Core Insights - The article highlights the successful IPO of Suzhou Fengbei Biotechnology Co., Ltd. on November 5, marking a significant milestone in the company's journey and reflecting the broader trend of green transformation in China [1][7] - The company focuses on the comprehensive utilization of waste oil resources, contributing to China's dual carbon goals and promoting sustainable development [1][6] Group 1: Company Overview - Fengbei Biotechnology has developed a complete industrial chain from waste oil to biofuels and biobased materials, redefining the value of waste oils through advanced technologies [2][3] - The company has established a competitive industrial ecosystem based on "technology + policy" and "green + circular" principles, positioning itself as a key player in promoting the national circular economy [1][2] Group 2: Technological Innovation - Continuous technological innovation is central to Fengbei's leadership, with a focus on R&D investment and a robust innovation system covering basic research, material development, and application development [3][4] - As of June 30, 2025, the company has obtained 135 patents, including 33 domestic invention patents and 3 international invention patents, which support its technological advancements in waste oil processing and biobased material development [3][4] Group 3: Market Applications - The company has successfully expanded the application of its biobased materials across various industries, including agriculture, chemicals, and pharmaceuticals, establishing a differentiated competitive advantage [2][5] - Fengbei's biofuel products, particularly low-cloud-point biodiesel, have gained market recognition and are being adopted by global enterprises, addressing both carbon emissions and traditional energy crises [4][5] Group 4: Policy Support - National policies, such as the Renewable Energy Law and the "14th Five-Year" Modern Energy System Planning, provide strong support for the development of the waste oil resource utilization industry, creating a favorable environment for Fengbei's growth [6] - The company has strategically aligned its business expansion with government policies, including a partnership with China Shipbuilding Fuel Co., Ltd. to explore the application of biodiesel in maritime sectors [6] Group 5: Future Outlook - Following its IPO, Fengbei plans to utilize raised funds to expand production capacity, enhance technological research, and explore new applications for waste oil resource utilization [7] - The company aims to strengthen its innovation capabilities and industry layout, contributing significantly to China's circular economy and dual carbon goals, positioning itself as a benchmark in the global waste resource utilization sector [7]

Core Viewpoint - Fengbei Bio (603334.SH) is set to be listed on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste oil resources and oil chemical products [1][2]. Company Overview - Established in 2014, Fengbei Bio primarily engages in waste oil resource utilization, with oil chemical products as a supplementary business [1]. - The company has developed a range of products including bio-based materials and biofuels, with a focus on agricultural additives and biodiesel [3]. Financial Performance - Fengbei Bio's projected revenues for 2022, 2023, and 2024 are 17.09 billion, 17.28 billion, and 19.48 billion CNY, respectively, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% [4]. - The net profit attributable to the parent company for the same years is expected to be 1.33 billion, 1.30 billion, and 1.24 billion CNY, with growth rates of 30.85%, -2.73%, and -4.54% [4]. Market Position - Fengbei Bio holds a market share of approximately 4.68% in China's biodiesel industry, ranking sixth in production capacity [3]. - In the agricultural chemical sector, the company has a market share of about 6.72% for pesticide additives and 6.46% for fertilizer additives [4]. Research and Development - The company has obtained 135 patents, including 33 domestic invention patents and 3 international invention patents, and has been recognized as a national-level "little giant" enterprise [3]. Client Base - Fengbei Bio's clientele includes major global commodity traders such as TRAFIGURA and GLENCORE, as well as renowned end-users like CARGILL and BP [3].

Core Viewpoint - Fengbei Bio (603334.SH) is set to be listed on the Shanghai Stock Exchange, focusing on the comprehensive utilization of waste oil resources and oil chemical products, with a strong emphasis on bio-based materials and fuels [1][3]. Company Overview - Established in 2014, Fengbei Bio primarily engages in the comprehensive utilization of waste oil resources, with oil chemical products as a supplementary business [1]. - The company has developed a range of products, including bio-based materials (such as pesticide and fertilizer additives) and biofuels (mainly biodiesel) [3]. Financial Performance - Fengbei Bio's projected revenues for 2022, 2023, and 2024 are 1.709 billion, 1.728 billion, and 1.948 billion yuan, respectively, with year-on-year growth rates of 31.89%, 1.12%, and 12.75% [4]. - The net profit attributable to the parent company for the same years is expected to be 133 million, 130 million, and 124 million yuan, with growth rates of 30.85%, -2.73%, and -4.54% [4]. Market Position - The company holds a market share of approximately 4.68% in China's biodiesel industry, ranking sixth in production capacity as of the end of 2024 [3]. - In the agricultural chemical sector, Fengbei Bio has established long-term partnerships with leading companies, achieving a market share of about 6.72% for pesticide additives and 6.46% for fertilizer additives in 2023 [4]. Research and Development - As of June 30, 2025, Fengbei Bio and its subsidiaries have obtained 135 patents, including 33 domestic invention patents and 3 international invention patents [3]. - The company has been recognized as a national-level "little giant" enterprise and has established several engineering research centers in Jiangsu Province [3]. Investment Plans - The company plans to invest 750 million yuan in new projects, including the construction of facilities for producing 300,000 tons of oleic acid methyl ester and 50,000 tons of biodiesel, among other products [2].

