浙江杀出全球鱼子酱龙头，年入6亿冲刺港股IPO，八成收入靠海外

Core Viewpoint - Xunlong Technology, the world's largest caviar company, is seeking to list on the Hong Kong Stock Exchange after unsuccessful attempts to go public in China, highlighting its strong profitability and market position in the caviar industry [1][3]. Group 1: Company Overview - Xunlong Technology, established in 2003 under the guidance of the Chinese Academy of Fishery Sciences, has developed into the largest caviar enterprise globally, covering the entire industry chain from sturgeon breeding to caviar processing and sales [6][7]. - The company holds its own caviar brand "KALUGA QUEEN," supplying major international airlines and Michelin-starred restaurants, and has been recognized at prestigious events like the Oscars [7]. Group 2: Financial Performance - From 2022 to 2024, Xunlong Technology achieved revenues of RMB 491 million, RMB 577 million, and RMB 669 million, with a compound annual growth rate (CAGR) of 16.7%. Net profits for the same period were RMB 234 million, RMB 273 million, and RMB 324 million, with a CAGR of 17.8% [7][10]. - In the first half of 2025, the company reported revenues of RMB 302 million and net profits of RMB 176 million [7]. Group 3: Market Position - Xunlong Technology has maintained over 30% of the global caviar market share from 2021 to 2024, reaching 35.4% in 2024, significantly outpacing its nearest competitor by more than five times [1][3]. - The company sold over 200 tons of caviar annually, with sales figures of 195.9 tons, 219.9 tons, 258.3 tons, and 141.1 tons for the years 2022 to 2025 (first half) respectively [5][7]. Group 4: Sales Channels - A significant portion of Xunlong Technology's products is exported, with sales to over 100 international clients across 46 countries and regions, accounting for 79.8% to 80.9% of total revenue from 2022 to 2025 [8][10]. - Domestically, the company operates five sales centers in major cities, serving over 2,000 restaurants and hotels, with domestic sales contributing 19.1% to 23.3% of total revenue during the same period [10]. Group 5: IPO Journey - Xunlong Technology has faced multiple challenges in its attempts to list on the A-share market, with three unsuccessful applications between 2011 and 2022 due to various regulatory concerns [3][14]. - The company briefly listed on the New Third Board in 2024 but delisted in 2025 due to strategic adjustments [3][14].