鱼子酱销量全球第一，净利率超过茅台，鲟龙科技走向IPO｜国潮风云

Core Viewpoint - Sturgeon Dragon Technology, the world's largest caviar producer, is seeking to list on the Hong Kong Stock Exchange after three unsuccessful attempts to go public in China, highlighting the challenges faced by agricultural enterprises in capital markets [2][29]. Group 1: Company Overview - Sturgeon Dragon Technology, founded in 2003, specializes in the artificial breeding, ecological health farming, processing, and sales of sturgeon and caviar, supplying approximately 35% of the global caviar market [5]. - The company has maintained the top position in global caviar sales for ten consecutive years, with a market share exceeding 30% from 2021 to 2024, projected to reach 35.4% in 2024 [2][4]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 491 million, RMB 577 million, RMB 669 million, and RMB 302 million respectively, with net profits of RMB 234 million, RMB 273 million, RMB 324 million, and RMB 176 million during the same periods [7][9]. - Sturgeon Dragon Technology achieved net profit margins of 47.5%, 47.3%, 48.4%, and 58.3% during the reporting periods, surpassing that of Guizhou Moutai [9]. Group 3: Market Dynamics - The global caviar market has shifted from reliance on wild sturgeon to artificial breeding due to conservation regulations, with China becoming the largest producer, expected to account for 64.7% of global supply by 2029 [4][34]. - The traditional caviar consumption markets include the EU, the US, and Russia, with the EU projected to consume approximately 255.5 tons in 2024, while China's caviar consumption is rapidly increasing, with a forecasted compound annual growth rate of 22.2% [31][34]. Group 4: Strategic Initiatives - The company plans to use funds from its IPO to expand aquaculture capacity, upgrade existing facilities, enhance brand marketing, and strengthen research and development capabilities [13][14]. - Sturgeon Dragon Technology has established a comprehensive supply chain covering breeding, farming, processing, and sales, aiming to retain more value within the company [9][24]. Group 5: Challenges and Opportunities - The company has faced multiple challenges in its attempts to go public in China, reflecting issues related to governance, capital operations, and financial transparency [29]. - The shift to the Hong Kong market may provide a more favorable environment for differentiation and brand storytelling, allowing the company to reposition itself from a hidden giant to a recognized brand in the premium food sector [29][30].