Core Viewpoint - Fengbei Bio (603334.SH) has initiated its subscription with an issue price of 24.49 CNY per share and a subscription limit of 11,000 shares, reflecting a price-to-earnings ratio of 30.47 times [1] Group 1: Company Overview - Fengbei Bio is a high-tech enterprise in the field of waste resource utilization, primarily producing resource products from waste oils, forming a recycling industry chain of "waste oils - biofuels (biodiesel) - bio-based materials" [1] - The main business of the company focuses on the comprehensive utilization of waste oil resources, with auxiliary operations in oil chemical products [1] - The primary products from waste oil resource utilization include bio-based materials and biofuels, with bio-based materials mainly consisting of pesticide and fertilizer additives, and biofuels primarily being biodiesel [1] Group 2: Market Position and Partnerships - Fengbei Bio has established long-term collaborations with leading companies in the agricultural chemical sector, including Fengle Seed Industry, Jiuyue Co., Lutianhua, Sichuan Meifeng, and Batian Co. [1] - As of the end of 2024, the company has a biodiesel production capacity of 105,000 tons, ranking sixth in China's biodiesel industry [2] Group 3: Financial Performance - The company reported revenues of approximately 1.709 billion CNY, 1.728 billion CNY, and 1.948 billion CNY for the years 2022, 2023, and 2024, respectively [2] - Net profits for the same years were approximately 133 million CNY, 130 million CNY, and 124 million CNY [2] - The company indicated that its operating cash flow was good from 2022 to 2023, but a decline in 2024 was noted due to an increase in operating receivables [2]

Core Viewpoint - Fengbei Bio (603334.SH) has initiated its subscription with an issue price of 24.49 CNY per share and a maximum subscription limit of 11,000 shares, reflecting a price-to-earnings ratio of 30.47 times. The company operates in the waste resource utilization sector, focusing on converting waste oils into biofuels and biobased materials, establishing a comprehensive recycling industry chain [1]. Company Overview - Fengbei Bio is a high-tech enterprise specializing in the comprehensive utilization of waste resources, primarily focusing on waste oils to produce biobased products and biofuels. The main products include biobased materials such as pesticide and fertilizer additives, and biofuels like biodiesel [1]. - The company has established long-term partnerships with leading agricultural chemical firms, including Fengle Seed Industry, Jiuyi Co., Lutianhua, Sichuan Meifeng, and Batian Co. [1]. Production Capacity - As of the end of 2024, Fengbei Bio's biodiesel production capacity is 105,000 tons, ranking sixth in China's biodiesel industry. Compared to peers like Zhuoyue New Energy and Jiaao Environmental Protection, Fengbei's net profit after deducting non-recurring gains is lower than Zhuoyue but higher than Jiaao and Longhai Bio [2][3]. Financial Performance - The company reported revenues of approximately 1.709 billion CNY, 1.728 billion CNY, and 1.949 billion CNY for the years 2022, 2023, and 2024, respectively. Net profits for the same years were approximately 133 million CNY, 130 million CNY, and 124 million CNY [2][4]. - Total assets as of December 31, 2024, are 12.368 billion CNY, with equity attributable to shareholders at 7.558 billion CNY. The asset-liability ratio has improved from 49.12% in 2022 to 43.13% in 2024 [4]. Profitability Metrics - For the fiscal year 2024, the company expects a net profit of approximately 1.238 billion CNY, with a basic earnings per share of 1.15 CNY. The return on equity is projected at 17.91%, down from 30.57% in 2022 [5].

