年赚8亿，全球鱼油大王冲刺港股IPO

Core Viewpoint - Yuwang Biological Nutrition Co., Ltd. is the world's largest supplier of food-grade refined fish oil and has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its market position and product offerings [1][4]. Group 1: Company Overview - Yuwang Biological holds an 8.1% market share in the global food-grade refined fish oil market as of 2024, making it the largest supplier [4]. - The company has ranked first in fish oil soft capsule manufacturing in China from 2022 to 2024, with a projected annual sales volume of 4.87 billion soft capsules in 2024, surpassing the combined sales of the second to fifth largest competitors [4]. Group 2: Product Matrix - The main product categories include: - Refined fish oil (customized EPA/DHA purity products, accounting for 31.0% of total revenue in 2024) - Fish oil soft capsules and dietary supplements (CDMO and proprietary brand products, accounting for 67.0% of total revenue in 2024) - Pharmaceuticals and others (such as masks, accounting for 2.0% of total revenue in 2024) [4]. Group 3: Financial Performance - Revenue has shown steady growth from 534 million yuan in 2022 to 661 million yuan in 2023, and is projected to reach 832 million yuan in 2024. In the first half of 2025, revenue was 343 million yuan with a net profit of 22.76 million yuan [4]. - The gross profit margin decreased from 26% in 2024 to 20.7% in the first half of 2025, primarily due to falling raw fish oil prices and changes in product structure [4]. Group 4: Market Trends and Opportunities - The demand for high-purity fish oil is expected to continue growing due to increasing health awareness and aging populations. The global fish oil nutritional products market is highly concentrated, with the top five manufacturers holding 32.4% of the market share as of 2024 [5]. - Yuwang Biological aims to leverage its position as a market leader by participating in the formulation of national industry standards, which may further enhance its competitive advantage [5]. Group 5: IPO Use of Proceeds - The company plans to use the IPO proceeds for capacity expansion in China and overseas, upgrading high-purity fish oil production lines, brand promotion, and working capital to solidify its global market position and explore emerging fields such as pet fish oil [5]. Group 6: Compliance and Regulatory Issues - The company disclosed multiple compliance issues in its prospectus, including underpayment of employee social security and housing fund contributions, non-compliant financing arrangements, and deviations in bank loan usage, with total underpayments exceeding 10 million yuan [5]. - There is a risk of additional payments and penalties due to these compliance issues, which could significantly impact the company's business and financial performance [5].