近日，杭州千岛湖鲟龙科技股份有限公司（下称鲟龙科技）正式递表港交所，向港股发起冲击。 招股书显示，鲟龙科技是全球最大的鱼子酱企业，2021年至2024年鱼子酱销量持续占据全球市场的30%以上。2024年，鲟龙科技实 现收入6.69亿元、净利润3.24亿元。 鱼子酱毛利率，超70% 鲟龙科技成立于2003年4月。创始人王斌今年55岁，此前曾在中国水产科学研究院历任多个职务，包括人事处科员、开发处副处 长，还曾任鲟鱼繁育技术工程中心总经理。目前，王斌任鲟龙科技董事会主席、执行董事兼总经理，并持有鲟龙科技34.64%股份， 为该公司第一大股东。 鱼子酱是鲟龙科技的核心产品。招股书显示，2022年至2024年，鲟龙科技鱼子酱产品分别实现收入4.52亿元、5.23亿元、6.14亿 元，占总收入的92%、90.6%、91.8%；鲟鱼制品分别实现收入3071.8万元、4735.1万元、5154.9万元，占比6.3%、8.2%、7.7%；活 鲟鱼销售等其他产品的收入占比分别为1.7%、1.2%、0.5%。 鲟龙科技鱼子酱产品 来源：鲟龙科技官网截图 鱼子酱也是鲟龙科技毛利率最高的产品。招股书显示，2022年至2024年，鲟龙 ...

Core Viewpoint - The news highlights the upcoming IPO of Hangzhou Qiantang Lake Sturgeon Technology Co., Ltd. (referred to as "Sturgeon Technology"), which claims to be the world's largest caviar producer, aiming to raise over 600 million RMB in revenue by 2024, primarily through exports [2][18]. Group 1: Company Overview - Sturgeon Technology's main product is caviar, contributing over 90% of its revenue, with a high supplier concentration [3][6]. - The company has developed a full industry value chain covering sturgeon breeding, caviar processing, sales, and brand marketing [12]. - The company’s self-owned brand KALUGAQUEEN is well-known internationally, supplying major airlines and Michelin-starred restaurants [6][12]. Group 2: Financial Performance - Revenue for Sturgeon Technology is projected to grow from approximately 4.91 billion RMB in 2022 to 6.69 billion RMB in 2024, with net profits increasing correspondingly [15][16]. - The gross profit margin has shown volatility, with a projected negative gross margin of -2.9% in 2024 due to external factors like flooding [15][16]. Group 3: Market Dynamics - China has become the largest caviar producer globally, with a projected production of 796.7 tons by 2029, accounting for 64.7% of global supply [18][19]. - The caviar market is shifting from wild to farmed production, with Sturgeon Technology leading in breeding and export technologies [18][22]. - The European Union is the largest consumer market for caviar, expected to account for 35% of global consumption in 2024 [19]. Group 4: Competitive Landscape - Sturgeon Technology holds a 35.4% market share in the global caviar industry, with the top five companies accounting for 56.7% of total sales [22]. - The company faces competition from other caviar producers, including Run Zhao Fisheries and Petrossian [22]. Group 5: IPO Journey - Sturgeon Technology has attempted to go public multiple times since 2011, facing various regulatory challenges, and is now targeting a listing on the Hong Kong Stock Exchange [23][24].

