星标 ★ IPO日报 精彩文章第一时间推送 近期，杭州光云科技股份有限公司（下称"光云科技""上市公司"）（688365.SH）披露，拟以现金方式，按照收购价2亿元收购逸淘（山东）投资管 理有限公司（下称"山东逸淘"或"标的公司"）100%股权。 截至评估基准日2024年12月31日，山东逸陶所有者权益账面值170.74万元，归属于母公司的所有者权益为2018.98万元，评估值为2.03亿元，评估增值1.82 亿元，增值率903.89%。 本次交易完成后，光云科技将直接持有山东逸淘100%股权，山东逸淘将纳入上市公司合并财务报表范围。 制图：佘诗婕 上市后"业绩变脸" 官网显示，光云科技成立于2009年，是互联网SaaS模式的软件技术创新型企业。 作为中国首批电商SaaS软件运营服务商，光云科技专注于为企业提供电商运营的全链路解决方案，其于2020年4月登陆科创板，彼时被称为"A股电商SaaS 第一股"。 然而上市后，光云科技的日子似乎并不好过。 2016年，光云科技营收规模为2.62亿元。此后一路上涨，上市当年营收达到5.10亿元，在2021年继续增长至5.45亿元，相较2016年的营收规模增长率达到 10 ...

证券代码：688365 证券简称：光云科技 公告编号：2025-015 杭州光云科技股份有限公司 为了使投资者进一步了解本次交易相关事项，现就本次交易补充说明如下： 一、标的公司主要财务数据 单位：万元 | 项目 | 2023 2024 年 12 | 年 12 月 | 31 | 日 | | 月 31 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 资产总计 | 3,709.35 | 1,343.46 | | | | | | | 负债总计 | 1,478.58 | 775.91 | | | | | | | 所有者权益 | 2,230.77 | 567.55 | | | | | | | 项目 | 2024 | 年度 2023 | | | 年度 | | | | 营业收入 | 4,737.02 | 2,138.06 | | | | | | | 净利润 | 1,663.22 | 237.40 | | | | | | | 审计情况 | 上述数据已经立信会计师事务所（特殊普通合伙）审计，并出具了 | | | | | | | | | 标准无保留意见的《审计报 ...

证券代码：688365 证券简称：光云科技 公告编号：2025-013 杭州光云科技股份有限公司 关于 2023 年员工持股计划预留份额分配的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 杭州光云科技股份有限公司（以下简称"公司"）于 2025 年 3 月 21 日召开 公司第三届董事会薪酬与考核委员会2025年第一次会议及2023年员工持股计划 管理委员会第十次会议，审议通过了《关于 2023 年员工持股计划预留份额分配 的议案》，同意对公司 2023 年员工持股计划预留份额进行分配。现将有关事项说 明如下： 一、本员工持股计划的相关情况 1、公司于 2023 年 7 月 26 日召开公司第三届董事会第十四次会议和第三届 监事会第十三次会议、2023 年 9 月 11 日召开公司 2023 年第一次临时股东大会， 审议通过了《关于公司<2023 年员工持股计划（草案）>及其摘要的议案》及相 关议案，具体内容详见公司于 2023 年 7 月 27 日、2023 年 9 月 12 日在上海证券 交易所网站（www.s ...

证券代码：688365 证券简称：光云科技 公告编号：2025-011 杭州光云科技股份有限公司 关于以现金方式收购逸淘（山东）投资管理有限公 司 100%股权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 杭州光云科技股份有限公司（以下简称"公司""光云科技"）拟以现 金方式收购逸淘（山东）投资管理有限公司（以下简称"逸淘""标的公司""目 标公司"）100%股权（以下简称"本次交易"），交易价格为人民币 20,000 万 元。本次交易完成后，标的公司将成为公司的全资子公司，纳入公司合并财务报 表范围。 本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。本次交易的实施不存在重大法律障碍。 本次交易已经公司第三届董事会第二十七次会议审议通过，尚需提交股 东大会审议。 相关风险提示： 商誉减值风险 本次交易完成后，标的公司将成为公司的全资子公司，在公司合并资产负债 表中预计将形成一定金额的商誉。根据《企业会计准则》的规定，本次交易形成 的商誉将每年进行减值测试。本次 ...

证券代码：688365 证券简称：光云科技 公告编号：2025-010 杭州光云科技股份有限公司 关于追加使用自有资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 杭州光云科技股份有限公司（以下简称"公司"） 于2025年3月21日召 开第三届董事会第二十七次会议，第三届监事会第二十四次会议，审议通过了《关 于追加使用自有资金进行现金管理的议案》。在保证日常经营资金需求和资金安 全的前提下，为进一步提高资金使用效率及收益水平等目的，同意公司在原有 10,000万元（含本数，人民币，下同）自有资金进行现金管理基础上追加20,000 万元自有资金进行现金管理，合计不超过30,000万元。使用期限自本次董事会审 议通过之日起12个月内有效。在上述额度及决议有效期内，资金可以循环滚动使 用。公司董事会授权公司管理层及工作人员根据实际情况办理相关事宜并签署相 关文件，具体事项由公司财务部负责组织实施。 一、使用自有资金进行现金管理的情况 资金来源为公司或全资、控股子公司的暂时闲置自有资金，公司在 ...

