每经记者｜黄婉银 每经编辑｜何小桃 文多 有人还记得那句"吃了忘不了，记忆会更好"的广告语吗？ 对于不少80后、90后而言，"忘不了"牌脑营养补品是学生时代书桌上的记忆，也代表着那时父母对自己的期盼。而今，这个昔日知名品牌的缔造者——禹 王生物营养有限公司（以下简称"禹王生物"），正以"全球最大食品级精制鱼油供应商"的全新身份，站在港交所的门前。 10月20日，禹王生物首次向港交所递交招股书，拟在主板上市，联席保荐人为招银国际、建银国际。 当年那个直接面向消费者、靠广告打响知名度的品牌商，早已悄然转型，隐身于众多国际大牌身后，成为幕后的超级代工厂。但其招股书揭示的，却是一 条既闪耀着"隐形冠军"光芒，又布满毛利率下滑、渠道依赖与品牌乏力等暗礁的资本航路。 禹王生物的客户包括生产商、品牌商 图片来源：禹王生物招股书截图 从明星产品到幕后代工 两代人不同的经营方针 禹王生物的故事，要从"中国大豆"品牌提出者刘锡潜讲起。 公开资料显示，刘锡潜在1951年出生于山东省禹城市。1979年，一则报道引起了他的注意，其内容是吉林省某学院发明了一种用高温脱脂豆粕制作的植物 蛋白肉，这种植物蛋白肉的营养和口感跟肉差不多。在那个 ...

Core Insights - The article discusses the upcoming IPO of Yuwang Biological, a leading fish oil supplier in China, which holds an 8.1% share of the global market and aims to become the first fish oil stock from Shandong [5][29]. Company Overview - Yuwang Biological has evolved from a soybean protein manufacturer to a global leader in food-grade refined fish oil over 30 years, capitalizing on the health consumption upgrade trend [5][6]. - The company was founded by Liu Xiqian, who transitioned from soybean protein to fish oil in the 1990s, establishing the "Forget Me Not" brand and becoming the first domestic producer of DHA/EPA standard products [7][9][10]. - The company has expanded its global presence, exporting to over 60 countries and becoming a key supplier for dietary supplement brands [11][12]. Financial Performance - Yuwang Biological's net profit has more than doubled from 2022 to 2024, reflecting its growth in global market share [14]. - The company plans to use funds from its IPO to strengthen its supply chain, sales channels, and R&D efforts, addressing financial pressures with a debt ratio exceeding 90% by 2024 [29][32]. Market Challenges - The company faces significant risks due to its reliance on external suppliers for raw materials, with 90% of its costs tied to purchasing crude fish oil, primarily imported from Peru [18][19]. - Yuwang's sales strategy heavily depends on third-party traders, which compromises its pricing power and customer relationships [21][22]. - The fish oil market has experienced negative growth from 2020 to 2023, and while there is a slight recovery expected, the growth rate remains low [28]. Competitive Landscape - Competitors like Xinmeijia and international brands such as Swisse have invested significantly in R&D and maintain higher profit margins through direct sales channels [25][26]. - The global fish oil market is shifting from volume expansion to value competition, with a projected growth rate of only 7.9% over the next five years [28]. Future Strategies - Yuwang aims to establish an overseas procurement base in Peru and sign long-term contracts for crude fish oil to mitigate raw material price volatility [29]. - The company plans to develop a direct sales team in Europe and North America to reduce reliance on traders and enhance revenue from direct sales [30]. - R&D investments will focus on pharmaceutical-grade fish oil and specialized products for infants and pets to diversify its product offerings [31].

