Core Viewpoint - The low-tier market in China is emerging as a new growth area for consumption, with significant demand for baby and nutritional products driven by a high birth rate in these regions [1][19]. Company Overview - Yangtuo Technology Inc, also known as "Haipai Ke," has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1]. - The company focuses on family care and nutritional products, with over 70% of its revenue coming from the sale of infant formula milk powder in the past three years [1][9]. - Haipai Ke's revenue exceeded 1 billion yuan in 2024, but it faces operational challenges such as declining transaction volume, net profit losses, and decreasing gross margins [1][16]. Financial Performance - Revenue for Haipai Ke was approximately 895 million yuan in 2022, 1.067 billion yuan in 2023, and 1.032 billion yuan in 2024, with net profits showing a downward trend, resulting in losses of 56.54 million yuan in 2023 and 78.83 million yuan in 2024 [16][23]. - The gross margin has decreased from 43.9% in 2022 to 32.5% in 2024, indicating a decline in profitability [16][19]. Market Position - Haipai Ke ranks first in the Chinese family care and nutritional products industry in terms of transaction and service platform, holding a market share of 10.1% in the low-tier market [18][19]. - The overall market size for family care and nutritional products in China is projected to reach 2.6 trillion yuan in 2024, with a compound annual growth rate of 4.9% from 2019 to 2024 [19]. Business Model - The company operates a digital platform that connects manufacturers, distributors, and buyers, allowing registered buyers to place orders directly with upstream sellers [12][13]. - The revenue model is based on commissions from sales transactions on the platform, which has seen a decline in transaction volume from 14.935 billion yuan in 2022 to 10.966 billion yuan in 2024 [23][24]. Competitive Landscape - The family care and nutritional products industry is highly competitive, with major players including Tmall, JD.com, and Pinduoduo, as well as various vertical e-commerce platforms [18][19]. - Despite an increase in registered sellers and buyers, Haipai Ke's transaction volume has decreased, posing challenges for its revenue generation [23][24]. Future Prospects - The company plans to use the funds raised from the IPO to enhance collaboration with ecosystem participants, improve technological capabilities, and explore strategic alliances and investment opportunities [26].

以2023年数据显示，海拍客实现收入10.67亿元，但同期销售成本就高达6.65亿元，折算下来毛利仅4.01 亿元。 (文/解红娟 编辑/张广凯） 2023年由盈转亏暴跌2991.35%、2024年再度下滑50.4%，连续两年净利润下滑的海拍客也想上市了。 近日，母婴垂直电商平台海拍客向港交所递交上市申请，拟主板上市，中信证券为独家保荐人。 与过往凭借亮眼财务数据叩开港交所大门的企业形成鲜明对比，海拍客在招股书中披露的历年业绩表现 十分惨淡，不仅营收增长乏力，更连续多年深陷亏损泥潭，财务数据堪称"反面教材"。 据iFIND数据显示，2022年至2024年，海拍客分别实现营业收入8.95亿元、10.67亿元、10.32亿元，后两 年分别同比增长19.16%、下滑3.22%；分别实现归属于母公司股东的净利润0.02亿元、-0.52亿元、-0.78 亿元，后两年分别暴跌2991.35%、50.4%。 尽管海拍客在招股书中未明确归因亏损，但其财务报表已显露端倪——持续攀升的运营成本，成为吞噬 利润的核心黑洞。 进一步计算，海拍客2023年的销售及分销开支、行政开支、研发开支分别为0.4亿元、3.09亿元和0.59亿 ...

证券研究报告 生育政策密集出台或将刺激行业发展，关注北交所母婴行业相关标的 ——北交所消费服务产业跟踪第二十一期（20250706） 投资要点： | 北交所定期报告 | | --- | hyzqdatemark 2025 年 07 月 07 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 联系人 政策出台有望鼓励生育，或将刺激母婴行业发展。国务院、各地政府出台育儿补贴、购房优 惠等政策，有望刺激母婴行业的发展。根据国家统计局，2024 年中国出生人口 954 万，为 2017 年以来首次回升，而根据艾媒咨询数据，2018-2024 年中国母婴消费市场规模稳步上升， 2024 年达 76299 亿元。中国乳制品行业规模不断扩大，但奶类产量 2024 年有所下降，根据 南方乳业招股书、灼识咨询数据，2024 年中国乳制品规模约 5216.70 亿元，预计 2026 年达 5966.60 亿元。中国婴幼儿辅食市 ...

