“榜一大哥”卖了100万台事故车，这是什么离谱操作？

Core Viewpoint - The article discusses the challenges faced by BoChe Wang, a used car auction platform specializing in accident vehicles, as it plans to go public on the Hong Kong Stock Exchange despite its recent financial struggles and market limitations [1][3][16]. Company Overview - BoChe Wang, established in 2014, operates as a B2B auction platform for various types of vehicles, including accident cars, with a market share of 31.3% in the accident car auction industry as of 2023, ranking first in China [4][6]. - The company aims to raise funds for offline expansion, technology upgrades, and potential investments through its upcoming IPO [1]. Financial Performance - In the fiscal years 2022 and 2023, BoChe Wang reported revenues of 388.1 million RMB and 518.3 million RMB, respectively, with losses of 180.2 million RMB and 121.5 million RMB [6][7]. - The adjusted net profits for 2022, 2023, and the first three quarters of 2024 were 50.2 million RMB, 81.7 million RMB, and 75.8 million RMB, respectively, indicating a significant slowdown in growth from 62.7% in 2023 to less than 3% in 2024 [6][8]. Market Challenges - The auction business's revenue share from accident cars has decreased to 54% in the first three quarters of 2024, reflecting declining user retention, with the repurchase rate dropping from 74.1% to 70.7% [6][8]. - The company faces competition from major insurance firms that are establishing their own auction platforms, which could threaten BoChe Wang's intermediary role [8][14]. Industry Limitations - The accident car market is considered niche, with consumer acceptance being low due to safety concerns and a lack of stringent regulations [9][11]. - Despite a projected increase in auction volumes from 20.6 million vehicles in 2019 to 34.5 million in 2023, the growth potential remains limited [11]. Valuation Concerns - Following a series of funding rounds, BoChe Wang's post-money valuation reached 3.17 billion RMB, leading to a projected P/E ratio of nearly 1700 based on 2024's net profit estimates [12][16]. - The company's reliance on a limited number of upstream suppliers for vehicle sourcing poses a risk to its business continuity and profitability [8][14]. Conclusion - While BoChe Wang has established itself in the accident car auction market, its future success in going public and sustaining growth is uncertain due to market dynamics and internal challenges [16].