证券代码：688365 证券简称：光云科技 公告编号：2025-012 杭州光云科技股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 召开日期时间：2025 年 4 月 7 日 15 点 00 分 召开地点：杭州市滨江区坚塔街 599 号光云大厦 10 楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 4 月 7 日 至2025 年 4 月 7 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年4月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 东大会召开 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 杭州光云科技股份有限公司（以下简称"公司"）第三届监事会第二十四次 会议于 2025 年 3 月 21 日在公司会议室以现场结合通讯方式召开。本次会议为 临时会议，会议通知于 2025 年 3 月 18 日以邮件方式送达全体监事。本次会议 应到监事 3 名，实际出席监事 3 名。会议由罗雪娟女士主持，会议召开符合有 关法律、法规、规章和《公司章程》的规定。与会监事审议并通过如下决议： 一. 审议通过《关于追加使用自有资金进行现金管理的议案》 监事会认为：公司利用部分暂时闲置自有资金进行现金管理，在确保资金 安全、不影响公司正常经营和主营业务发展的前提下，在授权额度内可以循环 使用，有利于提高公司闲置自有资金的使用效率，增加公司的收益，不存在损 害公司以及股东利益的情形，不影响公司的正常生产经营，符合相关法律法规 的要求。 证券代码：688365 证券简称：光云科技 公告编号：2025-014 杭州光云科技股份有限公司 第三届监事会第二十四次会议决议公告 具体内容详见披露于上海 ...

Summary of Guangyun Technology Conference Call Company Overview - Guangyun Technology was established in 2009, focusing on small and medium-sized e-commerce SaaS business. Initially, 90% of revenue came from Alibaba, but this has decreased to around 60% as the company expanded into platforms like Pinduoduo and Douyin, each contributing 20% to revenue [3][4]. Core Business and Revenue Structure - Total revenue for 2024 is projected to be approximately 480 million yuan, with 430 million yuan from e-commerce SaaS. This SaaS business is split evenly between small and medium-sized merchants and large merchants. Enterprise services contribute about 20 million yuan, while other supporting revenues total around 50 million yuan [4][5]. Importance of Small and Medium E-commerce SaaS - The small and medium e-commerce SaaS business is a significant cash flow source with a gross margin of 70%. Despite challenges from platform traffic diversion, this segment remains stable due to leading products like Express Assistant and Super Store Manager [6]. Development of Large Merchant SaaS Business - The large merchant segment, defined as clients shipping over 500 orders daily, has seen rapid growth since 2020. The average customer spends about 30,000 yuan annually, with a good renewal rate. This segment is expected to maintain a growth rate of 30%-40% over the next 3-5 years [7]. New Business Expansions - Guangyun Technology is expanding into enterprise services and supply chain-related businesses, including the acquisition of Yitao, which is expected to drive future growth starting in 2025 [8]. Financial Trends - Since 2020, significant investments in large merchant SaaS products have pressured revenue and profits. However, by 2023, these products have begun to achieve profitability. As product iterations are completed, R&D expenses are expected to decrease, improving overall financial health [9]. Expectations for 2025 - The large merchant SaaS business is anticipated to perform well in 2025, with a projected high gross margin. The renewal rate is around 80%, and the company expects to control R&D and sales expenses effectively, leading to improved profitability [10]. Development Plans for SaaS Segments - The company has clear development plans for both small and medium e-commerce SaaS and large merchant SaaS. The small and medium segment is expected to maintain stable growth, while the large merchant segment is viewed as a growth engine with a projected revenue increase of 30%-40% over the next 2-3 years [11]. AI Technology Applications - Guangyun Technology is actively integrating AI technology, including the use of GPT-4 models to serve major clients in the fast-moving consumer goods sector. Plans to expand the user base by 2025 are in place, with applications such as customer service bots and product recommendation systems [12]. Profit Forecast and Valuation - The small and medium e-commerce SaaS segment is expected to continue stable growth, while the large merchant segment is projected to drive significant revenue increases. The company is estimated to return to profitability by 2025, with a target market value of 9.1 billion yuan and a target price of 21 yuan per share, reflecting a PS ratio of 15-16 times [13].

