Core Viewpoint - New Qi'an (02573.HK), a food additive manufacturer, experienced a significant stock price fluctuation after its IPO, initially soaring by over 60% but subsequently falling below the issue price within ten trading days, indicating volatility in market performance [1][3]. Group 1: Market Position - New Qi'an, established in 2003, is the leading global producer of food-grade glycine, holding a market share of 5.1% by volume and 3.1% by revenue, and ranks fifth in the sucralose market with a share of approximately 4.8% (volume) and 4.5% (revenue) [5]. - The company serves clients across approximately 40 countries on six continents, highlighting its extensive global reach [5]. Group 2: Revenue and Profit Trends - The company's financial performance has been declining, with revenue dropping from 761 million yuan in 2022 to 447 million yuan in 2023, before a slight recovery to 569 million yuan in 2024. Net profit fell from 122 million yuan to 43.4 million yuan, representing a 64.4% decline from 2022 to 2024 [8]. - The decline in performance is attributed to oversupply in the market, particularly affecting food-grade glycine and sucralose, leading to significant price reductions [10]. Group 3: Product Contribution - Food-grade glycine and sucralose are expected to contribute 42% and 41.8% of the company's revenue in 2024, respectively, indicating their importance as core revenue pillars [7]. Group 4: Strategic Focus and Future Plans - New Qi'an primarily targets overseas markets, with only 20.5% of its revenue coming from mainland China, while North America accounts for 41.1% [13]. - The company plans to use funds raised from its IPO to expand production capacity in Thailand and Indonesia, invest in R&D, and enhance its presence in international markets, aiming to strengthen its global position and overcome current performance challenges [13].
上市10天，全球甜味剂巨头，市值腰斩了！