Analysis of Trademark Dispute and Brand Value Evaluation of Yingshi Holdings

Based on the collected information, I will provide a detailed analysis of Yingshi Holdings’ trademark dispute and brand value evaluation issues for you.

Yingshi Holdings is currently facing an unresolved trademark dispute. There are two well-known enterprises in the baby & child industry that both use the “Yingshi” brand [1]:

• Yingshi Holdings
  : Founded by Ma Wenbin in 2014, headquartered in Changsha, Hunan, it is a comprehensive maternal and child enterprise focusing on baby & child food and infant hygiene products [1]
• Yingshi Baby & Child
  : A high-end baby & child clothing enterprise founded in 1995 [1]

The two enterprises have been in a long-term dispute over brand name ownership. Yingshi Holdings took the initiative to file a trademark infringement lawsuit in December 2024, but as of the date of the Beijing Stock Exchange inquiry response, the case has been heard but not yet adjudicated [1].

Despite the trademark dispute, Yingshi Holdings still maintains a leading position in the infant supplementary food market [1]:

• The top-selling infant supplementary food brand in China over the past three years [1]
• Achieved operating revenue of 1.974 billion yuan in 2024 [1]
• Owns four major brand matrices: “Yingshi”, “Shubqi”, “Yixiaokou”, and “Weilingge” [1]
• Created the “Scientific 5-Stage Precision Feeding System” as a differentiated competitive advantage [1]

• The trademark dispute remains unresolved; if the judgment is unfavorable to Yingshi Holdings, it may face the major risk of rebranding
• The value of brand assets is questionable and difficult to accurately evaluate [1]

• Consumer complaints increased significantly from 63 to 223 cases [1]
• Complaints mainly focus on product quality and safety issues, especially foreign objects in products [1]

• The proportion of OEM procurement increased from 39.83% to 55.10% in 2024 [1]
• OEM manufacturers have been subject to administrative penalties for quality issues [1]

Yingshi Holdings (300301.SZ) recent stock price performance [0]:

• Net Profit Margin: -20.85% [0]
• Operating Profit Margin: -19.36% [0]
• Cash Flow Status: EV/OCF is -75.61x, indicating negative operating cash flow [0]

Yingshi Holdings has multiple hidden concerns in corporate governance [1]:

1. Equity Holding on Behalf History
   : The company’s equity evolution has a special equity holding-on-behalf period lasting nearly a decade [1]
2. Lock-up Commitment Loophole
   : Indirect shareholdings of core management personnel did not have lock-up commitments when initially filed [1]
3. Concerted Action Person Identification
   : There is room for technical manipulation [1]

• Major uncertainty from unresolved trademark dispute
• Sustained losses with no improvement in profitability
• Increasing product quality complaints
• Quality control risks from OEM production model
• Historical遗留 issues in corporate governance

• Leading market share in infant supplementary food market
• Certain synergies among the four brand matrices
• Successfully passed the Beijing Stock Exchange review and raised 334 million yuan for production expansion and upgrading [1]
• “Scientific 5-Stage Precision Feeding System” has differentiated competitive advantages

Based on current information, there is a suspicion that Yingshi Holdings’ brand value is overestimated. Although the company leads in market size, the following factors pose significant pressure on brand value:

1. Trademark Dispute Uncertainty
   : May affect the legitimacy and integrity of the brand
2. Sustained Losses
   : Poor financial performance makes it difficult to support high valuation
3. Rising Quality Risks
   : Surge in consumer complaints may erode brand trust
4. Governance Hidden Dangers
   : Historical issues may affect investor confidence

It is recommended that investors remain cautious until the trademark dispute judgment becomes clear, focusing on how the company addresses product quality control and improves profitability.

[1] Yingshi Holdings’ Bid for ‘First Supplementary Food Stock’: Model Dilemmas and Governance Hidden Dangers Under High Growth (https://wap.stockstar.com/detail/IG2025122400018781)