文|恒心 来源|博望财经 全球每三罐鱼子酱中，至少有一罐产自这家中国企业，但其资本之路比鱼子酱的加工工序更为曲折。 近日，鲟龙科技正式向港交所递交招股书，这是这家全球鱼子酱霸主第四次向资本市场发起冲击。 | 編纂]項下的[編纂]數目 | : [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | | 香港 編纂 數目 .. | 「編纂]股H股(可予[編纂]) | | [編纂]數目 | : [編纂]股H股(可予[編纂]及視乎[編纂]行使 | | | 與否而定) | | 最高 編纂 : | 每股H股[編纂]港元,另加1%經紀佣金、 | | | 0.0027 % 證 監 會 交 易 徵 費 · 0.00565 % 聯 交 | | | 所交易費及0.00015% 會財局交易徵費(須 | | | 禮) | | : | | | 面值 | | | | 每股H股人民幣1.00元 | | | 於申請時以港元繳足,多繳股款可予退 | | [編纂] : [●] | | 过去十余年间，鲟龙科技三次尝试登陆A股市场均未成功。此次转战港股，其携一份净利润率超越贵州茅台的财报而来——2025年上半年净利润率高达 58. ...

Core Viewpoint - The company, Xunlong Technology, is the world's largest caviar producer and is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the caviar market and its advanced aquaculture technology to expand its business further [1][2]. Company Overview - Xunlong Technology has maintained the top position in global caviar sales for ten consecutive years since 2015, holding over 30% of the market share, which reached 35.4% in 2024, significantly surpassing its closest competitor by more than five times [1][2]. - The company was established in 2003 and has developed a comprehensive value chain that includes sturgeon breeding, caviar processing, sales, and brand marketing, with its well-known brand KALUGAQUEEN [2][6]. Financial Performance - The company reported revenues of 491 million, 577 million, and 669 million yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 16.7%. Net profits for the same period were 233 million, 273 million, and 324 million yuan, with a CAGR of 17.8% [3]. - In the first half of 2025, Xunlong Technology achieved revenues of 302 million yuan, an increase of 18.14% year-on-year, and net profits of 176 million yuan, up 40.91% year-on-year [3]. Market Dynamics - The global caviar market is experiencing rapid growth, with global caviar sales increasing from 402.5 tons in 2019 to 729.2 tons in 2024, reflecting a CAGR of 12.6% [6]. - The Chinese caviar market is expected to grow at a CAGR of 22.2% from 2024 to 2029, with consumption projected to reach 154.9 tons by 2029 [6]. Competitive Advantages - Xunlong Technology has established a robust technical barrier and a full industry chain covering breeding, farming, processing, and sales, which positions it favorably in the market [7]. - The company has developed advanced breeding techniques, increasing the average egg-laying rate from 8% in 2006 to 18% in 2024, significantly above the industry average [7]. Future Prospects - The company plans to use the funds raised from the IPO for aquaculture expansion, technology upgrades, brand marketing, and strategic investments, which could enhance its long-term investment value [8].