On September 26, the Shenzhen Stock Exchange announced that Zhejiang Peptites Biotech (referred to as ZPC) had voluntarily applied to suspend the review process for its initial public offering (IPO) due to the update of financial information by the issuer and the sponsor.
Public information shows that ZPC was established in 2015 and is the largest supplier of cosmetic peptide raw materials in China. It has established partnerships with well-known cosmetic companies such as Proya, Bloomage Biotech, and Marubi. Currently, ZPC has developed over 40 types of beauty peptide products, including snake venom peptides, copper peptides, and red scorpion toxins. The red scorpion toxin is an independently innovated beauty peptide product and the first domestically developed structurally innovative beauty peptide.
Based on the financial data disclosed in its prospectus, ZPC achieved operating revenues of 86.17 million yuan ($11.78 million), 143 million yuan ($19.58 million), and 215 million yuan ($29.43 million) in 2020, 2021, and 2022, respectively. The corresponding net profits were 12.4 million yuan ($1.7 million), 38.52 million yuan ($5.27 million), and 71.69 million yuan ($9.81 million). In terms of growth, the company’s operating revenue increased by 50.17% in 2022, and its net profit grew by 86.11% year-on-year.
Among them, the revenue from peptide cosmetic raw materials was 46 million yuan ($6.3 million), 89 million yuan ($12.18 million), and 138 million yuan ($18.9 million) in 2020, 2021, and 2022, respectively. The proportions were 53.64%, 62.46%, and 64.61%, showing a growth rate of 72.79% over the three years. ZPC stated that this is mainly due to the rapid growth in sales revenue of anti-wrinkle peptide cosmetic raw materials. In the past three years, anti-wrinkle materials accounted for the highest proportion of peptide cosmetic raw material revenue, with percentages of 39.33%, 67.36%, and 61.87%, respectively.