风光不再的母婴垂直电商领域，迎来一例少有的IPO。 多年从事母婴B2B电商的Yangtuo Technology Inc.（海拍客）日前向香港交易所提交上市申请，中信证券 为独家保荐人。 2024年，海拍客平台总交易额110亿元，是中国低线市场家庭护理及营养产品行业最大的B端电商平 台，市场份额10.1%。 作为昔日产业互联网、母婴电商类目下的的明星项目，海拍客成立后不到5年的时间里共计完成6轮融 资，背后资方包括顺为资本、复星国际、高瓴等。 伴随密集融资节奏的是GMV的爆发式增长。 2017年至2019年，海拍客平台交易额由50亿元跃升至150亿元。 最后一轮融资停留在2019年12月，由Anchor Equity Partners领投、高瓴跟投的亿元美金D轮融资。 但资本高光时刻并未停留太久。 2024年、2025年，因未达成与资方的对赌条款，海拍客分别斥资1100万美元、2400万美元进行股份回 购，并向股东发行了1.58亿美元的承兑票据。 海拍客在早期融资中发行了大量可转换可赎回优先股。 截至2024年底，该部分优先股账面价值达24亿元，全额计入金融负债，导致公司负债净额达到20亿元。 其公允价值变动 ...

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 Viewpoint - The company, Haipai Ke, a leading maternal and infant e-commerce platform in China, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for market expansion and supply chain optimization [1] Business Overview - Haipai Ke was founded in April 2015 by Zhao Chen, initially focusing on a B2B2C model for maternal and infant products, targeting second and third-tier cities in China [2] - The platform connects buyers directly with upstream sellers, allowing for direct shipping from suppliers to consumers [2] - In 2019, the company expanded into self-operated business, launching its own brand products and establishing a diverse product matrix, including children's snacks, dietary supplements, and basic fast-moving consumer goods [3] Financial Performance - For the fiscal year ending December 31, 2024, Haipai Ke's total transaction volume reached 11 billion RMB, with a market share of 10.1% in the low-tier market for maternal and infant products [4] - The company's revenue increased from 895.3 million RMB in 2022 to 1.066 billion RMB in 2023, primarily driven by growth in self-operated business [6][10] - However, despite revenue growth, the company reported losses of 56.5 million RMB in 2023 and 78.8 million RMB in 2024 [9][10] Revenue Breakdown - Revenue from digital platform business decreased from 353.975 million RMB in 2022 to 229.335 million RMB in 2024, while self-operated business revenue increased from 540.408 million RMB to 801.826 million RMB during the same period [7] - The majority of self-operated business revenue comes from maternal and infant products, accounting for nearly all of the self-operated revenue [8] Investment and Shareholding - The company has completed six rounds of financing prior to the IPO, with major investors including Shunwei Capital and Fosun International [12] - Zhao Chen, the founder, holds approximately 42.62% of the voting rights, making him the largest shareholder [13]

| 代码 | 874431 | 筒称 | | --- | --- | --- | | 公司全称 | 英氏控股集团股份有限公司 | 受到目期 | | 审核状态 | 已受理 | 更新日期 | | 保荐机构 | 西部证券股份有限公司 | 保存代表／ | | 会计师事务所 | 天职国际会计师事务所（特殊普通合伙） | 签字会计师 | | 律师事务所 | 湖南启元律师事务所 | 签字律师 | | 评估机构 | 沃克森（北京）国际资产评估有限公司 | 签字评估师 | （来源：北交所） 近日，英氏控股集团股份有限公司（以下简称"英氏控股"）的IPO申请获得北交所受理，若上市成功，该公司将成为中国"婴幼儿辅食第一股"。 然而，在新生儿数量持续走低的情况下，英氏控股面临的增收不增利、获客成本攀升等业绩挑战，以及募资用于改善办公环境和过度依赖委托生产模式的质 疑，同样成为市场关注的焦点。 事实上，英氏控股更严峻的挑战之一，来自人口结构变化。若出生率持续下滑，将直接导致婴幼儿产品市场需求萎缩。据灼识咨询预测，2029年我国婴幼儿 辅食市场渗透率虽有望提升至51%，但整体规模增速将呈持续放缓态势。 此外，英氏控股还因过度依赖委托生产 ...

