欲冲刺港股并在美国建品牌，“鱼油大王”禹王生物遇业绩变脸

Core Viewpoint - Yuwang Biological Nutrition Co., Ltd. is applying for an IPO in Hong Kong, positioning itself as the largest global supplier of food-grade refined fish oil with a market share of 8.1% as of 2024, but faces significant challenges including raw material price volatility and compliance issues [1][2][6]. Company Background - Yuwang Biological originated from Yucheng Pharmaceutical Factory established in 1989, and gained prominence in 1994 through a joint venture with a U.S. company, launching the popular "Forget Me Not" brain nutrition capsules [2][3]. - The company shifted its focus to contract manufacturing (CDMO) around 2015, with CDMO dietary supplement products accounting for 70% of total revenue by mid-2025 [2][3]. Market Position - By 2024, Yuwang Biological's sales of fish oil soft capsules in China surpassed the combined total of the second to fifth largest competitors [2]. - The company has expanded its international presence, with non-China market revenue increasing from 47.3% in 2022 to 60.9% in 2024 [6]. Financial Performance - From 2022 to 2024, Yuwang Biological experienced significant revenue growth, with total revenue increasing from 534 million to 832 million yuan, representing a compound annual growth rate (CAGR) of 24.8% [5]. - However, in the first half of 2025, revenue declined by 27.1% to 343 million yuan, and net profit fell by 74.01% to 22.76 million yuan, attributed to uncontrollable upstream market fluctuations [6][9]. Raw Material Cost Issues - The cost of raw fish oil constitutes over 70% of sales costs, primarily sourced from Peru, with prices fluctuating significantly from 21.7 yuan/kg in 2018 to 69.6 yuan/kg in 2023, before dropping to an expected 31.3 yuan/kg in 2025 [8][9]. - The company lacks hedging tools to manage price volatility, leading to potential declines in gross margins during periods of price drops [8][9]. Compliance and Regulatory Concerns - Yuwang Biological has reported social insurance and housing fund contribution shortfalls totaling 12.6 million yuan from 2022 to mid-2025, due to employee reluctance to contribute fully [9][10]. - The company has also faced issues with improper use of bank loans and non-compliant financing arrangements, which could lead to regulatory scrutiny and potential penalties [11][12]. Future Plans - The company aims to strengthen its global position in the fish oil nutrition industry, expand its product range, enhance research capabilities, and increase brand recognition both domestically and internationally [13][14]. - Yuwang Biological plans to use IPO proceeds for operational funding, new overseas production facilities, and brand promotion, including establishing its own brand in the U.S. [14][15].