Core Viewpoint - Green Biological Technology Co., Ltd. (hereinafter referred to as "Green Biological") is making a third attempt to launch an IPO, having submitted its stock issuance and listing guidance report, with Changjiang Securities as the sponsor [1][2]. Group 1: Company Overview - Established in 1999, Green Biological specializes in the research, production, and sales of fragrance products, including turpentine, cedar oil, and fully synthetic fragrances, primarily used as raw materials for daily chemical fragrances [2]. - The company claims to be one of the well-known enterprises in China's fragrance and flavor industry and has entered the global supply chain of companies like Firmenich, Givaudan, and Procter & Gamble [2]. Group 2: IPO Attempts - Green Biological's IPO journey has faced challenges, with the first application submitted in December 2020 being withdrawn in February 2021 due to undisclosed environmental penalties and concerns over declining net profit [2][3]. - The second attempt in June 2023 also ended in withdrawal after two rounds of inquiries, with the Shenzhen Stock Exchange terminating its review process [3]. Group 3: Financial Performance - From 2021 to 2023, Green Biological reported revenues of approximately 594 million yuan, 631 million yuan, and 735 million yuan, with a compound annual growth rate (CAGR) of 11.18% [7]. - The net profit for the same period was approximately 40.74 million yuan, 68.14 million yuan, and 92.92 million yuan, with a CAGR of 51.02% [7]. - In the first quarter of 2024, the company experienced a revenue increase of 51.05% year-on-year, reaching 238 million yuan, and a net profit increase of 123.45% to 40.48 million yuan [7]. Group 4: Revenue Sources - Green Biological's revenue is heavily reliant on exports, with export sales accounting for 84.38%, 85.95%, and 87.08% of total revenue from 2021 to 2023 [7]. - The company has a high customer concentration, with sales to its top five customers representing 43.9%, 43.98%, and 40.51% of total sales in the respective years [8]. Group 5: Future Plans - The company plans to use the funds raised from the IPO primarily for a project to produce 6,800 tons of high-grade fragrances and the construction of an intelligent factory, with the former project estimated to require 217 million yuan [8].