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].