Core Viewpoint - N Fengbei (603334) debuted today with a significant increase in stock price, reflecting strong market interest and investor confidence in the company's business model focused on waste resource utilization [1] Company Overview - N Fengbei is a high-tech enterprise in the field of waste resource comprehensive utilization, primarily producing resource-based products from waste oils [1] - The company has developed a production chain that includes "waste oils - biofuels (biodiesel) - bio-based materials," continuously expanding the depth and breadth of waste oil resource utilization through long-term R&D investment and industrial practice [1] - N Fengbei leverages its core technology in oil utilization and channel advantages to provide chemical products derived from oils to its customers [1] Financial Performance - The total number of shares issued by the company is 35.90 million, with an online issuance of 24.22 million shares at a price of 24.49 yuan per share [1] - The issuance price corresponds to a price-to-earnings ratio of 30.47, significantly lower than the industry average of 64.73 [1] - The total fundraising amount from the initial public offering (IPO) is 879 million yuan, which will be allocated to projects including the construction of a 300,000-ton/year methyl oleate plant, a 10,000-ton industrial mixed oil facility, and a 50,000-ton agricultural microbial agent project, among others [1] Market Performance - On its first trading day, N Fengbei's stock price closed at 66.76 yuan, marking a 172.60% increase, with a trading volume of 23.90 million shares and a turnover rate of 76.96% [1]

Core Viewpoint - N Fengbei (603334) debuted today with a significant opening increase of 169.50%, and by midday, the increase expanded to 185.91%, indicating strong market interest and trading activity [1] Company Overview - N Fengbei is a high-tech enterprise in the field of waste resource utilization, primarily focusing on the production of resource-based products from waste oils [1] - The company has developed a comprehensive industrial chain for waste resource recycling, which includes "waste oils - biofuels (biodiesel) - bio-based materials" [1] - N Fengbei leverages its core technology in oil fat utilization and channel advantages to provide oil fat chemicals to customers [1] Financial Highlights - The total number of shares issued in this IPO is 35.90 million, with an online issuance of 24.21 million shares at a price of 24.49 yuan per share [1] - The issuance price corresponds to a price-to-earnings (P/E) ratio of 30.47, significantly lower than the industry average P/E ratio of 64.73 [1] - The total funds raised from the IPO amount to 879 million yuan, which will be allocated to projects including the construction of a 300,000-ton annual production facility for methyl oleate, a 10,000-ton industrial-grade mixed oil facility, and other agricultural microbial agents and fertilizers [1]

股票简称：丰倍生物 股票代码：603334 苏州丰倍生物科技股份有限公司 SUZHOU FENGBEI BIOTECH STOCK CO., LTD. （江苏扬子江国际化学工业园东海路 1 号） 首次公开发行股票主板上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年十一月四日 苏州丰倍生物科技股份有限公司 上市公告书 特别提示 苏州丰倍生物科技股份有限公司（以下简称"丰倍生物""发行人""本公 司"或"公司"）股票将于 2025 年 11 月 5 日在上海证券交易所主板上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 本上市公告书中若出现总数与各分项数值之和尾数不等的情况，均为四舍五 入尾差所致。 1 苏州丰倍生物科技股份有限公司 上市公告书 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依 法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上 ...

Group 1 - The company, Fengbei Bio (603334.SH), plans to issue 35.90 million shares, accounting for 25.02% of the total shares post-issuance, with a total share capital of 143.50 million shares after the public offering [1] - The initial strategic placement will involve 7.18 million shares, representing 20.00% of the total issuance [1] - The company operates in the field of waste resource utilization, primarily focusing on converting waste oils into resource products, forming a production chain from waste oils to biofuels and bio-based materials [1] Group 2 - The main business of the company is waste oil resource utilization, with secondary operations in oil chemical products; key products include bio-based materials and biofuels [2] - The company's revenue for the reporting periods was 1,708.69 million, 1,727.78 million, 1,948.02 million, and 1,478.13 million yuan, with net profits of 135.92 million, 123.04 million, 115.32 million, and 84.70 million yuan after excluding non-recurring gains and losses [2] - The company plans to invest a total of 750 million yuan from the fundraising into projects related to its main business, including the construction of facilities for producing various bio-based products and biofuels [2]

Core Viewpoint - Fengbei Biotechnology Co., Ltd. has successfully submitted its IPO registration on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste resources, particularly converting waste oils into biodiesel and bio-based materials, but faces challenges including performance decline due to EU anti-dumping policies and weak R&D investment [1][10][24]. Group 1: Company Overview - Fengbei Biotechnology is a high-tech enterprise in the waste resource utilization sector, primarily producing biodiesel and bio-based materials from waste oils, forming a recycling industry chain [2][5]. - The company was established in July 2014 and transitioned to a joint-stock company in January 2022, with its founder, Ping Yuan, holding 85.40% of the shares [4][5]. Group 2: Financial Performance - For the years 2022 to 2024, Fengbei's operating revenues were 1.709 billion, 1.728 billion, and 1.948 billion yuan, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% respectively [10][11]. - The net profit attributable to the parent company for the same period was 133 million, 130 million, and 124 million yuan, showing a decline of 2.73% and 4.54% in the last two years [10][11]. Group 3: Market Challenges - The company has faced significant challenges due to the EU's anti-dumping investigations, which have led to a sharp decline in sales in the EU market, affecting overall profitability [15][18]. - Sales to the EU dropped from 3.30 billion yuan in 2021 to 505 million yuan in the first half of 2024, indicating a substantial market shift [15][18]. Group 4: R&D and Competitive Position - Fengbei's R&D expenses as a percentage of operating income were 3.00%, 3.39%, and 2.75% from 2022 to 2024, which is below the industry average [21][22]. - The company claims its competitive advantage lies in basic research, material development, and application development, but it risks falling behind competitors if R&D investment does not increase [24]. Group 5: Financial Health - As of the end of 2024, Fengbei's cash reserves were 167 million yuan, while short-term borrowings amounted to 173 million yuan, indicating potential liquidity issues [24].

