浙江杀出全球鱼子酱龙头，年入6亿冲刺港股IPO，八成收入靠海外

Core Viewpoint - Xunlong Technology, the world's largest caviar company, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position and impressive profitability despite previous challenges in the A-share market [1][3]. Group 1: Company Overview - Xunlong Technology, established in 2003, has developed into the largest caviar enterprise globally, with a complete industry chain covering sturgeon breeding, caviar processing, sales, and brand marketing [5]. - The company holds its own caviar brand "KALUGA QUEEN," supplying major international airlines and Michelin-starred restaurants, and has been recognized at prestigious events like the Oscars [5]. Group 2: Financial Performance - From 2022 to 2024, Xunlong Technology reported revenues of RMB 491 million, RMB 577 million, and RMB 669 million, with a compound annual growth rate (CAGR) of 16.7%. Net profits for the same period were RMB 234 million, RMB 273 million, and RMB 324 million, with a CAGR of 17.8% [6]. - In the first half of 2025, the company achieved revenues of RMB 302 million and net profits of RMB 176 million [7]. Group 3: Market Position and Sales Channels - Xunlong Technology has maintained over 30% of the global caviar market share from 2021 to 2024, reaching 35.4% in 2024, significantly outpacing its nearest competitor [1][3]. - The company sold over 200 tons of caviar annually, with sales primarily directed towards international markets, exporting to 46 countries and regions [7][9]. - Domestic sales through its own brand accounted for 20.2% to 23.3% of total revenue from 2022 to 2024, with a focus on high-end restaurants and hotels in major Chinese cities [9]. Group 4: IPO Journey and Challenges - Xunlong Technology has faced multiple setbacks in its attempts to list on the A-share market, with three unsuccessful applications between 2011 and 2022 due to various concerns regarding financial disclosures and corporate structure [3][13]. - The company briefly listed on the New Third Board in 2024 but delisted in 2025 due to strategic adjustments [3][13].