近日，杭州千岛湖鲟龙科技股份有限公司（下称鲟龙科技）正式递表港交所，向港股发起冲击。 招股书显示，鲟龙科技是全球最大的鱼子酱企业，2021年至2024年鱼子酱销量持续占据全球市场的30%以上。2024年，鲟龙科技实 现收入6.69亿元、净利润3.24亿元。 鱼子酱毛利率，超70% 鲟龙科技成立于2003年4月。创始人王斌今年55岁，此前曾在中国水产科学研究院历任多个职务，包括人事处科员、开发处副处 长，还曾任鲟鱼繁育技术工程中心总经理。目前，王斌任鲟龙科技董事会主席、执行董事兼总经理，并持有鲟龙科技34.64%股份， 为该公司第一大股东。 鱼子酱是鲟龙科技的核心产品。招股书显示，2022年至2024年，鲟龙科技鱼子酱产品分别实现收入4.52亿元、5.23亿元、6.14亿 元，占总收入的92%、90.6%、91.8%；鲟鱼制品分别实现收入3071.8万元、4735.1万元、5154.9万元，占比6.3%、8.2%、7.7%；活 鲟鱼销售等其他产品的收入占比分别为1.7%、1.2%、0.5%。 鲟龙科技鱼子酱产品 来源：鲟龙科技官网截图 鱼子酱也是鲟龙科技毛利率最高的产品。招股书显示，2022年至2024年，鲟龙 ...

Core Viewpoint - Shunlong Technology, a leading global caviar company, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its market dominance and expand its operations [1][2]. Company Overview - Shunlong Technology has maintained the title of the world's largest caviar producer since 2015, achieving over 30% of the global market share from 2021 to 2024, with a projected increase to 35.4% in 2024, significantly outpacing its nearest competitor by more than five times [1][2]. - The company has a comprehensive business model that includes sturgeon breeding, caviar processing, sales, and brand marketing, establishing itself as a full industry chain player [4]. Financial Performance - The company reported revenues of 491 million yuan, 577 million yuan, and 669 million yuan for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate (CAGR) of 16.7%. Net profits for the same years were 234 million yuan, 273 million yuan, and 324 million yuan, with a CAGR of 17.8% [4]. - In the first half of 2025, Shunlong Technology achieved revenues of 302 million yuan and net profits of 176 million yuan [4]. Market Presence - Approximately 80% of Shunlong Technology's revenue is generated from international sales, with products exported to 46 countries and regions, including Europe, America, and Asia-Pacific [5]. - The company has established five sales centers in major Chinese cities, serving over 2,000 domestic restaurant and hotel clients, and has exclusive partnerships with major airlines for first-class services [5][6]. IPO Journey - Shunlong Technology has faced multiple challenges in its IPO journey, having attempted to list on the A-share market three times without success before pursuing the Hong Kong IPO [2][3]. - The funds raised from the IPO will be allocated towards aquaculture expansion, technology upgrades, brand marketing, and strategic investments [2]. Industry Growth - The Chinese caviar market is experiencing rapid growth, with a CAGR of 37.8% from 2019 to 2024, significantly outpacing the global average of 12.6%. Projections indicate a continued strong growth rate of 22.2% from 2024 to 2029 [6].

Core Viewpoint - Sturgeon Technology is attempting to list on the Hong Kong Stock Exchange after three failed IPO attempts in China, aiming to become the "first caviar stock" in Hong Kong [1][7]. Financial Performance - The company claims to be the "largest caviar enterprise globally," maintaining over 30% of the global market share from 2021 to 2024, with a projected 35.4% in 2024, significantly surpassing its nearest competitor [2][3]. - Revenue figures for the company are approximately 491 million RMB in 2022, 577 million RMB in 2023, 669 million RMB in 2024, and 301.5 million RMB in the first half of 2025, with net profits of about 233 million RMB, 273 million RMB, 324 million RMB, and 175.8 million RMB respectively [2][3]. Profitability and Margins - The gross profit margins from 2022 to the first half of 2025 show fluctuations, with figures of 65.6%, 70.1%, 66.3%, and 71.3% before accounting for biological asset fair value changes, and 1%, 1.3%, -2.9%, and 0.4% after [3][4]. - The negative gross margin in 2024 is attributed to a summer flood affecting a subsidiary [3]. Revenue Sources - Over 90% of the company's revenue comes from caviar products, with minimal contributions from sturgeon products and other caviar derivatives [3]. - The company has a significant reliance on overseas markets, with international sales accounting for approximately 79.8%, 76.7%, and 80.1% of total revenue from 2022 to 2024, and 80.9% in the first half of 2025 [5][6]. Supply Chain and Customer Base - The company sources over 60% of its procurement from five major suppliers, with the largest supplier accounting for 46.2% to 29.2% of total procurement over the years [6]. - Major customers include global caviar companies and gourmet food firms, with sales to the top five customers representing 36% to 36.4% of total revenue during the reporting periods [6]. Historical IPO Attempts - Sturgeon Technology has faced multiple challenges in its IPO attempts, including three failed attempts to list on the A-share market due to concerns over related party transactions and financial discrepancies [7][10]. - The company has also faced allegations of financial fraud, which have impacted its credibility and IPO prospects [10][11]. Leadership and Shareholding - The company was founded by Wang Bin, who controls approximately 34.64% of the shares, making him the largest shareholder [12]. - Other significant shareholders include Chen Xiaxin and various investment firms, with dividends declared in recent years amounting to approximately 232 million RMB, 81.6 million RMB, and 45.1 million RMB [12].

Core Viewpoint - The news highlights the upcoming IPO of Hangzhou Qiantang Lake Sturgeon Technology Co., Ltd. (referred to as "Sturgeon Technology"), which claims to be the world's largest caviar producer, aiming to raise over 600 million RMB in revenue by 2024, primarily through exports [2][18]. Group 1: Company Overview - Sturgeon Technology's main product is caviar, contributing over 90% of its revenue, with a high supplier concentration [3][6]. - The company has developed a full industry value chain covering sturgeon breeding, caviar processing, sales, and brand marketing [12]. - The company’s self-owned brand KALUGAQUEEN is well-known internationally, supplying major airlines and Michelin-starred restaurants [6][12]. Group 2: Financial Performance - Revenue for Sturgeon Technology is projected to grow from approximately 4.91 billion RMB in 2022 to 6.69 billion RMB in 2024, with net profits increasing correspondingly [15][16]. - The gross profit margin has shown volatility, with a projected negative gross margin of -2.9% in 2024 due to external factors like flooding [15][16]. Group 3: Market Dynamics - China has become the largest caviar producer globally, with a projected production of 796.7 tons by 2029, accounting for 64.7% of global supply [18][19]. - The caviar market is shifting from wild to farmed production, with Sturgeon Technology leading in breeding and export technologies [18][22]. - The European Union is the largest consumer market for caviar, expected to account for 35% of global consumption in 2024 [19]. Group 4: Competitive Landscape - Sturgeon Technology holds a 35.4% market share in the global caviar industry, with the top five companies accounting for 56.7% of total sales [22]. - The company faces competition from other caviar producers, including Run Zhao Fisheries and Petrossian [22]. Group 5: IPO Journey - Sturgeon Technology has attempted to go public multiple times since 2011, facing various regulatory challenges, and is now targeting a listing on the Hong Kong Stock Exchange [23][24].