宝洁供应商维琪科技闯关北交所，将复制下一个“玻尿酸神话”？

Core Viewpoint - Shenzhen Weiqi Technology Co., Ltd. is preparing for an IPO on the Beijing Stock Exchange, driven by the rising popularity of peptide-based cosmetics and its partnerships with major brands like Procter & Gamble and Unilever [1][3]. Company Overview - Weiqi Technology is a supplier of cosmetic raw materials, primarily focusing on peptide ingredients and finished cosmetic products [1][5]. - The company is controlled by Ding Wenfeng and Lai Yanmin, who together hold approximately 62.07% of the shares [1][2]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was reported as 135 million, 165 million, and 248 million yuan respectively, with net profits of 35.13 million, 42.29 million, and 70.64 million yuan [3]. - The growth in performance is attributed to the increasing application of active peptide ingredients in cosmetics, leading to heightened consumer awareness and brand adoption [3][5]. Client Dependency - The revenue contribution from the top five clients was 36.14%, 29.48%, and 38.76% for the respective years, indicating a decrease in reliance on these clients [3][4]. - Notably, all but one of the second to fifth largest clients in 2022 have exited the top five list by 2023 and 2024 [3]. Market Dynamics - The cosmetic industry is characterized by rapid shifts in trends, as evidenced by the decline of hyaluronic acid products and the potential volatility surrounding peptide ingredients [5][6]. - Weiqi Technology acknowledges that the sustainability of peptide ingredients depends on market promotion by influential brands and consumer acceptance [6]. Business Strategy - The company is increasing its share of finished cosmetic products, which accounted for 47.05% of its main revenue by 2024, with a significant portion coming from ODM (Original Design Manufacturer) business [6]. - The ODM business is strategically aimed at promoting and selling raw materials, while the company remains cautious about its own brand (OBM) operations to avoid negative impacts on raw material sales [6].