Core Viewpoint - The company aims to become a leading enterprise in the global oil fat resource comprehensive utilization industry, focusing on three main directions: basic research, material development, and application development [1][2]. Business Overview - The company's main business is the comprehensive utilization of waste oil resources, primarily producing resource-based products from waste oils, with oil fat chemical products as a supplementary business [1][2]. - The company has developed a production chain of "waste oil - biofuels (biodiesel) - bio-based materials" and provides oil fat chemical products to customers based on its core technology and channel advantages [1][2]. Financial Performance - The sales revenue from the waste oil resource comprehensive utilization business has shown rapid growth, with revenues of 1.36 billion, 1.41 billion, 1.59 billion, and 1.35 billion yuan for the years 2022 to 2025, accounting for 79.53%, 81.94%, 81.68%, and 91.33% of the main business income respectively [3]. - The company's total operating income for the reporting period was 1.71 billion, 1.73 billion, 1.95 billion, and 1.48 billion yuan, with a year-on-year growth of 49.62% in the first half of 2025 [9]. Research and Development - The company has invested in R&D, with expenses of 51.35 million, 58.57 million, 53.57 million, and 34.45 million yuan over the reporting period, representing 3.00%, 3.39%, 2.75%, and 2.74% of operating income respectively [10]. - As of June 30, 2025, the company has obtained 135 patents, including 33 domestic invention patents and 3 international invention patents [4]. Development Strategy - The company aims to enhance its technology level and expand the application of bio-based materials, while also increasing production capacity and stabilizing procurement channels [11][12]. - Future plans include exploring biodiesel applications in aviation and shipping, and enhancing the supply chain layout with upstream food processing enterprises [11][12][13]. Industry Position - The company is positioned in the waste resource comprehensive utilization industry, specifically in the processing of non-metal waste [18]. - The industry is supported by national policies encouraging the comprehensive utilization of waste oils, with significant potential for growth due to the increasing production of waste oils from the food service sector [20]. Market Share - The company is among the top tier in the domestic waste oil resource comprehensive utilization industry, with a biodiesel production capacity of 105,000 tons, ranking sixth in China's biodiesel industry [24]. - The company's biodiesel production accounts for approximately 4.68% of the national biodiesel output, which is projected to be around 1.71 million tons in 2024 [24]. Fundraising and Investment - The total amount of funds raised will be used for projects related to the company's main business, including the construction of new production facilities for various bio-based products [25][26]. - The implementation of these projects is expected to expand market share and enhance profitability [26][28].

Company Overview - Suzhou Fengbei Biotechnology Co., Ltd. (Fengbei Bio) is preparing to list on the Shanghai Stock Exchange, aiming to raise 750 million yuan [2] - The company specializes in the comprehensive utilization of waste resources, primarily producing bio-based materials and biofuels from waste oils [4] Financial Performance - Fengbei Bio reported revenues of 1.71 billion yuan in 2022, 1.73 billion yuan in 2023, and projected 1.948 billion yuan in 2024, with net profits of 133 million yuan, 130 million yuan, and 124 million yuan respectively [4] - In the first half of 2025, the company achieved revenues of 1.478 billion yuan, a 49.62% increase from 988 million yuan in the same period of the previous year [7] - For the first nine months of 2025, Fengbei Bio expects revenues between 2.1 billion and 2.3 billion yuan, representing a growth of 51.40% to 65.82% compared to 1.387 billion yuan in the same period of 2024 [8] Shareholding Structure - Pingyuan controls 85.4% of Fengbei Bio, holding 59.78% directly and additional shares through subsidiaries [9] - Post-IPO, Pingyuan's shareholding will decrease to 44.82%, while other shareholders will hold smaller percentages [10] Project Financing - The current financing round will fund the construction of several projects, including an annual production capacity of 300,000 tons of oleic acid methyl ester and 50,000 tons of bio-diesel [3]

