100亿，全球最大鱼子酱霸主要赴港IPO

Core Viewpoint - Xunlong Technology has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a typical example of the globalization of high-end agricultural products in China, with a leading position in the global caviar market [2][8]. Company Overview - Founded in 2003 by Wang Bin, Xunlong Technology has become the world's largest caviar producer, holding a market share of 35.4% in 2024, which is more than five times that of the second-largest competitor [6][7]. - The company has achieved the highest global sales of caviar for ten consecutive years since 2015, maintaining over 30% market share from 2021 to 2024 [7][8]. IPO Fund Utilization - The funds raised from the IPO will be allocated to three main areas: 1. Expansion: Investing 500 million RMB to enhance production capacity to 300 tons at the new breeding base in Yunnan over the next five years [4]. 2. Technological Upgrade: Smart transformation of existing breeding and processing bases to develop high-value derivative products [4]. 3. Global Channel Acquisition: Acquiring core distribution channels in Europe with an estimated expenditure of no less than 800 million RMB [4]. Shareholder Structure - Wang Bin, the founder, is the largest single shareholder, controlling approximately 34.64% of the shares, with a direct holding of 6.36% and additional indirect holdings through various platforms [4]. Financial Performance - Xunlong Technology's revenue and net profit figures for 2022, 2023, and projected for 2024 are as follows: - 2022: Revenue of 491 million RMB, Net Profit of 233 million RMB - 2023: Revenue of 577 million RMB, Net Profit of 273 million RMB - 2024: Revenue of 669 million RMB, Net Profit of 324 million RMB [11]. - The company has a gross margin exceeding 68% and a net profit margin close to 50%, indicating strong shareholder return capabilities [9][12]. Market Presence - Xunlong Technology's products are exported to 46 countries and regions, including high-end venues such as first-class cabins of major airlines and Michelin-starred restaurants [10].