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禹王生物递表港交所，主要产品毛利率下滑
Zhong Guo Zheng Quan Bao·2025-10-23 23:14

Core Viewpoint - Yuwang Bio-Nutrition Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, focusing on the development, production, and sale of refined fish oil and dietary supplements, with a notable decline in revenue and profit margins in the first half of 2025 compared to previous periods [1][4]. Financial Performance - The company reported net profits of approximately 67.3 million RMB, 102 million RMB, 125.3 million RMB, and 22.8 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Revenue figures for the same periods were approximately 534 million RMB, 661 million RMB, 832 million RMB, and 343 million RMB, indicating a year-on-year revenue decrease of 27.1% in the first half of 2025 compared to the same period in 2024 [3][4]. Product Margins - The gross margin for refined fish oil dropped from 24.7% in the first half of 2024 to 8.3% in the first half of 2025, while the gross margin for fish oil soft capsules and other dietary supplements decreased from 31.8% to 24.7% in the same timeframe [5]. - The core product lines, including refined fish oil and dietary supplements, contributed approximately 97.5%, 97.0%, 98.0%, and 98.8% to total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. Market Position - Yuwang Bio is recognized as the largest supplier of food-grade refined fish oil and its products globally, holding an 8.1% market share based on sales volume in 2024 [2]. Customer Base - The company generates significant revenue from its top five customers, which accounted for approximately 23%, 17.5%, 18%, and 22.7% of total revenue in the years 2022, 2023, 2024, and the first half of 2025, respectively [6]. Export Revenue - A substantial portion of the company's revenue comes from international markets, with non-China market revenue accounting for 47.3%, 53%, 60.9%, and 55% of total revenue in the years 2022, 2023, 2024, and the first half of 2025, respectively [8]. Cost Structure - Raw material costs, primarily for fish oil, represent a significant portion of the company's total sales costs, accounting for 87.4%, 89.9%, 88.8%, and 86.7% in the years 2022, 2023, 2024, and the first half of 2025, respectively [9].