全球最大鱼子酱公司，转战港股IPO

Core Viewpoint - The company, Hangzhou Qian Dao Lake Sturgeon Technology Co., Ltd. (Sturgeon Technology), is making a significant move towards listing on the Hong Kong Stock Exchange after three failed attempts to go public in A-shares, highlighting its impressive profitability and the challenges it has faced, including past financial controversies [1][11][12]. Company Overview - Sturgeon Technology is the world's largest producer of caviar, having maintained the top global sales position for ten consecutive years since 2015, with a market share exceeding 30% and projected to reach 35.4% in 2024 [6][8]. - The company specializes in the artificial breeding, ecological farming, processing, and sales of sturgeon and caviar, with caviar being its core product [3][6]. Financial Performance - The financial data disclosed in the prospectus shows a significant increase in revenue from 491 million RMB in 2022 to 669 million RMB in 2024, with net profit rising from 234 million RMB to 324 million RMB during the same period [6][9]. - The company reported a gross profit margin of 66.3% and a net profit margin of 48.4% for 2024, with projections for the first half of 2025 showing even higher margins of 71.3% and 58.3%, respectively [6][9]. Sales and Market Presence - Approximately 80% of Sturgeon Technology's sales revenue comes from overseas markets, primarily through third-party brands, with significant contributions from major international airlines and high-end venues [8][9]. - The company has established a well-known caviar brand, "KALUGA QUEEN," and its products are exported to 46 countries and regions [6][9]. Challenges and Historical Context - Sturgeon Technology has faced a tumultuous path to capitalization, with three failed attempts to list on A-shares due to concerns over financial transparency and governance issues, particularly related to related-party transactions [11][12][16]. - The company has also encountered challenges from increased tariffs in the U.S. market, which accounts for about 30% of its revenue, posing potential risks to its financial performance [10][11].