Unicorn knew about iPonews
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According to the recent disclosure of the Hong Kong Stock Exchange, Ningbo Haihaixian Information Technology Co., Ltd. submitted its listing application to the main board of the Hong Kong Stock Exchange, with Guotai Jun'an International and Dongxing Securities (Hong Kong) as joint sponsors. The company is expected to hit "the first stock of China's digital fishery services".
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Haiyangxian is a comprehensive service enterprise dedicated to the digital empowerment of the marine economy, providing services through online and offline integration. Headquartered in Ningbo, Zhejiang, it has successfully radiated to many important coastal cities in China, including Xiangshan Port and Fenghua Port in Ningbo, Fangcheng Port in Guangxi, Fuzhou Port in Fujian, Dandong Port in Liaoning and Yantai Port in Shandong.
According to previous media reports, Ye Ning, the founder and chairman of Seafood, is a professor of Zhejiang University of Science and Technology, vice president of China Fisheries Association and chairman of Smart Fisheries Branch. As a "returnee" of the post-85 generation, Ye Ning founded Haiyangxian in 2015. Haihaixian has previously completed multiple rounds of financing, including well-known institutions such as Beidou Xingtong (002151), Silicon Valley Torch Fund, Shunwei Capital, Yuanjing Capital, Zhongnong. com, Leye Holdings, Shell Capital, etc.
At the beginning of entrepreneurship, Ye Ning's team independently developed and launched the "offshore Wi Fi" terminal by using the Beidou satellite system that is being used for civilian use. Later, he found the real pain point of offshore fishermen: the fish caught cannot be sold quickly, which is the key to whether fishermen can increase their income. As a result, Haiyangxian has developed the "Haiyangxian" mobile phone APP, which has realized the transition of business model.
In recent years, the Chinese government has attached great importance to the development of marine economy. Ningbo is regarded as one of the key cities in Zhejiang Province to develop marine economy.
According to the Action Plan for Ningbo to Accelerate the Development of Marine Economy and Build a Global Marine Center City (2021-2025), Ningbo will be committed to establishing its leadership as a global marine economy center city, and the marine economic strength is expected to leap to the leading position in China. By 2025, the gross marine product is expected to reach 320 billion yuan, accounting for 25% of the total economic output of Zhejiang Province. In addition, the 14th Five Year Plan for Ningbo's Marine Economic Development and the 14th Five Year Plan for Zhoushan's Digital Economic Development also propose to promote the construction of intelligent oceans.
According to the CIC report, it is estimated that by 2027, China's marine GDP will reach 12.6 trillion yuan, accounting for 8% of China's expected GDP, highlighting the key role of the marine economy in China's overall economy.
The HSX APP launched by Seafood is a digital platform to promote online ordering of seafood, fuel and oil products and financing of fishery operators. The platform aims to solve the industry pain points in the marine economy and improve transaction efficiency.
At the beginning, the seafood business of marine fresh food adopted the matchmaking mode, connecting the upstream sellers with the downstream buyers, gradually transforming into the direct sales mode, expanding the service scope, and improving the value acquisition ability in the industry value chain. In terms of fuel and oil products business, the offshore fresh expanded product supply by importing bonded fuel, and supported Ningbo Zhoushan Port to develop into the world's leading offshore refueling hub.
In order to solve the financing problems of industry participants, especially self-employed fishery operators and small and medium-sized enterprises, Seafood provides supply chain management services, evaluates the value and quality of seafood products, assists potential borrowers in collecting loan application materials, activates credit momentum, promotes business growth, and contributes to the sustainable development of the marine economy.
The beginning of "Seafood" is to enable fishery operators to communicate and obtain external information during offshore operations by installing offshore Wi Fi communication equipment on fishing vessels. The Beidou satellite was initially used and then upgraded to a high-throughput satellite system. The company makes full use of its technical expertise to provide software and hardware integrated IT solution services, assist local governments in building, operating and maintaining IT management systems related to the marine economy, support the government's development strategy, and make contributions to the digitalization of the marine economy.
During the track record period, Seafood generated revenue from the following business lines: seafood sales, fuel and oil sales, seafood matching services, supply chain management services, marine communications and IT solutions, and rental income. In fiscal years 2021, 2022 and 2023, the total income of Seafood will be about RMB 1.198 billion, 1.427 billion and 914 million respectively (the same below), the overall gross profit will be about 66 million, 74.5 million and 71.8 million respectively, and the overall gross profit margin will be about 5.5%, 5.2% and 7.9% respectively.
In terms of market share, according to the CIC report, as a marine digital service provider, Seafood's seafood sales revenue in mainland China will account for 0.2% of the market share in 2022, and the company's fuel and oil products sales business in mainland China will account for 0.3% of the market share in the marine fuel market in 2022.
At the industry level, the market size of China's frozen seafood trade will reach 363.4 billion yuan in 2022, and is expected to grow to 431 billion yuan in 2027 at a compound annual growth rate of 3.5%. Among them, the scale of China's digital frozen seafood trade market has reached 13.9 billion yuan in 2022, with a compound annual growth rate of 29.7% from 2018 to 2022, and is expected to grow rapidly to 33.7 billion yuan in 2027, with a compound annual growth rate of 19.4%.
At present, the digital frozen seafood trade market is in its infancy, and the digital penetration rate is low. The digital penetration rate of frozen seafood trade is expected to increase from 3.8% in 2022 to 7.8% in 2027.
The raised funds from the IPO of the Maritime Fresh Hong Kong are intended to be used for the first phase of Fenghua Digital Fishing Port Project; Expand sales and service network and set up new offices in Shenzhen and Chengdu; Seeking acquisition and investment opportunities to enhance existing businesses and services; Repay part of the loan from a Chinese licensed bank, which has been used for the construction of its Ningbo headquarters, working capital and other general corporate purposes.
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