Core Viewpoint - The Shanghai Stock Exchange has approved the IPO of Jiyuan Group, a company specializing in the research and development of dietary nutritional supplements, marking a significant step in its growth and expansion in the global market [1]. Company Overview - Jiyuan Group is an international enterprise focused on the R&D and industrialization of dietary nutritional supplements, providing innovative and customized nutritional raw materials and formulations [2]. - The company is the largest global supplier of HMB (beta-hydroxy-beta-methylbutyrate) and a core supplier of high-quality glucosamine and other products, with a strong market presence across major regions including China, Asia, the US, Europe, Australia, and South America [2][9]. Financial Performance - The company reported revenues of 947 million yuan, 892 million yuan, and 1.002 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 143 million yuan, 153 million yuan, and 171 million yuan during the same period [4]. - As of December 31, 2024, total assets amounted to 1.186 billion yuan, with a debt-to-asset ratio of 20.23% [5]. - The company anticipates a revenue growth of approximately 14.39% year-on-year for Q1 2025, with net profit expected to increase by about 6.42% to 11.55% [5]. Market Position - Jiyuan Group holds a market share of approximately 65.80% in the global HMB market, with projected shares of 52.27% and 53.34% for 2023 and 2024, respectively [9]. - The company has established a solid position in the glucosamine market, with market shares of 11.92%, 13.85%, and 12.61% from 2022 to 2024 [10]. Client Relationships - The company heavily relies on Abbott Group, with sales to Abbott accounting for 23.44%, 17.38%, and 19.44% of its main business revenue over the reporting periods, and 69.26%, 64.69%, and 66.19% of its HMB business revenue [11]. - Over 90% of the company's revenue comes from international sales, primarily in the US, Europe, Australia, and Southeast Asia [11]. IPO Fund Utilization - The company plans to raise 603 million yuan through its IPO, which will be allocated to the construction of a nutritional health raw material production base, expansion of production lines, establishment of a technology innovation center, and to supplement working capital [7][8].