Core Viewpoint - Yuwang Biological Nutrition is facing significant challenges as it prepares for its initial public offering in Hong Kong, with declining performance and structural issues impacting its business outlook [2][3]. Financial Performance - Yuwang Biological Nutrition's revenue projections for 2022 to 2024 are 534 million, 661 million, and 832 million RMB, respectively, with net profits of 67.3 million, 102 million, and 125 million RMB, indicating rapid growth [5]. - However, in 2025, the company experienced a sharp decline in revenue to 343 million RMB, a decrease of 27.02%, and a net profit drop of 74.01% to 22.8 million RMB, with adjusted net profit margin falling from 18.6% to 12.6% [7]. - The gross margin decreased significantly from 29.6% in the first half of 2024 to 20.7% in the first half of 2025, primarily due to falling terminal prices and high procurement costs [7]. Product Structure - The company's reliance on its refined fish oil business has decreased, with its revenue share dropping from 36.7% in 2022 to 26.2% in the first half of 2025, while the share of CDMO dietary supplements increased from 59.5% to 70% [9]. - The gross margin for refined fish oil plummeted from 24.7% to 8.3% in the same period, significantly impacting profitability [11]. - The average selling price of CDMO dietary supplements has also declined, with fish oil soft capsules dropping from 136,000 RMB per million capsules in the first half of 2024 to 99,000 RMB in the first half of 2025 [14]. Market Dynamics - The global food-grade fish oil market is maturing, with limited growth prospects. The market size is expected to decline after a brief recovery, with projections indicating a drop to 9.9 billion USD by 2029 [16]. - In China, the food-grade fish oil market is projected to shrink from 25.6 billion RMB in 2023 to 12.9 billion RMB by 2029, indicating a lack of growth potential [18]. - Yuwang Biological Nutrition holds only an 8.1% market share, limiting its pricing power amid intense competition [18]. Operational Challenges - The company is heavily reliant on third-party traders, with 52.1% of its revenue coming from these channels, which poses risks if relationships with these traders weaken [19]. - The company has increased its credit terms to customers, leading to a rise in accounts receivable, which reached 54 million RMB in the first half of the year, exceeding net profits for the same period [20]. - Yuwang Biological Nutrition's liquidity issues and declining performance raise concerns about its upcoming IPO, as it struggles with cost pressures and a lack of bargaining power in the supply chain [20].

Core Viewpoint - Yuwang Bio plans to go public on the Hong Kong Stock Exchange, but its recent performance has raised concerns about its growth trajectory and market position [1][2]. Financial Performance - Yuwang Bio showed strong growth from 2022 to 2024, with revenues of 534 million, 661 million, and 832 million yuan, reflecting year-on-year growth rates of 23.71% and 25.92% [1]. - Net profits also increased during this period, reaching 67 million, 102 million, and 125 million yuan, with growth rates of 51.41% and 22.96% [1]. - However, in the first half of 2025, revenues dropped to 343 million yuan, a significant decline of 27.13% compared to 471 million yuan in the first half of 2024 [1]. - Net profit plummeted from 87.59 million yuan in the first half of 2024 to 22.76 million yuan in the first half of 2025, a decrease of 74.01% [1]. Product Line and Revenue Sources - Refined fish oil and fish oil soft capsules have been the core product lines for Yuwang Bio, contributing approximately 97.5% to 98.8% of total revenue from 2022 to the first half of 2025 [2]. - The revenue from refined fish oil decreased by 42.5% from 156 million yuan in the first half of 2024 to 90 million yuan in the first half of 2025, primarily due to falling average selling prices [2]. Market Position - Yuwang Bio is the largest supplier of food-grade refined fish oil globally, holding an 8.1% market share based on sales volume in 2024 [3]. - The company's sales are primarily divided into three categories: dietary supplement brand manufacturers, trading companies and pharmaceutical wholesalers, and direct consumer sales [3]. - In the first half of 2025, sales to dietary supplement brand manufacturers accounted for 45.2% of total revenue, while trading companies and wholesalers contributed 52.1% [3]. Brand Performance - Despite endorsements from the National Youth Development Promotion Association, the "Wang Bule" brand has struggled to resonate with the "Z Generation," with low sales figures compared to competitors [4]. - The "Wang Bule" brand's flagship product has significantly lower sales on platforms like Tmall and JD compared to leading brands such as Swisse, which has achieved sales of over 100,000 units for similar products [4]. - The brand's limited market presence and weaker promotional efforts have resulted in lower recognition among younger consumers compared to established international brands [4].