一片中国湿巾，征服了挑剔的日本家庭 中国母婴品牌Babycare凭借"紫盖湿巾"这一明星单品，成功打入日本线下市场，进驻线下8000多家门店。不仅如此，Babycare在日本乐天电商的复购用户占 比也高达50%。 从2022年的跨境电商试水到如今线上线下全面开花，Babycare经历了一场3年的"品质长征"。它的破局正在打破偏见：在高端市场，中国品牌同样可以拥有 话语权。 日本母婴店里的Babycare湿巾 首个进驻日本7-11的中国母婴品牌 日本母婴市场长期被本土品牌垄断，外来品牌难觅踪影。然而，Babycare紫盖湿巾却以2倍于同类产品的面料厚度、远超平均水平的加液率等硬核产品力， 一举打入阿卡将本铺、西松屋、松本清等8000多家门店，并成为首个进驻日本7-11的中国母婴品牌。 早在2022年，Babycare就开始通过跨境电商乐天试水日本市场。日本与中国不同，市场以线下为主。据日本经济产业省（METI）发布的《2023年度电子商 务市场调查结果》显示，2023年日本B2C电子商务渗透率为9.38%，线下零售销售约占90.62%。 值得一提的是，日本消费者希望能在产品包装上看到实物真实样貌，因此Babyc ...

Core Viewpoint - The launch of the "Nurturing Consumption Service Trust Plan" aims to fundamentally address the declining birth rate issue in China by providing affordable parenting essentials to expectant mothers [1][2] Group 1: Trust Plan Overview - The "Nurturing Consumption Service Trust" model is a collaboration between Chang'an Trust and several well-known maternal and infant brands, including Beingmate, to alleviate the concerns of expectant mothers regarding childbirth and parenting [1] - The plan allows families and friends to collectively invest in a trust fund, enabling expectant mothers to purchase essential baby products at significantly discounted prices for up to three years after the baby's birth [1] Group 2: Support for Families - Participating brands like Beingmate will provide high-quality products and offer pregnancy subsidies and insurance support to families involved in the trust plan, aligning with national fertility subsidy policies [2] - The initiative is expected to reduce the financial burden of raising children for new mothers in China, thereby supporting the country's population quality development [1][2] Group 3: Industry Impact - Industry experts believe that this initiative could inject new vitality into the maternal and infant industry and potentially reverse the ongoing decline in birth intentions if successful [2]

小熊电器收购罗曼个护类小家电企业，2024 年并表收入达 3 亿元，并 表利润超过 5,000 万元，显著提升公司业绩，实现双赢。 Q&A 小熊电器在 2024 年和 2025 年业绩表现如何？ 小熊电器在 2024 年的业绩呈现出明显的 V 型走势。2024 年第一季度表现良 好，消费环境和外部环境较为理想。然而，第二、第三季度公司业绩和利润出 现下滑，第四季度开始显现拐点，收入和利润环比增速持续改善。进入 2025 年第一季度，公司收入实现双位数增长，利润率回归到 8-10%的区间。这一改 善主要归因于公司在战略和战术上的调整，包括降低对收入规模的诉求、追求 收入与利润的均衡增长，以及严格管控各项费用特别是销售费用，提高各渠道 及事业部的运营效率。 小熊电器采取了哪些具体措施来改善业绩？ 小熊电器 20250526 摘要 2025 年第一季度，小熊电器收入实现双位数增长，利润率回升至 8- 10%，得益于战略调整，即降低对收入规模的片面追求，转向收入与利 润的均衡增长，并严格控制销售费用，提升运营效率。 小熊电器通过优化抖音平台部门架构，持续改善盈利能力，同时严格管 理价格策略，减少低盈利 SKU，多措并 ...