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]