真狠啊，上市3天下跌3天，不给进场资金任何机会，离场只能割肉

Core Viewpoint - The rapid decline of Fengbei Bio's stock price by nearly 30% within three days of its IPO raises concerns about the company's financial health and governance, particularly as the actual controller has already cashed out over 65 million yuan before the stock plunge [3][7]. Financial Performance - Fengbei Bio's revenue increased from 1.709 billion yuan in 2022 to 1.949 billion yuan in 2024, but net profit attributable to shareholders decreased from 133 million yuan to 124 million yuan, marking two consecutive years of negative growth [3]. - The company's cash flow from operating activities plummeted by 86.2%, from 162 million yuan in 2023 to 22.43 million yuan in 2024, and further deteriorated to -7.5 million yuan in the first half of 2025 [4][5]. Profitability Issues - The gross profit margin has been declining sharply, from 13.95% in 2023 to 9.50% in the first half of 2025, primarily due to an increase in the sales proportion of low-margin industrial-grade mixed oil [5][7]. Trade Barriers Impact - The imposition of a 23.7% anti-dumping tax by the EU in July 2024 led to a drastic reduction in exports, with export revenue dropping from 434 million yuan in 2023 to 50.51 million yuan in 2024, a decline of over 85% [7]. - The average selling price of biofuels decreased by 25.51% from 9,800 yuan per ton in 2022 to 7,300 yuan per ton in 2024, alongside significant price drops in bio-based materials and chemical oils [7]. Expansion Strategy Concerns - Despite a decline in capacity utilization from 99.84% in 2023 to 76.31% in 2024, Fengbei Bio plans to raise 750 million yuan for capacity expansion projects, which may lead to increased depreciation and amortization costs of approximately 58 million yuan annually [8]. - The company's expansion strategy is risky as it heavily relies on market demand, which is currently showing signs of oversupply [8]. Regulatory and Compliance Issues - Fengbei Bio's subsidiaries have faced multiple environmental compliance issues, being listed as key pollutant units and ordered to rectify environmental problems [10]. - There are ongoing legal issues related to a fire incident causing significant inventory loss, and past actions involving questionable financial practices raise concerns about regulatory compliance [10][13]. Market Sentiment and Risks - Historical data indicates that new stocks with a first-day increase of over 150% have a high likelihood of declining in the following months, with an average drop of 27% after one month and 28% after three months [12]. - The company's IPO has become a cautionary tale for investors regarding the risks associated with speculative trading in newly listed stocks [13].