Key investment points: In private enterprises, the actual controller has a high shareholding ratio. The number of shares the company plans to publicly issue is 30 million shares, and the total investment in capital raising projects is 48,4683 million yuan. The company's equity is very concentrated. The controlling shareholder and actual controller is Mr. Lin Xiaofang, who holds 72% of the company's shares. Mr. Lin Xiaofang is a permanent resident of Hong Kong. He has served as the company's executive director and general manager, and is currently the company's chairman and general manager. Growth was average in the past, but the condiment industry has huge potential for development. The company's revenue and profit situation has been relatively stable in recent years. In 2011-2014, there was almost no increase in operating income, which remained around 300 million yuan. Profitability has also remained stable, with gross margin around 36%. The condiment industry has grown at an average annual rate of more than 10% over the past three years, and the trend of structural transformation of compound seasonings is changing. Basic condiments are still the main force of condiments in China. Taking Japan as an example, consumption of compound condiments has reached 90%. Compound condiments make more than 80% of the company's revenue come from compound seasonings, and other products such as sauces are also complex. The compound seasoning industry is expected to grow at an average annual rate of 15-20%, and the market concentration is low. The company's main advantage is that in the eastern and south-central regions, mainly catering channels, there is a lot of room for expansion into a blank market in the future. Compound condiments are rich in categories, and product technology innovation requirements are high. The company has certain R&D advantages, and has more channels for capital expansion after listing. Fundraising projects. The funds raised this time will be used for Tetra Pak seasoned bone soup product production projects, edible fungus extract and by-products production projects, R&D center construction projects, and marketing network construction projects. The total investment of the five projects that the company plans to raise capital this time is 48,4683 million yuan, and it is planned to use all of the raised funds. If the capital raised by this offering is insufficient, the shortfall will be settled by the relevant company through loans or own funds. Profit forecasting and valuation. We expect net profit of 5900, 65, and 70 million yuan in 2015-2017, with a year-on-year increase of 5%, 10%, and 7%. Based on an additional share capital of 30 million shares; diluted 2015-2017 earnings per share of $0.49, $0.55, and $0.58 per share. According to the IPO price of 10.1 yuan/share, the corresponding PE in 2015 is 20.6 times higher. Risk warning: food safety issues, continued slow performance growth, etc.