来源：财中社 2025年婴配粉领域迎来多家IPO企业，资本青睐的特配粉领域先迎来圣桐特医，再迎宜品营养科技集团 股份有限公司（下称"宜品营养"）。 《财中社》观察到，巧合的是两家奶粉商创始人均来自山东青岛老牌乳企圣元国际。牛奶婴配粉领域很 难有新品牌的生存空间，但羊奶粉和特配粉等小众赛道还有转机。 特配粉和羊奶粉"榜眼"赴港上市 今年5月，率先开启IPO的是特配粉行业第一圣桐特医，出身圣元国际旗下的特医食品事业部，成立于 2019年，专注特医食品产品的开发、生产及销售。现年65岁的青岛圣元乳业创始人张亮，第三次带领企 业IPO上市。 接着8月底，紧紧追在圣桐特医身后的特配粉行业第二宜品营养同样开启IPO，宜品营养主营羊奶粉及 特配粉两个赛道。 根据公开报道，宜品营养在2021年实现18.6亿元营收，同比增长19.2%；净利润同比大增75.8%至2.7亿 元。在2022年时，宜品营养曾透露今年业绩规划：未来三年营收目标定在30亿－50亿元，按照此前销售 收入从2019年12亿元增至2021年的近20亿曲线变化或许能达成，如今这个计划却不止腰斩。 与之相比，羊奶粉"一哥"澳优（01717）在今年上半年录得收入38 ...

Core Viewpoint - The article discusses the potential of Yipin Nutrition, a leading player in the niche goat milk powder market, as it embarks on its IPO journey in Hong Kong amidst a competitive landscape dominated by major brands [1][5]. Company Overview - Yipin Nutrition is positioned as the second-largest player in the Chinese goat milk powder market with a market share of 14.0% and 17.6% in the infant formula goat milk powder segment [1][2]. - The company operates a full industry chain model, ensuring quality and stability in its supply of goat milk through self-owned farms and factories [2][3]. - Yipin Nutrition's product range includes various brands catering to different market segments, with a focus on low-allergen dairy products [2][3]. Financial Performance - The company's revenue has shown a steady increase from 1.402 billion yuan in 2022 to an expected 1.762 billion yuan in 2024, although there was a decline of 10.34% in the first half of 2025 [3][4]. - The gross profit margin has improved, reaching 50.9% in the first half of 2025, indicating strong profitability compared to industry leaders [3][4]. Market Dynamics - The infant formula market in China is undergoing a transformation due to declining birth rates and stringent regulatory standards, leading to increased market concentration [5][6]. - The goat milk powder segment is expected to grow, with retail sales projected to rise from 20.8 billion yuan in 2020 to 31.8 billion yuan by 2029, reflecting a compound annual growth rate of 4.9% [6][7]. Competitive Landscape - The market is characterized by a few dominant players, with significant market share held by brands like Feihe and Danone, creating high entry barriers for new entrants [7]. - Yipin Nutrition faces challenges in brand recognition and marketing compared to larger competitors, necessitating increased investment in consumer engagement and brand building [7].