【聚焦IPO】鲟龙科技赴港IPO：全球鱼子酱霸主的资本征途与三重考验

Core Viewpoint - Sturgeon Technology, a leading global caviar producer, has submitted its prospectus to the Hong Kong Stock Exchange for the fourth time, following three unsuccessful attempts to list on the A-share market. The company presents a strong financial performance, with a net profit margin exceeding that of Kweichow Moutai, but faces scrutiny regarding its business model and asset structure [2][8][14]. Financial Performance - Sturgeon Technology has maintained its position as the world's top caviar seller for ten consecutive years, holding a 35.4% market share in 2024 [6][20]. - Revenue increased from 491 million RMB in 2022 to 669 million RMB in 2024, while net profit rose from 233 million RMB to 324 million RMB during the same period, indicating steady growth [8][23]. - The company reported a remarkable net profit margin of 58.3% in the first half of 2025, surpassing that of Kweichow Moutai [8][10]. Business Model and Risks - The high profit margins are partly attributed to unique accounting practices in the caviar industry. When excluding the impact of biological asset fair value changes, the gross profit margin drops significantly to a range of -2.9% to 1.3% [10][11]. - The valuation model for biological assets is highly sensitive, exposing the company to risks from natural disasters and accounting estimate changes. For instance, a summer flood in 2024 led to a direct reduction of 24.87 million RMB in biological asset fair value [11][12]. Historical Listing Attempts - Sturgeon Technology's previous attempts to list on the A-share market were hindered by regulatory concerns regarding business compliance, financial authenticity, and governance structure. The first attempt in 2011 failed due to issues with related party transactions [14][15]. - Subsequent attempts in 2014 and 2022 faced challenges related to financial controversies and governance concerns, reflecting a deepening scrutiny from regulators [15][16]. Market Opportunities and Challenges - The move to the Hong Kong market offers new opportunities for capital raising and brand development, with more flexible listing conditions compared to the A-share market [18][19]. - However, the company must address inherent challenges, such as its heavy reliance on overseas markets, which accounted for over 76% of sales from 2022 to 2025, and a lack of product diversification, with caviar contributing over 90% of revenue [22][24]. Conclusion - Sturgeon Technology's IPO in Hong Kong represents a strategic choice to overcome previous listing challenges and connect with global capital. The company's success will depend on its ability to manage market volatility, diversify its product offerings, and enhance corporate governance while balancing shareholder returns with long-term investments [25][26].