年入19亿，“地沟油”干出IPO

Core Viewpoint - The IPO market is experiencing significant activity, with companies like Fengbei Bio aiming to transform waste cooking oil into valuable bio-based materials and biodiesel, marking a potential first in the A-share market for waste oil resource utilization [2][3] Company Overview - Fengbei Bio is set to raise 750 million yuan through its IPO, with a pre-IPO valuation of approximately 4 billion yuan [2][8] - The company was founded by a Fudan University graduate who was motivated by the dangers of waste cooking oil, leading to the development of various eco-friendly technologies over a decade [2][4] - Fengbei Bio has achieved a market share of 6.72% and 6.46% in agricultural pesticide and fertilizer additives, respectively [6] Market Challenges - The transformation of waste cooking oil faces three main challenges: technical difficulties, limited market demand for biodiesel, and unclear policies regarding biodiesel standards [3][6] - Despite the challenges, Fengbei Bio has managed to secure A-round financing from a prominent local venture capital firm, indicating growing interest in the green economy sector [6][8] Financial Performance - The company reported revenues of 1.709 billion yuan, 1.728 billion yuan, and 1.948 billion yuan for the years 2022, 2023, and 2024, respectively, but faced a decline in net profit [8] - The gross profit margins have also decreased, with figures of 13.55%, 13.95%, and 11.67% over the same period, indicating a challenging profitability landscape [8][9] Future Prospects - Fengbei Bio aims to utilize the IPO proceeds to enhance its production capacity and focus on new product lines, including a new annual production of 300,000 tons of fatty acid methyl esters and 50,000 tons of agricultural microbial agents [9][10] - The company’s founder holds an 85.4% stake, and a successful IPO could significantly increase his wealth, potentially exceeding 3 billion yuan [10][11]