Core Viewpoint - Fengbei Bio (603334.SH) is set to be listed on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste oil resources and oil chemical products [1][2]. Company Overview - Established in 2014, Fengbei Bio primarily engages in waste oil resource utilization, with oil chemical products as a supplementary business [1]. - The company has developed a range of products including bio-based materials and biofuels, with a focus on agricultural additives and biodiesel [3]. Financial Performance - Fengbei Bio's projected revenues for 2022, 2023, and 2024 are 17.09 billion, 17.28 billion, and 19.48 billion CNY, respectively, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% [4]. - The net profit attributable to the parent company for the same years is expected to be 1.33 billion, 1.30 billion, and 1.24 billion CNY, with growth rates of 30.85%, -2.73%, and -4.54% [4]. Market Position - Fengbei Bio holds a market share of approximately 4.68% in China's biodiesel industry, ranking sixth in production capacity [3]. - In the agricultural chemical sector, the company has a market share of about 6.72% for pesticide additives and 6.46% for fertilizer additives [4]. Research and Development - The company has obtained 135 patents, including 33 domestic invention patents and 3 international invention patents, and has been recognized as a national-level "little giant" enterprise [3]. Client Base - Fengbei Bio's clientele includes major global commodity traders such as TRAFIGURA and GLENCORE, as well as renowned end-users like CARGILL and BP [3].

Core Viewpoint - Fengbei Bio (603334.SH) is set to be listed on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste oil resources and oil chemical products, with a strong emphasis on bio-based materials and fuels [1][3]. Company Overview - Established in 2014, Fengbei Bio primarily engages in the comprehensive utilization of waste oil resources, with oil chemical products as a supplementary business [1]. - The company has developed a range of products, including bio-based materials (such as pesticide and fertilizer additives) and biofuels (mainly biodiesel) [3]. Financial Performance - Fengbei Bio's projected revenues for 2022, 2023, and 2024 are 1.709 billion, 1.728 billion, and 1.948 billion yuan, respectively, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% [4]. - The net profit attributable to the parent company for the same years is expected to be 133 million, 130 million, and 124 million yuan, with growth rates of 30.85%, -2.73%, and -4.54% [4]. Market Position - The company holds a market share of approximately 4.68% in China's biodiesel industry, ranking sixth in production capacity as of the end of 2024 [3]. - In the agricultural chemical sector, Fengbei Bio has established long-term partnerships with leading companies, achieving a market share of about 6.72% for pesticide additives and 6.46% for fertilizer additives in 2023 [4]. Research and Development - As of June 30, 2025, Fengbei Bio and its subsidiaries have obtained 135 patents, including 33 domestic invention patents and 3 international invention patents [3]. - The company has been recognized as a national-level "little giant" enterprise and has established several engineering research centers in Jiangsu Province [3]. Investment Plans - The company plans to invest 750 million yuan in new projects, including the construction of facilities for producing 300,000 tons of oleic acid methyl ester and 50,000 tons of biodiesel, among other products [2].

Core Viewpoint - Fengbei Bio (603334.SH) has initiated its subscription with an issue price of 24.49 CNY per share and a maximum subscription limit of 11,000 shares, reflecting a price-to-earnings ratio of 30.47 times. The company operates in the waste resource utilization sector, focusing on converting waste oils into biofuels and biobased materials, establishing a comprehensive recycling industry chain [1]. Company Overview - Fengbei Bio is a high-tech enterprise specializing in the comprehensive utilization of waste resources, primarily focusing on waste oils to produce biobased products and biofuels. The main products include biobased materials such as pesticide and fertilizer additives, and biofuels like biodiesel [1]. - The company has established long-term partnerships with leading agricultural chemical firms, including Fengle Seed Industry, Jiuyi Co., Lutianhua, Sichuan Meifeng, and Batian Co. [1]. Production Capacity - As of the end of 2024, Fengbei Bio's biodiesel production capacity is 105,000 tons, ranking sixth in China's biodiesel industry. Compared to peers like Zhuoyue New Energy and Jiaao Environmental Protection, Fengbei's net profit after deducting non-recurring gains is lower than Zhuoyue but higher than Jiaao and Longhai Bio [2][3]. Financial Performance - The company reported revenues of approximately 1.709 billion CNY, 1.728 billion CNY, and 1.949 billion CNY for the years 2022, 2023, and 2024, respectively. Net profits for the same years were approximately 133 million CNY, 130 million CNY, and 124 million CNY [2][4]. - Total assets as of December 31, 2024, are 12.368 billion CNY, with equity attributable to shareholders at 7.558 billion CNY. The asset-liability ratio has improved from 49.12% in 2022 to 43.13% in 2024 [4]. Profitability Metrics - For the fiscal year 2024, the company expects a net profit of approximately 1.238 billion CNY, with a basic earnings per share of 1.15 CNY. The return on equity is projected at 17.91%, down from 30.57% in 2022 [5].

