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].