“鱼油大王”禹王生物闯关港交所：递表前夕主要产品毛利率腰斩 供应链命悬“鱼”线

Core Viewpoint - Yuwang Biological Nutrition Co., Ltd. is transitioning from a well-known consumer brand to a major player in the global refined fish oil supply market, as it prepares for its IPO on the Hong Kong Stock Exchange, revealing both opportunities and challenges in its business model [2][10]. Company Background - Founded by Liu Xiqian, Yuwang Biological has evolved from producing plant-based protein to becoming a leading supplier of refined fish oil, with its flagship product "Wang Bule" brain nutrition capsules gaining national popularity in the early 2000s [3][6]. - The company has shifted its focus under the leadership of Liu Ruicui, moving towards contract manufacturing for international dietary supplement brands, which has proven successful in terms of revenue growth [6][10]. Financial Performance - The company reported revenues of approximately 534.3 million yuan in 2022, 661 million yuan in 2023, and projected revenues of 832.3 million yuan in 2024, with net profits of 67.3 million yuan, 102 million yuan, and 125.3 million yuan respectively [8][9]. - The gross profit margin has fluctuated, with a notable decline in the first half of 2025, where the gross margin for refined fish oil dropped from 24.7% to 8.3% [13][15]. Market Position - Yuwang Biological is the largest supplier of food-grade refined fish oil globally, holding an 8.1% market share, and is the largest manufacturer of fish oil soft capsules in China from 2022 to 2024 [10][12]. - The company has established a significant reliance on third-party traders for sales, with over 50% of total revenue generated through trade companies during the reporting period [13][14]. Challenges and Strategic Moves - The company faces challenges related to its cost structure, with raw material costs consistently exceeding 86% of sales costs, and is vulnerable to supply chain disruptions due to reliance on imported fish oil [13][15]. - Yuwang Biological aims to raise funds through its IPO to enhance production capabilities, develop new high-purity fish oil production lines, and strengthen brand presence in the U.S. and China [15].