股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06687 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 備註： 聚水潭集團股份有限公司 ("本公司")的普通股於2025年10月21日在香港聯合交易所有限公司主板上市。上述的 ...

Group 1 - JuShuiTan has officially listed on the Hong Kong stock market, with its stock price surging 24% on the first day of trading, resulting in a market capitalization exceeding HKD 16.1 billion, which exceeded expectations [1] - The CEO of eSign, Jin Hongzhou, emphasizes that the Chinese SaaS industry is returning to value, with leading SaaS companies like Kingdee and Beisen seeing stock price increases of over 200% this year, indicating strong market performance [1] - Jin Hongzhou reflects on the cyclical nature of the SaaS industry, noting that while many startups fade away, only a few will emerge as winners, especially in the current AI era, which is witnessing a new wave of entrepreneurial activity [1] Group 2 - Entrepreneurs are advised to focus on product quality and solid operations rather than merely catering to investors, as the principle of "survival of the fittest" applies [2] - Investors are encouraged to identify and invest in companies that are genuinely well-managed and to grow alongside them, as the market rewards those with the ability to recognize true value [2]

Summary of Key Points Group 1: 52-Week Highs - A total of 45 stocks reached their 52-week highs as of October 23, with notable performers including Base Champion Group (08460) at 234.56%, Tianjin Chuangye Environmental Protection Co., Ltd. (01065) at 136.88%, and Liji Engineering Holdings (01690) at 80.26% [1] - The closing prices and peak prices for the top three stocks are as follows: Base Champion Group closed at 0.250 with a peak of 0.455, Tianjin Chuangye at 4.880 with a peak of 10.020, and Liji Engineering at 0.105 with a peak of 0.137 [1] Group 2: 52-Week Lows - The report also highlighted stocks that reached their 52-week lows, with Huaxi Holdings (01689) showing a decline of 16.67%, China New Economy Equity (02958) down by 14.17%, and Agile Holdings (00186) down by 13.16% [2] - The closing prices and lowest prices for the top three declining stocks are: Huaxi Holdings at 0.400 with a low of 0.350, China New Economy at 0.123 with a low of 0.103, and Agile Holdings at 0.165 with a low of 0.165 [2]

Core Viewpoint - The stock of Jushuitan (06687) surged by 20%, reaching a new high of 41.72 HKD, significantly outperforming its IPO price of 30.6 HKD, reflecting strong market confidence in the company's leading position in the e-commerce SaaS sector [1] Company Overview - Jushuitan is a leading provider of e-commerce SaaS solutions in China, focusing on the digital operational needs of e-commerce merchants [1] - The company offers a cloud-native SaaS product that provides comprehensive business monitoring, operation, and management services for various types and sizes of e-commerce merchants [1] Market Position - According to ZhiShi Consulting, Jushuitan holds a 24.4% market share in the Chinese e-commerce SaaS ERP sector for 2024, making it the largest provider in the industry, surpassing the combined market share of the second to fifth largest competitors [1] - The core product, "Jushuitan ERP," is recognized as the most popular e-commerce SaaS ERP brand among Chinese merchants, establishing a strong competitive barrier in the core operational tools segment [1] - In the broader Chinese e-commerce operation SaaS market, Jushuitan ranks first with an 8.7% market share based on total SaaS revenue for 2024, covering a wide range of merchant operational needs including ERP, CRM, and sales and marketing management [1]

Core Viewpoint - Jushuitan (06687) experienced a significant stock price increase, reaching a new high of 41.72 HKD, which is over 36% higher than its IPO price of 30.6 HKD [1] Company Overview - Jushuitan is a leading e-commerce SaaS solution provider in China, focusing on the digital operational needs of e-commerce merchants [1] - The company offers cloud-native SaaS products that provide comprehensive business monitoring, operation, and management services for various types and sizes of e-commerce merchants [1] Market Position - According to ZhiShi Consulting data, Jushuitan holds a 24.4% market share in the Chinese e-commerce SaaS ERP sector for 2024, making it the largest provider in the industry [1] - This market share exceeds the combined total of the second to fifth largest competitors [1] - Jushuitan's core product, "Jushuitan ERP," is recognized as the most popular e-commerce SaaS ERP brand among Chinese merchants, establishing strong barriers in the core operational tools segment [1] Business Coverage - In the Chinese e-commerce operation SaaS market, Jushuitan ranks first based on total SaaS revenue for 2024, with a market share of 8.7% [1] - The company covers the full operational needs of merchants, including ERP, CRM, and sales and marketing management, leading in business coverage breadth [1]

Core Viewpoint - Ju Shui Tan Group Co., Ltd. successfully listed on the Hong Kong Stock Exchange under the stock code 06687.HK on October 21, 2025, marking a significant milestone for the company in the e-commerce SaaS service sector [3]. Group 1: Company Overview - Ju Shui Tan specializes in providing one-stop SaaS products and services for merchants across various e-commerce platforms globally [4]. - The company has received professional auditing and capital market services from PwC, which has extensive experience and understanding of capital market rules and accounting standards [3]. Group 2: Market Position - The successful listing is expected to enhance Ju Shui Tan's ability to support high-quality development and expand its market presence in the e-commerce SaaS industry [3].

