从收集“废油”到募资上市，丰倍生物高增长“神话”难延续

Core Viewpoint - Fengbei Biotechnology Co., Ltd. has successfully submitted its IPO registration on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste resources, particularly converting waste oils into biodiesel and bio-based materials, but faces challenges including performance decline due to EU anti-dumping policies and weak R&D investment [1][10][24]. Group 1: Company Overview - Fengbei Biotechnology is a high-tech enterprise in the waste resource utilization sector, primarily producing biodiesel and bio-based materials from waste oils, forming a recycling industry chain [2][5]. - The company was established in July 2014 and transitioned to a joint-stock company in January 2022, with its founder, Ping Yuan, holding 85.40% of the shares [4][5]. Group 2: Financial Performance - For the years 2022 to 2024, Fengbei's operating revenues were 1.709 billion, 1.728 billion, and 1.948 billion yuan, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% respectively [10][11]. - The net profit attributable to the parent company for the same period was 133 million, 130 million, and 124 million yuan, showing a decline of 2.73% and 4.54% in the last two years [10][11]. Group 3: Market Challenges - The company has faced significant challenges due to the EU's anti-dumping investigations, which have led to a sharp decline in sales in the EU market, affecting overall profitability [15][18]. - Sales to the EU dropped from 3.30 billion yuan in 2021 to 505 million yuan in the first half of 2024, indicating a substantial market shift [15][18]. Group 4: R&D and Competitive Position - Fengbei's R&D expenses as a percentage of operating income were 3.00%, 3.39%, and 2.75% from 2022 to 2024, which is below the industry average [21][22]. - The company claims its competitive advantage lies in basic research, material development, and application development, but it risks falling behind competitors if R&D investment does not increase [24]. Group 5: Financial Health - As of the end of 2024, Fengbei's cash reserves were 167 million yuan, while short-term borrowings amounted to 173 million yuan, indicating potential liquidity issues [24].