Core Viewpoint - Yuwang Bio's recent performance has declined significantly, with revenue and net profit both decreasing, and gross margin hitting a historical low, raising concerns about its future prospects in the market [2][6][8]. Financial Performance - Yuwang Bio's revenue from 2022 to 2024 is projected to be 534 million, 661 million, and 832 million respectively, while net profit is expected to be 67.3 million, 102 million, and 125 million. In the first half of 2025, revenue dropped to 343 million, a year-on-year decline of 27.1%, and net profit plummeted by 74% to 22.8 million [8]. - The gross margin has shown a concerning trend, decreasing from 28.1% in 2023 to 26% in 2024, and further down to 20.7% in the first half of 2025, marking a historical low [9]. Customer Base and Market Dynamics - The number of customers has significantly decreased, with domestic clients dropping from 310 in 2024 to 190 in the first half of 2025, and overseas clients decreasing from 240 to 190, totaling a loss of 170 clients [10]. - Yuwang Bio is heavily reliant on overseas markets, with international revenue accounting for over half of its total income, specifically 47.3%, 53%, and 60.9% from 2022 to 2024, although it slightly decreased to 55% in the first half of 2025 [11]. Product and Supply Chain Risks - The company faces high product and customer concentration risks, with its core products (refined fish oil and soft capsules) accounting for 97.5% to 98.8% of total revenue from 2022 to the first half of 2025 [13]. - Yuwang Bio's reliance on raw materials, particularly fish oil sourced from South America, exposes it to risks from fishing quotas, climate change, and logistics issues [13]. Strategic Developments - Yuwang Bio has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for expanding domestic and international production capacity, acquisitions, and research, particularly in high-purity fish oil and plant-based DHA/EPA technology [19]. - The company has established a significant presence in the international market, with a notable investment from Bayland Health, which acquired a 15% stake, enhancing its overseas sales network [18].

Core Viewpoint - Yuwang Bio-Nutrition Limited has submitted its prospectus to the Hong Kong Stock Exchange, focusing on the development, production, and sale of refined fish oil and dietary supplements. The company has experienced a significant decline in revenue and profit margins in the first half of 2025 compared to previous years [1][4]. Financial Performance - The company reported net profits of approximately RMB 67.297 million, RMB 101.869 million, RMB 125.313 million, and RMB 22.764 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [2][3]. - Revenue figures for the same periods were approximately RMB 534 million, RMB 661 million, RMB 832 million, and RMB 343 million, indicating a year-on-year decrease of 27.1% in the first half of 2025 compared to the same period in 2024 [2][4]. Product Margins - The gross margin for refined fish oil dropped from 24.7% in the first half of 2024 to 8.3% in the first half of 2025. Similarly, the gross margin for fish oil soft capsules and other dietary supplements decreased from 31.8% to 24.7% during the same period [5][4]. - The core product lines, including refined fish oil and dietary supplements, contributed approximately 97.5%, 97.0%, 98.0%, and 98.8% to total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [3]. Market Position - Yuwang Bio is recognized as the largest supplier of food-grade refined fish oil and its products globally, holding an 8.1% market share based on sales volume in 2024 [2]. - The company has a significant international presence, with revenue from non-China markets accounting for 47.3%, 53%, 60.9%, and 55% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [8]. Customer Base - The company primarily sells its products to dietary supplement brand owners, fish oil product manufacturers, wholesalers, and pharmacies. Revenue from the top five customers accounted for approximately 23%, 17.5%, 18%, and 22.7% of total revenue in the respective years [6][8].

