Core Viewpoint - The company, Xunlong Technology, is the world's largest caviar producer and has maintained the highest global sales volume for caviar for ten consecutive years since 2015, holding over 30% of the global market share from 2021 to 2024 [1] Group 1: Company Performance - In 2022, 2023, 2024, and the first half of 2025, the company's revenue was approximately 491 million, 577 million, 669 million, and 302 million respectively, with net profits of approximately 233 million, 273 million, 324 million, and 176 million [1] - The global caviar sales volume is projected to grow from 402.5 tons in 2019 to 729.2 tons in 2024, with a compound annual growth rate of 12.6% [1] Group 2: Market Presence - The majority of the company's products are exported to 46 countries and regions, including Europe, America, and Asia-Pacific, establishing long-term partnerships with global caviar and gourmet food companies [2] - The company has brand partnerships with several airlines, including Lufthansa, Singapore Airlines, and Cathay Pacific, and also serves top cruise operators [2] Group 3: Customer and Supplier Relationships - In 2022, 2023, 2024, and the first half of 2025, sales from the top five customers amounted to approximately 177 million, 199 million, 236 million, and 110 million, representing 36.0%, 34.4%, 35.3%, and 36.4% of total revenue respectively [2] - The largest customer contributed sales of approximately 50 million, 55 million, 60 million, and 28 million, accounting for 10.2%, 9.5%, 9.0%, and 9.2% of total revenue respectively [2] - The total procurement from the top five suppliers was approximately 112 million, 125 million, 179 million, and 129 million, representing 68.8%, 66.6%, 61.2%, and 65.7% of total procurement respectively [3] Group 4: Strategic Plans for IPO Proceeds - The funds raised from the IPO will be used for aquaculture and capacity expansion, upgrading existing processing facilities, enhancing brand recognition and global sales channels, and increasing market penetration [3][4] - The company aims to strengthen its research and development capabilities, upgrade its digital information systems, and pursue strategic investments or acquisitions to integrate industry resources and enhance brand penetration [4][5]