承包全球超三成鱼子酱还不够？三闯A股失败的鲟龙科技递表港交所，拟募资“扩产能”等

Core Insights - The company, Hangzhou Qiandao Lake Sturgeon Technology Co., Ltd. (referred to as "Sturgeon Technology"), is the world's largest caviar producer and is seeking to become the first caviar stock listed on the Hong Kong Stock Exchange [1][9] - Sturgeon Technology accounts for approximately one-third of the global caviar supply and has previously attempted to go public on the A-share market three times without success [2][8] Financial Performance - The company reported revenues of approximately RMB 491 million, RMB 577 million, and RMB 669 million for the years 2022, 2023, and 2024, respectively, with profits of RMB 233 million, RMB 273 million, and RMB 324 million during the same period [3][7] - The gross profit margins (excluding the impact of biological asset fair value changes) were 65.6%, 70.1%, and 66.3% for 2022, 2023, and 2024, respectively, with a gross margin of 71.3% in the first half of 2025 [3][6] - However, when including the impact of biological asset fair value changes, the gross profit margins were significantly lower, with figures of 1%, 1.3%, and -2.9% for the same years [3] Market Presence - Sturgeon Technology's sales revenue is heavily reliant on international markets, with overseas sales accounting for 79.8%, 76.7%, and 80.1% of total revenue from 2022 to 2024, and this proportion increased to 80.9% in the first half of 2025 [6][7] - The company exports its products to 46 countries and regions, with Europe and the Americas being the largest markets, contributing 39.7% and 30% of sales, respectively [6] Corporate Background - Sturgeon Technology has faced challenges in its IPO journey, having submitted applications to list on the A-share market three times since 2011, all of which were unsuccessful due to regulatory concerns [8] - The core management team has a strong background in aquaculture, with key executives having experience at the Chinese Academy of Fishery Sciences [8][9] - The company was established under the guidance of the Chinese Academy of Fishery Sciences and has undergone several structural changes, including a shift to the Hong Kong market after previously attempting to list on the New Third Board [8][9]