Core Insights - The article discusses the successful listing of Jushuitan on the Hong Kong Stock Exchange and highlights the lessons that can be learned from its journey rather than just the results. Industry Selection - Jushuitan's success is attributed to its strategic choice of industry, capitalizing on the booming e-commerce sector in China, where the demand for order, inventory, shipping, and financial management surged due to explosive growth in e-commerce sellers [3][4] - The company effectively captured existing demand rather than creating it, targeting a large and concentrated user base of Chinese e-commerce sellers, which allowed for rapid scalability through a productized and bulk approach [4] Pricing Strategy - Jushuitan employs a per-order pricing model, which aligns with the essence of SaaS by charging users based on their business volume rather than fixed annual fees [5][6] - This pricing strategy offers three main advantages: it lowers the entry barrier for small businesses, ties revenue growth to customer success, and provides transparent value, making customers willing to pay for business growth rather than software licenses [7][9][10] Growth Model - The company's early growth relied on a traditional sales force rather than modern marketing techniques, focusing on direct sales to penetrate the market effectively [11][12] - Jushuitan's sales team operated as a "street team," recognizing the necessity of ERP for sellers managing multiple platforms and stores, which led to strong market penetration [12][13] New Competitive Advantage - Jushuitan's competitive edge lies not just in its ERP capabilities but in its development of a "goods distribution ecosystem," integrating a vast network of suppliers and factories to create a comprehensive drop-shipping system [14][15] - This transformation from an order management tool to a supply chain distribution platform allows Jushuitan to generate both predictable SaaS revenue and growth from platform transactions, embodying the "second curve" logic of business-oriented SaaS [15][16]

Core Viewpoint - The stock of 聚水潭 (06687.HK) experienced a decline of over 5% on its second day of trading after a significant increase of nearly 24% the previous day [1] Group 1 - On the second day of trading, the stock price fell by 5.33%, reaching 35.88 HKD [1] - The trading volume amounted to 214 million HKD [1]

Core Viewpoint - The stock of Jushuitan (06687) experienced a decline of over 5% on its second day of trading after a significant increase of nearly 24% the previous day, indicating volatility in market response to its recent IPO [1] Company Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, which surpasses the combined market share of the second to fifth largest competitors [1] - The total market size for the domestic e-commerce SaaS ERP sector is projected to be RMB 3.1 billion in 2024 [1] - In the domestic e-commerce operation SaaS market, Jushuitan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] Revenue Growth - The company has shown rapid growth in its business, with total revenue expected to reach RMB 909 million in 2024, reflecting compound annual growth rates (CAGR) of 31.9% from 2022 to 2023 and 33.6% from 2023 to 2024 [1] - The contribution of customers purchasing two or more Jushuitan products to total SaaS revenue has increased from 30.6% in 2022 to a projected 39.3% in the first half of 2025 [1]

Core Viewpoint - The stock of Jushuitan (06687) experienced a decline of over 5% on its second day of trading, followed by a significant increase of nearly 24% the previous day, indicating volatility in market performance [1] Company Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, which surpasses the combined market share of the second to fifth largest competitors [1] - The total market size for the domestic e-commerce SaaS ERP sector is projected to be RMB 3.1 billion in 2024 [1] - In the domestic e-commerce operation SaaS market, Jushuitan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] - According to projections, Jushuitan is the second largest e-commerce SaaS provider in the domestic market, with a market share of 7.1% based on relevant revenues for 2024 [1] Customer Contribution - The contribution of customers purchasing two or more Jushuitan products to the company's total SaaS revenue has increased over the years, accounting for 30.6% in 2022, 33.0% in 2023, 37.7% in 2024, and 39.3% for the six months ending June 30, 2025 [1] - The company's business has experienced rapid growth, with total revenue projected to reach RMB 909 million in 2024 [1] - The compound annual growth rates (CAGR) for the years 2022 to 2024 are 31.9% and 33.6%, respectively [1]