鱼油龙头，要IPO了

Core Insights - The article discusses the upcoming IPO of Yuwang Biological, a leading fish oil supplier in China, which holds an 8.1% share of the global market and aims to become the first fish oil stock from Shandong [5][29]. Company Overview - Yuwang Biological has evolved from a soybean protein manufacturer to a global leader in food-grade refined fish oil over 30 years, capitalizing on the health consumption upgrade trend [5][6]. - The company was founded by Liu Xiqian, who transitioned from soybean protein to fish oil in the 1990s, establishing the "Forget Me Not" brand and becoming the first domestic producer of DHA/EPA standard products [7][9][10]. - The company has expanded its global presence, exporting to over 60 countries and becoming a key supplier for dietary supplement brands [11][12]. Financial Performance - Yuwang Biological's net profit has more than doubled from 2022 to 2024, reflecting its growth in global market share [14]. - The company plans to use funds from its IPO to strengthen its supply chain, sales channels, and R&D efforts, addressing financial pressures with a debt ratio exceeding 90% by 2024 [29][32]. Market Challenges - The company faces significant risks due to its reliance on external suppliers for raw materials, with 90% of its costs tied to purchasing crude fish oil, primarily imported from Peru [18][19]. - Yuwang's sales strategy heavily depends on third-party traders, which compromises its pricing power and customer relationships [21][22]. - The fish oil market has experienced negative growth from 2020 to 2023, and while there is a slight recovery expected, the growth rate remains low [28]. Competitive Landscape - Competitors like Xinmeijia and international brands such as Swisse have invested significantly in R&D and maintain higher profit margins through direct sales channels [25][26]. - The global fish oil market is shifting from volume expansion to value competition, with a projected growth rate of only 7.9% over the next five years [28]. Future Strategies - Yuwang aims to establish an overseas procurement base in Peru and sign long-term contracts for crude fish oil to mitigate raw material price volatility [29]. - The company plans to develop a direct sales team in Europe and North America to reduce reliance on traders and enhance revenue from direct sales [30]. - R&D investments will focus on pharmaceutical-grade fish oil and specialized products for infants and pets to diversify its product offerings [31].