Core Viewpoint - Tianjiao Biotechnology Co., Ltd. has completed its IPO counseling registration and is preparing for its listing on the New Third Board, with a structured four-phase approach to ensure compliance and governance [2][4]. Group 1: Company Overview - Tianjiao Biotechnology was established in December 2004, with a registered capital of 51.03 million yuan, located in Heze City, specializing in the research, production, and sales of food ingredients [4]. - The company has received multiple accolades, including being recognized as a national high-tech enterprise and a leading enterprise in Shandong Province's "Top Ten" industrial clusters [4]. - The controlling shareholder is Shandong Tianjiu Industrial Group Co., Ltd., which holds 82.39% of the shares, with the actual controllers indirectly controlling 84.35% of the company [4]. Group 2: Business Operations - Tianjiao Biotechnology focuses on functional powdered oils, solid beverages, and baking materials, with a strong emphasis on R&D [4]. - The company has established a multi-dimensional R&D framework, including six provincial-level R&D platforms and four major R&D centers across China, holding 77 patents, including 22 invention patents [4]. Group 3: Financial Aspects - The company faces risks related to raw material price fluctuations, with direct material costs constituting 84.81%, 83.50%, and 83.81% of the main business costs for 2023, 2024, and the first half of 2025, respectively [5]. - Due to rising product costs, the gross profit margin for the main business decreased to 22.46% in the first half of 2025 [5].