Company Overview - The company, Beijing Hepu Family Technology Industry Co., Ltd. (referred to as "Hepu Family"), completed a Series B financing round of 30 million yuan, with a post-investment valuation of 450 million yuan [2] - Hepu Family is a leading supplier in the pufferfish industry, covering the entire industry chain from breeding to processing and restaurant operations [3][5] - The company operates the restaurant brand "Siyue Pufferfish," with an average consumer spending of approximately 150 yuan, and has opened 16 locations [3] Financing and Investment - The recent financing will primarily be used for supply chain construction and restaurant model development [3] - The investment was led by Jingya Capital, which recognized Hepu Family's comprehensive industry chain and first-mover advantage in the pufferfish market [6] Industry Context - The pufferfish industry is significantly influenced by regulatory policies, with a historical ban on consumption lifted in 2016, allowing for the legal farming of specific pufferfish species [4] - Currently, there are 26 legally approved pufferfish breeding bases and 13 processing plants in China [4] Market Potential - The pufferfish market in China is still in its early stages, with a penetration rate in high-end dining of less than 10% [5] - The legal breeding output value of the pufferfish industry has increased from 230 million yuan in 2017 to an expected 1 billion yuan in 2024, with projections of reaching 5 billion yuan by 2030 [5] - The overall industry value, including dining and food sectors, has grown from 1.5 billion yuan in 2017 to an anticipated 10 billion yuan in 2024, with a target of 100 billion yuan by 2030 [5] Product Development - Hepu Family has developed over 20 pufferfish deep-processing products, including ready-to-eat meals and beauty products containing pufferfish collagen, and is exploring new retail business as a second growth curve [6]