Jiyuan Group's IPO on the Shanghai Stock Exchange has been approved, focusing on the research, development, and industrialization of dietary nutrition supplements.

On April 3rd, Jiangyuan Group Co., Ltd. (referred to as Jiangyuan Group) passed the IPO review of the Shanghai Stock Exchange. The sponsor institution is Orient, with plans to raise 603 million yuan. According to the prospectus, Jiangyuan Group is an international enterprise group specializing in the R&D and industrialization of dietary nutrition supplement products. The company is a key pioneer and promoter of HMB nutrients globally, leading and promoting market access for HMB nutrients in multiple countries and regions. The company's myHMB brand raw materials have multiple core patents and a wealth of clinical data globally, and have been selected as an internationally renowned brand on the list of key brands cultivated and developed in Wuxi. Leveraging its independently developed key technology for the refined processing and customized processing of glucosamine raw materials, Jiangyuan Group provides global brand customers with high reliability, high production efficiency customized raw material product solutions. The company's GlucosaGreen brand raw materials have gradually grown to become a globally renowned and highly recognized glucosamine brand. The prospectus shows that Jiangyuan Group has now grown into the largest supplier of HMB raw materials globally and a core supplier of high-quality glucosamine, preparations, and other products. Registered in Jiangyin, Jiangsu, with its management headquarters in Shanghai, Jiangyuan Group has R&D centers in both China and the United States, established an overseas business center in Hong Kong, and set up regional sales headquarters in the United States, Australia, the United Kingdom, Japan, Norway, and other countries. With production layouts in Jiangyin, Xuzhou, Nantong, Taian, Brisbane, Australia, etc., the company has established a global network of R&D, production, sales, and services. The company's products cover China and major markets in Asia, the United States, Europe, Australia, South America, and have established long-term stable cooperation relationships with many domestic and foreign dietary nutrition supplement brand enterprises such as Abbott, Blackmores, Nutramax, PharmaCare, etc. In recent years, with its advanced R&D system and patent advantages, high industry position, and brand recognition, the company has successively cooperated with many global well-known enterprises such as Formulife (dietary nutrition), Sanofi (dietary nutrition), Royal Canin (animal nutrition), Lintbells (pet health), Nestle (food and beverages), Johnson & Johnson (dietary nutrition), DuPont Nutrition & Bioscience (dietary nutrition), Mengniu (dairy products) to achieve batch supply. Financially, in 2022, 2023, and 2024, Jiangyuan Group achieved operating income of approximately 947 million yuan, 892 million yuan, and 1.002 billion yuan respectively. During the same period, the company achieved net profits of approximately 144 million yuan, 161 million yuan, and 175 million yuan respectively. As described in the prospectus, Jiangyuan Group may face risks related to changes in global economic and trade policies affecting its overseas income. During the reporting period, the proportion of the company's overseas sales income to the company's main business income was 91.40%, 95.25%, and 93.93% respectively. With a relatively high proportion of overseas sales income, sales are mainly concentrated in countries or regions such as the United States, Europe, Australia, Southeast Asia, and Brazil. The global economy experiences certain cyclical fluctuations, and there is a possibility of economic downturn in the future, which may have a negative impact on industry customers and end consumers, thereby affecting the company's performance. Meanwhile, if there are unfavorable changes in the political situation or trade policies of the company's main overseas sales countries or regions in the future, it may also have a certain adverse impact on the company's overseas product sales, thereby affecting the company's future operating performance.