还没上市，先倒欠大股东一大笔？禹王生物IPO：利润缩水74%，掏空式分红3.2亿，韭菜们来结下账！

Core Viewpoint The article discusses the financial practices and market position of Yuwang Biological Nutrition Co., Ltd., highlighting concerns over its recent dividend distribution and the implications for its upcoming IPO. Industry Overview - The global nutritional supplement industry is rapidly growing, with fish oil being a significant segment due to its health benefits across all age groups [2][44]. - Fish oil is rich in Omega-3 fatty acids, which help reduce cardiovascular risks in the elderly and have potential benefits for brain health [2][44]. - The global market for human-grade fish oil is expected to grow at a compound annual growth rate (CAGR) of 8.89%, reaching $990 million by 2029 [2][44]. Company Overview - Yuwang Biological has submitted an IPO application to the Hong Kong Stock Exchange, citing several funding needs for expansion and operations [5][6]. - The company distributed a significant dividend of 320 million yuan just before filing for the IPO, which is equivalent to its total profit over the past three and a half years [7][11]. - The company has a high debt ratio exceeding 80%, with cash reserves insufficient to cover the recent dividend payout [12][15]. Financial Performance - Yuwang Biological reported a revenue increase from 534 million yuan in 2022 to 832 million yuan in 2024, with a CAGR of 24.8% [22][62]. - However, in the first half of 2025, the company experienced a 27% decline in revenue to 343 million yuan and a 74% drop in profit to 23 million yuan [24][64]. - The gross margin fell to 20.74% in the first half of 2025, a nearly 9 percentage point decrease from the previous year [25][65]. Market Position - Yuwang Biological claims to be the largest supplier of food-grade refined fish oil, holding an 8.12% market share [18][58]. - The overall market concentration is low, with the top five companies holding only 32.37% of the market, indicating intense competition [18][58]. - The global fish oil market is currently valued at just over $800 million, with limited growth potential [21][61]. Challenges - The company faces significant challenges due to high raw material costs and price volatility, as fish oil prices have fluctuated dramatically [27][71]. - Yuwang Biological's reliance on fish oil for over 98% of its revenue makes it vulnerable to supply chain disruptions and price increases [67][72]. - The company has seen a substantial loss of customers, with domestic clients decreasing from 310 to 190 and international clients from 240 to 190 in the first half of 2025 [36][76]. Brand and Sales Strategy - Yuwang Biological has shifted focus from building its own brand to acting as an OEM for international dietary supplement brands, with over 60% of revenue coming from overseas [34][74]. - The company has increased marketing expenditures but has seen limited success in building its consumer brand, with only 2.1% of total revenue coming from direct consumer sales [38][78].