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 this fund-raising project is 484.6830 million yuan. The company's shares are 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 great potential for development. The company's revenue and profit situation has been relatively stable in recent years. The revenue from 2011-2014 hardly increased, remaining at 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 structural trend of compound seasonings has changed. Basic condiments are still the main source of condiments in China. Taking Japan as an example, the consumption of compound condiments accounts for 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 in the eastern and central and southern regions, mainly catering channels, and there is plenty of room for future expansion into empty markets. 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. Fund-raising projects. The funds raised will be used for Tetra Pak seasoning bone soup product production projects, edible fungus extract and by-products production projects, R&D center construction projects, and marketing network construction projects. The five projects the company plans to raise funds this time have a total investment of 484.6830 million yuan, and it is planned to use all of the raised funds. If the capital raised in this offering is insufficient, the relevant company will resolve the shortfall through loans or its own funds. Profit forecasting and valuation. We expect net profit of 5900, 65, 70 million yuan in 2015-2017, an increase of 5%, 10%, and 7% year-on-year. Based on the additional share capital of 30 million shares; diluted earnings per share of 0.49 yuan, 0.55 yuan, and 0.58 yuan in 2015-2017. According to the IPO price of 10.1 yuan/share, the corresponding PE in 2015 was 20.6 times. Risk warning: Food safety issues, continued slow performance growth, etc.