A-share Subscription | Green Biological (301688.SZ) has opened for subscription, being one of the first flavor companies in China to enter the international market.

On August 20, Green Biological (301688.SZ) opened for subscription, with an issue price of 26.33 yuan per share and a subscription limit of 0.70 million shares, a price-to-earnings ratio of 19.80 times, listed on the Shenzhen Stock Exchange, with Changjiang as its sponsor. According to the prospectus, the company is one of the pioneers and well-known enterprises in Chinas flavoring industry. Since its establishment, the company has been focusing on the research, production, and sales of flavoring products, forming three major product series: turpentine, cedar oil, and fully synthetic products. The specific products mainly include a sandalwood series, methyl cedryl ketone, and turkone series, totaling nearly 40 subcategories. The companys products mainly serve as raw materials for downstream daily chemical fragrances, widely used in washing, cleaning, disinfection, and personal care products, with a vast market demand upstream. After more than twenty years of development and accumulation, the company has formed a core competitive advantage in the research and production of high-quality flavor products. It is one of the few companies in China that has mastered the production technology of turkone and achieved industrialization, and it is one of the largest suppliers of methyl cedryl ketone in China and an important supplier of sandalwood products. The company is one of the first to enter the international flavor and fragrance market and is a leading REACH registrant globally for five products, including methyl cedryl ketone, ethyl cedryl acetate, dimethyl heptanol, dihydrocoumarin, and cedrol. It has successfully entered the global supply chain of internationally renowned fragrance companies such as Givaudan, DSM-Firmenich, IFF, Symrise, and Procter & Gamble, maintaining long-term stable cooperative relationships with them. As a pioneer and important well-known enterprise in Chinas flavor industry, the company is at the forefront of both market impact and product technology research and development in the industry. In terms of market influence, the company is one of the few that has mastered the production technology of turkone and achieved industrialization and is one of the largest suppliers of methyl cedryl ketone in China and an important supplier of sandalwood products. In terms of product technology research and development, the company has undertaken four national torch plan projects and 29 provincial new product trial projects, participated in drafting five national standards, and was the principal drafter of 15 industry standards. The companys turkone products and industrialization projects have won the first prize for scientific and technological invention from the China Light Industry Federation and the third prize for scientific and technological advancement from Zhejiang Province; the companys new process for isolongifolene aldehyde won the second prize for technological advancement from Sinopec, the second prize for technological advancement in Hangzhou, and the third prize for scientific and technological advancement from Zhejiang Province; the companys sandalwood 208 product won the third prize for scientific and technological advancement from the China Light Industry Federation. The company is recognized as a "specialized, refined, characteristic, and innovative" enterprise in Zhejiang Province, one of the top ten enterprises in Chinas light industry flavoring sector, one of the top 100 enterprises in Chinas light industry, a national high-tech enterprise, and a model patent enterprise in Zhejiang Province. It is a provincial-level high-tech research and development center for synthetic flavors, a technology center for enterprises in Zhejiang Province, and a biological source flavor engineering technology research center in Zhejiang Province. In terms of finance, for the years 2023, 2024, and 2025, the company is expected to achieve operating revenues of approximately 735 million yuan, 961 million yuan, and 1.075 billion yuan respectively; during the same period, the net profits are expected to be approximately 92.92 million yuan, 150 million yuan, and 179 million yuan respectively.