Venture(US:VEMLY) Xin Lang Cai Jing·2025-12-14 08:21Core Viewpoint - The spice product manufacturer, Green Biological, is attempting its third IPO on the ChiNext board in five years, with an increased fundraising target of 690 million yuan, reflecting adjustments in its project content and fundraising plan [1][10]. Group 1: IPO Journey - Green Biological's IPO journey began in December 2020, but it withdrew its application two months later due to compliance issues and concerns about its future profitability [2][11]. - The company changed its sponsor to Changjiang Securities and submitted new application materials in June 2023, but withdrew again in September 2024 after responding to two rounds of inquiries [2][11]. - In September 2024, the Shenzhen Stock Exchange issued a regulatory letter highlighting various compliance issues, including irregularities in R&D and procurement internal controls [2][11]. Group 2: Fundraising and Project Adjustments - The current IPO aims to raise 690 million yuan, an 84% increase from the previous target of 375 million yuan, nearly doubling the amount [5][14]. - The fundraising allocation includes 420 million yuan for the high-end spice production project, despite a decrease in planned annual production capacity from 6800 tons to 6300 tons [5][14]. - The project adjustments also include a new "R&D innovation upgrade project" and a significant increase in funding for the factory's smart transformation project [5][14]. Group 3: Financial Performance and Risks - Green Biological's revenue has shown growth, increasing from 631 million yuan in 2022 to an expected 960 million yuan in 2024, with a half-year revenue of 548 million yuan in 2025 [8][17]. - The company faces challenges with low capacity utilization rates, which were reported at 53.87% in the first half of 2025, down from 76.15% in 2022 [6][16]. - Fixed asset depreciation has been rising, with amounts reaching 35.28 million yuan in 2022 and increasing pressures on profits due to high depreciation costs [8][17]. - The company relies heavily on overseas sales, with foreign revenue consistently exceeding 80%, making it vulnerable to exchange rate fluctuations, which have caused significant losses in recent years [8][17].