Core Viewpoint - The stock of Jushuitan (06687) has seen a nearly 4% increase, reflecting positive market sentiment towards the company amid the accelerating adoption of AI applications in the e-commerce sector [1] Group 1: Company Performance - Jushuitan's stock rose by 3.85%, reaching HKD 31.3, with a trading volume of HKD 8.4785 million [1] - The company is expected to benefit directly from the enhanced performance elasticity due to the evolving competitive landscape in e-commerce [1] Group 2: Industry Trends - According to GF Securities, AI applications are rapidly advancing, leading to heightened competition among major e-commerce platforms centered around an "AI + ecosystem closed loop" [1] - As competition intensifies, merchants will require neutral, cross-platform tools to balance multiple ecosystems, increasing the demand for third-party SaaS service providers with strong technical capabilities and ecosystem neutrality [1] Group 3: Expansion Plans - Jushuitan has established a subsidiary in Thailand, indicating stable business development and plans for continued expansion into Southeast Asian markets [1] - The company is also exploring business opportunities in Europe, Latin America, and the Middle East, aiming to leverage its customer resources accumulated in the e-commerce SaaS ERP sector to enhance its value-added software business and open new growth avenues [1]

该行还指出，聚水潭已在泰国设立子公司，业务发展稳健，未来将持续拓展等东南亚市场，并积极探索 欧美、拉美和中东等区域的业务机会。立足电商SaaSERP领域积累的客户资源，公司进一步发力增值软 件业务，有望打开新的成长曲线。 广发证券发布研报称，AI应用正在加速突破，各大电商平台将围绕"AI+生态闭环"展开更高维度竞争。 随着平台差异化竞争增强，商家需要中立、跨平台的工具来平衡多个生态。因此，在新的竞争格局下， 一个技术能力强、生态中立、覆盖多平台的第三方SaaS服务商将获得更高的稀缺性和议价能力。聚水潭 在此周期中有望直接受益，业绩弹性增强 智通财经APP获悉，聚水潭(06687)尾盘涨近4%，截至发稿，涨3.85%，报31.3港元，成交额847.85万港 元。 ...

Group 1 - The core viewpoint of the report is that 聚水潭 (Jushuitan) is positioned as a leading collaborative platform in the e-commerce SaaS ERP sector, providing cloud-based ERP solutions to address pain points faced by e-commerce merchants in multi-platform operations [1] - The company is expected to achieve revenues of 1.14 billion, 1.39 billion, and 1.66 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 70 million, 350 million, and 520 million yuan for the same years [1] - The report assigns a reasonable valuation multiple of 12x PS for 2026, resulting in a target price of 42.09 HKD per share, with a "Buy" rating [1] Group 2 - The e-commerce SaaS ERP market is characterized as small yet beautiful, with the ERP system effectively integrating core operational processes within the e-commerce industry, addressing challenges such as cross-platform store management and inventory management [2] - The market for e-commerce SaaS ERP is expected to maintain a high growth rate as it expands its business scenarios and integrates more collaborative functions [2] Group 3 - 聚水潭 holds a solid leading position in the e-commerce SaaS ERP industry, with a market share of 24.4% in 2024, significantly ahead of competitors [3] - The company's financial metrics are improving, with a LTV/CAC ratio reaching 9.3 in 2024, indicating a strong sales and product system [3] - The net customer revenue retention rate for 2024 is 115%, showcasing the company's effectiveness in customer retention and increasing customer spending [3] Group 4 - The company is actively expanding internationally, having established a subsidiary in Thailand and plans to explore opportunities in Southeast Asia, Europe, Latin America, and the Middle East [4] - Leveraging its customer resources accumulated in the e-commerce SaaS ERP field, the company aims to enhance its value-added software business, potentially opening new growth avenues [4]

