Yin Brand Technology Files IPO Prospectus: Aiming to Become the Expert in Male Endurance with Craftsmanship and High-Quality Products

Adult novelty products are no longer a taboo subject; the industry has emerged into the mainstream, fostering a market valued at hundreds of billions of yuan. According to data from iiMedia Research, China’s adult novelty product market was projected to surpass RMB 130 billion in 2020. This rapid market expansion presents significant opportunities for category innovation.

Post-80s and post-90s generations have become the primary consumers of adult products, showing a willingness to try domestic brands. This generational shift in the mainstream consumer base signals the potential for brand turnover. Even in the condom sector, traditionally monopolized by foreign brands, numerous niche domestic brands have emerged in emerging categories such as prolonged-performance and textured variants, aside from the ultra-thin segment.

“Long-lasting” has become a buzzword in the adult products industry. As working hours and occupational stress continue to rise, consumer demand for prolonged performance is increasingly stimulated, revealing significant market opportunities. Online data from JD.com and Tmall show that among young consumers aged 16–35, long-lasting condoms are experiencing the fastest growth. On JD.com, sales of male delay products account for over 20% of the category. Rough estimates suggest that the market size for “long-lasting” related products is approximately RMB 30 billion and is growing rapidly.

Chinese factories produce 70% of the world’s adult products, yet most serve as original equipment manufacturers (OEMs) for brands from Europe, the United States, and Japan. Domestic companies prioritize sales and distribution channels while neglecting or overlooking product research, development, and manufacturing. Consequently, the value chain is predominantly controlled by high-end brand manufacturers.

In addition, Xi Wei, founder of Yinpai Technology, told reporters that the adult novelty industry still faces numerous challenges, such as a lack of industry standards and quality control awareness, insufficient attention to user feedback, absence of product-oriented thinking, and information asymmetry.

Based on these findings, Xi Wei decided to establish an innovative enterprise centered on users and products, characterized by technological innovation and cross-industry integration. Thus, Yinpai Technology was founded in 2017.

Xi Wei explained that the character “Yin” in the company’s name is derived from Erya, which states, “Yin means to continue.” It symbolizes continuity and prosperity, representing the reproductive power of humanity, as well as intergenerational inheritance and enduring business success.

Coincidentally, YinPai Tech was founded on Valentine’s Day (February 14), a traditional Western holiday. Perhaps this also heralds the company’s mission to enhance human well-being.

After graduating from China University of Political Science and Law in 2010, Xi Wei served for two years as a college graduate village official in Changping District, Beijing. He later transitioned into the internet industry to learn programming, earning admission to Peking University’s School of Software and Microelectronics. Upon graduation from Peking University, Xi Wei fulfilled his aspiration by becoming a product manager at Meituan Waimai. However, friction with R&D and risk control teams, coupled with an increasingly flattened learning curve, prompted him to leave and embark on his own entrepreneurial venture.

Xi Wei considered various entrepreneurial paths. However, he found that opportunities in trending sectors such as the internet and hard technology were no longer accessible to grassroots entrepreneurs, but instead dominated by high-profile figures with inherent advantages, such as data owners and top-tier scientists. Driven by a strong interest in the fast-moving consumer goods (FMCG) industry, Xi Wei decided to test the waters with a regional baijiu (Chinese liquor) brand. He co-founded a baijiu brand and rapidly scaled it to nearly RMB 10 million in sales within a short period.

As an avid user of adult products, Xi Wei stumbled upon the vast opportunities within this industry by chance. He wasted no time in pivoting to the adult product sector, launching his first product line with emerging ultra-thin, long-lasting, and large-dotted condoms. Xi Wei stated, “I aim to enhance user experience through technological upgrades and, with a craftsman’s spirit, create safe, reliable products that earn users’ trust.”

Initially, Xi Wei believed that the adult novelty industry lacked product thinking, user experience thinking, and internet thinking, but did not lack technology and craftsmanship. However, after researching multiple condom and delay spray manufacturers, he discovered that key aspects such as molds, formulations, and processes could all be updated and upgraded.

He consulted experts in relevant fields at Peking University, Tsinghua University, and Beijing University of Chemical Technology, only to find that while university faculty excel in technological R&D, they lack experience in production processes. Under such circumstances, he needed to recruit a competent engineer.

