“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 Insights - Yuwang Biological Nutrition Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, highlighting its position as the world's largest supplier of refined fish oil with a market share of 8.1% [1] - The company has demonstrated strong revenue growth, with revenues increasing from 534.3 million RMB in 2022 to 661 million RMB in 2023, and projected to reach 832.3 million RMB in 2024, indicating a robust compound annual growth rate [2] - However, the company's profitability has shown volatility, with a significant drop in net profit margin from 15.1% in 2024 to 6.6% in the first half of 2025, despite maintaining substantial revenue levels [3][4] Financial Performance - The core business of Yuwang includes the development, production, and sale of refined fish oil and dietary supplements, which accounted for approximately 97.5% to 98.8% of total revenue from 2022 to mid-2025 [2] - The company's gross profit margin peaked at 28.1% in 2023 but fell to 20.7% in the first half of 2025, primarily due to rising sales costs, which reached a historical high of 79.3% of revenue [3][4] - Administrative expenses increased significantly, with their proportion of revenue rising from about 2-3% to 5.4% in the first half of 2025, contributing to a decline in operating profit margin from 22.6% in 2024 to 8.8% in 2025 [4] Cost Pressures - The company faces significant cost pressures, with raw material costs (mainly fish oil) consistently accounting for over 87% of total sales costs in recent years, making it vulnerable to price fluctuations [6][7] - The lack of pricing power in a competitive market means that rising raw material costs cannot be easily passed on to customers, potentially impacting profitability [6][8] Market Exposure - Yuwang'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] - The company’s high inventory levels, which reached 210 million RMB at the end of 2023, present a risk of depreciation if market demand does not meet expectations [9] Operational Efficiency - The decline in inventory turnover days from 138 days in 2023 to 92 days in the first half of 2025 may suggest improved operational efficiency, but it could also indicate a strategy to reduce inventory in response to cash flow pressures [9] - The company’s ability to manage costs and maintain profitability amidst external pressures will be critical for its future performance [9]