Focused on sensitive infant formula and specialized medical nutrition, Yipin Nutrition goes public in Hong Kong with annual revenue exceeding 1.8 billion yuan | Hong Kong E-voice

Source: Times Business Research Institute Author: Times Business Research Institute

Image source: Tuchong Creative

Source | Times Business Research Institute

Author | Intern Chen Jiajie

Editor | Zheng Lin

On April 12, 2026, Yipin Nutrition Technology (Qingdao) Group Co., Ltd. (hereinafter referred to as 'Yipin Nutrition') submitted a main board listing application to the Hong Kong Stock Exchange again. The joint sponsors were Guotai Haitong and CICC International.

The prospectus shows that Yipin Nutrition positions itself as a 'China-based nutrition group with a global perspective,' focusing on 'high whey, low allergenicity, and easy absorption' as its core product value proposition, dedicated to providing professional dietary solutions for people with digestive sensitivities. The company's core product portfolio covers goat milk formula for infants, special medical purpose formula food, cow milk formula for infants, and formula milk powder for children and adults. According to a Frost & Sullivan report, based on 2024 retail sales, the company ranked second in both China’s goat milk powder market and infant goat milk formula market, with market shares of 14.0% and 17.6%, respectively. In China’s infant FSMP (special medical purpose formula food) market, which has high technical barriers and registration requirements, the company ranks second among local Chinese brands. The Yipin Nutrition official website shows that since 2018, the company has served as the 'exclusive goat milk formula partner' of the China Space Foundation for eight consecutive years, establishing its 'space-grade quality' brand image deeply in the minds of consumers.

Yipin Nutrition's performance improvement is attributed to its deep cultivation of two high-growth, high-margin niche sectors: goat milk powder and specialized medical food. In terms of financial performance, the company’s total revenue grew steadily from 1.614 billion yuan in 2023 to 1.864 billion yuan in 2025. Profitability remained healthy, with net profit increasing steadily to reach 183 million yuan in 2025. The company's overall gross margin remained stable at around 50%, mainly driven by its high-margin infant goat milk formula and FSMP businesses. According to the prospectus, the gross margins for these two segments in 2025 were 59.1% and 74.7%, respectively. The FSMP business was a highlight for the company over the past three years, with revenue rising rapidly from 130 million yuan in 2023 to 339 million yuan in 2025, achieving a compound annual growth rate of 61.5%, becoming an important second growth curve for the company.

"Global integrated supply chain" is one of the core barriers of Yipin Nutrition. The company has built a full industrial chain layout from upstream ranches, midstream production to downstream sales. Upstream, the company operates its own cattle and goat ranches in Shandong and Heilongjiang, China, and strategically acquired a goat whey processing base in Spain to ensure a stable supply of core raw material goat whey. Midstream, the company has established nine production facilities across China, Spain, and South Korea, forming a production network covering domestic and international markets while meeting various category and process requirements.

In terms of sales channels and risks, Yipin Nutrition adopts a model primarily focused on distribution with direct sales as a supplement, establishing a nationwide distribution network with over 2,000 distributors by the end of 2025. In 2025, the distribution channel contributed 67.0% of the revenue. However, the company also faces typical industry risks, including reliance on a few major clients, challenges in managing channel stuffing and cross-regional sales, fluctuations in the price and supply of raw materials such as imported goat whey, and strict safety and quality regulatory risks in the dairy industry. Additionally, the company's business is highly correlated with the number of newborns and consumer health awareness, facing challenges from demographic shifts and intensifying market competition.

Against the backdrop of rising health awareness among Chinese residents, consumption upgrading, and growing demand for 'precision nutrition,' the goat milk powder and specialized medical food markets hold promising prospects. Yipin Nutrition’s upcoming IPO in Hong Kong aims to leverage the capital market to further consolidate its leading position in the goat milk powder and specialized medical food sectors, enhance R&D innovation, expand production capacity, strengthen brand building, and explore overseas markets.

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