Core Viewpoint - Xunlong Technology, the world's largest caviar producer, has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and CITIC Jinshi International as joint sponsors [1][3]. Company Overview - Xunlong Technology has maintained the highest global caviar sales for ten consecutive years since 2015, holding over 30% of the global market share from 2021 to 2024, and is projected to reach 35.4% in 2024, significantly surpassing the second-largest competitor by more than five times [3]. - The company has established a well-known caviar brand, "KALUGA QUEEN" [3]. Market Dynamics - According to the FAO, global sturgeon catch peaked in 1977, and while artificial caviar supply has increased in the 21st century, high entry barriers due to long investment cycles and large scale requirements have kept supply below historical highs, leading to a long-term supply-demand imbalance [3]. - Global caviar sales are expected to reach 729.2 tons in 2024 and grow to 1,230.9 tons by 2029, with a compound annual growth rate (CAGR) of 11.0%. However, this volume will still be significantly lower than the 1977 peak, indicating a substantial supply gap [3]. China's Role - China is currently the largest caviar producer globally, with projected sales of 379.3 tons in 2024, accounting for 52.0% of the global market. By 2029, China's caviar production is expected to reach 796.7 tons, with a CAGR of 16.0%, representing approximately 64.7% of global supply [3]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Xunlong Technology reported revenues of approximately RMB 491 million, RMB 577 million, and RMB 669 million, respectively. Corresponding profits were about RMB 233 million, RMB 273 million, and RMB 324 million [7][8]. - The company operates eight sturgeon farming bases and two processing facilities as of June 30, 2025 [7].

Core Viewpoint - Xunlong Technology is applying for a listing on the Hong Kong Stock Exchange, with CITIC Securities and CITIC Jinshi International as joint sponsors [1] Company Overview - Xunlong Technology is the world's largest caviar producer, holding the number one position in global caviar sales for ten consecutive years since 2015 [3] - The company has established a well-known caviar brand, "KALUGA QUEEN" [3] Market Position and Growth - From 2021 to 2024, Xunlong Technology's caviar sales are projected to maintain over 30% of the global market, reaching 35.4% in 2024, significantly surpassing the second-largest competitor by more than five times [3] - The global caviar market is expected to grow from 729.2 tons in 2024 to 1,230.9 tons by 2029, with a compound annual growth rate (CAGR) of 11.0% [3] - China is currently the largest caviar producer, with an expected production of 379.3 tons in 2024, accounting for 52.0% of global sales [3] - By 2029, China's caviar production is anticipated to reach 796.7 tons, representing a CAGR of 16.0% and approximately 64.7% of global supply [3] Financial Performance - For the fiscal years 2022, 2023, and 2024, Xunlong Technology reported revenues of approximately RMB 491 million, RMB 577 million, and RMB 669 million, respectively [7] - The net profit for the same periods was approximately RMB 233 million, RMB 273 million, and RMB 324 million [7] - The company operates eight sturgeon farming bases and two processing facilities as of June 30, 2025 [7]

Core Viewpoint - Sturgeon Technology is terminating its listing on the National Equities Exchange and Quotations (NEEQ) to reduce operational costs and improve decision-making efficiency, while considering an IPO in Hong Kong [1][2]. Company Overview - Sturgeon Technology, established in 2003, specializes in the breeding, ecological farming, processing, and sales of sturgeon and caviar, with caviar being its core product [3]. - The company achieved the first export of artificially farmed caviar in China in 2006, with products primarily sold to Europe, the United States, and Asia [3]. - In 2023, Sturgeon Technology accounted for 69.58% of China's caviar export volume and produces approximately one-third of the world's caviar, making it the largest caviar producer globally [3]. Financial Performance - For the year ending 2024, Sturgeon Technology reported total revenue of 670 million yuan, a year-on-year increase of 15.95%, and a net profit attributable to shareholders of 293 million yuan, up 23.62% [5]. - The gross profit margin for 2024 was 68.39%, down from 70.98% in 2023, primarily due to a higher increase in caviar costs compared to revenue [4][5]. - The sales revenue from caviar was 614 million yuan, representing a 17.45% increase year-on-year, while revenue from fish meat and sturgeon products rose by 8.87% to 51.5 million yuan [5][8]. Market Dynamics - The caviar market has shifted from wild to farmed sources due to declining wild sturgeon populations and stricter regulations, with farmed caviar now accounting for over 99% of global exports [9]. - Sturgeon Technology's revenue is significantly influenced by international markets, with approximately 27% of its revenue coming from the U.S. market in 2024 [10]. Strategic Initiatives - The company is exploring the establishment of an overseas entity to mitigate the impact of U.S. tariffs and other external uncertainties, with an investment not exceeding 2 million USD [11]. - Sturgeon Technology plans to expand its market presence in Europe, Southeast Asia, and the Middle East to reduce reliance on any single market [10].