The process remained fraught with twists and turns. After a year-long search through various channels, Xiwei finally found the right candidate—Dr. Zhang Ning, Technical Director of the Durex-Shuangdie joint venture.

Dr. Zhang Ning holds a Ph.D. in Polymer Chemistry and Physics and has long been engaged in research and development in this field. She excels in formula development, quality control, and supply chain management, earning her the title of “Latex Queen.” Dr. Zhang also serves as a member of the National Rubber Standardization Technical Committee and brings 13 years of experience in the latex industry.

Under the leadership of Dr. Zhang Ning, Yinpai Technology overcame numerous obstacles through repeated trials and exploration, ultimately designing a physically delay-action condom featuring a unique thickened-shaft technique that requires no added anesthetics. The Yinpai Technology team also utilized imported German glass-grinding molds to develop condoms with the largest domestic studs (3 mm large bumps).

During this period, inspired by Xi Wei’s entrepreneurial passion, two Peking University alumni, Li Feng and Wang Zhilong, also joined the venture. Li Feng is a serial entrepreneur who previously founded the knowledge-sharing platform “Wall Street School” and the career community “Mentors.” Together, these two platforms have reached over 10 million recent graduates and professionals, earning him a modest reputation within the industry.

Wang Zhilong has previously worked at prominent financial institutions, including KPMG, CITIC Securities, and China State-owned Capital Venture Investment Fund. He believes that as the world’s largest consumer market, China’s fast-moving consumer goods (FMCG) sector offers tremendous opportunities for emerging categories, with adult products being the most “sexy” segment among them.

To ensure product quality, Yin Brand Technology has partnered with Zizhu Latex, a subsidiary of China Resources Pharmaceutical, and signed a stringent quality control agreement. Additionally, Yin Brand Technology’s engineers conduct on-site inspections during the production process to guarantee manufacturing quality.

Regarding the safety of manufacturing processes, Xi Wei stated, “In the market, some condoms have bacterial colony counts that exceed standard limits, posing certain risks. In contrast, our products strictly control formulation principles and production processes, contain no anesthetics, and present no safety hazards. Furthermore, we have pioneered sterile safe-production technologies along with bacteriostatic latex formulations and processes free from sterilizing agents, ensuring our manufacturing processes remain industry-leading.”

Currently, Yinpai Technology has collaborated with research institutions such as Shandong University and Qingdao University of Science and Technology to strengthen its R&D capabilities. Within the industry, Yinpai Technology serves as a council member unit of the Latex Branch of the China Rubber Industry Association and participated in the formulation of the new national standard for male condoms, thereby promoting industry progress. This standard was officially released on January 9, 2020.

As a member unit of the China Reproductive Health Industry Association, Yinpai Technology also participated in drafting the “Group Standard for Topical Delay Agents” and the “Group Standard for Human Lubricants,” promoting the establishment of group standards for new product categories. Xi Wei stated, “As a brand with strong R&D capabilities, it is our responsibility to the industry and society to promote the establishment of relevant standards.”

Xi Wei half-jokingly and half-seriously stated that Yin Brand Technology’s positioning is “the expert in male endurance.” “We aim to own the consumer mindset in the endurance category, making Yin Brand synonymous with endurance, just as JDB is synonymous with herbal tea, Okamoto with ultra-thin condoms, Sensodyne with anti-sensitivity, and AFU with essential oils.”

The decision to target the “endurance” niche stems from Xiwei’s observation of a significant rise in consumer demand for prolonged performance, indicating a substantial potential market size. On the other hand, existing solutions on the market are imperfect; for instance, medications such as sildenafil can cause side effects like blurred vision and dizziness. “Delay sprays available on the market often produce an intense burning sensation, thereby compromising user experience.”

Yinpai Technology is not alone in its steadfast commitment to its mission. Also dedicated to helping men address “sensitive” health issues is Forhims.com, abbreviated as “Hims,” which launched across the Pacific in late 2017. The company focuses on young men’s health, specializing in conditions such as hair loss, erectile dysfunction, and acne. By the end of 2019, its valuation had exceeded $1 billion.

