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 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]