Group 1: New IPOs Overview - Three new stocks available for subscription in the A-share market next week: Fengbei Bio, Delijia, and Zhongcheng Consulting [1] - Fengbei Bio focuses on waste oil resource utilization, transforming waste cooking oil into biodiesel [1] - Delijia specializes in precision gear transmission, with its core product being wind power main gearboxes [2] Group 2: Fengbei Bio Financials - Fengbei Bio's projected revenues for 2022, 2023, and 2024 are 1.709 billion, 1.728 billion, and 1.948 billion respectively, indicating steady growth [2] - The company expects a decline in net profit from 136 million to 115 million during the same period, highlighting a situation of increasing revenue but decreasing profit [2] - The IPO aims to raise 750 million, with funds allocated for new production projects including biodiesel and microbial fertilizers [2] Group 3: Delijia Financials and Projects - Delijia's revenue is expected to grow by 81.13% year-on-year by mid-2025, with a net profit increase of 63.56% [2] - The company has secured over 4 billion in orders, providing a strong performance outlook for the coming years [2] - The IPO funds will be used for expanding production capacity for large onshore and offshore wind power gearboxes [3] Group 4: Zhongcheng Consulting Overview - Zhongcheng Consulting provides engineering cost, bidding agency, and project management services, with operations primarily in Jiangsu and surrounding provinces [3] - The company anticipates a revenue decline of 3.04% in 2025, with net profit expected to decrease by 4.14% [3] - The decline in performance is attributed to the complex international environment and fluctuations in the real estate market [3]

Group 1 - The company, Fengbei Bio (603334.SH), plans to issue 35.90 million shares, accounting for 25.02% of the total shares post-issuance, with a total share capital of 143.50 million shares after the public offering [1] - The initial strategic placement will involve 7.18 million shares, representing 20.00% of the total issuance [1] - The company operates in the field of waste resource utilization, primarily focusing on converting waste oils into resource products, forming a production chain from waste oils to biofuels and bio-based materials [1] Group 2 - The main business of the company is waste oil resource utilization, with secondary operations in oil chemical products; key products include bio-based materials and biofuels [2] - The company's revenue for the reporting periods was 1,708.69 million, 1,727.78 million, 1,948.02 million, and 1,478.13 million yuan, with net profits of 135.92 million, 123.04 million, 115.32 million, and 84.70 million yuan after excluding non-recurring gains and losses [2] - The company plans to invest a total of 750 million yuan from the fundraising into projects related to its main business, including the construction of facilities for producing various bio-based products and biofuels [2]

Group 1 - The company, Fengbei Biotechnology (603334.SH), plans to issue 35.90 million shares in its initial public offering (IPO), representing 25.02% of the total shares post-issuance, with a total share capital of 143.50 million shares after the IPO [1] - The initial strategic placement will involve 7.18 million shares, accounting for 20.00% of the total issuance, with the pricing inquiry date set for October 22, 2025, and subscription date for October 27, 2025 [1] - The company specializes in the comprehensive utilization of waste resources, primarily focusing on converting waste oils into resource products, forming a production chain from waste oils to biodiesel and bio-based materials [1] Group 2 - The main business of the company revolves around the comprehensive utilization of waste oils, with secondary operations in oil chemical products; key products include bio-based materials and biodiesel [2] - The company's revenue has shown a consistent growth trend over the reporting periods, with total revenues of 1,708.69 million, 1,727.78 million, 1,948.02 million, and 1,478.13 million yuan, while the net profit attributable to the parent company after deducting non-recurring gains and losses was 135.92 million, 123.04 million, 115.32 million, and 84.70 million yuan [2] - The net proceeds from the IPO, after deducting issuance costs, will be invested in projects related to the main business, including the construction of facilities for producing 300,000 tons of methyl oleate, 10,000 tons of industrial-grade mixed oil, and other agricultural microbial agents, totaling an investment of 750 million yuan [2]

Company Overview - Suzhou Fengbei Biotechnology Co., Ltd. (Fengbei Bio) is preparing to list on the Shanghai Stock Exchange, aiming to raise 750 million yuan [2] - The company specializes in the comprehensive utilization of waste resources, primarily producing bio-based materials and biofuels from waste oils [4] Financial Performance - Fengbei Bio reported revenues of 1.71 billion yuan in 2022, 1.73 billion yuan in 2023, and projected 1.948 billion yuan in 2024, with net profits of 133 million yuan, 130 million yuan, and 124 million yuan respectively [4] - In the first half of 2025, the company achieved revenues of 1.478 billion yuan, a 49.62% increase from 988 million yuan in the same period of the previous year [7] - For the first nine months of 2025, Fengbei Bio expects revenues between 2.1 billion and 2.3 billion yuan, representing a growth of 51.40% to 65.82% compared to 1.387 billion yuan in the same period of 2024 [8] Shareholding Structure - Pingyuan controls 85.4% of Fengbei Bio, holding 59.78% directly and additional shares through subsidiaries [9] - Post-IPO, Pingyuan's shareholding will decrease to 44.82%, while other shareholders will hold smaller percentages [10] Project Financing - The current financing round will fund the construction of several projects, including an annual production capacity of 300,000 tons of oleic acid methyl ester and 50,000 tons of bio-diesel [3]

