净利率58%碾压茅台，“豪派”股息3.6亿！鱼子酱龙头鲟龙科技四求上市

Core Viewpoint - The company, Hangzhou QianDao Lake Sturgeon Dragon Technology Co., Ltd. (referred to as "Sturgeon Dragon Technology"), is the world's largest caviar producer, with annual revenues exceeding 600 million RMB and a net profit margin over 58% [2][12]. Group 1: Market Position and Sales - Sturgeon Dragon Technology has maintained the top position in global caviar sales for ten consecutive years since 2015, holding over 30% of the market share from 2021 to 2024, projected to reach 35.4% in 2024, significantly surpassing its nearest competitor by more than five times [3][5]. - The company has established a comprehensive value chain covering sturgeon breeding, caviar processing, sales, and brand marketing, with its well-known brand KALUGA QUEEN [3]. Group 2: Financial Performance - The company's revenue grew from 491.057 million RMB in 2022 to 669.293 million RMB in 2024, with a compound annual growth rate (CAGR) of 16.7%, while net profit increased from 234 million RMB to 324 million RMB, with a CAGR of 17.8% [12][15]. - The gross profit margin before the impact of biological asset fair value changes was 65.6% in 2022, 70.1% in 2023, and 66.3% in 2024, with a notable net profit margin of 58.3% in the first half of 2025 [12][14]. Group 3: International Market Dependency - The company heavily relies on international markets, with overseas sales accounting for 79.8% in 2022, 76.7% in 2023, and 80.1% in 2024, further increasing to 80.9% in the first half of 2025 [5][12]. - Sturgeon Dragon Technology's products are exported to 46 countries and regions, including Europe, America, and Asia-Pacific, and it supplies caviar to top airlines and Michelin-starred restaurants [5][12]. Group 4: IPO and Future Plans - After multiple unsuccessful attempts to list on the A-share market, the company has submitted an IPO application to the Hong Kong Stock Exchange, with plans to use the raised funds for aquaculture expansion, technology upgrades, and brand marketing activities [2][16]. - The company aims to enhance its research and development capabilities and invest in strategic acquisitions to solidify its leading position in the global caviar industry [16].