在婴幼儿辅食市场竞争日益激烈的今天，一个品牌如何超越产品的物理功能，与新生代父母建立起深层 的情感联结？国产领军品牌英氏控股给出了自己的答案。 通过携手知名艺人、新晋妈妈金靖，并推出一系列极具共鸣的沟通内容，英氏控股正成功地将"科学喂 养"这一专业理念，转化为年轻父母乐于接受和分享的生活态度。 近期，由英氏控股与金靖联合推出的广告片《超会养的人选英氏》，通过三个生活场景自然串联，清晰 传递出英氏"科学5阶喂养"的核心主张，并将专业的喂养方法论凝练成一句朗朗上口的"抓时机、分阶 段、要坚持"九字育儿箴言。 早在2020年，英氏控股便提出了"科学5阶精准喂养体系"，以月龄与体征为综合标准划分宝宝成长阶 段，并构建了完善的高品质产品矩阵，为各阶段精准匹配辅食解决方案。 今年，英氏控股正式宣布金靖成为"英氏辅食分阶喂养首席合作伙伴"。 此次合作并非简单的明星代言，而是一次精准的战略选择。金靖以其真实、幽默、不设"完美妈妈"人设 的亲民形象，深度契合了当代年轻父母追求真实、拒绝焦虑的育儿心态。 长期以来，复杂的婴幼儿喂养知识是许多新手父母的"痛点"。 英氏控股敏锐地捕捉到这一点，创新性地推出了"1阶初适应、2阶练咀嚼、 ...

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].

Core Viewpoint - Ying's Holdings is expanding its business scope beyond food and diapers, potentially entering the skincare market through its subsidiary Hunan Shubiqi, which has recently registered changes to its business operations [1][4]. Business Expansion - Hunan Shubiqi has added two key business areas: retail of cosmetics and online sales of pre-packaged food, indicating a strategic move into the skincare sector [4]. - Ying's Holdings was established in 2014, focusing on infant food and hygiene products, with brands like "Ying's" and "Shubiqi" [4]. Financial Performance - The company reported revenue growth from 1.296 billion yuan in 2022 to 1.974 billion yuan in 2024, but the year-on-year growth rate has significantly declined from 37.35% in 2022 to 12.35% in 2024 [5]. - Net profit has also decreased, with figures of 117 million yuan in 2022, 220 million yuan in 2023, and 211 million yuan in 2024, showing a negative growth rate of -4.37% in 2024 [5]. Cost Structure - The increase in sales expenses is a major factor contributing to the company's "increased revenue without increased profit" issue, with sales expenses rising from 454 million yuan in 2022 to 721 million yuan in 2024 [6]. - Research and development (R&D) expenditures are significantly lower compared to sales expenses, with R&D costs of only 17.14 million yuan in 2024 [6]. Recent Developments - In the first half of 2025, Ying's Holdings reported a revenue of 1.132 billion yuan, a year-on-year increase of 18.75%, and a net profit of 153 million yuan, up 17.77% [7]. - Despite improved financial results, the company faced scrutiny from the Beijing Stock Exchange regarding its high sales expense ratio compared to industry peers, leading to a request for clarification on its financial practices [8]. Challenges - The company is dealing with multiple negative issues, including trademark disputes, high marketing costs, and insufficient R&D investment, which could impact its market reputation and future valuation [8].

Core Viewpoint - Ying's Holdings has terminated its listing application on the Beijing Stock Exchange after failing to update its financial data within the extended deadline, marking a failed attempt to go public after nine months of efforts [1][2]. Group 1: Company Overview - Ying's Holdings, established in 2014, operates in the infant food and hygiene products sectors, with brands including "Ying's" for baby food and "Shubiqi" for infant supplies [2]. - The company was listed on the New Third Board in April 2024 and submitted its application for listing on the Beijing Stock Exchange in June 2025 [2]. Group 2: Financial Performance - From 2022 to 2024, Ying's Holdings reported revenues of 1.296 billion, 1.758 billion, and 1.974 billion yuan, showing a year-on-year growth rate that decreased from 37.35% in 2022 to 12.35% in 2024 [3]. - The net profit for the same period was 117 million, 220 million, and 211 million yuan, with growth rates declining from 64.91% in 2022 to -4.37% in 2024 [3]. - The significant increase in sales expenses is identified as the main reason for the company's inability to convert revenue growth into profit [3][4]. Group 3: Expense Analysis - Sales expenses rose from 454 million to 721 million yuan between 2022 and 2024, with sales expense ratios exceeding industry averages at 35.04%, 34.26%, and 36.53% respectively [4]. - Research and development (R&D) expenditures were notably low, with R&D personnel increasing from 19 to 33 but expenses only reaching 17.14 million yuan in 2024, which is significantly less than sales expenses [5]. Group 4: Regulatory Challenges - The Beijing Stock Exchange raised inquiries regarding the high sales expense ratio compared to peers and requested clarifications on various operational aspects, including trademark disputes and sales authenticity [5]. - Ying's Holdings requested an extension to respond to these inquiries but failed to meet the deadline before the listing review was suspended [5].

Core Viewpoint - The company, Ying's Holdings, is facing significant challenges in its IPO process, including delays in responding to regulatory inquiries and ongoing issues related to trademark disputes, high marketing costs, and insufficient R&D investment, which are negatively impacting its market reputation and financial performance [1][2]. Financial Performance - Ying's Holdings reported revenue growth from 1.296 billion yuan in 2022 to 1.974 billion yuan in 2024, but the growth rate has significantly slowed, dropping from 37.35% in 2022 to 12.35% in 2024 [3]. - The net profit showed a decline, with figures of 117 million yuan in 2022, 220 million yuan in 2023, and a decrease to 211 million yuan in 2024, resulting in a negative growth rate of -4.37% in 2024 after two years of substantial increases [3]. Expense Analysis - In 2024, the company's sales expenses reached 721 million yuan, accounting for 36.53% of total revenue, which is higher than the average of comparable companies [4]. - R&D expenses were significantly lower, with only 17.15 million yuan in 2024, indicating a lack of investment in innovation compared to sales expenses [5]. Regulatory Challenges - The company has faced scrutiny from the North Exchange regarding the high sales expense ratio and the adequacy of its marketing expenditures, which raises concerns about the sustainability of its business model [5]. - Ying's Holdings has been required to clarify the necessity and feasibility of its fundraising projects, which include significant investments in production and brand development [8]. Product Quality Issues - The company has been repeatedly criticized for quality issues, particularly with its baby food products, which have been reported to contain foreign objects, leading to consumer complaints and damaging its reputation [6][7]. - The frequency of complaints regarding product safety has raised doubts about the company's commitment to maintaining quality standards in its offerings [7].

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].