Group 1 - The China Securities Regulatory Commission approved Suzhou Fengbei Biotechnology Co., Ltd.'s initial public offering registration, with plans to raise 1 billion yuan [1] - Fengbei Biotechnology aims to list on the Shanghai Stock Exchange, with Guotai Junan Securities as its sponsor [1] Group 2 - Fengbei Biotechnology is a high-tech enterprise in the field of waste resource utilization, primarily producing resource-based products from waste oils [4] - The company has developed a waste resource recycling industry chain, focusing on "waste oils - biofuels (biodiesel) - bio-based materials" [4] - As of the end of 2024, the company's biodiesel production capacity is 105,000 tons, ranking sixth in China's biodiesel industry [4] - According to USDA statistics, China's biodiesel production is projected to be approximately 1.71 million tons in 2024, with Fengbei's biodiesel production at 80,100 tons, giving it a market share of about 4.68% based on production volume [4]

Core Viewpoint - Fengbei Biotechnology Co., Ltd. has successfully submitted its IPO registration on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste resources, particularly converting waste oils into biodiesel and bio-based materials, but faces challenges including performance decline due to EU anti-dumping policies and weak R&D investment [1][10][24]. Group 1: Company Overview - Fengbei Biotechnology is a high-tech enterprise in the waste resource utilization sector, primarily producing biodiesel and bio-based materials from waste oils, forming a recycling industry chain [2][5]. - The company was established in July 2014 and transitioned to a joint-stock company in January 2022, with its founder, Ping Yuan, holding 85.40% of the shares [4][5]. Group 2: Financial Performance - For the years 2022 to 2024, Fengbei's operating revenues were 1.709 billion, 1.728 billion, and 1.948 billion yuan, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% respectively [10][11]. - The net profit attributable to the parent company for the same period was 133 million, 130 million, and 124 million yuan, showing a decline of 2.73% and 4.54% in the last two years [10][11]. Group 3: Market Challenges - The company has faced significant challenges due to the EU's anti-dumping investigations, which have led to a sharp decline in sales in the EU market, affecting overall profitability [15][18]. - Sales to the EU dropped from 3.30 billion yuan in 2021 to 505 million yuan in the first half of 2024, indicating a substantial market shift [15][18]. Group 4: R&D and Competitive Position - Fengbei's R&D expenses as a percentage of operating income were 3.00%, 3.39%, and 2.75% from 2022 to 2024, which is below the industry average [21][22]. - The company claims its competitive advantage lies in basic research, material development, and application development, but it risks falling behind competitors if R&D investment does not increase [24]. Group 5: Financial Health - As of the end of 2024, Fengbei's cash reserves were 167 million yuan, while short-term borrowings amounted to 173 million yuan, indicating potential liquidity issues [24].

Core Viewpoint - Fengbei Bio is a high-tech enterprise in the field of waste resource utilization, focusing on converting waste oils into biodiesel and bio-based materials, but faces challenges such as declining performance due to EU anti-dumping policies and insufficient R&D investment [2][14][20]. Company Overview - Fengbei Bio was established in July 2014 and transitioned to a joint-stock company in January 2022, with a registered capital of 5 million yuan [4]. - The founder, Ping Yuan, holds 85.40% of the shares, maintaining absolute control over the company [4][5]. - The company has acquired stakes in several related companies to enhance its operational scale and market competitiveness [4][6]. Financial Performance - Revenue for 2022, 2023, and projected 2024 is 1.709 billion yuan, 1.728 billion yuan, and 1.948 billion yuan, respectively, showing a growth of 31.89%, 1.12%, and 12.75% [9][10]. - Net profit for the same years is 133.34 million yuan, 129.71 million yuan, and 123.82 million yuan, indicating a decline of 2.73% and 4.54% in 2023 and 2024 [9][10]. - The company has distributed significant cash dividends of 15 million yuan and 16.14 million yuan in 2022 and 2023, respectively, totaling 31.14 million yuan [7]. Market Challenges - The company faces a significant decline in sales to the EU due to anti-dumping investigations, with sales figures dropping from 3.30 billion yuan in 2021 to 505.12 million yuan in the first half of 2024 [16][18]. - The EU accounts for 34.65% of global biodiesel consumption, making it a critical market for Fengbei Bio [12]. R&D and Competitive Position - R&D expenses as a percentage of revenue have decreased from 3.39% in 2023 to 2.75% in 2024, which is below the industry average [20][21]. - The company’s biodiesel production capacity is 105,000 tons, significantly lower than competitors like Zhuoyue New Energy and Jiaao Environmental Protection [22]. Future Outlook - The company is shifting its sales focus to emerging markets outside the EU, such as Switzerland and Singapore, in response to changing policies [15]. - The company’s financial health is concerning, with cash reserves of 167 million yuan against short-term borrowings of 173 million yuan, indicating potential liquidity issues [24][25].