丰倍生物冲击IPO，专注于地沟油再利用领域，净利润连续两年下滑

Core Viewpoint - The company, Suzhou Fengbei Biotechnology Co., Ltd. (Fengbei Bio), is set to undergo its initial public offering (IPO) review by the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste oil resources, which aligns with national policy directions [1][22]. Company Overview - Fengbei Bio was established in July 2014 and completed its share reform in March 2022, with its headquarters located in Suzhou, Jiangsu Province [2]. - The actual controller of the company, Pingyuan, holds 85.4% of the shares through direct and indirect means [2]. - The company has developed a production chain from waste oil to biodiesel and bio-based materials [2]. Business Model and Products - The primary raw material for Fengbei Bio's operations is waste oil, sourced from various sectors including food processing, chemical industries, and restaurants [3]. - The main products include bio-based materials (such as pesticide and fertilizer additives) and biodiesel, with a smaller portion of oil chemical products [3][10]. - The waste oil resource utilization business accounts for approximately 80% of the company's main business revenue [10]. Financial Performance - The company's revenue has shown growth, with figures of 1.709 billion, 1.728 billion, and 1.949 billion yuan for the years 2022, 2023, and 2024 respectively, while net profit has fluctuated [7]. - In 2024, the company reported a slight decline in net profit to 124 million yuan, despite an increase in revenue [7]. - The gross profit margin has varied, with figures of 13.55%, 13.95%, and 11.67% over the same period, influenced by the cost of waste oil recovery [12]. Market Position and Industry Context - Fengbei Bio holds a market share of approximately 4.68% in the biodiesel sector, with a production capacity of 105,000 tons, ranking sixth in the industry [18][23]. - The biodiesel industry in China faces challenges such as low capacity utilization and high production costs due to complex processing of waste oil [21][22]. - The company plans to raise 750 million yuan through its IPO to invest in expanding production capacity for various bio-based products [22]. Competitive Landscape - Compared to peers like Zhuoyue Xinneng and Jiaao Environmental Protection, Fengbei Bio maintains a higher gross profit margin due to differences in product and customer structure [14][15]. - The company has established partnerships with several agricultural enterprises and global commodity traders, enhancing its market presence [16].