Currently, Yinpai Technology is planning to launch three product categories—condoms, delay sprays, and health supplements—to comprehensively address the diverse needs of male users seeking enhanced sexual endurance.

Xi Wei introduced, “The company’s Miracle Lasting series of condoms are already being sold on platforms such as JD.com and Suning. The herbal delay spray, meticulously developed by the company, will be launched in the first quarter of this year. Meanwhile, the team is developing delay-care essential oils and health supplements.” Yin Brand Technology has found a strong correlation between delay sprays and health supplements, with 20% of spray users also purchasing health supplements.

Delay sprays are another core product of Yinpai Technology. In recent years, delay sprays have emerged as the fastest-growing category in terms of sales revenue within the male sexual wellness market. Over a three-year period, Yinpai Technology collaborated with the School of Pharmaceutical Sciences at Shandong University to form a joint research team. They experimented with various traditional Chinese medicinal (TCM) herbs possessing desensitizing properties and ultimately succeeded in extracting a composite essential oil from food-grade TCM ingredients, achieving the desired delay effect.

“Although the formula is still undergoing continuous improvement, Xiwei is confident in its herbal delay spray and aims to launch it in the first quarter of this year.”

In terms of product categorization, Yinpai Technology also has a clear roadmap. Condoms, characterized by inelastic demand, high purchase frequency, and low price points, offer significant user experience value and serve as the company’s traffic-driving products. Delay sprays, with their higher unit prices, substantial gross margins, and strong differentiation, function as the company’s profit-generating products. Meanwhile, health supplements and care essential oils possess the potential to become flagship brand products.

According to Xi Wei, without any promotional efforts, the company’s Miracle Endurance Condoms have ranked among the top three POP stores in the physical delay category on JD.com, with significant user repurchase rates. This validates his assessment: first, a growing number of consumers have endurance needs; second, condoms hold substantial potential for traffic conversion.

In terms of product promotion, Yinpai Technology positions itself as a mid-to-high-end brand, leveraging a professional operations team to precisely reach its target users. Meanwhile, the company is piloting the monetization and conversion of regional private-domain traffic in Shijiazhuang. Xi Wei stated, “We have established Yinpai Technology’s private traffic pool to expand our base of directly reachable users, thereby facilitating content marketing. Direct engagement with users is a critical initiative for enhancing brand value. Although this approach may be challenging in the initial stages, it will ensure Yinpai Technology’s rapid growth in the future.”

The adult novelty market must attract more self-aware young consumers, making brand building an imperative. Xiwei believes that precise selection of niche markets and strong product capabilities are the first steps in establishing a brand. In the future, any successful fast-moving consumer goods (FMCG) company will need to possess two core competencies: new media operational capabilities and data-driven sales capabilities. While increasing investment in e-commerce channels, Yinpai Technology will create compliant, high-quality content centered on themes such as sex education, marriage and dating, and intimate relationships on emerging traffic platforms like Douyin, Kuaishou, Xiaohongshu, and Bilibili in 2020, thereby aggregating young target users and driving traffic accumulation and conversion.

Regarding future competition, Wang Zhilong, a partner at Yinpai Technology, believes that the industry is currently in a rapid-growth introduction phase, with relatively low penetration rates and significant growth dividends. Early market entrants have already conducted user education; unfortunately, their products lacked sufficient competitiveness to ensure long-term viability. At this stage, most consumers are not particularly brand-sensitive, and competition among manufacturers hinges primarily on product strength. As long as companies offer conscientious, safe, and compliant products, they are bound to prevail during this phase of product-focused competition. However, once industry growth slows and competition intensifies, the importance of branding will become evident. Yinpai Technology will maintain a balanced focus on product development, brand building, and channel expansion.

At this stage, Yinpai Technology plans to first create “blockbuster” products to attract traffic, build a strong reputation, and rapidly accumulate users. In the future, starting from its seed users, Yinpai Technology will leverage new media platforms to accelerate user acquisition, gradually expand its user base, and improve conversion and repurchase rates, ultimately achieving seamless engagement between the company and its users. In 2020, Yinpai Technology plans to collaborate with more distributors to promote its products.

Xi Wei concluded by stating, “We are currently launching a new round of financing, aiming to raise RMB 5 million, which will be primarily allocated to brand promotion and channel expansion.”