Core Viewpoint - The spice product manufacturer, Green Biological, is attempting its third IPO on the ChiNext board in five years, with an increased fundraising target of 690 million yuan, reflecting adjustments in its project content and fundraising plan [1][10]. Group 1: IPO Journey - Green Biological's IPO journey began in December 2020, but it withdrew its application two months later due to compliance issues and concerns about its future profitability [2][11]. - The company changed its sponsor to Changjiang Securities and submitted new application materials in June 2023, but withdrew again in September 2024 after responding to two rounds of inquiries [2][11]. - In September 2024, the Shenzhen Stock Exchange issued a regulatory letter highlighting various compliance issues, including irregularities in R&D and procurement internal controls [2][11]. Group 2: Fundraising and Project Adjustments - The current IPO aims to raise 690 million yuan, an 84% increase from the previous target of 375 million yuan, nearly doubling the amount [5][14]. - The fundraising allocation includes 420 million yuan for the high-end spice production project, despite a decrease in planned annual production capacity from 6800 tons to 6300 tons [5][14]. - The project adjustments also include a new "R&D innovation upgrade project" and a significant increase in funding for the factory's smart transformation project [5][14]. Group 3: Financial Performance and Risks - Green Biological's revenue has shown growth, increasing from 631 million yuan in 2022 to an expected 960 million yuan in 2024, with a half-year revenue of 548 million yuan in 2025 [8][17]. - The company faces challenges with low capacity utilization rates, which were reported at 53.87% in the first half of 2025, down from 76.15% in 2022 [6][16]. - Fixed asset depreciation has been rising, with amounts reaching 35.28 million yuan in 2022 and increasing pressures on profits due to high depreciation costs [8][17]. - The company relies heavily on overseas sales, with foreign revenue consistently exceeding 80%, making it vulnerable to exchange rate fluctuations, which have caused significant losses in recent years [8][17].

Core Viewpoint - The company, Green Biological, is making its third attempt to go public on the Shenzhen Stock Exchange's Growth Enterprise Market, demonstrating a strong determination to list after previous unsuccessful attempts in 2020 and 2023 [2][12]. Financial Performance - Over the past three years, Green Biological has achieved a compound annual growth rate (CAGR) of over 48% in net profit, providing a solid foundation for its IPO ambitions [3]. - The company reported revenues of 631 million yuan, 735 million yuan, 961 million yuan, and 548 million yuan from 2022 to the first half of 2025, with net profits of 68.14 million yuan, 92.92 million yuan, 150 million yuan, and 94.58 million yuan respectively, indicating a revenue CAGR of 23.35% and a net profit CAGR of 48.59% [3][4]. Industry Context - The flavor and fragrance industry in China is expanding, with the market size expected to grow from 43.9 billion yuan in 2023 to over 50 billion yuan by 2026 [3]. - Green Biological's main products include turpentine, cedar oil, and synthetic fragrances, which are primarily used in daily chemical and food flavoring applications [3]. Challenges Faced - The company has faced significant challenges in its IPO journey, including insufficient patent numbers and concerns over production capacity utilization [4]. - Previous attempts to go public were hindered by issues such as failure to disclose fines and discrepancies in profit expectations due to rising raw material costs [4]. - As of November 2023, Green Biological holds 35 valid patents, with 24 being invention patents, which is still below the industry average [4][5]. Production and Sales - The production and sales rates of the company's three main product lines have shown fluctuations but remain high, with rates of 84.29%, 98.52%, and 99.65% for turpentine, cedar oil, and synthetic fragrances respectively in the first half of 2025 [5]. - Despite the growth in sales, the company has experienced low capacity utilization rates, with figures of 76.15%, 67.51%, 73.79%, and 53.87% from 2022 to the first half of 2025 [8][19]. Management Transition - The company is undergoing a management transition, with the founder, Lu Wencong, transferring shares to his daughter, Lu Wei, marking the beginning of a generational shift in leadership [18][19]. - Lu Wei has taken on roles within the company, indicating a gradual transition of control [18]. IPO Plans - Green Biological plans to issue up to 33.33 million shares, aiming to raise approximately 690 million yuan for projects including a new high-end fragrance production line and facility upgrades [19]. - The company is focusing on expanding production capacity and enhancing research and development to meet growing market demands [19][21]. Market Dependency - The company has a high reliance on overseas markets, with export revenues accounting for approximately 86% of its main business from 2022 to the first half of 2025, which poses risks related to international trade and currency fluctuations [20][21].

Group 1: Companies Submitting Listing Counseling Reports - Three companies submitted listing counseling reports for domestic issuance from July 21 to July 27 [2][10] - Beijing Yingshiruida Technology Co., Ltd. focuses on integrating advanced cloud computing and AI technologies for environmental monitoring solutions [3][4] - China Electronics Technology Group Corporation's subsidiary, China Electronics Si Yi Technology Co., Ltd., specializes in electronic measurement instruments [5][6] - Green Biotechnology Co., Ltd. is engaged in the research, production, and sales of synthetic fragrances, with notable clients including international giants [8][9] Group 2: Companies with Terminated Counseling Records - Nine companies had their listing counseling records terminated during the same period [12] - Zhaoqing Chuangfu New Materials Technology Co., Ltd. focuses on aluminum alloy templates and has grown with the promotion of prefabricated construction [14] - Anhui Xici Technology Co., Ltd. specializes in magnetic sensors and provides solutions for various industries [15] - Shenzhen Jinxun Technology Co., Ltd. offers smart lighting and wireless audio solutions [16] - Shanghai Keliang Information Technology Co., Ltd. provides simulation testing products for multiple industries [17] - Bojing Ecological Environment Co., Ltd. operates in integrated environmental management services [18] - Shenzhen Zhenghao Innovation Technology Co., Ltd. is a leader in mobile energy storage and clean energy technology [19] - Guangzhou Hanxin Communication Technology Co., Ltd. provides mobile communication network optimization solutions [20] - Anhui Fengyang Glass Co., Ltd. produces high-quality float glass and processed products [21] - Shanghai Zhengshi Technology Co., Ltd. is a multinational high-tech enterprise in the diamond manufacturing sector [22]