Core Viewpoint - The company, Fengbei Biological Technology Co., Ltd., is set to go public on the Shanghai Stock Exchange, aiming to raise 1 billion yuan for expansion projects in the waste oil resource utilization sector [1][3]. Financial Performance - The company has experienced declining revenue and net profit from 2022 to 2024, with revenues of 1.71 billion yuan, 1.73 billion yuan, and 1.95 billion yuan, and net profits of 135.92 million yuan, 123.04 million yuan, and 115.32 million yuan respectively, indicating a downward trend [3]. - The sales prices of the company's main products have also shown a downward trend during the same period [3][4][5]. Product Pricing - The sales prices for the company's biodiesel formulation products decreased from 0.77 million yuan/ton in 2022 to 0.61 million yuan/ton in 2024, while industrial-grade mixed oil prices fell from 0.91 million yuan/ton to 0.62 million yuan/ton [4]. - The sales prices for biofuels and oil chemical products also declined, with biofuels dropping from 0.98 million yuan/ton to 0.73 million yuan/ton, and oil chemical products from 1.18 million yuan/ton to 0.89 million yuan/ton [5]. Inventory and Liabilities - The company's inventory has been increasing, with values of 104.24 million yuan, 198.38 million yuan, and 242.01 million yuan from 2022 to 2024, indicating a growing stockpile [6]. - The raw materials, primarily waste oil and industrial-grade mixed oil, accounted for a rising proportion of total inventory, increasing from 30.77% in 2022 to 40.71% in 2024 [6]. - The company has a significant amount of current liabilities, with total current liabilities of 373.14 million yuan, 336.64 million yuan, and 358.53 million yuan over the same period, primarily consisting of short-term loans and accounts payable [7][8]. Legal Issues - The company is involved in ongoing litigation related to a fire incident at a leased facility, which resulted in significant inventory losses and subsequent lawsuits from various parties [10][11].

Core Viewpoint - Suzhou Fengbei Biotechnology Co., Ltd. has recently passed its IPO review and is preparing to list on the Sci-Tech Innovation Board, aiming to raise 750 million yuan [2][4]. Group 1: Company Overview - Fengbei Biotechnology focuses on the comprehensive utilization of waste resources, primarily converting waste oils into resource products [5]. - The company's main products include bio-based materials and biofuels, with applications in various sectors such as pesticides, fertilizers, and biomedicine [5]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and projected for 2024 is 1.71 billion yuan, 1.73 billion yuan, and 1.948 billion yuan respectively, with net profits of 133 million yuan, 130 million yuan, and 124 million yuan [5]. - In the first half of 2025, Fengbei reported revenue of 1.478 billion yuan, a 49.62% increase from 988 million yuan in the same period last year, with a net profit of 85.06 million yuan, up 23.51% from 68.87 million yuan [8]. Group 3: IPO Details - The IPO is expected to raise 750 million yuan, which will be used for new projects including the annual production of 300,000 tons of oleic acid methyl ester and various agricultural microbial agents [3][4]. - The company has been in the IPO process for over two years, having submitted its prospectus on June 8, 2023 [4]. Group 4: Shareholding Structure - As of the IPO, Pingyuan controls 85.4% of Fengbei's shares, making it the controlling shareholder [9]. - Post-IPO, Pingyuan's shareholding will decrease to 44.82%, while other shareholders will hold the remaining shares [10].

Core Viewpoint - Suzhou Fengbei Biotechnology Co., Ltd. has received approval for its IPO application from the Shanghai Stock Exchange, indicating a positive outlook for the company's growth in the waste oil resource utilization sector [2]. Group 1: Company Overview - Fengbei Biotechnology is a high-tech enterprise focused on the comprehensive utilization of waste resources, primarily producing resource-based products from waste oil [4]. - The company's main business includes waste oil resource utilization, with secondary operations in oil chemical products [4]. - Key products include bio-based materials (such as pesticide and fertilizer additives) and biofuels (primarily biodiesel) [4]. Group 2: Financial Performance - The company's revenue for the reporting period was 1,708.69 million yuan, 1,727.78 million yuan, and 1,948.02 million yuan, showing a growth trend [6]. - The net profit attributable to the parent company was 135.92 million yuan, 123.04 million yuan, and 115.32 million yuan during the same periods, indicating a decline in profitability [6]. Group 3: Shareholding Structure - The controlling shareholder and actual controller of Fengbei Biotechnology is Pingyuan, who directly holds 59.78% of the shares and indirectly controls an additional 25.62% through other entities [5]. - Pingyuan holds a total of 85.40% of the company's shares and serves as the chairman [5]. Group 4: Key Questions from the Listing Committee - The listing committee raised questions regarding the company's customer and product structure adjustments for 2024, as well as the reasons for the decrease in sales and management expenses compared to 2023 [7]. - Concerns were also expressed about the sustainability of revenue from biofuels and the growth potential of industrial-grade mixed oil, along with the overall stability of the company's operating performance [7].