Reporter |
Relying on the doubling of the performance of the "gutter oil" recycling business in three years, Suzhou Fengbei Biotechnology Co., Ltd. (hereinafter referred to as Fengbei Bio) submitted a prospectus to the main board of the Shanghai Stock Exchange.
Fengbei Biotech is mainly engaged in the comprehensive utilization of waste oil resources, and catering waste oil and frying oil, vegetable oil soap feet, gutter oil and pomace oil are all waste oils. The mainland has large reserves of waste oil, with a current supply potential of more than 13 million tons/year, and less than 3 million tons/year of actual standardized utilization and industrial raw materials for processing, so there is still a large space for utilization.
However, the collection of waste oil is also difficult, the mainland waste oil supply market is relatively scattered, individual traders master the main waste oil resources, and the proportion of the company's individual suppliers is increasing year by year.
It should also be pointed out that in 2018 and 2019, in order to solve the competition in the same industry and enhance business synergy, the actual controller of Fengbei Biotech sold the equity of other companies jointly controlled by it and the director family of Fengbei Bio to Fengbei Biotech, and made a profit of more than 39 million yuan. In 2022, the company also paid a cash dividend of 15 million yuan.
In this listing, Fengbei Biotech plans to raise 1 billion yuan, of which 750 million yuan will be used to expand production and 250 million yuan will be used to supplement working capital.
Biodiesel has a market share of less than 5%
Fengbei Biotech is a comprehensive utilization enterprise of waste resources, and its main business is mainly the comprehensive utilization of waste oil resources, supplemented by oleochemicals.
The comprehensive utilization of waste oil resources is to purify the esters (fatty acids and fatty acid glycerides) in waste oils and fats, and to purify the chemical composition and structure of the esterifications, modify and synthesize biodiesel (fatty acid methyl esters) for use as biofuels (mainly biodiesel) or further prepared as bio-based materials, while the oleochemicals business mainly provides customers with a series of oleochemicals such as DD oil and fatty acids.
During the reporting period, the performance of Fengbei Biotech grew rapidly, with operating income of 790 million yuan, 1.296 billion yuan and 1.709 billion yuan respectively, and net profit attributable to the parent company after deducting non-profits was 46.1479 million yuan, 107 million yuan and 136 million yuan respectively.
Among them, the revenue of the comprehensive utilization of waste oil resources accounted for 69.93%, 77.81% and 79.53% respectively, which is the main component of the company's main business.
According to the prospectus, Fengbei Bio has been deeply engaged in the comprehensive utilization of waste oil resources for a long time, and has realized the multi-field application of bio-based materials and biofuels based on oil modification and comprehensive utilization, and is in the first echelon of the domestic comprehensive utilization of waste oil resources.
However, in the field of biofuels, combined with the output of biodiesel, the main resource product, the output of biodiesel in mainland China from 2020 to 2022 will be about 1.28 million tons, 1.61 million tons and 2.14 million tons, corresponding to the market share of the company's biodiesel is about 3.91%, 4.66% and 4.21%.
According to the statistics of production capacity, the concentration of the mainland biodiesel market is relatively high, and the top ten (including tied) biodiesel companies account for more than 40%. As of the end of 2022, Fengbei Biotech accounted for 2.17% of the annual production capacity of 90,000 tons, and the production capacity of Excellence New Energy in 2022 was 500,000 tons/year, accounting for 12.08%. In addition, the production capacity of Jiaao Environmental Protection and Hebei Jingu Renewable Resources Development Co., Ltd. is 300,000 tons/year, which is much higher than that of Fengbei Biotechnology.
The proportion of individual vendors has increased
The raw materials purchased by Feibei Bio are mainly waste oil, biodiesel and fatty acids, and others include mineral oil, vegetable oil, methanol, surfactants, catalysts and other raw and auxiliary materials and consumables, packaging, hardware accessories, etc.
During the reporting period, the proportion of waste oil procurement to raw material procurement was 30.79%, 44.36% and 50.83% respectively, making it the largest raw material.
