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].

Group 1 - Yuwang Biological Nutrition Co., Ltd. has submitted its prospectus and is preparing for an IPO on the Hong Kong Stock Exchange [1] - Prior to restructuring, Yuwang Pharmaceutical declared a dividend of 320 million RMB in December 2024, with Yuwang Biological Nutrition's payable dividend amounting to 55.8 million RMB [2] - For the first half of the year, Yuwang Biological Nutrition reported revenue of 340 million RMB, with a profit decline of 74% year-on-year [3] Group 2 - Yuwang Biological Nutrition's revenue for 2022, 2023, and 2024 is projected to be 534 million RMB, 661 million RMB, and 832 million RMB respectively, with gross profits of 136 million RMB, 185 million RMB, and 216 million RMB [3][4] - The gross profit margins for the same years are 25.4%, 28.1%, and 26% [3][4] - The net profit for 2022, 2023, and 2024 is estimated at 67.3 million RMB, 102 million RMB, and 125.3 million RMB, with net profit margins of 12.6%, 15.4%, and 15.1% [4][5] Group 3 - As of June 30, 2025, Yuwang Biological Nutrition's net asset value is reported to be 71.3 million RMB [6] - The company has non-current assets of 96.3 million RMB and current assets of 331.9 million RMB as of the same date [6] - Yuwang Biological Nutrition's adjusted net profit for the first half of 2025 is 35.4 million RMB, a decrease of 59.6% compared to the same period last year [5] Group 4 - Velantra has invested 19 million USD to acquire a 15% stake in Yuwang Biological Nutrition [7][11] - The board of directors includes Liu Rucui as the chairman and non-executive director, with Zhang Jianquan and Zang Xiurui as executive directors [7] - Prior to Velantra's investment, Yuwang Biological Nutrition was primarily a family-owned business [13]

招股书显示，根据弗若斯特沙利文的资料，以2024年食品级精制鱼油及其制品销量计，禹王生物营养是 全球最大的食品级精制鱼油供应商，市场份额为8.1%。作为行业先驱，禹王生物营养是中国首批实现 食品级鱼油工业化规模生产及生产医药级鱼油的企业之一。 智通财经APP获悉，据港交所10月20日披露，禹王生物营养有限公司 (简称：禹王生物营养)向港交所主 板提交上市申请书，招银国际、建银国际为其联席保荐人。据招股书，禹王生物营养是全球最大的食品 级精制鱼油及其制品供应商，致力于成为营养健康领域的全球领导者。 业绩方面，2022年度、2023年度、2024年度、2025年截至6月30日止六个月，该公司实现收入分别约为 5.34亿元、6.61亿元、8.32亿元、3.43亿元人民币；同期，年内溢利及全面收入总额约为6729.7万元、 1.02亿元、1.25亿元、2276.4万元人民币。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 20 ...