Core Viewpoint - Yuwang Bio-Nutrition Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, focusing on the development, production, and sale of refined fish oil and dietary supplements, with a notable decline in revenue and profit margins in the first half of 2025 compared to previous periods [1][4]. Financial Performance - The company reported net profits of approximately 67.3 million RMB, 102 million RMB, 125.3 million RMB, and 22.8 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. - Revenue figures for the same periods were approximately 534 million RMB, 661 million RMB, 832 million RMB, and 343 million RMB, indicating a year-on-year revenue decrease of 27.1% in the first half of 2025 compared to the same period in 2024 [3][4]. Product Margins - The gross margin for refined fish oil dropped from 24.7% in the first half of 2024 to 8.3% in the first half of 2025, while the gross margin for fish oil soft capsules and other dietary supplements decreased from 31.8% to 24.7% in the same timeframe [5]. - The core product lines, including refined fish oil and dietary supplements, contributed approximately 97.5%, 97.0%, 98.0%, and 98.8% to total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [3]. Market Position - Yuwang Bio is recognized as the largest supplier of food-grade refined fish oil and its products globally, holding an 8.1% market share based on sales volume in 2024 [2]. Customer Base - The company generates significant revenue from its top five customers, which accounted for approximately 23%, 17.5%, 18%, and 22.7% of total revenue in the years 2022, 2023, 2024, and the first half of 2025, respectively [6]. Export Revenue - A substantial portion of the company's revenue comes from international markets, with non-China market revenue accounting for 47.3%, 53%, 60.9%, and 55% of total revenue in the years 2022, 2023, 2024, and the first half of 2025, respectively [8]. Cost Structure - Raw material costs, primarily for fish oil, represent a significant portion of the company's total sales costs, accounting for 87.4%, 89.9%, 88.8%, and 86.7% in the years 2022, 2023, 2024, and the first half of 2025, respectively [9].

Core Viewpoint - Yuwang Bio is facing significant financial challenges, including a 74% drop in net profit and high debt levels, while also engaging in controversial dividend practices that may jeopardize future shareholder interests [1][6][9]. Financial Performance - Yuwang Bio reported revenues of 5.34 billion, 6.61 billion, 8.32 billion, and 3.43 billion for the years 2022 to 2025 H1, with net profits of 0.67 billion, 1.02 billion, 1.25 billion, and 0.23 billion respectively, indicating a 27.13% decline in revenue and a 74.01% decline in net profit for 2025 H1 compared to the previous year [3][5]. - The company's gross profit margins decreased from 25.4% in 2022 to 20.7% in 2025 H1, contributing to the decline in net profit [3][5]. Market Position - Yuwang Bio is the largest supplier of food-grade refined fish oil globally, holding an 8.1% market share as of 2024 [3][5]. - The global market for food-grade fish oil has experienced a compound annual growth rate (CAGR) of -6.76% from 2020 to 2024, with a projected CAGR of 6.65% from 2025 to 2029, indicating limited growth potential [5]. Debt and Dividend Practices - The company's debt-to-asset ratio was over 90% in 2024 and remained above 83% in 2025 H1, while it declared a controversial dividend of 3.2 billion, exceeding its net profit for the three years from 2022 to 2024 [1][6][9]. - The 3.2 billion dividend was characterized as a "clearance dividend," which is defined as exceeding 80% of net profit over three years, raising concerns about the impact on future shareholder interests [8][9]. Internal Control Issues - Yuwang Bio reported a total of 1.59 billion in illegal bill financing and 2.42 billion in misallocated loan funds, totaling over 4 billion, indicating significant internal control failures [2][10][12]. - The company attributed these violations to a lack of familiarity with regulatory requirements, placing blame on the financial manager, which raises questions about overall governance and internal controls [12][13].

