净利三年复合增长超48%，浙江香料大王再冲IPO，83岁创始人移权

Core Viewpoint - The company, Green Biological, is making its third attempt to go public on the Shenzhen Stock Exchange's Growth Enterprise Market, demonstrating a strong determination to list after previous unsuccessful attempts in 2020 and 2023 [2][12]. Financial Performance - Over the past three years, Green Biological has achieved a compound annual growth rate (CAGR) of over 48% in net profit, providing a solid foundation for its IPO ambitions [3]. - The company reported revenues of 631 million yuan, 735 million yuan, 961 million yuan, and 548 million yuan from 2022 to the first half of 2025, with net profits of 68.14 million yuan, 92.92 million yuan, 150 million yuan, and 94.58 million yuan respectively, indicating a revenue CAGR of 23.35% and a net profit CAGR of 48.59% [3][4]. Industry Context - The flavor and fragrance industry in China is expanding, with the market size expected to grow from 43.9 billion yuan in 2023 to over 50 billion yuan by 2026 [3]. - Green Biological's main products include turpentine, cedar oil, and synthetic fragrances, which are primarily used in daily chemical and food flavoring applications [3]. Challenges Faced - The company has faced significant challenges in its IPO journey, including insufficient patent numbers and concerns over production capacity utilization [4]. - Previous attempts to go public were hindered by issues such as failure to disclose fines and discrepancies in profit expectations due to rising raw material costs [4]. - As of November 2023, Green Biological holds 35 valid patents, with 24 being invention patents, which is still below the industry average [4][5]. Production and Sales - The production and sales rates of the company's three main product lines have shown fluctuations but remain high, with rates of 84.29%, 98.52%, and 99.65% for turpentine, cedar oil, and synthetic fragrances respectively in the first half of 2025 [5]. - Despite the growth in sales, the company has experienced low capacity utilization rates, with figures of 76.15%, 67.51%, 73.79%, and 53.87% from 2022 to the first half of 2025 [8][19]. Management Transition - The company is undergoing a management transition, with the founder, Lu Wencong, transferring shares to his daughter, Lu Wei, marking the beginning of a generational shift in leadership [18][19]. - Lu Wei has taken on roles within the company, indicating a gradual transition of control [18]. IPO Plans - Green Biological plans to issue up to 33.33 million shares, aiming to raise approximately 690 million yuan for projects including a new high-end fragrance production line and facility upgrades [19]. - The company is focusing on expanding production capacity and enhancing research and development to meet growing market demands [19][21]. Market Dependency - The company has a high reliance on overseas markets, with export revenues accounting for approximately 86% of its main business from 2022 to the first half of 2025, which poses risks related to international trade and currency fluctuations [20][21].