On October 28, Fujian WanChen Biotechnology Co., Ltd. (hereinafter referred to as “WanChen bio”) will be listed on the gem and will issue no more than 38.375 million shares, accounting for no less than 25% of the total share capital after the issuance. < p > < p > < p > < p > the reporter of the international financial news found that at least 70% of WanChen biological’s achievements were obtained by selling Flammulina velutipes. However, none of the IPO funds were used for Flammulina velutipes related projects, and almost all of them were used for Hypsizygus marmoreus. It is understood that WanChen bio focuses on the research and development, factory cultivation and sales of fresh edible fungi. Relying on modern biotechnology, WanChen bio produces edible fungi in a factory way, providing consumers with “green, environmental protection, safety and high quality” edible fungus products. In terms of products, WanChen bio mainly owns Flammulina velutipes and large thread products. Among them, the sales revenue of Flammulina velutipes was 180.2741 million yuan, 260.9789 million yuan, 36.32354 million yuan, 183.188 million yuan, accounting for 73.08%, 78.48%, 80.56% and 84.7% of the main business of the current period, respectively. In this regard, WanChen Bio said that although the consumption of Flammulina velutipes as a daily food is less likely to fluctuate significantly, if the demand for Flammulina velutipes is greatly reduced due to the change of residents’ consumption habits, or the market price of Flammulina velutipes drops sharply, or the quality of Flammulina velutipes products of the company declines significantly, the company will face the performance decline due to the excessive concentration of products Risk. < / P > < p > it should be pointed out that although at least 70% of the annual income of WanChen biology is obtained through Flammulina velutipes, the reporter found that the IPO of WanChen biology did not intend to use the raised funds for Flammulina velutipes. < p > < p > according to the prospectus, WanChen bio intends to raise RMB 60.0359 million, of which RMB 282.9137 million will be used for the annual output of 21000 tons of line, and RMB 10000 yuan will be used for the breeding of improved varieties of edible fungi and technology development and construction projects. < / P > < p > what is puzzling is that the profitability of Flammulina velutipes is still rising. During the reporting period, the gross profit rates of Flammulina velutipes of the company were 13.29%, 17.09%, 25.84% and 30.98% respectively, and the gross profit rate continued to rise. By the first half of 2020, its gross profit rate is more than 30%. < / P > < p > then, why did the Flammulina velutipes, the highest income earner and the continuously rising gross profit rate of WanChen biology, suddenly “failed” and did not receive any fund raised? Is WanChen biology changing from Flammulina velutipes to Hypsizygus marmoreus? < / P > < p > it can be seen that, except for the first half of 2020, the gross profit rate of marmoreus marmoreus is always higher than that of Flammulina velutipes. In particular, in 2019, the gross profit rate of marmoreus marmoreus is more than 40%. < / P > < p > according to the prospectus, during the reporting period, WanChen bio was comparable to the company of Xuerong biological line in the same industry; except Hualu biological line, Xuerong biological Pleurotus marmoreus was basically sold at a loss, and even if it was not sold at a loss in 2019, its profit was not high. < p > < p > at the same time, Hualv bio’s gross profit margin fluctuated from 2017 to 2019, and even lost money in the first half of 2020.