Core Viewpoint - Fengbei Bio is a high-tech enterprise in the field of waste resource utilization, focusing on converting waste oils into biodiesel and bio-based materials, but faces challenges such as declining performance due to EU anti-dumping policies and insufficient R&D investment [2][14][20]. Company Overview - Fengbei Bio was established in July 2014 and transitioned to a joint-stock company in January 2022, with a registered capital of 5 million yuan [4]. - The founder, Ping Yuan, holds 85.40% of the shares, maintaining absolute control over the company [4][5]. - The company has acquired stakes in several related companies to enhance its operational scale and market competitiveness [4][6]. Financial Performance - Revenue for 2022, 2023, and projected 2024 is 1.709 billion yuan, 1.728 billion yuan, and 1.948 billion yuan, respectively, showing a growth of 31.89%, 1.12%, and 12.75% [9][10]. - Net profit for the same years is 133.34 million yuan, 129.71 million yuan, and 123.82 million yuan, indicating a decline of 2.73% and 4.54% in 2023 and 2024 [9][10]. - The company has distributed significant cash dividends of 15 million yuan and 16.14 million yuan in 2022 and 2023, respectively, totaling 31.14 million yuan [7]. Market Challenges - The company faces a significant decline in sales to the EU due to anti-dumping investigations, with sales figures dropping from 3.30 billion yuan in 2021 to 505.12 million yuan in the first half of 2024 [16][18]. - The EU accounts for 34.65% of global biodiesel consumption, making it a critical market for Fengbei Bio [12]. R&D and Competitive Position - R&D expenses as a percentage of revenue have decreased from 3.39% in 2023 to 2.75% in 2024, which is below the industry average [20][21]. - The company’s biodiesel production capacity is 105,000 tons, significantly lower than competitors like Zhuoyue New Energy and Jiaao Environmental Protection [22]. Future Outlook - The company is shifting its sales focus to emerging markets outside the EU, such as Switzerland and Singapore, in response to changing policies [15]. - The company’s financial health is concerning, with cash reserves of 167 million yuan against short-term borrowings of 173 million yuan, indicating potential liquidity issues [24][25].

Core Viewpoint - Suzhou Fengbei Biotechnology Co., Ltd. has been approved for IPO by the Shanghai Stock Exchange, marking it as the 39th company to pass the review this year, indicating a positive trend in the IPO market [1] Company Overview - Fengbei Biotechnology is a high-tech enterprise in the field of waste resource utilization, primarily focusing on producing resource-based products from waste oils. The company has developed a comprehensive industrial chain from waste oils to biofuels and bio-based materials [2] - The controlling shareholder and actual controller of Fengbei is Pingyuan, who holds 59.78% of the shares directly and controls an additional 25.62% through other entities, totaling 85.40% control [2] IPO Details - Fengbei plans to publicly issue up to 35.90 million shares, which will account for no less than 25% of the total share capital post-issuance. The company aims to raise 750 million yuan for various production projects, including biofuels and microbial fertilizers [3] Key Questions from Listing Committee - The listing committee inquired about the reasons for the decrease or stability in sales and management expenses despite expected growth in revenue for 2024, and the authenticity of sales revenue and expenses related to industrial-grade mixed oil [4] - The committee also requested clarification on the sustainability of revenue from biofuels and the growth potential of industrial-grade mixed oil, considering changes in product structure and market conditions [4]

Group 1 - The core business of Suzhou Fengbei Biotechnology Co., Ltd. is in the field of comprehensive utilization of waste resources, primarily producing resource-based products from waste oils, forming a recycling industry chain of "waste oils - biofuels (biodiesel) - bio-based materials" [1] - Fengbei Biotechnology is currently applying for an IPO, with significant sales reported to its fifth-largest customer, Zhejiang Yibaoxin Biotechnology Co., Ltd., amounting to 61.0678 million yuan for the year 2024 [1] - There is a discrepancy in reported figures between Fengbei Biotechnology and Yibaoxin, as Yibaoxin's annual report indicates its largest supplier's procurement amount is only 54.9759 million yuan, which is over 6 million yuan less than Fengbei's reported sales [1] Group 2 - The third-largest accounts receivable customer for Fengbei Biotechnology at the end of 2024 is Nantong Borun New Energy Technology Co., Ltd., with an amount of 7.5839 million yuan, which did not appear in the previous year's top five accounts receivable customers [2] - Nantong Borun reported zero revenue and a net loss of 2.2739 million yuan for 2024, raising questions about the commercial rationale for its procurement from Fengbei Biotechnology [2] - The second-largest accounts receivable customer is Shandong Haike Chemical Co., Ltd., with an amount of 8.3443 million yuan, which has been issued a consumption restriction order by the Dongying Intermediate People's Court [2] Group 3 - The fundraising project for Fengbei Biotechnology's IPO aims to achieve an annual production capacity of 300,000 tons of oleic acid methyl ester, 10,000 tons of industrial mixed oil, 50,000 tons of agricultural microbial agents, 10,000 tons of compound microbial fertilizers, and by-products of 50,000 tons of biodiesel and 8,200 tons of glycerol [3] - The project is planned to be located in the Suzhou Zhangjiagang Free Trade Zone Yangtze River Chemical Park, with an industrial land area of 68,679.77 m², although there is a discrepancy with the local government’s public information indicating an additional land area of 68,745.9 m² (approximately 103.1 acres) [3]