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 pursuing an IPO on the Beijing Stock Exchange, driven by the rising popularity of peptide-based cosmetics, with a strong performance forecast for 2022-2024 [1][3]. Company Overview - Weiqi Technology is a supplier of cosmetic raw materials, primarily focusing on peptide cosmetics and finished products, with significant partnerships with brands like Procter & Gamble and Unilever [1][3]. - The actual controllers of the company, Ding Wenfeng and Lai Yanmin, hold approximately 62.07% of the shares [1][2]. Financial Performance - Revenue for Weiqi Technology is projected to grow from 135 million yuan in 2022 to 248 million yuan in 2024, with net profits increasing from 35.13 million yuan to 70.64 million yuan during the same period [3]. - The company has seen a decrease in revenue contribution from its top five clients, which accounted for 36.14% in 2022, dropping to 29.48% in 2023, and then rising to 38.76% in 2024 [3][4]. Market Trends - The rise of peptide ingredients in cosmetics has led to increased consumer awareness and brand adoption, with Weiqi Technology collaborating with major brands for new ingredient development [3][5]. - The cosmetic industry is characterized by rapid shifts in trends, as evidenced by the decline of hyaluronic acid's market dominance, raising questions about the sustainability of the current "peptide" trend [5][6]. Business Strategy - Weiqi Technology acknowledges the volatility in client orders due to changes in market conditions and client strategies, which could impact financial performance [5][6]. - The company is expanding its finished product business, which accounted for 47.05% of its main revenue in 2024, primarily through ODM (Original Design Manufacturer) operations [6]. Investment and Shareholder Dynamics - The IPO has attracted notable institutional investors, with specific agreements in place regarding performance and potential buyback obligations if the company fails to list successfully by the end of 2028 [2][3]. - A former sales director holds 4.61% of the shares, raising regulatory scrutiny regarding the rationale behind his continued ownership post-employment [2].