Core Viewpoint - Beijing Stock Exchange has issued a second round of inquiry regarding the IPO application of Shanghai Jiakai Biological Co., Ltd., focusing on customer cooperation stability, performance growth sustainability, gross margin authenticity, and compliance of equity changes [1] Group 1: Company Overview - Jiakai Biological specializes in the research, production, and sales of cosmetic functional raw materials, with a client base that includes major brands such as Proya, Fuda, and Huaxi [1] - The company reported revenues of 182.62 million yuan in 2022, 217.50 million yuan in 2023, and projected 242.44 million yuan in 2024, indicating a consistent growth trend [2][3] Group 2: Financial Performance - Revenue for the first half of 2025 is reported at 122.12 million yuan, with a year-on-year growth of 12.28% [2] - The company achieved a revenue of 194.81 million yuan for the first nine months of 2025, reflecting a 7.91% increase compared to the same period last year [3] Group 3: Market Position - Jiakai Biological holds a market share of approximately 1.64% in the domestic functional raw materials market, which is projected to reach 14.8 billion yuan in 2024 [5] - The company claims to have deeply integrated into the core ecosystem of China's cosmetic industry, establishing strong partnerships with leading domestic brands [5] Group 4: Customer Dynamics - The company has experienced revenue declines from major clients in both self-produced and OEM products, with core customers contributing to 63.85% of revenue in the first half of 2025 [4] - The inquiry requires Jiakai Biological to explain the reasons behind the revenue fluctuations from key clients and the stability of customer relationships [4] Group 5: Gross Margin Analysis - Jiakai Biological's gross margin has remained stable at over 63% from 2022 to mid-2025, which raises questions about its sustainability compared to industry peers [6] - The inquiry demands an analysis of the factors affecting gross margin stability, including product structure and pricing mechanisms [6] Group 6: Future Projects - The company plans to raise 309.56 million yuan for a project to produce 50 tons of functional plant extracts annually, with a focus on high-purity single-component products [6][7] - The inquiry seeks clarification on the advantages of the new products compared to existing ones and the potential market demand [7] Group 7: Shareholding Structure - The company has three main actual controllers who collectively hold significant voting rights, with an agreement in place to maintain consistent decision-making for 36 months post-IPO [8] - The inquiry requires details on the decision-making mechanisms and dispute resolution processes among the actual controllers [8]

Group 1 - The core point of the news is that Shanghai Jiakai Biological Co., Ltd. has responded to the first round of inquiry from the Beijing Stock Exchange regarding compliance issues related to equity changes, control stability, product quality risks, and the sustainability of performance growth [2][4] Group 2 - Jiakai Biological was established in 2015 and focuses on the research, production, and sales of cosmetic functional raw materials, primarily used in skincare, masks, and hair care products [4] - The company plans to raise 310 million yuan through its IPO, which will be fully allocated to a project for annual production of 50 tons of functional plant extracts [4] - The company has seen significant valuation growth, from 3 billion yuan in 2020 to 24.7 billion yuan in 2025, reflecting an increase of over 7 times in five years [5] Group 3 - Revenue figures for Jiakai Biological from 2023 to the first three quarters of 2025 are 218 million yuan, 242 million yuan, and 195 million yuan, with year-on-year changes of 19.1%, 11.46%, and 7.91% respectively [5] - Net profit for the same period is 48 million yuan, 57 million yuan, and 47 million yuan, with year-on-year changes of -12.82%, 19.83%, and 16.91% respectively [5]