鲟龙科技近15年上市梦转战港股：经营现金流下滑，持续分红3.6亿

Core Viewpoint - Hangzhou Qiantang Lake Sturgeon Technology Co., Ltd. (Sturgeon Technology), the world's largest caviar producer, is seeking to list on the Hong Kong Stock Exchange after multiple unsuccessful attempts in the A-share market over the past decade [2][3]. Company Overview - Sturgeon Technology was established in 2003 and became a joint-stock company in 2010. As of the latest available date, the largest shareholder, Wang Bin, holds 34.64% of the shares, while the actual controller, Chen Xiaxin, holds 12.67% [3]. - The company generates over 90% of its revenue from caviar sales and has maintained the highest global sales volume of caviar for ten consecutive years since 2015, capturing over 30% of the global market from 2021 to 2024 [3][4]. Revenue and Profitability - The company's revenue for the years 2022 to 2024 was reported as 491 million, 577 million, and 669 million yuan, with corresponding profits of 233 million, 273 million, and 324 million yuan [3]. - The gross profit margin has remained stable at over 65%, with figures of 65.6%, 70.1%, 66.3%, and 71.3% across the reporting periods [7]. Market Presence - Sturgeon Technology's products are primarily exported, with overseas sales accounting for 79.8%, 76.7%, 80.1%, and 80.9% of revenue in recent years, with over 60% of these sales coming from Europe and the U.S. [4]. - The company supplies its flagship brand "Kaluga" caviar to high-end markets and international airlines, including Lufthansa and Singapore Airlines [4]. Sales Strategy - A significant portion of the company's products is sold under third-party brands, accounting for 67.2%, 61.4%, 64%, and 68.8% of sales in recent periods. This strategy helps leverage established customer trust and local operational capabilities [4][5]. Cost Structure - Sales and marketing expenses have increased, with figures of 32.59 million, 34.62 million, 48.83 million, and 24.61 million yuan, representing 6.6%, 6%, 7.3%, and 8.2% of revenue [5][6]. - Administrative expenses also rose, totaling 32.51 million, 71.91 million, 39.16 million, and 19.66 million yuan, with respective proportions of 6.6%, 12.5%, 5.9%, and 6.5% [5]. Supply Chain and Cash Flow - The company relies on a concentrated supplier base, with the top five suppliers accounting for 68.8%, 66.6%, 61.2%, and 65.7% of procurement costs [9]. - Despite positive operating cash flow in previous years, there was a significant decline in cash flow in the first half of this year, dropping by 84.5% compared to the end of last year [10]. Future Plans and Use of Proceeds - The funds raised from the IPO will be used for expanding aquaculture and production capacity, enhancing global sales channels, strengthening R&D capabilities, and general operational purposes [11]. - The company has eight aquaculture bases across various regions, with capacity utilization rates of 70.4%, 77.1%, 90%, and 85.3% in recent years [12]. Dividend History - Sturgeon Technology has maintained a consistent dividend payout, distributing a total of 359 million yuan over the past three years [13].