文|恒心 过去十余年间，鲟龙科技三次尝试登陆A股市场均未成功。此次转战港股，其携一份净利润率超越贵州茅台的财报而来——2025年上半年净利润率高达 58.3%。 然而，在这份亮眼的财务数据背后，鲟龙科技仍需回应市场关于其业务模式、资产结构及成长性的关键质询。 来源|博望财经 全球每三罐鱼子酱中，至少有一罐产自这家中国企业，但其资本之路比鱼子酱的加工工序更为曲折。 近日，鲟龙科技正式向港交所递交招股书，这是这家全球鱼子酱霸主第四次向资本市场发起冲击。 01 业务真相：高利润率光环与生物资产风险 鲟龙科技呈现给资本市场的是一张兼具规模优势与盈利能力的成绩单，但其业务实质与财务报表之间存在需深入解读的张力。 据灼识咨询数据显示，自2015年起，鲟龙科技已连续十年蝉联全球鱼子酱销量冠军，2024年全球市场份额高达35.4%。 2022年至2024年，鲟龙科技营业收入自4.91亿元增长至6.69亿元，净利润自2.33亿元提升至3.24亿元，增长稳健。尤其引人注目的是其盈利能力，2025年上半 年净利润率达58.3%，一度超越白酒龙头贵州茅台。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止 ...

承包全球三成鱼子酱 鱼子酱产量占全球1/3 鱼子酱位列世界三大顶级美食之一，被誉为"黑黄金"。 卡露伽鱼子酱 近日，杭州千岛湖鲟龙科技股份有限公司（下称"鲟龙科技"）向港交所主板递交了IPO申请，标志着这 家全球最大的鱼子酱企业重新开启上市之路。 此前，鲟龙科技曾在2012年、2014年寻求A股上市，始终未能如愿；2024年，鲟龙科技转战新三板； 2025年8月摘牌，选择赴港IPO。 有市场、有业绩、有故事，鲟龙科技此次冲刺港交所能否成功？ 鲟龙科技冲刺港股IPO 本报记者 甘居鹏 鲟龙科技养殖基地 起源于白垩纪、与恐龙同时代的鲟鱼，是鱼子酱的最佳来源。老家在里海、亚速海一带，周边的伊朗、 俄罗斯、哈萨克斯坦、阿塞拜疆等国是传统的野生鱼子酱生产国和出口国。 由于过度捕捞和沿岸开发，里海野生鲟鱼资源快速萎缩，濒临灭绝。于是，人工养殖就成了主流。 1998年，王斌辞去中国水产科学研究所开发处副处长职务，到北京房山养鲟鱼；2003年，他把养殖场从 北京搬到了浙江千岛湖，成立杭州千岛湖鲟龙科技开发有限公司。 前景广阔，毛利率超68% 作为全球鱼子酱行业龙头，鲟龙科技面临广阔的市场机遇，其旗下核心产品"KALUGA Q ...

Core Viewpoint - Xunlong Technology, the world's largest caviar company, has officially submitted its IPO application to the Hong Kong Stock Exchange on October 30, 2025, aiming to become a benchmark case for the globalization of high-end agricultural products in China [1] Company Summary - Xunlong Technology delisted from the New Third Board in August 2025 to pave the way for its listing on the Hong Kong Stock Exchange [1] - The company is currently in the material review stage before the hearing [1] - If the IPO is successful, it will highlight the potential for high-end agricultural products from China in the global market [1] Industry Summary - The global caviar market is currently experiencing a supply-demand imbalance, with demand exceeding supply [1] - Xunlong Technology is expected to benefit from industry expansion due to its scale effects and technological barriers [1]

Core Viewpoint - Xunlong Technology has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become a typical example of the globalization of high-end agricultural products in China, with a leading position in the global caviar market [2][8]. Company Overview - Founded in 2003 by Wang Bin, Xunlong Technology has become the world's largest caviar producer, holding a market share of 35.4% in 2024, which is more than five times that of the second-largest competitor [6][7]. - The company has achieved the highest global sales of caviar for ten consecutive years since 2015, maintaining over 30% market share from 2021 to 2024 [7][8]. IPO Fund Utilization - The funds raised from the IPO will be allocated to three main areas: 1. Expansion: Investing 500 million RMB to enhance production capacity to 300 tons at the new breeding base in Yunnan over the next five years [4]. 2. Technological Upgrade: Smart transformation of existing breeding and processing bases to develop high-value derivative products [4]. 3. Global Channel Acquisition: Acquiring core distribution channels in Europe with an estimated expenditure of no less than 800 million RMB [4]. Shareholder Structure - Wang Bin, the founder, is the largest single shareholder, controlling approximately 34.64% of the shares, with a direct holding of 6.36% and additional indirect holdings through various platforms [4]. Financial Performance - Xunlong Technology's revenue and net profit figures for 2022, 2023, and projected for 2024 are as follows: - 2022: Revenue of 491 million RMB, Net Profit of 233 million RMB - 2023: Revenue of 577 million RMB, Net Profit of 273 million RMB - 2024: Revenue of 669 million RMB, Net Profit of 324 million RMB [11]. - The company has a gross margin exceeding 68% and a net profit margin close to 50%, indicating strong shareholder return capabilities [9][12]. Market Presence - Xunlong Technology's products are exported to 46 countries and regions, including high-end venues such as first-class cabins of major airlines and Michelin-starred restaurants [10].