高增长下的隐忧。 《投资者网》引力丨韩宜珈 近日，"辅食一哥"英氏控股申请上会，拟于北交所上市。 英氏控股的招股书，展示了一个高速增长的商业故事：营收从2022年的近13亿，一路冲到2024年的近20亿，同时占据着辅食市场的头把交椅。 然而，表面的风光之下，暗流早已涌动。北交所的两轮问询函直指核心：公司营收增长为何急剧失速？利润为何不增反降？更重要的是，营销投入与研发投 入的畸形、过半产品靠别人代工的模式都透露出这家企业背后的隐忧。 更引起市场担忧的是，面对监管的尖锐提问，英氏控股已两次延期回复。不禁让人好奇：这家靠营销驱动迅速崛起的公司，高增长的故事还能讲多久？ 头重脚轻的"盈利模型" 英氏控股是国内婴幼儿辅食行业龙头企业，主营业务涵盖婴童食品与婴幼儿卫生用品，旗下拥有"英氏""舒比奇""忆小口""伟灵格"等品牌，致力于满足0-12 岁儿童健康喂养与照护需求。 在今年6月，英氏控股正式递交招股书，冲击北交所。仅仅一个月后，监管的问询函就到了。这份函件提出了十多个关键问题，直指公司的业务模式、内控 和食品安全。 更值得关注的是后续发展。公司两次延期回复问询，并在2024年9月底，因财务报告过期主动中止了审核。 ...

Core Viewpoint - The IPO process of Ying's Holdings has been officially suspended after two delays, raising concerns about the company's ability to meet regulatory requirements and maintain market trust amid ongoing food safety issues and declining performance [1][2][11]. Group 1: IPO Process and Regulatory Challenges - Ying's Holdings has submitted an application to suspend its IPO review due to the impending expiration of the financial report cited in its prospectus, which is set to expire on December 31, 2024 [2]. - The company received a series of critical inquiries from the Beijing Stock Exchange, focusing on issues such as the stability of its shareholding structure, the necessity and rationality of fundraising projects, trademark disputes, and food safety risks [6][10]. - Ying's Holdings has requested extensions for responding to these inquiries twice, indicating a lack of preparedness in addressing regulatory scrutiny [10][11]. Group 2: Business Overview and Financial Performance - Established in 2014, Ying's Holdings specializes in infant food and hygiene products, with brands including "Ying's" baby food and "Shubiqi" diapers [5]. - The company's revenue growth has slowed significantly, with projected revenues of approximately 1.3 billion, 1.76 billion, and 1.97 billion yuan for 2022, 2023, and 2024, respectively, reflecting year-on-year growth rates of 37.4%, 35.7%, and 12.3% [28]. - The net profit attributable to the parent company is expected to decline by 4.4% in 2024, highlighting the pressure on profitability [28]. Group 3: Product Quality and Consumer Trust Issues - Recent reports have surfaced regarding food safety concerns, with consumers finding foreign objects in Ying's baby food products, leading to a surge in complaints [12][21]. - The company has acknowledged receiving numerous complaints about product quality but maintains that its production processes are designed to prevent such issues [15][21]. - The rising number of complaints and negative consumer feedback could jeopardize the brand's reputation and market position [34][38]. Group 4: Market Position and Competitive Landscape - The global infant food market is projected to grow from 179.86 billion yuan in 2019 to 225.71 billion yuan in 2024, with increasing consumer willingness to pay for quality [36]. - Ying's Holdings faces intense competition from both domestic and international brands, with its reliance on contract manufacturing raising concerns about quality control and supply chain management [35][36]. - The company must address ongoing quality issues and innovate to maintain its market share against competitors who are perceived to have superior product safety and innovation capabilities [38].

Core Viewpoint - Recent reports of foreign objects found in Ying's baby rice cereal have raised questions about its contract manufacturing model and R&D investment levels [1][2][3] Group 1: Company Operations and Production - Ying's customer service clarified that all rice cereal products are produced in their own factory in Changsha, Hunan, and denied any contract manufacturing claims [2][3] - The company has been the market leader in China's infant food sector for the past two years and plans to list on the North Exchange in 2024 [1][2] - In 2024, 55.1% of Ying's product procurement will be from contract manufacturers, raising concerns about potential food safety and quality risks [4][6] Group 2: Financial Performance and R&D Investment - Ying's revenue for 2022, 2023, and projected 2024 is reported as 12.96 billion, 17.58 billion, and 19.74 billion respectively, with net profits of 1.17 billion, 2.19 billion, and 2.1 billion [6][8] - R&D investment from 2022 to 2024 has been less than 1% of revenue, with a significant increase in 2024 to approximately 1714.83 million, raising questions about the rationale behind this increase [6][8] - The company has faced scrutiny regarding the effectiveness of its R&D efforts and the conversion of R&D projects into revenue [8][9] Group 3: Market Context and Challenges - The infant food market in China is projected to reach approximately 559.1 billion in 2024, with a compound annual growth rate of 8.9% from 2019 to 2024 [6] - Despite being a market leader, Ying faces challenges such as declining birth rates and the need for precise nutritional requirements in its product offerings [10][11] - The company has been criticized for its reliance on contract manufacturing, which may expose it to quality control issues [3][4]