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 questionable financial practices of Yuwang Biological Nutrition Co., Ltd., particularly focusing on a significant dividend payout that appears to deplete the company's profits just before its IPO application, raising concerns about its financial health and sustainability [7][8][14]. Industry Overview - The global nutritional supplement industry, particularly the fish oil segment, is experiencing rapid growth due to increasing health awareness, with the market expected to reach $990 million by 2029, growing at a compound annual growth rate (CAGR) of 8.89% from 2025 to 2029 [4]. - Fish oil is recognized for its health benefits across various age groups, including cardiovascular risk reduction and cognitive support [3]. Company Financial Practices - Yuwang Biological's pre-IPO actions included a substantial dividend payout of 320 million yuan, which effectively drained the company's profits from the past three and a half years, totaling only 294 million yuan [8][11][14]. - The company has a high debt-to-asset ratio exceeding 80%, and as of the end of 2023, it had only 53.29 million yuan in cash, insufficient to cover the dividend payout [16][18]. - By the end of 2024, the company still had 122 million yuan in unpaid dividends, indicating a troubling financial situation [17]. Business Performance - Yuwang Biological claims to be the largest supplier of food-grade refined fish oil, with a market share of 8.12% in 2024, but the industry is characterized by low concentration and intense competition [21][23]. - The company's revenue grew from 534 million yuan in 2022 to 832 million yuan in 2024, but it faced a dramatic decline in the first half of 2025, with revenue dropping 27% year-on-year to 343 million yuan and profits plummeting 74% to 23 million yuan [25][27]. - The company's gross margin fell to 20.74% in the first half of 2025, a nearly 9 percentage point decrease from the previous year, primarily due to rising raw material costs and fluctuating sales [28]. Market Challenges - The fish oil market is limited, with a total market size of just over 8 billion yuan, and the competition is fierce, with the top five companies holding only a 32.37% market share [24][23]. - Yuwang Biological's reliance on fish oil, which accounts for over 98% of its revenue, exposes it to risks from raw material price volatility and supply chain issues [32]. - The company has faced significant customer attrition, with domestic clients decreasing from 310 to 190 and international clients dropping from 240 to 190 in the first half of 2025 [45]. Brand and Sales Strategy - Yuwang Biological initially focused on building its own brand but has shifted towards OEM production for international dietary supplement brands, with over 60% of its revenue coming from overseas by 2024 [40]. - The company has struggled to establish a strong brand presence, with consumer sales accounting for only 2.1% of total revenue in 2024, despite increased marketing expenditures [44][43].