Core Viewpoint - The article discusses the IPO of Suzhou Fengbei Biological Technology Co., Ltd., which aims to raise 750 million yuan for various projects related to the recycling of waste oils and the production of biofuels and bio-based materials [1][3]. Group 1: IPO and Financials - The IPO plans to raise 750 million yuan for projects including the annual production of 300,000 tons of oleic acid methyl ester, 10,000 tons of industrial-grade mixed oil, 50,000 tons of agricultural microbial agents, and 10,000 tons of compound microbial fertilizers, along with by-products such as 50,000 tons of biodiesel and 8,200 tons of glycerol [1][2]. - Fengbei Biological's revenue for 2022, 2023, and 2024 is projected to be 1.71 billion yuan, 1.73 billion yuan, and 1.948 billion yuan respectively, with net profits of 133 million yuan, 130 million yuan, and 124 million yuan [6]. - In the first half of 2025, Fengbei Biological reported revenue of 1.478 billion yuan, a 49.62% increase from 988 million yuan in the same period last year, with a net profit of 85.06 million yuan, up 23.51% from 68.87 million yuan [8]. Group 2: Compliance and Market Position - Fengbei Biological meets the listing standards, having positive net profits for the last three years, with a cumulative net profit of 372 million yuan, and total operating revenue exceeding 5.384 billion yuan over the same period [9][10]. - The company is not the first in the waste oil recycling sector to go public, as two other companies have already listed in the A-share market, focusing on sustainable aviation fuel (SAF) as a key product [10][11]. Group 3: Industry Context - The waste oil recycling industry includes major players like Zhuoyue New Energy, which produces biodiesel primarily for export to the EU, and Jiaao Environmental Protection, which also focuses on biodiesel and SAF production [11]. - The industry is expanding with companies like Haineng Energy forming production networks for biodiesel and SAF, indicating a growing market for sustainable energy solutions [11].