Core Viewpoint - Sturgeon Technology is attempting to list on the Hong Kong Stock Exchange after three failed IPO attempts in China, aiming to become the "first caviar stock" in Hong Kong [1][7]. Financial Performance - The company claims to be the "largest caviar enterprise globally," maintaining over 30% of the global market share from 2021 to 2024, with a projected 35.4% in 2024, significantly surpassing its nearest competitor [2][3]. - Revenue figures for the company are approximately 491 million RMB in 2022, 577 million RMB in 2023, 669 million RMB in 2024, and 301.5 million RMB in the first half of 2025, with net profits of about 233 million RMB, 273 million RMB, 324 million RMB, and 175.8 million RMB respectively [2][3]. Profitability and Margins - The gross profit margins from 2022 to the first half of 2025 show fluctuations, with figures of 65.6%, 70.1%, 66.3%, and 71.3% before accounting for biological asset fair value changes, and 1%, 1.3%, -2.9%, and 0.4% after [3][4]. - The negative gross margin in 2024 is attributed to a summer flood affecting a subsidiary [3]. Revenue Sources - Over 90% of the company's revenue comes from caviar products, with minimal contributions from sturgeon products and other caviar derivatives [3]. - The company has a significant reliance on overseas markets, with international sales accounting for approximately 79.8%, 76.7%, and 80.1% of total revenue from 2022 to 2024, and 80.9% in the first half of 2025 [5][6]. Supply Chain and Customer Base - The company sources over 60% of its procurement from five major suppliers, with the largest supplier accounting for 46.2% to 29.2% of total procurement over the years [6]. - Major customers include global caviar companies and gourmet food firms, with sales to the top five customers representing 36% to 36.4% of total revenue during the reporting periods [6]. Historical IPO Attempts - Sturgeon Technology has faced multiple challenges in its IPO attempts, including three failed attempts to list on the A-share market due to concerns over related party transactions and financial discrepancies [7][10]. - The company has also faced allegations of financial fraud, which have impacted its credibility and IPO prospects [10][11]. Leadership and Shareholding - The company was founded by Wang Bin, who controls approximately 34.64% of the shares, making him the largest shareholder [12]. - Other significant shareholders include Chen Xiaxin and various investment firms, with dividends declared in recent years amounting to approximately 232 million RMB, 81.6 million RMB, and 45.1 million RMB [12].