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].

Core Viewpoint - Green Biological, a well-known company in the spice industry, has submitted its third IPO application to the Shenzhen Stock Exchange, which was accepted on November 21. The company has faced challenges in its previous attempts due to issues related to environmental compliance and profit warnings [1]. Group 1: IPO Journey - Green Biological's IPO journey has been tumultuous, with the first application in December 2020 being withdrawn due to failure to disclose environmental penalties and profit warnings. The second attempt in 2023 was also withdrawn after two rounds of inquiries, with the Shenzhen Stock Exchange focusing on environmental compliance and the company's positioning on the Growth Enterprise Market [1]. - The current IPO aims to raise 690 million yuan, with 420 million yuan allocated to a project for producing 6,300 tons of high-end spices, 120 million yuan for factory facility upgrades, 70 million yuan for R&D enhancements, and 80 million yuan for working capital [1]. Group 2: Company Overview - Established in December 1999, Green Biological is recognized as a "specialized, refined, distinctive, and innovative" enterprise in Zhejiang Province and ranks among the top ten companies in China's light industry spice sector. The company has undertaken four national torch plan projects and has been involved in drafting five national standards and 15 industry standards [1]. - The company specializes in the research and production of nearly 40 types of spice products, including turpentine, cedar oil, and fully synthetic series. Its core products are widely used in daily chemical fragrance formulations, covering household cleaning and personal care products [2]. Group 3: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 631 million yuan to 961 million yuan, while net profit is expected to rise from 68.14 million yuan to 150 million yuan. The compound annual growth rates for revenue and net profit over the last three years are 23.35% and 48.59%, respectively. In the first half of 2025, revenue and net profit were reported at 548 million yuan and 94.58 million yuan, respectively [2]. - The company maintains a high export ratio, with over 85% of sales coming from international markets, primarily in Europe and North America. The top five customers account for more than 40% of total revenue [2]. Group 4: Shareholding Structure - The shareholding structure of Green Biological is notable, with the 83-year-old founder and chairman, Lu Wencong, holding 27.11% of the shares. His daughter, Lu Wei, who is also a director and deputy general manager, holds 9%, and together they control 36.11% of the shares. Lu Wei's shares were transferred to her from Lu Wencong in June 2025 [3]. - Prior to the IPO, the top ten individual shareholders are all company executives or former employees, with the core management team holding over 57% of the shares. This governance structure raises questions about the independence and decision-making mechanisms within the company [3].

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]

Core Viewpoint - Green Biological Technology Co., Ltd. (hereinafter referred to as Green Biological) is making another attempt to go public (IPO) after two previous unsuccessful attempts, amidst a renewed wave of IPOs in the cosmetics raw material sector [1][2][5]. Company Overview - Green Biological was established in December 1999, focusing on the research, production, and sales of bio-based and fully synthetic fragrances. Its product lines include turpentine, cedarwood oil, and various synthetic fragrances [2][5]. - The company is one of the largest suppliers of methyl cedryl ketone in China, with significant usage in household and high-end perfume products [2][5]. - The founder, Lu Wencong, holds 27.11% of the company's shares, and his daughter holds an additional 9%, making them the actual controllers of the company [6][7]. IPO Attempts - Green Biological's first IPO attempt began in 2018, but it was halted in early 2021 due to issues related to information disclosure and a significant expected drop in net profit [5][9]. - The second attempt in June 2023 also ended in withdrawal due to similar concerns raised by the Shenzhen Stock Exchange regarding environmental issues and innovation capabilities [5][9]. Financial Performance - The company has shown strong revenue growth, with revenues of 594 million, 631 million, and 735 million yuan from 2021 to 2023, representing growth rates of 6.23%, 16.48%, and a compound annual growth rate of 10.92% [9][10]. - Net profits for the same period were 201.7 million yuan, with growth rates of 65.85% and 32.35% in 2022 and 2023, respectively, leading to a compound growth rate of 48.43% [9][10]. - As of the end of 2023, total assets reached 1.433 billion yuan, with a net profit of 92.92 million yuan and a return on equity of 20.65% [10][11]. Market Context - The cosmetics raw material market in China is projected to grow from 1147.80 billion yuan in 2019 to 1603.90 billion yuan by 2024, with a compound annual growth rate of 6.9% [14]. - The recent surge in IPOs among raw material suppliers is attributed to the booming cosmetics industry and favorable regulatory changes, including the establishment of the Beijing Stock Exchange and reforms in the Sci-Tech Innovation Board [15][16][17]. - Green Biological's export revenue has been significant, accounting for over 84% of its main business from 2021 to 2023, with major clients including Procter & Gamble and other international raw material suppliers [11][12].