Group 1: Core Issues - The company has officially paused its IPO journey due to unresolved shareholder equity freeze issues, which has hindered its access to capital markets [1][2] - The second-largest shareholder, Ding Yumei, holds approximately 3.65 million shares (4.30% of total equity), which are currently under judicial freeze due to legal complications related to asset recovery actions against her and her ex-husband, Xu Jiayin [2][7] - The prolonged equity freeze reflects potential governance risks, which have been a key concern for advisory institutions and ultimately contributed to the failure of the IPO process [2][7] Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 214 million yuan, a year-on-year increase of 16.98%, but the net profit attributable to shareholders plummeted by 55.99% to 13.21 million yuan [3][8] - The company heavily relies on a single product line, with collagen products accounting for 87.83% of its revenue, indicating a lack of diversification [3][8] - Historical performance shows that the company withdrew its application for the Sci-Tech Innovation Board in December 2021 due to anticipated revenue not meeting the required growth rates, and similarly terminated its application for the Beijing Stock Exchange in March 2024 for failing to meet revenue growth criteria [4][9] Group 3: Industry Dynamics - The company's struggles reflect broader structural changes in the industry, including tightening regulatory policies that have altered the market environment significantly since 2020 [5][9] - The collagen product market has become increasingly competitive, with rivals like Juzhi Biotechnology and Fuirjia successfully listing and expanding their market presence, while the company has lagged in technological innovation and capitalizing on new trends [5][10] - The company has not adapted to the shift towards recombinant collagen technology, which has been embraced by competitors, leading to a decline in its market position [5][10]