“鱼油大王”禹王生物递表港交所 拟募资补短板

Core Viewpoint - Yuwang Biological Nutrition Co., Ltd. is transitioning from a well-known consumer brand to a leading global supplier of refined fish oil, seeking to list on the Hong Kong Stock Exchange while facing challenges such as declining profit margins and reliance on third-party distributors [1][6][8]. Group 1: Company Background - Yuwang Biological was founded by Liu Xiqian, who initially focused on non-GMO soybean products and later ventured into the health industry with the establishment of Yuwang Pharmaceutical, which produced the popular "Wang Bule" brain nutrition capsules [2][3]. - The company has evolved into the largest supplier of food-grade refined fish oil globally, holding an 8.1% market share in 2024, and is the largest manufacturer of fish oil soft capsules in China from 2022 to 2024 [3][4]. Group 2: Financial Performance - Yuwang Biological reported revenues of approximately 534 million yuan, 661 million yuan, 832 million yuan, and 343 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of about 67.3 million yuan, 102 million yuan, 125 million yuan, and 22.8 million yuan during the same periods [3][4]. Group 3: Business Model and Challenges - The company relies heavily on third-party distributors, with over 50% of total revenue generated through trade companies, which has led to a loss of pricing power and market influence [6][7]. - The cost structure is a significant concern, with raw material costs consistently accounting for over 86% of sales costs, and fluctuations in the price of fish oil due to external factors like El Niño and fishing quotas in Peru [6][7]. Group 4: Future Plans - Yuwang Biological aims to raise funds through its IPO to enhance its production capabilities, including building overseas facilities, expanding domestic capacity, and promoting its brand in the U.S. and China [7][8].