全球最大鱼子酱公司，转战港股IPO

Core Viewpoint - The article discusses the Hong Kong IPO application of Sturgeon Technology, the world's largest caviar producer, highlighting its impressive profitability and the challenges it faced in previous A-share IPO attempts [2][15]. Company Overview - Sturgeon Technology, established in 2003, specializes in artificial breeding, ecological farming, and processing of sturgeon and caviar products, with caviar being its core product [5][10]. - The company has maintained its position as the global leader in caviar sales for ten consecutive years since 2015, capturing over 30% of the global market share, which is projected to reach 35.4% in 2024 [7][8]. Financial Performance - Sturgeon Technology's revenue grew from 491 million RMB in 2022 to 669 million RMB in 2024, with net profit increasing from 234 million RMB to 324 million RMB during the same period [7][8]. - The company reported a gross margin of 66.3% and a net margin of 48.4% for 2024, with projections for the first half of 2025 showing a gross margin of 71.3% and a net margin of 58.3% [8][9]. Market Presence - Approximately 80% of Sturgeon Technology's sales revenue comes from international markets, primarily through third-party brands [11][12]. - The company has established a well-known caviar brand, "KALUGA QUEEN," and supplies products to major international airlines and high-end venues [10]. IPO Challenges - Sturgeon Technology has faced significant hurdles in its attempts to go public in China, with three failed A-share IPO applications due to concerns over financial transparency and governance issues [16][19]. - The company has been embroiled in financial controversies, including allegations of data manipulation related to its financial statements, which have hindered its IPO efforts [18][20].