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company has been deeply engaged in the e-commerce SaaS sector for fifteen years, building a comprehensive service ecosystem that covers various platforms such as Taobao, JD.com, Pinduoduo, Douyin, and WeChat [3][10]. - The company has achieved a positive cash flow starting in 2023, with expectations for a performance turning point in 2025 as it focuses on high-margin businesses and improves cost control [3][5]. - The e-commerce SaaS market in China is expected to continue expanding, with a projected market size exceeding 100 billion yuan by 2026, driven by new business models such as live e-commerce and cross-border e-commerce [3][34]. - The company employs a tiered strategy to enhance customer coverage, leveraging AI to upgrade its entire service chain, which has resulted in significant revenue growth from small and medium-sized merchants [3][38]. Summary by Sections 1. Deep Engagement in E-commerce SaaS - The company provides SaaS products and value-added services to e-commerce merchants, establishing a full-chain operational solution [3][10]. - It has a strong reputation and brand effect, with a young management team focused on delivering comprehensive solutions [3][12]. 2. Positive Cash Flow and Performance Turning Point - Revenue from 2018 to 2024 shows fluctuations, with a slight increase expected in 2024 [3][16]. - The company has reduced investment in low-margin businesses and is focusing on large merchants, leading to improved financial conditions and a projected cash flow of 27.05 million yuan in 2024 [3][30]. 3. Expanding E-commerce SaaS Market - The Chinese SaaS market grew from 14.52 billion yuan in 2018 to 70.28 billion yuan in 2024, with a compound annual growth rate of 30.2% [3][34]. - The market is characterized by a pyramid structure, with varying needs across different merchant tiers [3][35]. 4. Tiered Strategy and AI Empowerment - The company has over 1.2 million paying users and processes over 30 million packages daily, with significant revenue growth from small merchants on platforms like Douyin [3][38]. - AI technology is enhancing operational efficiency, with products like the Kuaimai Xiaozhi customer service robot improving gross merchandise volume by 20% [3][45]. 5. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are 482 million yuan, 566 million yuan, and 682 million yuan, respectively, with expected growth rates of 1.5%, 17.3%, and 20.4% [4][5]. - The company is expected to achieve profitability in 2025, supported by a strong market position and effective cost management [5][47].

Investment Rating - The investment rating for the company is "Buy" [2][5] Core Views - The company has been deeply engaged in the e-commerce SaaS sector for fifteen years, building a comprehensive service ecosystem that covers various platforms such as Taobao, JD, Pinduoduo, Douyin, and WeChat, providing a full-chain solution for e-commerce operations [3][10] - The company has achieved positive cash flow starting in 2023, with expectations for a performance inflection point in 2025 as it focuses on high-margin businesses and improves cost control [3][30] - The e-commerce SaaS market is expanding, with the market size projected to exceed 100 billion yuan by 2026, driven by new business models such as live e-commerce and cross-border e-commerce [3][34] - The company employs a tiered strategy to deepen customer coverage, with AI technology enhancing operational efficiency and driving growth [3][38] Summary by Sections 1. Deep Engagement in E-commerce SaaS - The company has established itself as a leading provider of SaaS products for e-commerce merchants, offering additional hardware and operational services to create a full-service ecosystem [3][10] - The company has a strong reputation and brand effect, with a young management team providing comprehensive solutions for e-commerce operations [3][12] 2. Positive Cash Flow and Performance Inflection Point - From 2018 to 2024, the company reported revenues of 4.65, 4.65, 5.1, 5.45, 4.95, 4.75, and 4.82 billion yuan, with a year-on-year change of +29.89%, -0.18%, +9.75%, +6.94%, -9.42%, -3.74%, and +1.46% respectively [3][16] - The company is expected to achieve a profit turnaround in 2025, with a projected net profit of 8 million yuan [5][30] 3. E-commerce SaaS Market Expansion - The Chinese SaaS market grew from 14.52 billion yuan in 2018 to 70.28 billion yuan in 2024, with a CAGR of 30.2%, and is expected to exceed 100 billion yuan by 2026 [3][34] - The market is characterized by a pyramid competition structure, with different needs and price sensitivities among various tiers of merchants [3][35] 4. Tiered Strategy and AI Empowerment - The company has covered over 1.2 million paying users, processing an average of over 30 million packages daily, with significant revenue growth from small merchants on platforms like Douyin [3][38] - AI technology has been integrated into the company's operations, enhancing efficiency and customer service, with notable improvements in sales conversion rates [3][45] 5. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 4.82 billion, 5.66 billion, and 6.82 billion yuan from 2024 to 2026, with year-on-year growth rates of 1.5%, 17.3%, and 20.4% respectively [5][47] - The company is projected to maintain a competitive advantage in the e-commerce SaaS sector, with a target market value of 9.057 billion yuan and a target price of 21.27 yuan per share [5][47]