鲟龙科技招股说明书详解：全球鱼子酱产业引领者，高端品牌与全产业链护城河下的高增长赛道龙头

Investment Rating - The report rates the industry as "Outperforming the Market" [6] Core Insights - The global caviar industry is undergoing a structural transformation characterized by sustained supply-demand tension, dual market drivers, and significant growth led by China [2] - Sturgeon Technology has established itself as the global leader in the caviar industry, with a comprehensive supply chain and a strong brand presence [1][13] - The company has maintained its position as the world's largest caviar producer since 2015, with a market share of 35.4% in 2024 [1][13] Summary by Sections Company Overview - Sturgeon Technology has built a complete supply chain covering breeding, farming, processing, and sales, achieving a revenue of 669 million yuan and a net profit of 324 million yuan in 2024, with 80.1% of revenue coming from overseas [1] - The company has a strong focus on caviar, which contributes over 90% of its total revenue, and has achieved a compound annual growth rate of 16.7% from 491 million yuan in 2022 to 669 million yuan in 2024 [16][18] Industry Analysis - The global caviar market is expected to reach a consumption volume of 729.2 tons in 2024, with the EU and the US accounting for over 60% of the market [2] - China has emerged as a key growth engine, with consumption increasing from 11.5 tons in 2019 to 56.9 tons in 2024, reflecting a compound annual growth rate of 37.8% [2] Competitive Advantages - Sturgeon Technology has established multi-layered barriers to entry, including control over biological and ecological resources, leading technology in breeding and farming, and a strong brand presence in high-end markets [3][4] - The company has the largest sturgeon genetic resource bank globally, with a live reserve of approximately 14,000 tons, and has achieved an industry-leading survival rate of over 97% [3] Financial Performance - The company has demonstrated robust financial performance, with a core caviar business gross margin of 71.3% in the first half of 2025, excluding the impact of biological asset valuation [1][4] - Revenue from caviar sales has consistently accounted for over 90% of total revenue, highlighting the company's strong pricing power and profitability [16][18] Growth Opportunities - The company is well-positioned to benefit from the long-term supply-demand imbalance in the global caviar market and the rapid growth of retail and e-commerce channels in China [4] - The low per capita consumption level in the domestic market presents significant growth potential for Sturgeon Technology [4]