 32 流通领域 橡皮擦 天津市河东区诺优百货有限公司 No.7537 33 流通领域 小米充电宝10000mAh 22.5W 森峘（天津）商贸有限公司 P8100DZM 34 流通领域 电动自行车 天津市河东区宏达电动自行车经营部 TDT1348-2Z 35 流通领域 电动自行车用锂离子蓄电 ...

Investment Highlights - Company is initiating coverage on Leshushi (02698) with an "outperform" rating and a target price of HKD 40.00, corresponding to a 24x P/E for 2026 [1] - Leshushi is a leading player in the African hygiene products market, benefiting from a localized approach that capitalizes on growth opportunities in emerging markets [1] Market Potential - The hygiene product consumption space in emerging markets is vast, with Africa, Latin America, and Central Asia projected to have CAGRs of 7.9%, 3.0%, and 4.8% respectively from 2025 to 2029, the highest globally [2] - Leshushi is expected to hold market shares of 20.3% in diapers and 15.6% in sanitary napkins in Africa by 2024, with potential for further expansion [1][2] Business Model - Leshushi has established a deeply localized business model that includes strong local manufacturing capabilities, cost advantages, and a differentiated product offering tailored to local needs [2] - The company has developed a comprehensive distribution network that covers over 80% of the population in core markets, supported by a mature global management structure with 90% local employees [2] Growth Strategy - The company aims to expand its market share in Africa while leveraging its experience to enter Latin America and Central Asia, thus unlocking further growth potential [2] - In addition to its core diaper category, Leshushi is rapidly growing its sanitary napkin segment and plans to expand into other complementary product categories such as pull-ups and wet wipes [2] Financial Projections - Earnings per share (EPS) are projected to be USD 0.19 and USD 0.22 for 2025 and 2026 respectively, with a CAGR of 21.1% from 2024 to 2026 [2] - The current stock price corresponds to P/E ratios of 23x and 19x for 2025 and 2026, respectively, indicating a 24% upside potential based on the target price [2]

Core Viewpoint - CICC initiates coverage on Leshushi (02698) with an "outperform" rating and a target price of HKD 40.00, implying a 24% upside based on a 24x P/E for 2026, while the current stock price reflects 23x and 19x P/E for 2025 and 2026 respectively, indicating market undervaluation of the company's localized advantages and growth potential in emerging markets [1][2] Group 1 - Leshushi is a leading player in the African hygiene products market, benefiting from a deep localization strategy that aligns with local market needs, thus capitalizing on growth opportunities in emerging markets [2][3] - The company is projected to have a market share of 20.3% in the African diaper market and 15.6% in the sanitary napkin market by 2024, with expectations of further widening its competitive advantage [3][4] Group 2 - Leshushi's deep localization strategy encompasses four dimensions: manufacturing, branding, distribution, and management, which collectively create a strong competitive moat [4] - The company plans to expand its market share in Africa while leveraging its experience to enter Latin America and Central Asia, thus unlocking further growth potential [5] - In addition to its core diaper category, Leshushi is rapidly growing its sanitary napkin segment and aims to expand into other complementary product categories such as pull-ups and wet wipes [5]