Core Viewpoint - Shandong Kuailu Technology Development Co., Ltd. (Kuailu Technology) has submitted an application for listing on the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1] Company Overview - Kuailu Technology is a leading provider of short-distance green travel technology services in mainland China, holding a market share of 2.2% based on projected revenue for 2024 [3] - The company collaborates with regional service providers and local partner stores to create a service platform for light electric vehicle users, large commercial logistics providers, and urban green shared travel users [3][8] Business Model and Services - The company operates a network covering all 31 provinces in China, with over 950 regional service providers and 20,000 partner stores [4] - Kuailu Technology offers customized solutions including batteries, components, technical support, and training to meet diverse short-distance green travel needs [4][6] - The main business includes providing lead-acid and lithium-ion batteries, selling chargers and tires, and offering technical training and consulting services to local partner stores [6] Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and 2024 is approximately RMB 1.31 billion, RMB 1.22 billion, and RMB 1.63 billion, respectively [5][14] - The net profit for the same periods is RMB 6.29 million, RMB 2.30 million, and RMB 7.99 million, respectively [5][14] - The company’s revenue from regional service providers accounted for nearly all sales, with amounts of approximately RMB 1.31 billion, RMB 1.22 billion, and RMB 1.63 billion for the respective years [10][11] Market Potential - The market for short-distance green travel technology services in mainland China is projected to grow from RMB 43.9 billion in 2020 to RMB 72.2 billion in 2024, with a compound annual growth rate (CAGR) of 13.3% [5] - The total sales of light electric vehicles in mainland China are expected to increase from 56.6 million in 2020 to 77.7 million in 2024, with a CAGR of 8.2% [13] Supply Chain and Risks - The company relies heavily on a single supplier, Chaowei Group, for its lead-acid batteries, which poses a concentration risk [12] - Kuailu Technology has maintained a close business relationship with Chaowei Group since 2017, with purchases from them constituting approximately 98.5%, 87.0%, and 99.2% of total purchases for the years ending 2022, 2023, and 2024, respectively [12]
快驴科技递表港交所，最高9成9采购额来自最大供应商，业绩波动大，增速或放缓
Shen Zhen Shang Bao·2025-05-20 08:36