继2024年5月首次递表失效后，圣桐特医营养健康科技股份有限公司（下称"圣桐特医"）于近期再次向 港交所递交了IPO招股书。作为本土特医食品牌的先行者，背靠圣元集团大树，并获弘晖基金、创新工 场、高瓴创投等知名机构加持，圣桐特医IPO前估值已达26亿元人民币。 然而，光鲜的资本背书的B面，公司目前仍存在诸多隐忧。包括营收首降、利润波动大；单一业务依赖 明显；重营销轻研发但相比竞品市场认知度仍然较低；生产高度依赖关联方，独立性存疑；在累计亏 损、负债承压背景下IPO前"清仓式"分红等。 营收下滑、扣非净利增速骤降 重营销轻研发市场认知度仍难敌竞品 从财务数据看，报告期内公司业绩疲态已现。2022年至2024年，公司营收从4.91亿元增至8.34亿元，年 复合增长率达30.4%。而2025年上半年，公司实现营收3.97亿元，同比下降5.28%。 从净利润表现看，公司盈利质量不稳定且受非经营因素干扰大。2023年，公司实现净利润1.7亿元，同 比增长103.18%，随后2024年骤降44.77%至9414万元。公司解释2024年下滑主要受金融工具公允价值变 动损失拖累，经调整后净利润呈增长。但大幅波动本身就说明公司 ...

Core Viewpoint - Nestlé faces a significant challenge in the Chinese market due to a global food safety alert that has led to the recall of infant formula products, coinciding with strategic adjustments within the company [2][4]. Group 1: Product Recall and Safety Concerns - Nestlé announced a preventive recall of infant formula in 31 countries, including China, due to potential contamination from a supplier's raw material [2][4]. - The recall involves 30 batches of products from four brands, including "Liduo Jing" and "Platinum Neng En," while major products like "Super Q Neng En" and "Qifu" remain unaffected [4]. - The recall is a precautionary measure, with no reported consumer illnesses, but it raises concerns about consumer trust in Nestlé's products [4][15]. Group 2: Management Changes and Strategic Adjustments - A new management team for Nestlé's nutrition business in China has been established, led by CEO Xie Guoyao, who faces immediate challenges due to the recall [5][8]. - The merger of Nestlé's infant nutrition business with Wyeth aims to enhance operational efficiency, but the recall tests the new team's ability to manage crises and maintain consumer trust [5][8]. - The new CEO, Kais Marzouki, has been tasked with reversing a trend of declining sales in the Chinese market, which has seen a drop from 6.913 billion Swiss francs in 2019 to 5.558 billion Swiss francs in 2024 [10]. Group 3: Market Performance and Competitive Landscape - Nestlé's infant nutrition business has struggled, with market share dropping from approximately 13% in 2019 to 10.7% in 2022, facing competition from local brands like Feihe and Junlebao [5][7]. - The company has experienced a -6.1% organic growth rate in the Greater China region, with the infant nutrition segment being a significant contributor to this decline [7][10]. - Local brands are gaining market share by leveraging localized formulas and lower prices, further challenging Nestlé's position in the market [13]. Group 4: Global Restructuring and Cost-Cutting Measures - Nestlé plans to lay off 16,000 employees globally, aiming for annual cost savings of 1 billion Swiss francs by 2027, with a focus on replacing human labor with technology [12][14]. - The restructuring includes optimizing overlapping white-collar positions, which may provide financial flexibility for investment in technology and food safety in China [12][14]. - Despite these efforts, there are concerns about the impact of layoffs on research and development capabilities, as well as the potential for increased scrutiny from consumers regarding product safety [13][15]. Group 5: Future Outlook and Challenges - The year 2026 is seen as a critical period for Nestlé in China, as the effectiveness of the merged nutrition business and the new management strategies will be tested [15]. - The company must address the immediate fallout from the recall while also adapting to changing consumer demands and accelerating product innovation to regain market share [15].

2026年初，全球食品行业巨头雀巢集团的一则召回公告引发全球关注。 1月5日，雀巢公司正式宣布，因供应商提供的某一原料存在"质量问题"，在德国、奥地利、丹麦、意大利、瑞典等欧洲国家预防性召回一批婴儿配方奶 粉。 与此同时，雀巢在其官方网站发布声明称，已对可能受影响的产品开展花生四烯酸（ARA）油脂及相关油脂混合物检测，截至公告发布时，尚未接到因 食用该配方奶粉导致不适或患病的报告。 | | | 作为全球婴幼儿配方奶粉市场的重要参与者，雀巢此次风波不仅牵动万千家庭的神经，也再次引发公众对跨国食品企业的审视。 截图自雀巢全球官网 1月7日，雀巢中国方面回应中新经纬称，雀巢欧洲部分市场对婴幼儿配方奶粉产品启动了预防性回收措施，中国市场少数产品可能受到影响。作为预防性 举措，已经对部分特定批次的婴幼儿配方奶粉进行了回收。截至目前，尚未收到与相关产品有关的任何不适报告。 "区别对待"已成惯性？ 作为拥有一百多年历史的知名奶粉品牌，"雀巢"是不少家庭的选择之一。在奶粉新国标的影响下，雀巢方面也对部分配料表进行了一系列的调整。据不完 全统计，雀巢旗下的超启能恩、卓淳能恩、启赋蕴萃、启赋蕴淳、启赋、惠氏铂臻、惠氏莹萃等品牌， ...

Core Viewpoint - Saintong Special Medical (Qingdao) Nutrition Health Technology Co., Ltd. is preparing for an IPO in Hong Kong, backed by the dairy giant Shengyuan Group, and is positioned as a leading player in the special medical food market for infants in China, with a projected revenue CAGR of 30.3% from 2022 to 2024 [1][5]. Group 1: Company Overview - Saintong Special Medical was established in 2019, evolving from Shengyuan Group's special medical division, and has received investments from notable institutions such as Honghui Fund and Hillhouse Capital [5]. - The company holds the most infant special medical food registration certificates in China and aims to leverage this advantage in the market [1][11]. Group 2: Market Position and Financial Performance - In 2024, Saintong is projected to capture 9.5% of the infant special medical food market, ranking third in the industry, while two foreign giants dominate with a combined market share of approximately 75% [3][9]. - Revenue is expected to grow from RMB 491.2 million in 2022 to RMB 834.1 million in 2024, with a gross margin consistently above 71% [4][25]. Group 3: Sales and Distribution Challenges - Despite strong revenue growth, the brand's presence in major retail outlets is limited, with reports indicating that many stores do not carry its products [3][15]. - The company's online sales are significantly lower compared to competitors, with historical sales of only 2,000 units for a key product, compared to over 70,000 units for a rival brand [13][15]. Group 4: Financial Concerns - The company has seen a dramatic increase in inventory turnover days, rising 187% to 155 days over three years, which raises questions about inventory management [19][20]. - Saintong's net current liabilities exceeded RMB 400 million in 2024, yet the company has maintained high dividend payouts, raising concerns about financial sustainability [22][23]. Group 5: Research and Development - R&D expenditures have remained below 2% of revenue, which is significantly lower than industry standards, potentially hindering innovation and competitiveness [32][35]. - The company has launched 14 major special medical food products and has 16 more in development, indicating a commitment to expanding its product line [11][28].