Core Viewpoint - Jianying International, a sports nutrition product distributor, is preparing for its IPO on NASDAQ under the code "FIT," aiming to raise between $8 million and $10 million by issuing 2 million shares priced between $4 and $5 each [1] Company Overview - Jianying International has been operating for over eight years, focusing on the distribution of sports nutrition products in Hong Kong, mainland China, and Malaysia, with a diverse range of SKUs available for customers [1] - As of December 31, 2024, the company has over 300 SKUs from more than 30 brands, primarily imported from the US and Europe [2] Market Presence - Hong Kong is the primary market for Jianying International, contributing 65.5% of revenue in 2024, followed by mainland China at 33.7% and Malaysia with a smaller share [2] - The company has established a multi-channel sales network, including gyms, supermarkets, convenience stores, and e-commerce platforms, with over 1,000 sales points across its markets [2][3] Sales Model - Jianying International employs a combined B2B and B2C sales model, distributing products to over 130 B2B clients and operating two online stores with over 9,000 registered members [3] - In 2023, B2C sales accounted for 49.3% of revenue, decreasing to 34.9% in 2024, indicating its importance as a sales channel [3] Revenue Structure - The majority of revenue comes from protein powder, which accounted for nearly 70% of total revenue in 2024 [4] - The company reported a total revenue of approximately $19.46 million in 2024, with significant growth driven by both B2B (up 89.1%) and B2C (up 15.9%) sales [5][4] Financial Performance - Jianying International achieved a gross profit margin of 31.7% in 2024, an increase of 5 percentage points from the previous year, leading to a gross profit of approximately $6.17 million [5][6] - The company turned a profit of $1.02 million in 2024, compared to a loss in the previous year, aided by a moderate increase in operating expenses [5] Industry Trends - The sports nutrition industry is experiencing rapid growth due to rising health awareness and increased participation in fitness activities, with a significant market expansion in China [7] - The market for sports nutrition products is becoming increasingly competitive, with both local and international brands entering the space [8] Challenges - Jianying International faces high customer concentration, with the top five clients accounting for 43.3% of revenue, which may pose risks related to revenue volatility and bargaining power [9]