Core Viewpoint - Yuwang Bio Nutrition Co., Ltd. has submitted its IPO prospectus in Hong Kong, revealing significant financial challenges, including a 74% drop in net profit and a high debt ratio, raising concerns about its future profitability and governance practices [1][3][12]. Financial Performance - Yuwang Bio is the largest supplier of food-grade refined fish oil globally, with a market share of 8.1% as of 2024 [3]. - The company's revenue and net profit for the years 2022 to 2025 are as follows: - 2022: Revenue of 534 million RMB, Net Profit of 67 million RMB - 2023: Revenue of 661 million RMB, Net Profit of 102 million RMB - 2024: Revenue of 832 million RMB, Net Profit of 125 million RMB - 2025 (H1): Revenue of 343 million RMB, Net Profit of 23 million RMB - The company experienced a year-on-year revenue decline of 27.13% and a net profit decline of 74.01% in the first half of 2025 [3][5]. Profitability and Margin Issues - The gross profit margin has decreased from 25.4% in 2022 to 20.7% in the first half of 2025, contributing to the decline in net profit [3][5]. - The average selling prices of several core products have significantly dropped: - High-purity fish oil: from 323 thousand RMB/ton to 133 thousand RMB/ton (58.82% decrease) - Medium-purity fish oil: from 158 thousand RMB/ton to 74 thousand RMB/ton (53.16% decrease) - Low-purity fish oil: from 78 thousand RMB/ton to 45 thousand RMB/ton (42.31% decrease) - Fish oil soft capsules: from 155 thousand RMB/ton to 99 thousand RMB/ton (36.13% decrease) [5]. Debt and Dividend Practices - The company's debt ratio was over 90% in 2024 and remained above 83% in the first half of 2025 [7][8]. - Yuwang Bio declared a "clearing dividend" of 320 million RMB, which exceeds the total net profit of 294 million RMB for the years 2022 to 2024, raising concerns about the impact on future shareholder interests [10][11]. Internal Control and Compliance Issues - The company reported a total of 1.59 billion RMB in illegal bill financing and 2.42 billion RMB in misused loan funds, totaling over 4 billion RMB in compliance issues [2][12]. - Yuwang Bio attributed these violations to a lack of understanding of regulatory requirements, which raises questions about its internal governance and control mechanisms [15].

Core Insights - Yuwang Biological Nutrition Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, highlighting its position as the world's largest supplier of refined fish oil with a market share of 8.1% [1] - The company has demonstrated strong revenue growth, with revenues increasing from 534.3 million RMB in 2022 to 661 million RMB in 2023, and projected to reach 832.3 million RMB in 2024, indicating a robust compound annual growth rate [2] - However, the company's profitability has shown volatility, with a significant drop in net profit margin from 15.1% in 2024 to 6.6% in the first half of 2025, despite maintaining substantial revenue levels [3][4] Financial Performance - The core business of Yuwang includes the development, production, and sale of refined fish oil and dietary supplements, which accounted for approximately 97.5% to 98.8% of total revenue from 2022 to mid-2025 [2] - The company's gross profit margin peaked at 28.1% in 2023 but fell to 20.7% in the first half of 2025, primarily due to rising sales costs, which reached a historical high of 79.3% of revenue [3][4] - Administrative expenses increased significantly, with their proportion of revenue rising from about 2-3% to 5.4% in the first half of 2025, contributing to a decline in operating profit margin from 22.6% in 2024 to 8.8% in 2025 [4] Cost Pressures - The company faces significant cost pressures, with raw material costs (mainly fish oil) consistently accounting for over 87% of total sales costs in recent years, making it vulnerable to price fluctuations [6][7] - The lack of pricing power in a competitive market means that rising raw material costs cannot be easily passed on to customers, potentially impacting profitability [6][8] Market Exposure - Yuwang's overseas revenue share increased from 47.3% in 2022 to 60.9% in 2024, indicating a strong reliance on international markets, particularly the U.S., which poses risks due to ongoing trade tensions [8] - The company’s high inventory levels, which reached 210 million RMB at the end of 2023, present a risk of depreciation if market demand does not meet expectations [9] Operational Efficiency - The decline in inventory turnover days from 138 days in 2023 to 92 days in the first half of 2025 may suggest improved operational efficiency, but it could also indicate a strategy to reduce inventory in response to cash flow pressures [9] - The company’s ability to manage costs and maintain profitability amidst external pressures will be critical for its future performance [9]