Group 1 - The core viewpoint of the report is that 聚水潭 is positioned as a leading collaborative platform in the e-commerce SaaS ERP sector, providing cloud-based ERP solutions to address the pain points of e-commerce merchants in multi-platform operations [2] - The company is expected to achieve revenue of 1.14 billion, 1.39 billion, and 1.66 billion yuan, and net profit of 70 million, 350 million, and 520 million yuan for the years 2025 to 2027 respectively [1] - The company is assigned a reasonable valuation multiple of 12x PS for 2026, leading to a target price of 42.09 HKD per share, with a "Buy" rating [1] Group 2 - The e-commerce SaaS ERP market is characterized as small yet beautiful, with the ERP system effectively integrating core operational processes to solve issues related to cross-platform store management and inventory management [3] - 聚水潭 holds a significant market share of 24.4% in the e-commerce SaaS ERP industry in 2024, demonstrating a strong competitive position [4] - The company has a customer retention rate of 115% in 2024, indicating strong performance in customer retention and increased spending [4] Group 3 - The company is actively expanding internationally, having established a subsidiary in Thailand and plans to explore opportunities in Southeast Asia, Europe, Latin America, and the Middle East [5] - 聚水潭 aims to leverage its existing customer resources in the e-commerce SaaS ERP field to further develop its value-added software business, potentially opening new growth avenues [5]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 42.09 HKD per share based on a reasonable valuation multiple of 12x PS for 2026 [7]. Core Insights - The company is positioned as a leading SaaS ERP platform for e-commerce, addressing critical pain points in order management, inventory management, logistics coordination, and financial settlement for merchants operating across multiple platforms [7][12]. - The e-commerce SaaS ERP market is rapidly growing, with the company expected to benefit significantly from industry trends, achieving a market share of 24.4% in 2024 [7][47]. - The company is actively expanding its overseas presence and enhancing its value-added software business, which is anticipated to open new growth avenues [7][66]. Financial Overview - The company’s revenue is projected to grow from 910 million RMB in 2024 to 1.658 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 33% from 2020 to 2024 [2][23]. - The company is expected to turn profitable in 2024, with a net profit of 12 million RMB, and further increase to 521 million RMB by 2027 [2][23]. - The gross margin is expected to improve from 68% in 2024 to 80% by 2027, reflecting a shift towards higher-margin software and services [88]. Market Dynamics - The e-commerce SaaS ERP market in China is projected to reach 31 billion RMB by 2024, with a compound annual growth rate of 21.5% from 2024 to 2029 [43]. - The company’s customer base is currently under 100,000, indicating significant potential for market penetration given the over 27 million active e-commerce merchants in China [48]. - The company has established a strong competitive position, leveraging its deep understanding of the e-commerce sector and cloud-native technology capabilities [47]. Growth Strategy - The company is focusing on expanding its value-added software offerings, which are expected to contribute significantly to revenue growth, achieving 1.1 billion RMB in revenue by 2024 [77]. - The company has set up a subsidiary in Thailand and plans to explore further opportunities in Southeast Asia, as well as in Europe, Latin America, and the Middle East [73][66]. - The company’s LTV/CAC ratio is projected to reach 9.3 in 2024, indicating a strong business model and effective customer acquisition strategy [55].

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 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 聚水潭集團股份有限公司 呈交日期: 2025年12月2日 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 ...

JST Group Corporation Limited 聚水潭集團股份有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號: 6687) 25 November 2025 Dear Non-registered Holder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came i ...

25 November 2025 JST Group Corporation Limited 聚水潭集團股份有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號: 6687) Dear Registered Shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 Dece ...

Core Viewpoint - Jushuitan Group Co., Ltd. (聚水潭) is currently facing a decline in its stock price, reaching a record low since its listing on the Hong Kong Stock Exchange, indicating a challenging market environment for the company [1]. Group 1: Stock Performance - Jushuitan's stock closed at HKD 25.98, with a decline of 0.991%, and hit an intraday low of HKD 25.84, marking the lowest price since its IPO [1]. - The company is currently in a state of "破发" (below the issue price) [1]. Group 2: IPO Details - Jushuitan was listed on October 21, 2025, on the Hong Kong Stock Exchange, with a total of 68,166,200 shares available for global offering, subject to the exercise of the over-allotment option [1]. - The offering included 6,816,700 shares for the Hong Kong public and 61,349,500 shares for international investors [1]. Group 3: Key Investors - The cornerstone investors for Jushuitan include Blue Lake Capital Opportunity Fund I, L.P., CUAM, DAMSIMF, Fourier Capital, and several others, indicating a diverse investment base [2]. Group 4: Use of Proceeds - The IPO price was set at HKD 30.60, raising a total of HKD 2,085.89 million, with a net amount of HKD 1,937.62 million after deducting estimated listing expenses [3]. - Approximately 55% of the proceeds will be used to enhance R&D capabilities, 25% for sales and marketing, 10% for strategic investments, and 10% for general corporate purposes [3].

中国经济网北京11月19日讯 聚水潭集团股份有限公司（以下简称"聚水潭"，06687.HK）今日港股 收报26.24港元，跌幅3.74%，创上市以来新低。该股港股目前处于破发状态。 （责任编辑：徐自立） 聚水潭2025年10月21日在港交所上市。配发结果公告显示，聚水潭全球发售项下发售股份数目 68,166,200股股份（视乎超额配股权行使与否而定），香港发售股份数目6,816,700股发售股份，国际 发售股份数目61,349,500股发售股份。 聚水潭的发售价30.60港元，所得款项总额2,085.89百万港元，扣除按发售价计算之估计应付上市 开支148.27百万港元，所得款项净额1,937.62百万港元。招股书显示，聚水潭计划将全球发售所得款项 作以下用途：约55%将用于强化公司的研发能力，以丰富公司于未来五年的产品矩阵；约25%将用于 在未来五年加强公司的销售及营销能力；约10%将在未来五年用于战略投资；约10%将用于一般公司 用途。 聚水潭的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中国国 际金融香港证券有限公司、J.P.MorganSecurities(FarEast) ...