Core Viewpoint - Sturgeon Technology is terminating its listing on the National Equities Exchange and Quotations (NEEQ) to reduce operational costs and improve decision-making efficiency, while considering an IPO in Hong Kong [1][2]. Company Overview - Sturgeon Technology, established in 2003, specializes in the breeding, ecological farming, processing, and sales of sturgeon and caviar, with caviar being its core product [3]. - The company achieved the first export of artificially farmed caviar in China in 2006, with products primarily sold to Europe, the United States, and Asia [3]. - In 2023, Sturgeon Technology accounted for 69.58% of China's caviar export volume and produces approximately one-third of the world's caviar, making it the largest caviar producer globally [3]. Financial Performance - For the year ending 2024, Sturgeon Technology reported total revenue of 670 million yuan, a year-on-year increase of 15.95%, and a net profit attributable to shareholders of 293 million yuan, up 23.62% [5]. - The gross profit margin for 2024 was 68.39%, down from 70.98% in 2023, primarily due to a higher increase in caviar costs compared to revenue [4][5]. - The sales revenue from caviar was 614 million yuan, representing a 17.45% increase year-on-year, while revenue from fish meat and sturgeon products rose by 8.87% to 51.5 million yuan [5][8]. Market Dynamics - The caviar market has shifted from wild to farmed sources due to declining wild sturgeon populations and stricter regulations, with farmed caviar now accounting for over 99% of global exports [9]. - Sturgeon Technology's revenue is significantly influenced by international markets, with approximately 27% of its revenue coming from the U.S. market in 2024 [10]. Strategic Initiatives - The company is exploring the establishment of an overseas entity to mitigate the impact of U.S. tariffs and other external uncertainties, with an investment not exceeding 2 million USD [11]. - Sturgeon Technology plans to expand its market presence in Europe, Southeast Asia, and the Middle East to reduce reliance on any single market [10].