The waste oil in mainland China mainly comes from the waste generated by the consumption of edible oil, and the special cooking method of Chinese food determines that the kitchen waste contains more waste oil, and some of the oil will flow into the sewer with the cooking process to form gutter oil.
In the past, non-residential food waste producers usually sold waste oils and fats to individual traders to obtain disposal profits, and after the waste oils and fats were collected and transported by individual traders, they mainly flowed to chemical enterprises, and a small amount to kitchen treatment enterprises. Therefore, upstream waste oils and fats are mainly recycled through individual traders and kitchen processing enterprises, and individual traders control the main waste oil resources. Therefore, the waste oil supply market is relatively fragmented and the market concentration is low.
Although in recent years, kitchen treatment companies have begun to standardize the collection and transportation system as new entrants, they still face the embarrassing situation that independent grease trap waste oil and fried food waste oil cannot be obtained, and the oil slick in food waste is often collected in advance by individual vendors.
Since 2021, Fengbei Biotech has gradually purchased waste oil from individual suppliers. During the reporting period, the amount of waste oil purchased from individual suppliers was 0.0 million yuan, 156 million yuan and 273 million yuan respectively, accounting for 0%, 33.52% and 39.01% of the waste oil procurement amount.
The average purchase price of waste oil and fat in each period of the reporting period was 3927.61 yuan/ton, 6134.36 yuan/ton and 7155.08 yuan/ton respectively, of which the average price changes in 2021 and 2022 were 56.19% and 16.64% respectively.
The actual controller made a profit of 39 million from the sale of the equity of the jointly controlled company
The actual controller of Fengbei Biotech is Pingyuan, and before the issuance, Pingyuan directly and indirectly controlled 85.40% of the company's shares.
The predecessor of Fengbei Biotech, Fengbei Co., Ltd., is a wholly owned company of natural persons established by Pingyuan with an investment of 5 million yuan in July 2014. In addition, Fuzhiyuan, which is jointly controlled by Pingyuan and Han Linlin, is also engaged in the oleochemicals business.
During the same period, Pingyuan also carried out the comprehensive utilization of waste oil resources through Liangyou Oil and Weige Biotechnology controlled by Pingyuan or its spouse. Among them, Liangyou Oil was established in August 2009, mainly engaged in the processing and sales of waste oil, and Weige Biotechnology was established in April 2014, mainly engaged in the production, sales and research and development of waste oil resource products.
The company said that in order to reduce related party transactions and enhance business synergies, Feibei Biotech acquired all the shares of Weige Biotech, Liangyou Oil and Fuzhiyuan, which are under the same control, in December 2018 and January 2019, respectively.
Specifically, before the acquisition of Vig Biotech, Han Linlin and Wei Liang held 70% and 30% of the shares of Vig Biotech respectively. In December 2018, Fengbei Co., Ltd. acquired 100% of the shares of Vig Biotechnology held by Han Linlin and Wei Liangjiang for 48.08 million yuan.
Liangyou Oil was originally held by Li Yin and Wei Liang with 70% and 30% of the shares respectively, of which Li Yin's equity was entrusted by Ping Yuan to Li Yin for management considerations. In January 2019, Weige Biotech, a subsidiary of Fengbei Co., Ltd., acquired 100% of the equity of Liangyou Oil held by Li Yin and Wei Liang for 1 million yuan.
Before the reorganization, Fuzhiyuan was held by Pingyuan and Han Linlin with 80% and 20% of the shares respectively. In January 2019, Fengbei Co., Ltd. acquired 100% of the shares of Fuzhiyuan held by Pingyuan and Han Linlin for 5.0923 million yuan. After the completion of the reorganization, Vig Biotech, Liangyou Oil and Fuzhiyuan are all subsidiaries of Fengbei Biotech.
It should be pointed out that Han Linlin is the spouse of Ping Yuan, Wei Liang is the son of Wei Guoqing, the director of Fengbei Biotechnology, and Li Yin is the director and general manager of the company. The total purchase price of the above acquisition is 54.1723 million yuan, and through this transfer, Pingyuan and his spouse Han Linlin received a total of 39.4723 million yuan of acquisition money.