新股前瞻|“鱼油之王”的烦恼：禹王生物营养8.1%市场份额难抵成本洪流

Core Viewpoint - Yuwang Bio-Nutrition Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, highlighting its position as a leading player in the refined fish oil market with a global market share of 8.1% [1] Financial Performance - The company's main business includes the development, production, and sale of refined fish oil, fish oil soft capsules, and other dietary supplements, which accounted for approximately 97.5% to 98.8% of total revenue from 2022 to mid-2025 [2] - Revenue grew from 534.3 million RMB in 2022 to 661 million RMB in 2023, and is projected to reach 832.3 million RMB in 2024, indicating a strong compound annual growth rate [2] - Profitability improved from 67.3 million RMB in 2022 to 102 million RMB in 2023, peaking at 125.3 million RMB in 2024, with profit margins also increasing during this period [2] Recent Challenges - In the first half of 2025, revenue was 343 million RMB, but net profit plummeted to 22.8 million RMB, resulting in a net profit margin of only 6.6%, a significant drop from 15.1% in 2024 [3] - The gross profit margin fell from a high of 28.1% in 2023 to 20.7% in the first half of 2025, primarily due to soaring sales costs, which accounted for 79.3% of revenue in the same period [3][4] - Administrative expenses surged to 5.4% of revenue in the first half of 2025, up from approximately 2-3% in previous years, contributing to a decline in operating profit margin from 22.6% in 2024 to 8.8% in 2025 [4] Cost Pressures - Raw material costs, particularly fish oil, represent a significant portion of total sales costs, exceeding 87% over the past three years, making the company vulnerable to price fluctuations [6] - The company lacks pricing power in a competitive market, making it difficult to pass on rising costs to customers without risking order loss [6][7] Market Exposure - The company's overseas revenue share increased from 47.3% in 2022 to 60.9% in 2024, indicating a strong reliance on international markets, particularly the U.S., which poses risks due to ongoing trade tensions [8] - High inventory levels, reaching 210 million RMB at the end of 2023, present a risk if market demand falls short or if product obsolescence occurs [8][9] Operational Efficiency - The decline in inventory turnover days from 138 days in 2023 to 92 days in the first half of 2025 may indicate improved operational efficiency, but could also reflect a strategy to reduce inventory in response to rising raw material costs [9] - The company’s ability to maintain profitability amidst rising costs and external pressures is critical for its future performance [9]